公用事业行业行业月报：二月行业动态报告-能源工作指导意见发布，新政稳定绿电电价预期

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The report highlights the transition of the Mengxi electricity spot market to formal operation, which is expected to enhance power supply security and facilitate green energy transition [4][5] - In 2024, the State Grid's market-based electricity trading volume exceeded 5 trillion kWh for the first time, with renewable energy accounting for over 50% of the total [6][7] - The National Energy Administration's 2025 Energy Work Guidance emphasizes enhancing energy supply capacity and promoting green transformation, with non-fossil energy generation expected to reach 60% of total installed capacity [8][9][37][38] Industry News - The Mengxi electricity spot market officially transitioned to formal operation on February 24, 2025, after a successful trial period [4][5] - The State Grid's market-based trading volume reached 5.02 trillion kWh in 2024, a 7.3% increase year-on-year, with renewable energy trading volume at 769.9 billion kWh, representing 51.8% of total renewable generation [6][7] - The National Energy Administration issued the 2025 Energy Work Guidance, focusing on energy supply security and green transformation, with specific targets for coal, oil, and gas production [8][9] Industry Data Carbon Trading Market - In February 2025, the national carbon market's trading price ranged from 89.37 to 92.93 yuan/ton, with a total trading volume of 1,295,568 tons [15] - Cumulative carbon emissions trading volume reached 633,555,801 tons by February 28, 2025 [15] Electricity Industry Data - In December 2024, total electricity consumption was 8,835 billion kWh, a 3.2% year-on-year increase [16] - By the end of December 2024, total installed power generation capacity reached approximately 3.35 billion kW, a 14.59% increase year-on-year [23] Investment Recommendations and Stock Pool - The core portfolio for the public utility sector includes China General Nuclear Power, Sichuan Investment Energy, and Zhejiang Energy Power, with a portfolio return of 14.21% as of February 28 [67] - Recommendations for green electricity investments focus on leading companies like Longyuan Power and Three Gorges Energy, while coal power investments should consider companies with lower exposure to coal price fluctuations [69]