公用事业行业跟踪周报：安徽推动绿电直连发展征求意见，广东第一批零碳园区建设名单公布

Investment Rating - Maintain "Buy" rating for the utility sector [1] Core Insights - Anhui Province is promoting the development of green electricity direct connection, with a focus on new loads and existing loads that meet specific criteria [4] - Guangdong Province has announced the first batch of zero-carbon park construction, with 15 parks included, emphasizing green electricity supply models [4] - The average electricity purchase price in March 2026 decreased by 11% year-on-year [36] - The price of thermal coal at Qinhuangdao port increased by 14.4% year-on-year as of March 27, 2026 [42] - The inflow and outflow of the Three Gorges Reservoir decreased by 3.62% and 23.9% year-on-year, respectively [50] Industry Data Tracking - Electricity Consumption: In 2025, total electricity consumption reached 10.37 trillion kWh, a year-on-year increase of 5.0% [14] - Power Generation: Total power generation in 2025 was 9.72 trillion kWh, with a year-on-year increase of 2.2% [21] - Electricity Prices: The average electricity purchase price in March 2026 was 352 RMB/MWh, down 11% year-on-year [36] - Coal Prices: As of March 27, 2026, the price of thermal coal was 761 RMB/ton, up 14.4% year-on-year [42] - Water Conditions: The water level of the Three Gorges Reservoir was 165.26 meters, with inflow and outflow rates showing significant decreases [50] Investment Recommendations - Green Electricity: Focus on companies like Longyuan Power, Zhongmin Energy, and Three Gorges Energy, with a strong recommendation for Longjing Environmental Protection [4] - Thermal Power: Explore reliability and flexibility value in companies like Huaneng International and Huadian International [4] - Hydropower: Long-term benefits from low-cost operations, with a focus on Changjiang Power [4] - Nuclear Power: Growth potential with increased profitability and dividends, recommending China Nuclear Power and China General Nuclear Power [4] - Solar and Charging Assets: Revaluation opportunities in solar and charging pile assets, with recommendations for companies like Southern Power Grid Energy and Longxin Technology [4]