Zhong Guo Yin He Zheng Quan·2026-03-14 10:24Investment Rating - The report maintains a positive investment rating for the clean energy sector, particularly focusing on the growth of installed capacity and the rationalization of electricity pricing mechanisms [2][5][24]. Core Insights - The "14th Five-Year Plan" emphasizes the tenfold increase in non-fossil energy over the next decade, with significant growth expected in clean energy installations. The establishment of a unified national electricity market is anticipated to enhance the flexibility and reliability of various power sources [2][5][9]. - The report highlights the importance of developing green hydrogen and green fuels, which are expected to experience explosive demand, contributing to energy security and the promotion of new energy policies [2][5][9]. - The report outlines specific quantitative targets for energy installations, including 100 million kilowatts of pumped storage, offshore wind, and nuclear power by 2030, laying a solid foundation for achieving carbon peak and non-fossil energy doubling by 2035 [5][19][24]. Summary by Sections Non-fossil Energy Tenfold Increase - The report indicates a shift from energy consumption control to carbon emission control, with a focus on hydrogen and green fuels as emerging energy sources. This transition aims to address challenges in renewable energy consumption and enhance energy security [9][10]. - The "14th Five-Year Plan" sets ambitious targets for renewable energy installations, predicting that by 2035, total installed capacity for non-fossil energy will reach 4.83 billion kilowatts, representing a 105% increase from 2025 [19][24]. National Unified Electricity Market - The report discusses the ongoing efforts to establish a national unified electricity market, with a target to complete this by 2030. The market's design will focus on breaking local protectionism and enhancing competition [24][25][26]. - By 2025, the market share of electricity transactions is expected to reach 64%, with significant growth in both inter-provincial and cross-regional electricity transactions [30][31]. Investment Recommendations and Profit Forecasts - The report suggests focusing on companies in the thermal power sector, such as Huaneng International and Guodian Power, as well as in the hydropower sector, including Yangtze Power and China Power Investment [2][5]. - The report anticipates that the clean energy sector will continue to be the main contributor to new installations, with an average annual increase of 20-30 million kilowatts during the "14th Five-Year Plan" period [19][20].