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[Brokerage Focus] CITIC SEC: The new generation of coal and electricity upgrades will contribute to the construction of a new type of Electrical Utilities system.
Jinwu Financial News | CITIC SEC Research Reports indicate that the impact of New energy Fund power generation is increasing, resulting in higher demands for coal power, which plays a fundamental role in the electrical utilities system, pushing for coal power upgrades to assist in the construction of a new type of electrical utilities system. The "New Generation Coal Power Upgrade Special Action Implementation Plan (2025–2027)" covers existing, newly constructed, and demonstration units, adding new indicators or enhancing current indicator requirements, leading to coal power upgrades; it also specifies that energy authorities in provinces and cities should formulate action plans tailored to their regions, controlling the pace independently; by collaborating with the New energy Fund, improving ancillary service markets, and issuing REITs.
Brokerage morning meeting highlights: Focus on sectors benefiting from domestic demand and investment opportunities in new consumer segments.
In today's Brokerage morning meeting, HTSC proposed to focus on investment opportunities in sectors benefiting from domestic demand and new Consumer sub-sectors; China Securities Co.,Ltd. stated that the decrease in Real Estate sales and new starts has significantly narrowed, showing ongoing effectiveness in stabilizing after the decline; Galaxy Securities believes that the coal and electricity regulation ability has been further strengthened, and the reconstruction of the sector's valuation is expected to accelerate.
CHINA RES POWER (00836): "25 CHINA RES POWER MTN001" has an actual total issuance amount of 2 billion yuan.
CHINA RES POWER (00836) released an announcement that its wholly-owned subsidiary, CHINA RES POWER Investment Co., Ltd., will be established in April 2025...
China's Large-Scale Industries See Faster Resource, Electricity Production in March
National Bureau of Statistics: In March, the production growth rate of above-scale industrial raw coal, Crude Oil Product, Henry Hub Natural Gas, and Electrical Utilities accelerated.
In March, the production growth rates of raw coal, Crude Oil Product, Henry Hub Natural Gas, and Electrical Utilities in large-scale industries accelerated.
[Brokerage Focus] CITIC SEC: The price difference settlement mechanism is expected to support electricity prices and profitability after the New energy Fund enters the market.
Jinwu Financial News | CITIC SEC stated that New energy Fund price difference contracts have been widely applied in various countries in Europe, promoting investment enthusiasm by locking in electricity prices and profit expectations for operators, thereby facilitating the transformation of the energy structure. Our country plans to promote the full market entry of new energy and establish a settlement mechanism for New energy Fund price differences to alleviate the profit pressure on green power operators caused by increased market transactions and reduced prices. The specific effects will depend on the actual policies in different regions. The bank calculates that the impact of price difference settlement costs on terminal electricity prices is extremely limited when measured from the perspective of total electricity consumption in society. Increased participation of New energy in the spot market may lead to a decrease in average prices and increased volatility, with the specific impact depending on market
