公用事业：锚定双碳目标，助力行业高质量发展

Investment Rating - The industry investment rating is "Outperform the Market" [2][6]. Core Insights - The report emphasizes the importance of the dual carbon goals set by the government, which aim to control coal consumption and promote non-fossil energy sources, thereby supporting the recovery of thermal power profitability [2]. - The report highlights the expected decline in coal demand due to energy-saving measures in non-electric sectors, which could lead to a decrease in coal prices and further enhance the profitability of thermal power [2]. - The report suggests that the improvement in renewable energy consumption and the establishment of a green electricity trading market will stabilize the profitability of green electricity operators [2]. - The report recommends monitoring specific companies such as Huadian International, Huaneng International, Guodian Power, and others for potential investment opportunities [2]. Summary by Sections Market Data - The industry consists of 127 constituent stocks with a total market capitalization of 33,379 billion and a circulating market capitalization of 9,189 billion [1]. - The average price-to-earnings (P/E) ratio is 20.41, and the average price-to-book (P/B) ratio is 1.61 [1]. - Total revenue for constituent stocks is 21,518 billion, with a total net profit of 995 billion [1]. - The average asset-liability ratio stands at 63.79% [1]. Key Companies - Guodian Power: Current price 5.44, EPS 0.31 (2023A), P/E 13.25 (2023A) - Buy - Waneng Power: Current price 8.34, EPS 0.63 (2023A), P/E 9.94 (2023A) - Buy - Changjiang Power: Current price 26.69, EPS 1.11 (2023A), P/E 20.97 (2023A) - Buy - Guotou Power: Current price 17.62, EPS 0.88 (2023A), P/E 15.06 (2023A) - Buy - China General Nuclear Power: Current price 4.25, EPS 0.21 (2023A), P/E 14.67 (2023A) - Buy [1].