大能源行业2026年第10周周报（20260315）：\十五五\规划纲要发布储能景气度提升-20260316

Investment Rating - The investment rating for the utility sector is "Positive" (maintained) [1] Core Insights - The "14th Five-Year Plan" emphasizes carbon peak and carbon neutrality, aiming for a 17% reduction in carbon emissions per unit of GDP during the "15th Five-Year Plan" period, which is slightly lower than the previous target of 17.7% [2][19] - The plan outlines a ten-year action for non-fossil energy to double, focusing on clean energy bases such as wind, solar, and nuclear power, while promoting distributed energy and green hydrogen development [2][19] - The energy consumption will shift towards green and low-carbon, with a unified national electricity market system expected to be established [2][20] Summary by Sections Power Sector - The "15th Five-Year Plan" indicates that power construction will primarily focus on stability, with significant investments in hydropower, wind, and solar energy bases [2][21] - The plan sets a target of over 100 million kW for offshore wind power installations by the end of the "15th Five-Year Plan," with an annual addition of more than 10 GW [2][21][40] - Key recommendations include low-valuation green power operators and companies with strong dividend yields and growth potential [3][27] Environmental Protection - The transition to carbon dual control is emphasized, with a focus on carbon emissions reduction and the establishment of a comprehensive carbon market [4][28] - The plan encourages the development of low-carbon industries, zero-carbon parks, and hydrogen energy, with significant government support expected [4][30] - Investment opportunities include carbon detection and low-carbon energy companies [5][31] Natural Gas - The "15th Five-Year Plan" aims to enhance resource supply security and promote domestic gas production, with a focus on increasing the share of domestic gas in the energy supply [6][32] - The plan includes the construction of key gas pipelines and emphasizes the importance of domestic gas in reducing reliance on imports [7][34] - Investment recommendations focus on upstream coalbed methane extraction and companies involved in coal-to-gas projects [8][34] Coal - The plan outlines a stable supply-demand balance for coal, with an emphasis on optimizing resource allocation and maintaining production stability [9][35] - It highlights the importance of coal in ensuring energy security and proposes measures to improve coal price stability through long-term contracts [10][38] - Key investment targets include leading coal producers and companies with high elasticity in coal production [10][36] New Energy - The plan promotes the development of clean energy bases and emphasizes the importance of grid infrastructure for energy distribution [11][39] - Offshore wind power is expected to see significant growth, with a target of 53 GW added during the "15th Five-Year Plan" [11][41] - Investment opportunities include companies involved in wind power, grid infrastructure, and traditional power equipment upgrades [12][42] Energy Storage - The demand for energy storage is expected to increase significantly, driven by geopolitical factors and energy security needs [13][44] - The market for household storage is projected to grow, supported by government subsidies and increased demand for energy independence [14][15] - Investment recommendations include companies involved in inverters, energy storage systems, and battery production [16]