公用事业：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, with goals set for 2027 and 2030 [2][6] - The report outlines various measures to stabilize the supply of green certificates, including automatic issuance and enhanced trading mechanisms [3][5] - The introduction of mandatory consumption requirements for green certificates is expected to stimulate demand, particularly in sectors like data centers [4][6] - The report highlights the importance of improving the trading mechanism for green certificates and optimizing long-term purchase agreements [5][6] - International recognition and alignment of green certificate standards are also prioritized to support global climate governance [5][6] Summary by Sections Investment Rating - The industry is rated as "Outperform the Market," indicating an expected return higher than the market benchmark by over 5% in the next 6 months [8] Market Development - The report discusses the issuance of guidelines aimed at enhancing the efficiency of green certificate issuance and expanding trading opportunities [3][4] - It mentions the goal of achieving a significant increase in green electricity consumption, particularly in new data centers, estimating a demand of 35 billion kWh by 2025 [4] Trading Mechanism - The report details the need for a robust price formation mechanism and the establishment of trading platforms for green certificates [5] - It notes the growth in distributed energy projects, with a significant increase in green certificate issuance in 2024 [5] International Cooperation - The report stresses the importance of aligning domestic and international standards for green certificates, facilitating international trade and recognition [5]