环保与公用事业行业周报：两会再提核技术应用，产业迎来战略机遇期

Investment Rating - The report maintains a "Positive" rating for the public utility sector [3]. Core Views - The nuclear technology application industry is entering a strategic opportunity period for comprehensive layout and accelerated development over the next 5 to 10 years, as highlighted during the National Two Sessions [3][63]. - The public utility sector is experiencing a mixed performance, with the public utility index down 0.5% and the environmental protection index up 2.29% this week [1][8]. - The report emphasizes the importance of green electricity operations and the potential for price declines in the energy market due to the entry of new energy sources [2][67]. Summary by Sections Market Review - The public utility sector index decreased by 0.5%, ranking 28th among 31 industries, while the environmental protection sector index increased by 2.29%, ranking 12th among 32 industries [1][8]. - As of March 7, 2025, the public utility sector's PE (TTM) is 16.46 times, and PB (LF) is 1.45 times; the environmental protection sector's PE (TTM) is 21.06 times, and PB (LF) is 1.44 times [1][21]. Key Industry Dynamics - The National Forestry and Grassland Administration supports the rational use of forest and grassland for wind power projects, encouraging development in desert and degraded areas while protecting sensitive ecological zones [3][65]. - The report identifies key stocks in the public utility sector, including China Nuclear Power, Fuan Energy, and Dongfang Electronics, focusing on green electricity operations and coal power [2][67]. Investment Recommendations - In the green electricity sector, the report suggests focusing on companies benefiting from new energy projects, particularly those in offshore wind energy [2][67]. - For the coal power sector, it recommends monitoring major state-owned enterprises like Guodian Power and Datang Power, as coal prices are expected to stabilize [2][67]. - The gas sector is highlighted for its potential cost optimization due to global energy price declines, with companies like Fuan Energy and Shenzhen Gas being of interest [3][68]. - The water and nuclear sectors are also recommended for their stable cash flow and recovery in project approvals, with companies like China Nuclear Power and Huaneng Water Power being key players [3][68].