环保及公用事业行业周报：配电网发展指导意见发布，新型电力系统建设加速

Investment Rating - The report maintains an "Overweight" rating for the environmental protection and public utilities sector [10][45]. Core Insights - The environmental protection and public utilities index decreased by 0.94%, underperforming the CSI 300 index by 2.31 percentage points, ranking 27th among 30 first-level industries [5][13]. - The carbon market showed increased activity, with a total transaction volume of 1.3095 million tons and an average transaction price of 83.11 yuan/ton, marking a historical high [6][23]. - The Three Gorges Reservoir's inflow improved, with an average inflow of 6757.14 cubic meters per second, a week-on-week increase of 22.22% [7][29]. - Domestic gas prices saw a slight rebound, with the national LNG ex-factory price at 4208 yuan/ton, a year-on-year decrease of 33.67% but a week-on-week increase of 2.19% [8][31]. Summary by Sections Market Performance - As of March 1, the CSI 300 index rose by 1.38%, while the environmental protection and public utilities index fell by 0.94%, underperforming by 2.31 percentage points [5][13]. Carbon Market - The national carbon market's total transaction volume reached 1.3095 million tons, with a total transaction value of 108.8292 million yuan, reflecting a week-on-week increase of 175.64% [6][23]. Water Resource Management - The average water level at the Three Gorges Reservoir was 163.82 meters, showing a year-on-year increase of 4.45% [7][29]. Natural Gas Prices - The LNG import price was recorded at 8.32 USD/mmbtu, a year-on-year decrease of 41.8% but a week-on-week increase of 4.31% [8][31]. Policy Developments - The National Development and Reform Commission and the National Energy Administration issued guidelines for high-quality development of distribution networks, aiming for a more resilient and flexible power system by 2025 [9][34][38]. Investment Recommendations - The report suggests focusing on leading companies with high dividend yields and stable profits in the power sector, particularly as the profitability of thermal power is expected to stabilize [10][45].