公用事业行业周报：电力碳足迹首发，乡村振兴三年规划强调固废综合处置

Investment Rating - The report maintains an "Outperform" rating for the industry [6] Core Insights - The first release of the electricity carbon footprint factor fills a domestic data gap, with the 2023 national electricity carbon footprint factor reported at 0.6205 kgCO2e/kWh, which is based on a lifecycle perspective [3][18][22] - In December, the growth rate of electricity consumption by urban and rural residents rebounded, while the growth rate of industrial electricity consumption slowed down [4][23] - The rural revitalization plan is expected to enhance solid waste management and improve the overall waste disposal industry [5][36] Summary by Sections Market Review - From January 20 to January 24, the electricity, environmental protection, and water sectors fell by 0.99%, 0.66%, and 0.89% respectively, while the gas sector rose by 0.56%, against a 0.54% increase in the CSI 300 index [11][12] Industry Perspectives - The newly published electricity carbon footprint factor is crucial for improving the competitiveness of export enterprises and addressing green trade barriers, while guiding the green transformation of Chinese companies [5][18] - In 2024, the total electricity consumption reached 98,521 billion kWh, a year-on-year increase of 6.8%, with significant contributions from the tertiary sector and residential electricity demand [4][23] - The rural revitalization plan aims to improve living conditions and solid waste management in rural areas, which is expected to enhance the economic viability of waste-to-energy projects [5][36] Investment Recommendations - The report suggests focusing on specific companies within the hydropower, thermal power, nuclear power, and green energy sectors, with recommendations for companies like Changjiang Power and Qianyuan Power, while advising caution for others [5] - The solid waste management sector is highlighted for potential growth, with recommendations for companies like Yongxing Co. and cautious suggestions for others [5][36]