电力行业点评报告：重视RWA与虚拟电厂、电交易、碳交易融合的产业链机会

Investment Rating - The report maintains an "Overweight" rating for the electricity industry [1] Core Viewpoints - The report emphasizes the importance of integrating RWA (Real World Assets) with virtual power plants, electricity trading, and carbon trading to explore opportunities within the industry [6] - It highlights the expected increase in capacity value for thermal power, driven by regulatory changes and the push towards green energy [6] - The report suggests that the green value of electricity is becoming more significant as the country progresses towards carbon neutrality [6] Summary by Sections Industry Trends - The report notes a projected decline in electricity prices, with a potential drop of 13% by July 2025 compared to the previous year [3] - It discusses the anticipated recovery of fixed costs through capacity pricing mechanisms, particularly in Gansu Province, where a price of 330 RMB per KW per year is set to be implemented starting in 2026 [6] Key Companies Valuation - The report provides valuations for several key companies in the sector, including: - Jiantou Energy with a market cap of 14.456 billion RMB and a "Buy" rating [5] - Xiexin Energy with a market cap of 21.314 billion RMB, currently not covered [5] - Nanjing Energy with a market cap of 17.879 billion RMB and a "Buy" rating [5] - Linyang Energy with a market cap of 11.990 billion RMB and a "Buy" rating [5] - Longxin Group with a market cap of 22.577 billion RMB, currently not covered [5] Investment Recommendations - The report recommends focusing on the rising capacity value of thermal power and the public utility attributes that could enhance sector valuations, particularly for companies like Gansu Energy, Huaneng International, Huadian International, and Datang Power [6] - It also advises attention to investment opportunities in RWA, electricity trading, virtual power plants, and carbon assets, recommending investments in household photovoltaics, charging piles, and carbon assets, with a specific mention of Nanjing Energy and Xiexin Energy [6]