煤炭供需维持宽松运行，强制绿证消费提升市场需求

Investment Rating - The report maintains a rating of "Outperform the Market" for the electricity sector [6] Core Viewpoints - The coal supply and demand remain relaxed, with the recent introduction of mandatory green certificate consumption expected to enhance market demand [1][11] - The report anticipates a continued downward trend in thermal coal prices due to stable growth in coal production and high import levels [10][61] - The green certificate market is expected to see increased diversity in demand, accelerating the realization of green electricity's environmental value [11] Summary by Sections Market Performance - From March 15 to March 22, the electricity sector rose by 0.53%, outperforming the CSI 300 index, which fell by 2.29% [2][13] - Year-to-date, the electricity sector has underperformed the market by 4.91% [13][16] Coal Price and Inventory - As of March 22, the spot price of Qinhuangdao 5500 kcal thermal coal was 680 CNY/ton, down 1.45% month-on-month and down 20.93% year-on-year [3][30] - Qinhuangdao's coal inventory increased by 1.25% month-on-month and 39.92% year-on-year, reaching 7.29 million tons [4][34] Electricity Generation and Consumption - In January-February 2025, the total electricity generation was 1,492.1 billion kWh, a decrease of 1.3% year-on-year [10][51] - The total electricity consumption for the same period was 1,556.4 billion kWh, reflecting a growth of 1.3% year-on-year [44][46] Investment Recommendations - The report continues to favor companies transitioning from thermal power to renewable energy operations, including Shenneng Co., Shanghai Electric, and Huadian International [5][11] - Recommended stable stocks include China Nuclear Power and Three Gorges Energy, with a focus on companies benefiting from improved provincial electricity prices [11][12]