公用事业行业政策点评：《关于推动海洋能规模化利用的指导意见》解读

Investment Rating - The industry rating is maintained at "Overweight" [4][6] Core Insights - The six departments have jointly issued the "Guiding Opinions on Promoting the Large-Scale Utilization of Marine Energy," emphasizing the importance of marine energy as a significant green renewable energy source, including tidal energy, wave energy, temperature difference energy, and salinity gradient energy [1][2] - China, as a maritime power with a coastline of 18,000 kilometers and a jurisdictional sea area of approximately 3 million square kilometers, aims to alleviate power shortages in coastal areas and islands through marine energy development, which will also promote the development of related industries [2][3] - The goal is to achieve a marine energy installed capacity of 400,000 kilowatts by 2030, with the establishment of multi-energy complementary power systems for islands and large-scale demonstration projects [2][3] Summary by Sections Policy Overview - The "Guiding Opinions" aim to cultivate new productive forces in the marine sector and enhance the development of marine equipment manufacturing, special materials, transportation, aquaculture, marine corrosion prevention, marine engineering, power distribution, and comprehensive seawater utilization [2][3] Industry Development - China has implemented several large-scale demonstration projects for tidal and wave energy, with operational installed capacities ranking first, second, and third globally for wave energy, tidal energy, and tidal range energy, respectively [3] - The "Guiding Opinions" propose to support the construction of key projects, including a 100-megawatt tidal energy project and multi-energy complementary applications for islands, while encouraging the integration of wave energy with offshore wind farms [3] Investment Recommendations - The large-scale and multi-energy complementary development of marine energy is expected to reduce the development costs of renewable energy projects and improve revenue per kilowatt-hour, suggesting a focus on integrated opportunities in the green electricity sector [4]