公用事业行业点评报告：山东136号文正式印发，新能源收益率确定性提升、电力市场交易机制健全

Investment Rating - The report maintains an "Overweight" rating for the utility sector, indicating a positive outlook for the industry in the next 6 months [1]. Core Insights - The issuance of the Shandong 136 document enhances the certainty of returns for existing renewable energy projects and establishes a sound trading mechanism for the electricity market [4]. - The report highlights the importance of market-driven pricing mechanisms for renewable energy, which are expected to lead to high-quality development in the sector [4][5]. - The competitive bidding for incremental projects is set to begin in August 2025, with a total mechanism electricity scale of 9.467 billion kilowatt-hours, including 8.173 billion kilowatt-hours for wind power and 1.294 billion kilowatt-hours for solar power [4]. Summary by Sections Industry Trends - The report notes a projected increase in renewable energy project returns due to the implementation of the Shandong plan, which aligns with national policies aimed at promoting high-quality development in the renewable sector [4]. Market Mechanisms - The report outlines the establishment of a sustainable pricing settlement mechanism for renewable energy, which will allow for market-based pricing and ensure reasonable returns for participants [4][5]. - It emphasizes the need for a comprehensive market trading mechanism that includes mid-to-long-term market transactions, real-time market participation, and auxiliary service market rules [5]. Investment Recommendations - The report suggests focusing on high-quality green electricity operators and companies with strong offshore wind capabilities, as they are expected to benefit from the new policies and market conditions [5]. - It also recommends attention to companies that can leverage the multi-faceted value of thermal power as the electricity trading mechanisms evolve [5].