20231210-国盛证券-电力行业周报_政策鼓励峰谷分时电价_市场交易电量持续增长_13页_1mb

报告摘要

Clean Energy Transition: Policy encourages non-fossil energy consumption goals (e.g., 20% by 2025) and electric energy substitution, driving demand for cleaner power sources and supporting roles for flexible coal power.
Coal Consumption Control: Measures emphasize energy security while reducing non-power coal use, particularly in key regions, potentially accelerating coal power transitions.
Pricing Mechanisms: Promotion of time-of-use electricity pricing and market-based transactions to incentivize efficiency and profitability in grid flexibility.

Stock Performance: The power industry index outperformed broad markets, with increased market electricity transactions (e.g., 81% YoY growth in total market traded electricity).
Economic Trends: Growing reliance on market mechanisms, driven by higher transaction volumes and policy support for demand-response, enhancing revenue opportunities for power providers.

Target Sectors:
- Focus on flexible coal power for capacity-based pricing (e.g., stocks like Qingda Environmental Protection, Huaguan Energy).
- Prioritize high-dividend hydropower stocks given improved inflows and recommendations include China Three Gorges Corporation, China Energy Storage.
- Support renewable energy and nuclear power growth, citing roles in diversified energy mix and carbon goals.
Key Focus: Companies with exposure to policy-driven changes and stability in adaptation to flexible generation.
Recommended Stocks: Include China Nuclear Power, Guodian International, Anhui Provincial Power and others listed in the report.

Potential Disruptions: Factors like raw material price volatility, project delays, or policy changes could impact sector performance.
Market Sensitivity: High dependence on environmental and energy policies, with tight integration of electricity and broader economic strategies.

Note: Based on the provided report analysis, this summary captures essential elements. Further details can be referenced from the full document.

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