公用事业行业：政府报告强调双控考核，绿电消费政策更加系统

Investment Rating - The report maintains a "Positive" investment rating for the utility sector [7] Core Insights - The government work report emphasizes the promotion of energy consumption dual control, indicating that the tasks may become more challenging. The report highlights the encouragement of rapid development of renewable energy, albeit at a steadier pace. The transition from energy consumption dual control to carbon emission dual control is expected to be a significant turning point during the 14th Five-Year Plan period, with the demand for green electricity, green certificates, and direct supply of green electricity likely to accelerate [2][10] Summary by Sections Government Report Highlights - The government aims to reduce energy consumption per unit of GDP by approximately 3% in 2025, with continuous improvement in ecological environment quality. The target is considered challenging given the previous year's significant increase in hydropower generation [10] - The report outlines the acceleration of green low-carbon economic development and the establishment of a carbon emission dual control system, expanding the national carbon trading market's industry coverage [10] Green Electricity Consumption - The assessment of green electricity consumption is becoming more systematic, with a focus on expanding the green certificate market and enhancing the responsibility of various users for green electricity consumption. The issuance of green certificates reached 231 million in January 2025, a year-on-year increase of 225%, while the trading volume was only 53.1 million, indicating significant growth potential in 2025 [10] Investment Recommendations - The report suggests that the "carbon neutrality" era and electricity market reform will reshape the intrinsic value of electricity operators. It recommends focusing on quality transformation in thermal power operators such as China Resources Power, Huadian International, and Huaneng International, as well as hydropower companies like Yangtze Power and Guotou Power [10][12][13][14][15][16]