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【券商聚焦】国证国际:《蓝皮书》明确全国统一电力市场建设发展路径及重点任务 关注华润电力(00836)等

【Brokerage Focus】Guozheng International: The "Blue Book" clarifies the development path and key tasks for the nationwide unified electricity market construction, focusing on CHINA RES POWER (00836) and others.

Jinwu Financial News ·  Dec 19, 2024 14:29

Jinwu Financial News | According to China Securities International Development Research, recently, under the overall organization of the National Energy Administration, the China Telecommunication Union and more than 20 organizations, including the State Grid, Southern Grid, and large-scale power generation groups, have jointly prepared the “Blue Book” to systematically summarize China's electricity market construction achievements and thoroughly analyze the situation and challenges.

According to the bank, the “Blue Book” clarifies the collaborative operation of the provincial power market, the regional electricity market, and the cross-provincial and cross-regional electricity market, with the goal of achieving the allocation of electricity resources throughout the country. Deepen the electric energy market, assist the service market, and explore markets such as the electric capacity market, transmission rights, and electricity futures. Deepen the operation of the electric energy market, achieve a longer cycle and a shorter cycle in both directions, and start working days continuously to promote the construction of the electricity spot market. The market price reflects the price of electric energy, and electricity returns to commercial properties. Reflect the value of ancillary services through the ancillary services market. The return of electricity commodity attributes is conducive to safeguarding the profit level of power generation companies.

The bank said that the publication of the “Blue Book” clarifies the development path and key tasks of building a unified national electricity market, discovering value through the market, and returning electricity to commercial attributes, which is conducive to ensuring reasonable returns for power companies. New energy market entry transactions have accelerated compared to previous expectations, and there are reasonable returns and policy expectations for new energy power operators entering the market. Currently, the overall valuation of the Hong Kong stock power operator sector is still low. The dividend rate for several stocks is over 6%. The bank advises investors to pay attention to undervalued high-quality power operators such as China Resources Power (00836) and high-quality new energy power operators such as Longyuan Electric Power (00916) and Xintian Green Energy (00956).

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