Dongguan Securities·2025-07-30 09:28Investment Rating - The report maintains an "Overweight" rating for the renewable energy generation industry, indicating a positive outlook for high-quality development driven by multiple factors [1]. Core Insights - The renewable energy generation industry is expected to experience high-quality development due to the implementation of market-oriented reforms by the National Development and Reform Commission and the National Energy Administration [2][15]. - The capacity for renewable energy consumption is set to improve with initiatives such as the construction of smart microgrid projects and shared energy storage stations [2][23]. - The completion of ultra-high voltage power grids will facilitate the long-distance transmission of electricity, enhancing the consumption of renewable energy [2][27]. - Continuous efforts to address historical subsidy arrears are anticipated to improve the accounts receivable situation for renewable energy companies [2][28]. Summary by Sections 1. Building a New Energy System to Support Renewable Energy Development - The construction of a new energy system is progressing steadily, with significant goals set for renewable energy capacity by 2025 [9]. - Policy support is expected to promote high-quality development in the renewable energy sector, with a focus on large-scale wind and solar projects [11][12]. 2. Multiple Factors Enhancing Efficiency in the Renewable Energy Generation Industry - A series of measures are anticipated to enhance the capacity for renewable energy consumption, including the establishment of intelligent microgrids and virtual power plants [2][24]. - The ongoing resolution of subsidy arrears is expected to positively impact the financial health of renewable energy companies [2][28]. 3. Investment Recommendations and Key Company Analysis - The report suggests focusing on companies such as Three Gorges Energy, Longyuan Power, Xintian Green Energy, and Solar Energy, which are well-positioned to benefit from the industry's growth [2][36]. - Three Gorges Energy is recognized for its significant installed capacity in wind and solar energy, maintaining a leading position in the offshore wind sector [38][39]. - Longyuan Power is noted for its large-scale project development and innovative technologies in the renewable energy space [40][41]. - Xintian Green Energy is expanding its wind resource reserves and enhancing its natural gas business, indicating robust growth potential [43][44]. - Solar Energy leverages its central enterprise brand advantage and resource strengths to provide comprehensive solar solutions [45][46].