公用事业周报（4.14-4.18）：新一代煤电升级启幕，早春3月水核增速加快，环卫装备呈现复苏态势-20250420

Investment Rating - The report maintains an "Outperform" rating for the industry [7]. Core Insights - The new generation of coal power upgrades has commenced, aligning with the "Three Reforms and Linkage" initiative, and supports the development of a new power system [3][19]. - In March, electricity demand increased, with significant growth in hydropower and nuclear power generation [4][34]. - The sanitation vehicle market shows signs of recovery, with a notable increase in electric sanitation vehicles [5][83]. Summary by Sections Market Review - From April 14 to April 18, the electricity sector rose by 1.46%, the water sector by 1.42%, the gas sector by 1.08%, and the environmental protection sector by 0.02%, while the CSI 300 index increased by 0.59 [13][14]. Industry Perspectives - The "New Generation Coal Power Upgrade Special Action Implementation Plan (2025-2027)" was issued, focusing on clean carbon reduction, safety, efficient regulation, and intelligent operation for existing and new coal power units [3][19]. - In March, total electricity consumption reached 828.2 billion kWh, a year-on-year increase of 4.8%, with significant growth in the first industry (9.9%) and the third industry (8.4%) [4][34]. - The sanitation vehicle market saw a 3.5% year-on-year increase in sales, with electric sanitation vehicles growing by 64% [5][83]. Industry Dynamics - The report highlights the need for coal power units to enhance flexibility and low-carbon transformation to meet the requirements of the new power system [5][19]. - The implementation plan encourages the integration of coal power with renewable energy to address the challenges of renewable energy consumption [5][24]. - The sanitation vehicle market is experiencing structural recovery, with high market concentration and continued acceleration of electrification [5][83]. Investment Recommendations - The report suggests focusing on coal power companies such as Jiangsu Guoxin and recommends caution for Sheneng Co. and Zhejiang Energy [5]. - In the nuclear power sector, it cautiously recommends China National Nuclear Power and China General Nuclear Power [5]. - For the hydropower sector, it recommends Changjiang Power and suggests caution for Huaneng Hydropower and Qianyuan Power [5].