《2025年能源工作指导意见》点评：25年能源工作指导意见发布，坚持保供和绿色两大主线

Investment Rating - The report maintains a "Recommended" investment rating for the public utility sector [1][6]. Core Insights - The overall goal of the "2025 Energy Work Guidance Opinion" emphasizes energy security and green transition, aiming to enhance energy supply capacity and promote steady growth in energy production [4]. - The report highlights a more proactive stance on new energy projects compared to previous years, with expectations for significant increases in installed capacity for wind and solar energy [4][5]. - The report anticipates that the coal supply will remain relatively abundant in 2025, with coal prices expected to decline further, improving profitability for coal-fired power plants [5][6]. - The long-term growth potential for nuclear power is confirmed, with several provinces signaling positive development for nuclear projects [4][5]. Summary by Sections New Energy - The report indicates that the 2025 guidance is more optimistic about new energy projects, with a target of over 300 GW of new installed capacity expected, including 119 GW from wind and 213 GW from solar [4][5]. - It also mentions the need for innovative pricing mechanisms and consumption methods for new energy, which could lead to marginal improvements in market participation [4]. Hydropower and Nuclear - The report projects that pumped storage capacity will reach over 62 million kW by 2025, with significant annual additions expected [4]. - Nuclear power is expected to see a stable approval rate for new projects, with various provinces actively pursuing nuclear energy development [4][5]. Coal Power - The report notes that the recent decline in coal prices could reverse negative market expectations for coal-fired power in 2025, suggesting a potential improvement in profitability for companies with significant coal exposure [5][6]. - It emphasizes the importance of coal as a reliable energy source while transitioning to non-fossil energy [5]. Investment Recommendations - For green energy, the report suggests focusing on leading companies such as Longyuan Power and Three Gorges Energy, anticipating a boost in demand due to energy consumption targets [6]. - For coal power, it recommends companies with significant coal exposure and limited price declines, such as Zhejiang Energy and Huaneng International [6]. - For hydropower and nuclear, it highlights the long-term value of these sectors, recommending companies like China Yangtze Power and China Nuclear Power [6].