2025年可再生能源电力消纳责任权重发布，利好新能源消纳

Investment Rating - The industry investment rating is maintained at "Overweight" [2][9][40] Core Viewpoints - The recent release of the renewable energy power consumption responsibility weight for 2025 is favorable for the consumption of new energy [7] - The report highlights the acceleration of the construction of a national unified electricity market, which is expected to lead to a revaluation of electricity asset values [9][40] - The report recommends focusing on three main lines: hydropower stocks with stable fundamentals, thermal power stocks with improving performance under cost reductions, and leading companies with strong operational capabilities in the green electricity sector [9][40] Industry Performance - The public utility sector (Shenwan) fell by 1.37% this week, underperforming the CSI 300 index by 2.46 percentage points [4] - Over the past 12 months, the public utility sector has seen a relative return of -17% compared to the CSI 300 [3] Key Data Tracking - The spot coal price has slightly increased week-on-week, with inventory levels rising [5] - Domestic natural gas prices have decreased slightly, with the LNG ex-factory price at 4455 RMB/ton, down 0.11% week-on-week [6] - The inflow to the Three Gorges Reservoir has significantly decreased, with the average inflow down 41.99% week-on-week [6] Investment Recommendations - The report suggests investing in companies such as Changjiang Hydropower, Huaneng Hydropower, Huaneng International, Jingneng Power, and Funiu Co., Ltd. due to their strong operational capabilities and favorable resource locations [9][40]