Investment Rating - The report maintains an "Outperform" rating for the industry [6] Core Insights - The RE100 organization has unconditionally recognized China's green certificate, marking a significant step in the internationalization of green certificates, which will enhance the competitiveness of exports and support the development of green supply chain enterprises [3][18] - The release of the 136 document by Guangdong and Shandong provinces is expected to accelerate the marketization process of the renewable energy industry, shifting companies from reliance on policy subsidies to market competitiveness [4][24] - The recent urban renewal initiative aims to accelerate the renovation of urban infrastructure, including gas, water, and waste management systems, which is projected to enhance operational capabilities of existing waste-to-energy and waste treatment projects [35][39] Summary by Sections Market Review - From May 12 to May 16, the environmental, gas, and electricity sectors saw increases of 0.58%, 0.54%, and 0.09% respectively, while the water sector decreased by 0.43%, against a backdrop of a 1.12% rise in the CSI 300 index [12][18] Industry Dynamics - The green certificate market has seen significant growth, with a total of 5.617 billion certificates issued by the end of March 2025, and a transaction volume of 753 million certificates, reflecting a year-on-year increase of 4.5 times [19][20] - The urban renewal plan includes over 60,000 projects with an estimated investment of approximately 2.9 trillion yuan, focusing on the renovation of aging urban infrastructure [36][39] Investment Recommendations - The report recommends specific companies within various sectors, including Jiangsu Guoxin in the thermal power sector, and suggests cautious investment in companies like Sheneng Co. and Zhejiang Energy [5][24]

证券研究报告：电力|点评报告 发布时间：2025-05-09 行业投资评级 强于大市 |维持 行业基本情况 | 收盘点位 | | 3153.4 | | --- | --- | --- | | 52 | 周最高 | 3359.79 | | 52 | 周最低 | 2868.51 | 行业相对指数表现（相对值） 2024-05 2024-07 2024-09 2024-12 2025-02 2025-05 -14% -11% -8% -5% -2% 1% 4% 7% 10% 13% 16% 电力 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:杨帅波 SAC 登记编号:S1340524070002 Email:yangshuaibo@cnpsec.com 近期研究报告 《新版电力碳排放因子发布，逐步完 善碳计量体系建设》 - 2024.04.18 气候组织正式宣布 RE100 全面认可中国绿证，中国 绿证国际化持续突破 l 投资要点 l 中国绿证 5 年的国际化之路，持续突破有助于提升绿证 价值 2020 年，RE100 对中国绿证实施有条件认证：企业若使用中国绿 证，需额外证明其代表对应电量的全部环境 ...

证券研究报告：电力|点评报告 发布时间：2025-05-09 行业投资评级 强于大市 |维持 行业基本情况 | 收盘点位 | | 3153.4 | | --- | --- | --- | | 52 | 周最高 | 3359.79 | | 52 | 周最低 | 2868.51 | 行业相对指数表现（相对值） 2024-05 2024-07 2024-09 2024-12 2025-02 2025-05 -14% -11% -8% -5% -2% 1% 4% 7% 10% 13% 16% 电力 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:杨帅波 SAC 登记编号:S1340524070002 Email:yangshuaibo@cnpsec.com 近期研究报告 《新版电力碳排放因子发布，逐步完 善碳计量体系建设》 - 2024.04.18 气候组织正式宣布 RE100 全面认可中国绿证，中国 绿证国际化持续突破 l 投资要点 事件：2025 年 5 月 8 日，气候组织在其主办的第二届亚洲行动 峰会上正式宣布 RE100 全面认可中国绿色电力证书，同时与水电总院 发表联合声明，双方一致认可中国绿 ...