推进煤炭与新能源融合发展，碳中和碳达峰的中国行动白皮书发布

Investment Rating - The report maintains an "Overweight" rating for the utility sector [1]. Core Insights - The report emphasizes the integration of coal and renewable energy development, highlighting the significant progress expected by the end of the 14th Five-Year Plan, including the establishment of clean and low-carbon mining areas and increased penetration of renewable energy [4]. - The release of the "China's Action on Carbon Peak and Carbon Neutrality" white paper underscores the importance of green and low-carbon energy transformation as a key to achieving carbon neutrality goals [4]. Industry Data Tracking - Electricity Prices: The average grid purchase price in June 2025 was 389 RMB/MWh, showing a year-on-year decrease of 1% and a month-on-month decrease of 1.3% [33]. - Coal Prices: As of November 7, 2025, the price of thermal coal at Qinhuangdao was 817 RMB/ton, reflecting a year-on-year decrease of 3.54% but an increase of 47 RMB/ton week-on-week [42]. - Water Conditions: As of November 6, 2025, the water level at the Three Gorges Reservoir was 173 meters, consistent with previous years, and the inflow and outflow rates increased by 65% and 46% year-on-year, respectively [53]. - Electricity Consumption: Total electricity consumption from January to September 2025 reached 7.77 trillion kWh, a year-on-year increase of 4.6% [12]. - Power Generation: Cumulative power generation from January to September 2025 was 7.26 trillion kWh, with a year-on-year increase of 1.6% [19]. - Installed Capacity: From January to August 2025, new installed capacity for thermal power was 49.87 million kW, a year-on-year increase of 74.4% [44]. Investment Recommendations - Thermal Power: Focus on undervalued investment opportunities in thermal power, particularly in the Beijing-Tianjin-Hebei region, with recommendations for companies like Jingtou Energy, Jingneng Power, and Datang Power [4]. - Charging Infrastructure: Attention to companies involved in charging pile equipment such as Teruid and Shenghong [4]. - Renewable Energy Assets: Potential for value reassessment in solar and charging pile assets, with recommendations for companies like Southern Power Grid Energy and Longxin Group [4]. - Green Electricity: Opportunities in green electricity with expected improvements in asset quality and growth potential, recommending companies like Longyuan Power and China Minmetals [4]. - Hydropower: Benefiting from marketization with low costs and strong cash flow, recommending companies like Yangtze Power [4]. - Nuclear Power: Growth potential with increased approvals for new units, recommending companies like China National Nuclear Power and China General Nuclear Power [4].