环保与公用事业周报：2月光伏利用率跌破95%，灵活性调节资源价值有望更加凸显

Investment Rating - The report maintains an "Outperform" rating for the utility sector [2] Core Viewpoints - The report highlights the increasing importance of flexible adjustment resources in the context of declining solar utilization rates, which fell to 93.4% in February 2024, a decrease of 4.7% month-on-month [5][6] - The report emphasizes the ongoing transition towards low-carbon energy structures during the "14th Five-Year Plan" period, with significant growth expected in wind and solar installations, as well as advancements in energy storage and hydrogen energy [7] Summary by Sections Market Review - The report notes a general increase in various sectors, with the utility sector index rising by 0.3% and the environmental sector index increasing by 3.1% [5] - Within the utility sector, energy conservation saw a notable increase of 4.0%, while the environmental sector's remediation segment rose by 5.3% [5][47] Industry Dynamics - Environmental initiatives include the launch of biodiesel pilot projects aimed at promoting waste recycling and green energy transitions, with a focus on Shandong Province [5] - The Henan Province government has issued an action plan for continuous air quality improvement, targeting reductions in nitrogen oxides and volatile organic compounds [5] - The report highlights the support for green, low-carbon development in Inner Mongolia, particularly in solar thermal power generation [6] Investment Recommendations - The report suggests actively seizing investment opportunities in energy conservation and recycling sectors, recommending companies such as Guolin Technology and Beijiete [7] - It also highlights the expected rapid growth in wind and solar installations, alongside the orderly advancement of hydropower and nuclear power [7] Special Research - The report discusses the diversity of nuclear reactor types, with pressurized water reactors (PWR) being the mainstream technology. As of the end of 2023, 22 out of 24 nuclear units under construction in China are using third-generation technology [67][76] - The report notes that third-generation nuclear technology has matured, with the "Hualong One" design demonstrating safety and efficiency in its operational tests [76][78]