电力行业周报：年底电力现货市场全覆盖，重视灵活调节电源价值

Investment Rating - The industry investment rating is "Buy" [5][9]. Core Viewpoints - By the end of this year, the electricity spot market is expected to achieve comprehensive coverage, indicating a deepening of electricity marketization and an anticipated increase in demand for ancillary services. It is recommended to focus on the value of flexible adjustment power sources [3][12]. - The State Council has approved 10 new nuclear power units, enhancing growth certainty. From 2019 to 2025, a total of 56 nuclear power units have been approved, with projections indicating that by 2030, China's operational nuclear power capacity will rank first globally [3][12]. - The recent drop in coal prices to approximately 657 RMB/ton is expected to improve profitability for thermal power generation, highlighting excess opportunities in this sector [3][12]. Summary by Sections Industry Outlook - The electricity spot market is set to achieve full coverage by the end of this year, with a focus on the value of flexible power source configurations [3][12]. - The approval of 10 new nuclear power units is a significant growth driver, with a forecast that by 2040, nuclear power capacity will reach 200 million kW, accounting for about 10% of total generation [3][12]. - The coal price decline supports improved profitability for thermal power, with specific companies recommended for investment, including Huadian International, Anhui Energy, and Zhejiang Energy [3][9]. Market Performance - The Shanghai Composite Index closed at 3,279.03 points, down 0.49%, while the CSI 300 Index closed at 3,770.57 points, down 0.43%. The CITIC Power and Utilities Index closed at 2,846.13 points, down 1.68%, underperforming the CSI 300 by 1.24 percentage points [54][55]. Key Stocks - Recommended stocks include: - Zhejiang Energy (600023.SH): Buy, EPS forecast for 2024E is 0.58 RMB, PE ratio is 9.79 [9]. - Anhui Energy (000543.SZ): Buy, EPS forecast for 2024E is 0.91 RMB, PE ratio is 8.69 [9]. - Huadian International (600011.SH): Buy, EPS forecast for 2024E is 0.65 RMB, PE ratio is 10.49 [9]. - Qingda Environmental Protection (688501.SH): Buy, EPS forecast for 2024E is 0.76 RMB, PE ratio is 18.57 [9].