公用事业行业跟踪周报：首次提出新能源集成融合，至2035年实现风光36亿千瓦目标-20251117

Investment Rating - The report maintains an "Overweight" rating for the utility sector [1]. Core Insights - The National Energy Administration has proposed the integration of renewable energy, aiming for a total installed capacity of wind and solar power to reach 360 million kilowatts by 2035. This is part of a broader strategy to reduce greenhouse gas emissions by 7%-10% from peak levels and increase the share of non-fossil energy consumption to over 30% by 2035 [4][6]. - As of September 2025, the total installed capacity of wind and solar power in China reached 1.708 billion kilowatts, accounting for 46% of the national power generation capacity. In the first three quarters of 2025, the combined generation from wind and solar reached 1.73 trillion kilowatt-hours, representing 22.3% of total electricity consumption [4][6]. Industry Data Tracking Electricity Prices - The average grid purchase price in August 2025 was 388 RMB/MWh, a year-on-year decrease of 2% but a month-on-month increase of 1.3% [28]. Coal Prices - As of November 14, 2025, the price of thermal coal at Qinhuangdao port was 834 RMB/ton, with a week-on-week increase of 33.4 RMB/ton [36]. Water Conditions - The water level at the Three Gorges Reservoir was 174.42 meters as of November 14, 2025, which is normal compared to previous years. The inflow and outflow rates increased by 87.3% and 50.9% year-on-year, respectively [44]. Electricity Consumption - Total electricity consumption from January to September 2025 was 7.7675 trillion kilowatt-hours, a year-on-year increase of 4.6%. The growth rates for different sectors were 10.2% for the primary industry, 3.4% for the secondary industry, 7.5% for the tertiary industry, and 5.6% for urban and rural residents [13]. Power Generation - Cumulative power generation from January to September 2025 was 7.26 trillion kilowatt-hours, reflecting a year-on-year increase of 1.6%. The generation from various sources showed mixed results: thermal power decreased by 1.2%, hydropower by 1.1%, nuclear power increased by 9.2%, wind power by 10.1%, and solar power by 24.2% [18]. Installed Capacity - In the first half of 2025, new installed capacity included 25.78 million kilowatts for thermal power (up 41.3% year-on-year), 3.93 million kilowatts for hydropower (down 21.2% year-on-year), 51.39 million kilowatts for wind power (up 98.9% year-on-year), and 212.21 million kilowatts for solar power (up 107.1% year-on-year) [4][18]. Investment Recommendations - Focus on undervalued thermal power investments, particularly in the Beijing-Tianjin-Hebei region, and consider opportunities in charging station and solar asset infrastructure investments [4]. - Recommended stocks include: - Thermal Power: Jingtian Energy, Jingneng Power, Datang Power - Charging Station Equipment: Teruid, Shenghong Shares - Solar Assets: Nanjing Energy, Longxin Group - Green Electricity: Longyuan Power, Zhongmin Energy, Three Gorges Energy, Longjing Environmental Protection - Hydropower: Yangtze Power - Nuclear Power: China National Nuclear Power, China General Nuclear Power [4].