GOLDEN SUN SECURITIES·2026-03-01 10:49Investment Rating - The report suggests a "Buy" rating for several companies in the power sector, including Zheneng Power, Guodian Power, and Huaneng International, among others [8]. 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 production, and zero-carbon parks [3][12]. - The mechanism electricity price for new energy in March reached a maximum 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]. Green Electricity Direct Connection - The report emphasizes the completion of approvals for 84 green electricity direct connection projects, with a total installed capacity of 32.59 million kilowatts, and outlines the expected transition to large-scale implementation by 2026 [2][11]. Investment Recommendations - The report recommends focusing on companies involved in collaborative electricity calculations, such as Fuling Power and Gansu Energy, as well as traditional power companies like Huaneng International and Huadian International [5][8]. - It also suggests monitoring companies with flexible coal power transformation capabilities, such as Qingda Environmental Protection and Huaguang Huaneng [5]. Market Dynamics - The report notes that in March, the proxy purchase electricity prices in 90% of regions decreased year-on-year, with significant drops in several provinces [16][59]. - The report also mentions the rise in coal prices, which reached 742 yuan per ton, impacting the thermal power sector [18]. Carbon Market Insights - The national carbon market saw a 2.29% increase in trading prices, with a total trading volume of 947,900 tons and a closing price of 80.5 yuan per ton [59].