Core Viewpoint - The article emphasizes the critical role of energy supply in ensuring national economic stability and the commitment of state-owned energy enterprises to maintain stable coal and electricity supplies amid complex challenges in 2024, including extreme weather conditions [1][11]. Group 1: Energy Supply Challenges - The energy supply situation in 2024 is complicated, with significant pressure and uncertainty due to frequent extreme weather events affecting electricity supply safety [1]. - The National Energy Group has maintained a high coal production level of 50 million tons for 42 consecutive months, despite challenges such as mine shutdowns and adverse weather [3]. Group 2: Coal Production and Efficiency - The National Energy Group's coal production efforts are crucial for winter power supply, with significant contributions from coal mines like the Shen Dong Bu Lian Ta mine, which can support coastal power plants for extended periods [2]. - The average daily coal output at the Dong Open-pit Mine reached over 70,000 tons during peak winter supply periods, with a single-day maximum exceeding 90,000 tons [3]. Group 3: Transportation and Logistics - The Qinhuangdao Port serves as a vital hub for energy supply, with teams working in extreme cold to ensure coal transportation efficiency, including measures to prevent coal from freezing in transit [5][6]. - The introduction of an upgraded intelligent scheduling system has reduced response times for transportation adjustments during extreme weather to 15 minutes [5]. Group 4: Technological Innovations - The State Grid Corporation has implemented advanced technologies such as drones and AI to enhance power supply reliability and efficiency, particularly in monitoring and maintaining power lines in harsh conditions [7][10]. - The use of a digital twin factory model and IoT technology by China Coal North Machinery Company has improved supply chain management and production efficiency [8]. Group 5: Clean Energy Initiatives - The Southern Power Grid has significantly increased its clean energy capacity, with a 22% year-on-year increase in new energy generation capacity and a 36% increase in new energy output [10]. - The National Energy Group is also focusing on clean energy development, with efforts to ensure stable wind power generation in extreme weather conditions [11].

证券研究报告| 行业周报 2025 年 03 月 02 日 电力 煤价加速下跌重视火电超额机会，2025 能源工作强调绿色保供 本周行情回顾：本周（2.24-2.28）上证指数报收 3320.90 点，下降 1.72%，沪深 300 指数报收 3890.05 点，下降 2.22%。中信电力及公用事业指数报收 2752.47 点，下降 1.03%，跑赢沪深 300 指数 1.19pct，位列 30 个中信一级板块涨跌幅榜 第 15 位。 作者 分析师 张津铭 执业证书编号：S0680520070001 邮箱：zhangjinming@gszq.com 本周行业观点： 投资建议：本周煤价快速下跌至 700 元/吨附近，重视火电超额机会。市场对于 电价预期已经相对充分，区域电价风险基本出清、煤价下跌或超预期，建议关注 重点火电标的：皖能电力、申能股份、华电国际、浙能电力。推荐布局低估绿电板 块，推荐优先关注低估港股绿电以及风电运营商，建议关注新天绿色能源（H）、 龙源电力（H）、中闽能源、福能股份。把握水核防御，水电板块，建议关注长江 电力、国投电力、川投能源、华能水电；核电板块，建议关注中国核电和中国广核。 风险 ...