行业周报（3.10-3.16）：电力现货市场全面加快建设，板块轮动市场表现回升-2025-03-18

Investment Rating - The report maintains an "Overweight" rating for the power and utilities sector, with specific stock recommendations including "Buy" for Guodian Power and "Hold" for several other companies [1][4][6]. Core Insights - The report highlights the accelerated construction of the electricity spot market and a rebound in sector performance, with the public utilities sector index rising by 2.19% during the week [2][10]. - The report notes that the current PE (TTM) for the public utilities sector is 16.51, slightly up from 16.22 the previous week, indicating a recovery in valuations [22][25]. - Key events include the National Development and Reform Commission's push for the rapid development of the electricity spot market and the Ministry of Finance's efforts to regulate clean energy funding [34][35]. Summary by Sections Market Performance - The public utilities sector index outperformed major indices, with a 2.19% increase, ranking 12th among 31 sectors [2][10]. - The sector's PE (TTM) increased to 16.51 from 16.22, while the PB rose to 1.72 from 1.68 [22][25]. Individual Stock Performance - Top gainers for the week included Kaitian Gas (+34.65%) and ST Lingda (+24.16%), while notable losers included Shaoneng Co. (-5.62%) and Changqing Group (-2.33%) [3][28][33]. Industry Dynamics - The report discusses the establishment of a unified national electricity market and the promotion of renewable energy integration, with specific initiatives in various provinces [34][36]. - The report also mentions the introduction of a capacity pricing mechanism for gas-fired power plants in Zhejiang to enhance their operational efficiency [37]. Key Data Tracking - The report tracks coal prices, noting that the Qinhuangdao Shanxi mixed coal price was 683 RMB/ton, with a slight weekly decrease of 0.44% [43][44]. - Green certificate trading data indicates a total of 30.07 and 49.25 thousand transactions for wind and solar power respectively during the week [47][48].