\十五五\规划发布，如何把握板块投资脉络？

Investment Rating - The investment rating for the public utility sector is "Positive" and is maintained [9] Core Insights - The "14th Five-Year Plan" emphasizes low-carbon requirements, aiming for a 17% reduction in carbon emission intensity during the "15th Five-Year Plan" period and a 25% increase in the share of non-fossil energy consumption by 2030. The focus has shifted from "dual control of energy consumption" to "dual control of carbon emissions," which will facilitate green electricity consumption [2][6] - The report highlights the need for a clean, low-carbon, safe, and efficient new energy system, proposing a ten-year action plan to significantly increase non-fossil energy sources. By 2030, the cumulative installed capacity of offshore wind power is expected to exceed 100 million kilowatts, and nuclear power capacity is projected to reach around 110 million kilowatts [12] - The report suggests that the collaborative "carbon reduction and green increase" planning will enhance the long-term narrative for green electricity and drive valuation recovery. It emphasizes the importance of policy catalysts in the clean power sector [12] Summary by Sections Event Description - The "15th Five-Year Plan" outlines five key indicators focusing on carbon reduction and ecological protection [6] Energy and Power - The plan aims to replace fossil fuels with non-fossil energy sources, promoting a diverse energy mix including wind, solar, hydro, and nuclear power. It also emphasizes the construction of clean energy bases and the efficient use of fossil energy [12] - A new power system will be established to enhance the resilience and efficiency of the electricity grid, with a target of 420 million kilowatts for west-to-east power transmission by 2030 [12] Investment Recommendations - The report recommends focusing on the clean power sector as a "turnaround opportunity" driven by policy support, highlighting companies such as Longyuan Power, New天绿色能源, China Nuclear Power, and others [12]