公用事业行业深度报告：《2025年国务院政府工作报告》解读-十四五收官之年，绿电需求迎催化

Investment Rating - The report suggests a focus on green electricity demand and recommends attention to leading companies in the renewable energy sector, particularly in offshore wind power [8][9]. Core Insights - The report emphasizes that the government's commitment to "green transformation" remains strong, with expectations for improved green electricity demand catalyzed by energy policies [8][11]. - It highlights the anticipated marginal improvement in electricity consumption and pricing conditions, which could accelerate the industry's turning point [8][30]. - The report identifies key companies to watch, including Longyuan Power, Three Gorges Energy, and regional firms like Funeng Co. and Minmetals Energy [8][9]. Summary by Sections 1. Energy Security and Green Transformation - The report outlines that "energy security" and "green transformation" are the main themes in government work reports, with a focus on clean energy development and the decarbonization of traditional energy sources [11][12]. 2. Catalyzing Green Electricity Demand - The report notes that the energy consumption targets set for the 14th Five-Year Plan are expected to stimulate green electricity demand, with specific annual reduction targets for energy consumption per unit of GDP [20][21]. 3. Policy Developments and Improvements in Consumption and Pricing - The report discusses ongoing policy initiatives aimed at improving the consumption and pricing of green electricity, which have been core issues affecting the performance and valuation of green electricity companies [30][32]. - It mentions that the green electricity sector has faced valuation adjustments over the past three years, but current valuations are at historical lows, indicating a potential for recovery [30][32]. 4. Investment Recommendations - The report recommends focusing on companies with strong growth expectations in offshore wind power, as well as leading green electricity firms [8][9].