公用事业行业地方两会总结点评：绿色能源转型持续推进，加强煤炭清洁高效应用

Investment Rating - The report maintains a "Recommended" investment rating for the public utility sector [2][5]. Core Insights - The green energy transition is ongoing, with significant emphasis on clean and efficient coal utilization as part of the government's goals for 2025 [4]. - Economic growth is projected to remain high, with a weighted GDP growth target of 5.3% across 31 provinces, leading to an expected electricity demand growth of over 6% in 2025 [4]. - The report highlights three main strategies for promoting green transition: increasing the use of clean energy sources like solar, wind, hydrogen, and nuclear; constructing zero-carbon parks; and enhancing carbon footprint management [4]. - Coal remains a major energy source, accounting for 53.7% of total energy consumption in 2024, although its share is decreasing [4]. - The report suggests a favorable outlook for clean energy sectors such as wind, solar, and nuclear power, while also supporting the efficient use of coal through integrated coal and power operations [4]. Summary by Sections Economic Outlook - The GDP growth target for 2025 is set at around 5%, with electricity demand growth historically outpacing GDP growth, averaging a ratio of 1.24 [4]. - The report anticipates that electricity demand will maintain high elasticity, with a growth rate expected to exceed 6% [4]. Green Energy Transition - The report outlines initiatives for promoting clean energy, including significant new installations of wind and solar power across various provinces [4]. - It emphasizes the importance of building zero-carbon facilities and improving carbon management systems [4]. Coal Utilization - The report notes that coal will continue to play a crucial role in energy supply, with initiatives to enhance its clean and efficient use [4]. - Specific projects and targets for coal production and modernization are highlighted, including the establishment of intelligent coal mines and modern coal chemical projects [4]. Investment Recommendations - The report recommends focusing on companies with strong policy support, improving performance, and potential valuation increases, particularly in the thermal power sector [4]. - Long-term investment is favored in hydropower and nuclear power sectors due to their stable performance and strong dividend capabilities [4]. - Specific companies to watch include Huaneng International, Anhui Electric Power, Sichuan Investment Energy, and Yangtze Power [4].