GOLDEN SUN SECURITIES·2025-06-02 06:30Investment Rating - The report maintains an "Overweight" rating for the electricity industry [3]. Core Viewpoints - The introduction of the green electricity direct connection policy aims to facilitate the consumption of green electricity, allowing renewable energy sources to connect directly to users without going through the public grid [6][11]. - The Inner Mongolia region has officially released a market-oriented pricing scheme for renewable energy, allowing negative electricity prices in the real-time market [7][11]. - The report highlights the importance of flexible adjustment power sources as the electricity market continues to deepen its marketization [7]. Summary by Sections Industry Overview - The report notes that the Shanghai Composite Index closed at 3347.49 points, down 0.03%, while the CSI 300 Index closed at 3840.23 points, down 1.08%. The CITIC Power and Utilities Index rose by 0.58%, outperforming the CSI 300 by 1.66 percentage points [5][55]. Green Electricity Policy - The green electricity direct connection policy was launched to address the consumption of green electricity, allowing renewable energy to be supplied directly to users through dedicated lines [6][11]. - The policy categorizes market participants into new loads, existing loads, export-oriented enterprises with carbon reduction needs, and projects unable to connect to the grid [6][11]. - The report specifies that the self-consumption of renewable energy should account for at least 60% of the total available generation by 2030, with a maximum of 20% allowed for grid feed-in [6][11]. Market Dynamics - The report indicates that the coal price remains stable at 620 yuan per ton [12]. - The Three Gorges Reservoir's inflow and outflow have decreased by 17.97% and 30.86% year-on-year, respectively [33]. - The report mentions a decline in silicon material prices, with the current price at 36 yuan/kg, down by 1 yuan/kg, while mainstream silicon wafer prices remain stable at 1.12 yuan/piece [43]. Carbon Market - The national carbon market saw a 1.37% decrease in trading prices, with a total trading volume of 2.1223 million tons and a total transaction value of 146 million yuan for the week [52]. Key Stocks - The report recommends focusing on stocks with high proportions of existing projects and short-term revenue certainty, as well as those with long-term cost reduction and efficiency advantages in the green electricity sector [7]. - Specific stocks highlighted include Huadian International, Huaneng International, Datang Power, and Jianou Energy, among others [7][8].