环保与公用事业行业周报：甘肃发布新能源基地打造方案，多地核电项目密集开工

Investment Rating - The report maintains a "Positive" investment rating for the public utility sector [3]. Core Views - The report highlights significant government support for nuclear technology applications, which is expected to accelerate industry development [2][71]. - The establishment of a major renewable energy base in Gansu is projected to enhance the province's economic transformation and contribute to national energy goals [4][63]. - The report emphasizes the potential for growth in various segments, including green electricity, thermal power, gas, and water nuclear sectors, driven by policy changes and market dynamics [2][71]. Summary by Sections Market Review - The public utility sector index decreased by 0.17%, while the environmental protection sector index increased by 0.84%, underperforming the CSI 300 index by 0.35% [1][9]. - As of February 14, 2025, the public utility sector's PE (TTM) is 16.69 times, and PB (LF) is 1.47 times; the environmental sector's PE (TTM) is 20.35 times, and PB (LF) is 1.39 times [1][21]. Industry Dynamics - Gansu Province announced a plan to create a significant renewable energy and equipment manufacturing base, aiming for 80 million kW of installed renewable capacity by the end of 2025, accounting for approximately 65% of total capacity [4][64]. - Multiple nuclear power projects have commenced across the country, with the Guangdong Lufeng Nuclear Power Plant's first two units receiving construction permits, marking a peak in nuclear construction for 2025 [4][70]. Investment Recommendations - Key stock recommendations include China General Nuclear Power Technology, Fuan Energy, and Dongfang Electronics, with a strong emphasis on China General Nuclear Power Technology due to its strategic advantages and government support [2][71]. - The report suggests focusing on various segments: - Green electricity operations, particularly in high-energy-consuming industries [2][72]. - Thermal power, which is crucial for stable electricity supply during peak demand [2][72]. - Gas sector companies benefiting from price adjustments [2][73]. - Water and nuclear sectors, which are expected to maintain stable cash flows [2][73]. - The electric grid sector, with anticipated investments exceeding 650 billion yuan in 2025 [2][73].