公用事业行业动态跟踪：明确强制消费绿证，推进机制衔接&国际互认

Investment Rating - The industry rating is "Outperform the Market" [8] Core Insights - The report emphasizes the promotion of high-quality development of the green certificate market, aiming for a well-established trading system by 2027, with a combination of mandatory and voluntary consumption mechanisms [6][4] - The report outlines measures to stabilize the supply of green certificates, including automatic issuance and enhanced trading mechanisms, which are expected to increase the scale of green electricity transactions [3][5] - The report highlights the mandatory consumption requirements for green certificates, projecting a significant increase in green electricity demand, particularly from newly built data centers, estimating an additional demand of 35 billion kWh by 2025 [4] Summary by Sections Investment Highlights - The National Development and Reform Commission has set goals for the green certificate market by 2027 and 2030, focusing on high-quality development [2] - The report discusses the automatic issuance of green certificates and the acceleration of green electricity trading, aiming to enhance market efficiency [3] Market Mechanisms - The report details improvements in the green certificate trading mechanism, including price formation and monitoring, and encourages long-term purchase agreements [5] - It notes the significant growth in distributed energy projects, with 56.95 million green certificates issued in 2024, a year-on-year increase of 27.8 times [5] International Cooperation - The report stresses the importance of international recognition of green certificates and the establishment of standards for global application, which will aid in achieving carbon neutrality goals [5] Investment Recommendations - The report recommends specific companies within the thermal power, hydropower, and green energy sectors, highlighting potential investment opportunities [6]