GOLDEN SUN SECURITIES·2026-03-01 10:24Investment Rating - The report suggests a "Buy" rating for several key stocks in the power sector, including Zheneng Power, Guodian Power, and Huaneng International, among others [8][9]. Core Insights - A total of 84 green electricity direct connection projects have been approved, with a total installed capacity of 32.59 million kilowatts, indicating further progress in collaborative electricity calculations [2][11]. - The green electricity direct connection will transition from pilot projects to large-scale promotion by 2026, with over 200 projects expected to be implemented, totaling more than 15 GW [2][11]. - The application scenarios for green electricity are diversifying, covering data center power supply, hydrogen and methanol production, and zero-carbon parks [3][12]. - The mechanism electricity price for March shows a maximum level of 10.52 cents per kilowatt-hour, with significant regional variations in costs [4][13]. Summary by Sections Industry Overview - The report highlights the performance of the power sector, with the CITIC Power and Utilities Index rising by 5.45%, outperforming the CSI 300 Index by 4.37 percentage points [6][64]. - The report notes that coal prices have risen to 742 yuan per ton, impacting thermal power generation costs [18]. Market Trends - In March, the proxy purchase electricity prices in 90% of regions decreased year-on-year, with significant drops in several areas, while some regions saw price increases [16][59]. - The carbon market trading price increased by 2.29% compared to the previous week, indicating a growing interest in carbon trading [59]. Investment Recommendations - The report recommends focusing on companies involved in collaborative electricity calculations and highlights specific stocks such as Fuling Power and Gansu Energy for potential investment [5][9]. - It also suggests paying attention to thermal power companies that are expected to benefit from regulatory changes and market dynamics [5][9]. Key Company Announcements - The report includes announcements from key companies, such as Jiangsu Power's cash dividend distribution and Gansu Energy's approval for a significant wind power project [74].