电力运营商：全国统一电力市场发展规划蓝皮书正式发布

Investment Rating - The report recommends a focus on undervalued high-dividend quality power companies such as China Resources Power (836.HK) and quality renewable energy companies like Longyuan Power (916.HK) and Xintian Green Energy (956.HK) [1][2]. Core Insights - The "Blue Book" outlines a three-phase development plan for the national unified electricity market, aiming for initial completion by 2025, full establishment by 2029, and enhancement by 2035 [2]. - The establishment of a multi-level electricity market is expected to enhance resource allocation and restore the commodity nature of electricity, benefiting the profit levels of power generation companies [2]. - The report highlights the acceleration of renewable energy market participation, with expectations for comprehensive market engagement by 2029, addressing the increasing pressure on renewable energy consumption [2]. Summary by Sections National Unified Electricity Market Development - The development plan is divided into three phases: preliminary establishment (2024-2025), comprehensive establishment (2026-2029), and enhancement (2030-2035) [2]. - By 2025, the market's top-level design will be largely complete, with significant market scale improvements and initial trading mechanisms for renewable energy storage [2]. - By 2029, the market will achieve full coverage of provincial spot markets and enable comprehensive participation of renewable energy in market transactions [2]. Market Mechanisms and Trading - The report emphasizes the need for a well-designed market system to accommodate the characteristics of renewable energy, which has high output volatility and prediction difficulties [2]. - The renewable energy market's trading volume reached 684.5 billion kWh in 2023, accounting for 47.3% of total renewable energy generation, with some major power companies exceeding 50% participation [2]. - The green electricity and green certificate trading mechanisms are expected to continue improving, with green electricity trading volume reaching 151.93 billion kWh in H1 2024 [2]. Investment Recommendations - The report suggests that the establishment of the national unified electricity market will help discover value through market mechanisms, ensuring reasonable returns for power companies [2]. - The overall valuation of the Hong Kong power operator sector remains low, with several stocks offering dividend yields exceeding 6% [2].