行业周报：两部委发文推动绿电直连，板块市场表现低迷-20250604

Investment Rating - The report assigns an "Overweight" rating to the electricity and utilities sector, indicating a positive outlook for the industry in the near term [4][8]. Core Views - The report highlights the recent policy initiatives aimed at promoting green electricity direct connections, which are expected to enhance the consumption of renewable energy and improve the overall market dynamics for the sector [3][36]. - The overall market performance of the sector has been subdued, with the industry index experiencing a slight decline of 0.18% during the reporting period [2][11]. - The report suggests that the long-term demand for electricity will remain stable, driven by the need for peak load regulation and supply assurance [7]. Summary by Sections 1. Market Performance - The industry valuation as of May 30, 2025, shows a Price-to-Earnings (PE) ratio of 17.29, slightly down from 17.3 the previous week, and a Price-to-Book (PB) ratio of 1.73, unchanged from the prior week [1][24]. - The sector's performance ranked 19th among 31 major industry categories, with individual segments like thermal power and hydropower showing varied performance [2][11]. 2. Industry and Company Dynamics - The National Energy Administration reported 4,415 new renewable energy projects added in April 2025, with a significant focus on solar and wind energy [3][36]. - Recent government policies aim to facilitate the direct supply of green electricity to consumers, mandating that at least 60% of renewable energy generated must be used on-site [3][36]. - The report emphasizes the importance of market mechanisms for carbon emissions and water rights, which are expected to enhance resource allocation efficiency [3][38]. 3. Key Data Tracking - As of May 30, 2025, the price of Shanxi mixed coal (5500) was reported at 613 CNY per ton, with no weekly change [44]. - The trading volume of green electricity certificates for wind and solar power reached 20.37 and 25.27 million certificates, respectively, during the reporting period [47][49]. - The report also tracks the carbon emissions trading data, with a total transaction volume of 65.9 million tons on May 30, 2025, at an average price of 68.69 CNY per ton [50][51].