碳中和领域动态跟踪（一百七十三）：电改4号文：全国统一电力市场顶层文件

Investment Rating - The report maintains a "Buy" rating for the public utility sector, indicating an expected investment return exceeding the market benchmark index by more than 15% over the next 6-12 months [4]. Core Insights - The electricity market reform is progressing with the implementation of the "4th Document," which aims to establish a unified national electricity market by 2030, with a market share of approximately 70% for market-based electricity [1]. - The transition of thermal power from reliance on long-term contracts to a more market-oriented approach is highlighted, with a focus on mid-to-long-term and spot markets, enhancing the commercial viability of various power sources [2]. - The report emphasizes the importance of green electricity (green power) and its environmental premium, which is expected to stabilize profitability for green power operators as new application scenarios continue to emerge [2][3]. Summary by Sections Electricity Market Reform - The "4th Document" outlines a roadmap for a unified electricity market, aiming for completion by 2035, with a focus on optimizing resource allocation and enhancing market functions [1]. - Key features include the establishment of a spot market, mid-to-long-term contracts, and auxiliary services to support the electricity market [1]. Transition of Thermal Power - Thermal power is shifting towards a market-driven model, with an emphasis on optimizing commercial models and enhancing the value of base-load power [2]. - The report notes that the national policy framework is expected to resolve issues related to cross-province trading capacity subsidies for thermal power [2]. Green Electricity and Environmental Premium - The report identifies the growing recognition of the environmental premium associated with green electricity, which is crucial for enhancing green power consumption standards [2]. - Green certificates are highlighted as a significant revenue stream for green power operators, contributing to the overall stability of green electricity profitability [2][3]. Investment Recommendations - The report suggests that the interplay between thermal and green electricity will enhance market structure, with a focus on optimizing business models and expanding application scenarios for green electricity [3]. - Specific companies to watch include Yangtze Power, Huaneng International, and Guodian Power for thermal power, and Electric Investment Green Energy and Longyuan Power for green electricity [3].