Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][4]. Core Insights - The report emphasizes the high-quality development of the environmental equipment manufacturing industry, aiming to create a trillion-level industry with international competitiveness by 2027 [2][16]. - It highlights the synergy between computing power and electricity, particularly in the context of data centers, which require substantial and reliable electricity supply [18][20]. - The report suggests that the profitability of coal-fired power generation is expected to remain reasonable due to the simultaneous decline in coal and electricity prices [28]. Summary by Sections Market Review - The Shanghai Composite Index rose by 1.59%, while the public utility index increased by 2.19% and the environmental index by 2.53% [1][29]. - Among the sub-sectors, coal-fired power saw a 3.39% increase, while renewable energy generation rose by 1.48% [31]. Important Policies and Events - The Ministry of Industry and Information Technology, the Ministry of Ecology and Environment, and the State Administration for Market Regulation jointly issued opinions to promote the high-quality development of the environmental equipment manufacturing industry [2][16]. - By 2030, the report anticipates a complete upgrade of the environmental equipment manufacturing industry towards green, low-carbon, and circular development [2]. Investment Strategy - Recommendations include major coal-fired power companies like Huadian International and regional power companies like Shanghai Electric due to stable electricity prices [3][28]. - For renewable energy, leading companies such as Longyuan Power and Three Gorges Energy are recommended, alongside regional offshore wind power companies [3][28]. - The report also suggests focusing on water and waste incineration sectors, which are entering a mature phase with improved free cash flow [3][28]. Industry Dynamics - The report notes that the electricity and heat production and supply industry prices fell by 0.8% year-on-year in February 2025 [17]. - It highlights the increasing importance of green electricity and nuclear power in meeting the energy demands of data centers [24][21]. Company Performance - The report lists several companies with "Outperform" ratings, including Huadian International, Longyuan Power, and China Nuclear Power, among others, indicating their strong market positions and growth potential [6][28].

证券研究报告 | 2025年03月03日 市场回顾：2 月沪深 300 指数上涨 1.91%，公用事业指数下跌 0.94%，环 保指数上涨 4.75%。电力板块子板块中，火电上涨 0.75%；水电下跌4.06%， 新能源发电上涨 1.34%；水务板块下跌 1.38%；燃气板块下跌 1.65%。 重要事件：中国核电、浙能电力分别拟以增资方式参股中国聚变能源有 限公司，投资金额分别为 10 亿元、7.5 亿元。 专题研究：2 月 27 日，国家能源局印发关于《2025 年能源工作指导意见》 的通知，意见提出供应保障能力持续增强，绿色低碳转型不断深化，发 展质量效益稳步提升三大主要目标和八个方向二十一项重点任务。意见 要求，全国能源生产总量稳步提升。煤炭稳产增产，原油产量保持 2 亿 吨以上，天然气产量保持较快增长，油气储备规模持续增加。全国发电 总装机达到 36 亿千瓦以上，新增新能源发电装机规模 2 亿千瓦以上， 投资策略：公用事业：1.煤价电价同步下行，火电盈利有望维持合理水平， 推荐全国大型火电企业华电国际、国电电力以及区域电价较为坚挺的上 海电力；2.国家持续出台政策支持新能源发展，新能源发电盈利有望逐 ...