GOLDEN SUN SECURITIES·2025-05-11 14:23Investment Rating - The industry investment rating is "Maintain Overweight" [4] Core Viewpoints - The Shandong 136 document details a balanced approach to the entry of new energy into the market, providing stability for existing projects while enhancing competition for new projects [3][12][13] - For existing projects, the mechanism price is set at a cap of 0.3949 CNY/kWh (including tax), which aligns with the coal benchmark price in Shandong [13] - For new projects, a bidding capacity requirement of 125% is established, which increases competitive pressure and accelerates the exit of high-cost projects, pushing for efficiency and cost reduction in new energy projects [3][12][13] - The report recommends focusing on green power operators with a higher proportion of existing projects and better short-term revenue certainty, as well as high-quality flexible power sources like thermal and hydropower [3][12][13] Summary by Sections Industry Trends - The report highlights a 1.92% increase in the Shanghai Composite Index and a 2.04% increase in the CITIC Power and Utilities Index during the week of May 6-9 [65][66] - The report notes a decline in coal prices to 643 CNY/ton [14] Key Projects and Developments - The Shandong provincial government has issued a detailed implementation plan for the market-oriented reform of new energy pricing, marking a significant step in the industry [3][12][13] - The report emphasizes the importance of auxiliary service market transactions and price mechanisms, as well as optimizing capacity compensation mechanisms for power generation [13] Key Stocks and Recommendations - The report recommends several stocks for investment, including: - Zhejiang Energy Power (600023.SH) with a buy rating - Anhui Energy Power (000543.SZ) with a buy rating - Guodian Power (600795.SH) with a buy rating - Huaneng International (600011.SH) with a buy rating - New Energy (688501.SH) with a buy rating - New天绿色能源 (600956.SH) with a buy rating [8][78]