公用事业行业跟踪周报：甘肃能源投资绿电聚合试点项目促“算力+能源”融合发展，山东印发源网荷储实施细则

Investment Rating - The report maintains an "Add" rating for the utility sector [1] Core Insights - The Gansu Energy Investment Green Power Aggregation Pilot Project promotes the integration of "computing power + energy" development, with an investment in a 1 million kW renewable energy project, including 750,000 kW of wind power and 250,000 kW of solar power [4] - Shandong Province has issued implementation details for the integrated source-network-load-storage pilot project, prohibiting illegal practices under the guise of integration projects [4] Industry Data Tracking - Electricity Price: In March 2025, the average grid purchase price was 398 RMB/MWh, a year-on-year decrease of 4% and unchanged month-on-month [34] - Coal Price: As of March 14, 2025, the price of thermal coal at Qinhuangdao port was 681 RMB/ton, down 21.99% year-on-year and 1.02% week-on-week [41] - Water Conditions: As of March 14, 2025, the water level at the Three Gorges Reservoir was 164.01 meters, with inflow and outflow rates showing significant year-on-year increases [4] - Electricity Consumption: In 2024, total electricity consumption reached 9.85 trillion kWh, a year-on-year increase of 6.8% [14] - Power Generation: Cumulative power generation in 2024 was 9.42 trillion kWh, up 4.6% year-on-year [24] - Installed Capacity: In 2024, new installed capacity included 4,744 MW of thermal power (up 1.9% year-on-year) and 20,630 MW of solar power (up 25.9% year-on-year) [4] Investment Recommendations - Hydropower: Recommended due to rising volume and price, with strong cash flow and dividend capabilities, particularly highlighting Changjiang Electric Power [4] - Thermal Power: Focus on quality regional thermal power companies like Waneng Power and Shenneng Shares, with stable performance and dividend attributes [4] - Nuclear Power: Growth is expected with the approval of new units, recommending China Nuclear Power and China General Nuclear Power [4] - Green Power: Emphasis on the recovery of asset quality and growth potential, recommending Longjing Environmental Protection [4] - Consumption: Attention to the ultra-high voltage and smart grid industry chain, with recommendations for companies involved in digitalization and virtual power plants [4]