绿电直连政策发布，“源荷协同”更进一步

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the environmental and public utility sector [5]. Core Insights - The recent national policy on direct green electricity connection promotes "source-load coordination," allowing market participants to choose their green electricity connection model, enhancing the consumption of renewable energy and reducing transmission losses [14][16]. - The policy is expected to benefit high-energy-consuming enterprises by providing more options for green electricity and potentially lowering electricity costs, particularly for data centers [20][17]. Summary by Sections 1. National Green Electricity Direct Connection Policy - The policy allows renewable energy sources like wind and solar to connect directly to single electricity users, bypassing the traditional grid system, which enhances the physical traceability of electricity supply [14]. - It aims to balance interests among stakeholders and ensure sustainable development, improving local consumption of renewable energy [14][15]. 2. Market Review - From May 24 to June 6, the Shanghai Composite Index rose by 1.1%, while the public utility index fell by 0.31%, underperforming the overall market [21]. - The environmental index increased by 3.9%, outperforming the Shanghai Composite Index by 2.8 percentage points [21]. 3. Market Information Tracking - In June 2025, the average electricity transaction price in Jiangsu was 312.8 CNY/MWh, down 20% from the benchmark price, while in Guangdong, it was 372.7 CNY/MWh, down 17.73% [35]. - The price of thermal coal continued to decline, with domestic coal prices at 609 CNY/ton, down 2 CNY from the previous period [38]. 4. Investment Portfolio and Recommendations - For public utilities, the report suggests focusing on thermal power companies due to improved profitability from lower coal prices and seasonal demand increases [9]. - In the green electricity sector, companies that integrate generation, sales, and consumption are recommended, particularly those involved in virtual power plants and market trading [9]. - The report highlights the potential for waste incineration companies to improve cash flow and profitability through direct sales to high-energy consumers [10]. 5. Company Dynamics - The report notes various companies in the environmental sector, such as Weiming Environmental, Junxin Co., and Wangneng Environment, as key players to watch due to their operational stability and potential for increased dividends [10][20].