——电新环保行业周报20260301：看好Token出海背景下电力运营商价值重估-20260301

Investment Ratings - The report maintains a "Buy" rating for both the power equipment and environmental sectors [1]. Core Insights - The report emphasizes the potential revaluation of power operators due to the advantages of Token deployment overseas, including lower electricity costs and digital tax exemptions [3]. - It highlights a cyclical bottom and expected reversal in the electricity market, suggesting that power operators are currently undervalued and may enter a new upward cycle post-2027 if economic growth accelerates [3]. - The report anticipates that carbon policies will become a key focus in the upcoming "14th Five-Year Plan," with specific measures to control carbon emissions and enhance carbon pricing mechanisms [3]. Summary by Sections Power Operators - Focus on power operators due to the advantages of Token deployment overseas, including low electricity costs and digital tax exemptions [3]. - Current electricity supply-demand dynamics suggest a cyclical bottom, with potential for upward movement if economic conditions improve [3]. - Investment strategy includes selecting companies with computational power layouts and low PB valuations, with a preference for regional and clean energy companies [3]. Carbon Policy Outlook - The report predicts that carbon constraints will be a significant aspect of the "14th Five-Year Plan," with specific targets for carbon emissions and consumption [3]. - It suggests that carbon pricing mechanisms will mature, promoting international certification and market development [3]. Investment Recommendations - Continued optimism for hydrogen, ammonia, and methanol sectors, with specific companies recommended for investment [4]. - Emphasis on the synergy between electricity and computational power in new energy operators, with a focus on specific companies [4]. - Recommendations for investments in green electricity connections and zero-carbon parks, highlighting relevant companies [4]. Wind Power - Forecasts for wind power installations indicate a significant increase in onshore and offshore capacities for 2024 and 2025, with specific growth percentages noted [7][11]. - The report highlights the competitive bidding landscape for wind power equipment, with substantial increases in tender capacities [11][20]. Lithium Battery Sector - The report discusses the dynamics of lithium carbonate pricing and the impact of supply constraints on market sentiment [21]. - It notes the expected recovery in production rates for large-scale energy storage batteries, driven by demand trends [23]. - Investment logic focuses on the supply-demand gap and the anticipated recovery in lithium battery demand [23][24].