Group 1 - The core viewpoint of the article highlights the development of a wind power generator and related supporting industry demonstration project by Goldwind Technology in Xinmin City, Shenyang, which is expected to fill the gap in the wind power generator industry in Liaoning Province and support the establishment of a significant wind power equipment center in Northeast China [1][3] - The project is part of a broader initiative to build an energy supply base in the Shenyang metropolitan area, focusing on a complete industrial chain from renewable energy equipment manufacturing to wind and solar power generation, energy storage, and green low-carbon circular economy [3][4] - Additional projects include a 2.1 billion yuan investment in a new tower manufacturing base and gearbox production base by China Power Construction, which will produce 500 tower units and 750 gearboxes annually upon completion [3][4] Group 2 - Xinmin City is developing wind power projects in the wind-rich Hexi area, with three centralized wind power projects totaling 6 billion yuan and a total installed capacity of 600,000 kilowatts; one project has been completed, providing 410 million kilowatt-hours of green electricity annually [4][6] - The city is also advancing distributed photovoltaic projects, aiming for 1,757 distributed photovoltaic users and a grid-connected capacity of 122.7 megavolt-amperes by the end of 2024 [6][8] - A 1.01 billion yuan investment in a 100-megawatt new energy storage station project has been approved as a provincial demonstration project, while a 5 billion yuan biomass energy recycling project is set to consume 233,600 tons of crop straw annually, producing 19 million cubic meters of natural gas and reducing carbon dioxide emissions by 350,000 tons each year [8]

Investment Rating - The report maintains an "Overweight" rating for the electricity sector [4] Core Viewpoints - The electricity sector is experiencing fundamental improvements alongside a shift in market style, highlighting the importance of strategic positioning opportunities [10][16] - Coal prices have rapidly declined to around 692 CNY/ton, creating excess opportunities in thermal power generation [3][16] - The average coal price for the year to date (as of March 14) is 745 CNY/ton, down 174 CNY/ton compared to the same period last year [16] - The report emphasizes the significance of the recent cross-regional green electricity trading achievement, marking a milestone in the establishment of a unified national electricity market [16] - The National Development and Reform Commission is accelerating the construction of the electricity spot market, aiming to establish a comprehensive national electricity market system [16] Summary by Sections Industry Trends - The electricity sector index rose by 1.86%, outperforming the CSI 300 index by 0.27 percentage points [1][51] - The report notes a significant increase in inflow and outflow at the Three Gorges reservoir, with inflow up 54.55% and outflow up 12.94% year-on-year [16][31] Key Recommendations - Focus on undervalued thermal power stocks such as Huadian International, Anhui Energy, and Huaneng International, as well as leading thermal power renovation equipment manufacturers like Qingda Environmental Protection [3] - Emphasize investments in undervalued green electricity sectors, particularly in Hong Kong-listed green electricity and wind power operators [3] - Suggested stocks include New天绿色能源 (H), Longyuan Power (H), and China Nuclear Power [3] Market Performance - The report highlights that the electricity sector has adjusted significantly, suggesting a favorable environment for investment due to market style shifts and fundamental support [16] - The report provides a detailed analysis of stock performance, with specific recommendations for companies based on their earnings per share (EPS) and price-to-earnings (PE) ratios [7]