人民财讯8月26日电，国家能源局新能源和可再生能源司司长李创军在8月26日国新办新闻发布会上表 示，今年，我国实现跨电网经营区的常态化交易，真正让塞北的风点亮了大湾区的灯。电力市场的"四 梁八柱"从根本上解决了以前各地电力市场规则碎片化、差异化的问题，打破了地方保护和壁垒，保障 了市场公开透明和公平竞争。 ...

Investment Rating - The report maintains an "Overweight" rating for the utility sector [1] Core Insights - The National Development and Reform Commission and the National Energy Administration have issued a notice regarding the renewable energy power consumption responsibility weight for 2025, which is set at 34.9%, an increase of 3 percentage points from 31.9% in 2024. The target for 2026 is projected to be 35.8% [4] - A new cross-regional trading mechanism for electricity has been approved, promoting interconnection in the electricity market [4] Industry Data Tracking - **Electricity Price**: The average grid purchase price in May 2025 was 394 RMB/MWh, down 3% year-on-year but up 0.4% month-on-month [39] - **Coal Price**: As of July 11, 2025, the price of thermal coal at Qinhuangdao was 632 RMB/ton, an increase of 8 RMB/ton week-on-week, but down 25.82% year-on-year [44] - **Water Conditions**: The water level at the Three Gorges Reservoir was 157 meters, with inflow and outflow rates decreasing by 18% and 24% year-on-year, respectively [56] - **Electricity Consumption**: Total electricity consumption from January to May 2025 was 3.97 trillion kWh, a year-on-year increase of 3.4% [13] - **Power Generation**: Cumulative power generation from January to May 2025 was 3.73 trillion kWh, with a year-on-year increase of 0.3% [21] - **Installed Capacity**: As of May 31, 2025, the cumulative installed capacity of thermal power reached 1.46 billion kW, with an increase of 4% year-on-year [49] Investment Recommendations - **Thermal Power**: Focus on regional thermal power investment opportunities, recommending companies such as China Power Investment and Huadian International [4] - **Hydropower**: Highlighting the benefits of low-cost hydropower, with a strong cash flow and dividend capacity, recommending companies like Yangtze Power [4] - **Nuclear Power**: Emphasizing growth potential with recent approvals for new units, recommending China National Nuclear Power and China General Nuclear Power [4] - **Green Energy**: Noting improvements in asset quality and growth potential, recommending Longyuan Power and others [4] - **Consumption**: Attention to the smart grid and ultra-high voltage industries, recommending companies involved in these sectors [4]