Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Insights - The government work report emphasizes green and low-carbon development, focusing on high-quality development of new energy [7][27] - The public utility sector has underperformed, with a decline of 0.5% in the past week, lagging behind the CSI 300 index by 1.89 percentage points [4][11] - The report suggests that traditional fossil energy usage will continue to decline, while electricity consumption is expected to grow steadily in the long term [8][32] Industry Performance - Over the past month, the public utility sector has shown a relative return of -3%, -7% over three months, and -14% over twelve months [3] - The average inflow to the Three Gorges Reservoir has increased by 10.09% week-on-week, indicating stable water storage [5][21] - Domestic LNG prices have slightly decreased by 1.6% week-on-week, while the US market has seen a significant increase of 15.24% [6][24] Government Initiatives - The government aims to reduce energy consumption per unit of GDP by 3% by 2025 and improve ecological quality [7][27] - The report outlines plans for expanding the carbon emissions trading market and promoting the development of offshore wind power [7][27] Investment Recommendations - The report recommends focusing on regional thermal power leaders with tight supply-demand dynamics and strong dividend-paying water and nuclear leaders [8][32] - Continuous improvement in green electricity consumption and realization of environmental value is anticipated [8][32] Company Updates - Xiongrong Environment expects a revenue of 9.05 billion yuan in 2024, a year-on-year increase of 11.90% [29] - New Tian Green Energy reported a 35.18% increase in power generation in February 2025 compared to the previous year [29]
公用事业行业周报：政府工作报告强调绿色低碳，关注新能源高质量发展
Xiangcai Securities·2025-03-13 03:11