研究报告全文：股票Research研究EquitySectorTableBasicInfoReportEnergyOperationsSectorPeterShao邵俊樨行业报告能源运营行业85225095464petershaogtjascomhk13March2023PowerTableMainInfoWeeklyCapacityRemunerationMechanismGainingMorePolicyAttention行能源运营周报容量补偿机制正获得更多政策关注业CapacityremunerationmechanismCRMisgainingpolicymomentumin报ChinaOn5Mar2023duringthe14thNationalPeoplesCongressChinasNDRCRatingTableInvestInfoOutperform告presentedareportontheprogressmadeoneconomicandsocialdevelopmentMaintainedSectorReportduring2022anditsdevelopmentplanfor2023关于2022年国民经济和社会发展执行情况与2023年国民经济和社会发展计划草案的报告Regardingthe评级跑赢大市维持developmentofthepowersectorthereportemphasisestheimportanceof2enhancingpowersystemadequacyandidentifiesthedevelopmentofCRMasoneofthekeyapproachestothisendPowersystemadequacyisindeedamajorareaPriceperformanceofselectedpowerofconcernatthecurrentstageofChinaspowersystemtransformation-thecompanies6-10Mar2023slowdowningrowthofcontrollablegenerationcapacitiesegthermalcapacities00-10since2016compoundedbytheimpactofextremeweatherconditionsand-09-20increasedvolatilityofpowerdemandamidgrowingsharesofpowerconsumption-20-30fromthetertiaryandresidentialsectorshasledtothetightpowersupply-demand-30-31-32-40-34seeninthelasttwoyearsAgainstthisbackdropthedevelopmentofCRM-50-46togetherwiththatofancillaryservicemarketsisgainingpolicyattentionasamajor-60-56-56证solutiontoencouragethermalinvestmentasthesemarketmechanismscanbetter-70-64告-80-74券recognisethevalueassociatedwiththermalpowersshiftingroleduringpower研报systemtransformationiefromthedominantpowersourcetoamajorregulatingandbackupsourceofpowerCLP00002CLPHKPAH00006HKPAH00006究究WeviewtheongoingdevelopmentofCRMasvaluationcatalystforthermal03868HKEnergyXinyiResearchReport报研LongyuanPowerHKLongyuan00916CNGNewEnergy01811HKNewEnergyCNGDatangIntlPower00991IntlDatangHKPowerIPPsInourpreviousSectorReportRe-ExaminingtheValueofThermalPowerinHuadianPowerIntl01071PowerHuadianHKIntlDatangRenewable01798HKRenewable01798DatangHuanengPowerIntl00902HKIntl00902HuanengPowerChinaPowerIntlDev02380PowerHKIntlChinaDev告theContextofPowerSystemTransformationCoalPriceNottheFocalPointweHKPowerResources00836China券EquitypointedoutthatasChinapushesforwardpowersystemtransformationtheSourceBloombergGuotaiJunanInternational证intrinsicvalueofthermalpowerwillliemoreandmoreinthepowersnewroleasamajorregulatingandbackuppowersourceThereforeanydevelopmentthatunlocksthevalueassociatedwithsuchnewroleshouldbeabletotriggervaluationPriceperformanceofselectedpowerre-rateAmoredetaileddiscussionregardingthedevelopmentandpotentialimpactcompaniesYTDofCRMcanbefoundinanindustryreportpublishedbyourA-shareutilitiesteam200147on6Mar2023容量电价拨云见日价值重构15010070TStockperformancelastweek6-10MarLastweekastheUSFederal635024Reservesurprisedthemarketwithahawkishturnoninterestratehikeallour02a00-07selectedpowercompaniesrecordedconsiderableretreatexceptPAH00006HK-15-21-23b-50-28能whichdemonstrateddefensivenessasitsregulatedbusinessintheUKislargely-100-85源linflation-proofinourview运eInvestmentsuggestionWemaintainOutperformforthesectoronthegrowthCLP00002CLPHK营HKPAH00006opportunitiesbroughtbyChinaspowersystemtransformationforboththermaland行renewablesIPPSAmongthermalIPPsundertransformationwerecommend03868HKEnergyXinyiLongyuanPower00916HKPower00916LongyuanCNGCNGNew01811EnergyHKLDatangIntl00991PowerHKHuadianPowerIntl01071HKPowerHuadianIntlCPID02380HKBuyTPHK490whichhasthemostambitiouslow-carbonHK01798RenewableDatang业IntlHuanengHK00902PowerChinaPower02380ChinaIntlHKDevetransformationplancomparedwithpeersamongrenewablesIPPsweResourcesChinaPowerHK00836recommendDTR01798HKBuyTPHK334asthecompanyisontracktoSourceBloombergGuotaiJunanInternationalEnergySectorOperationsfbreakthroughthegrowthconstraintsthathavelongweighedonvaluationtMajorrisksDelayinnewenergyprojectroll-outsoaringcoalpricesMhigher-than-expectedrawmaterialcostslower-than-expectedpowerdemandaunfavourablechangesinregulationsandpoliciesforIPPsandextremeweatherconditionsrginSeethelastpagefordisclaimerPage1of2SeTel852250927FLowBlockGrandGuotaiJunananditsgroupcompaniesanytoregistrationorlicensingrequirementwithinsuchjregulationorlawapplicabletocontrarybewoulduseoravailabilitypublicationdistributionsuchwherejurisdictionanyorcitizenaiswhoentityorpersonanybyuseortodistributionforintendedordirectedatnotisResearchReportThisconsulttheirownfinancialadviserspriorobjectivanytoinvestmentdecisioninvestmentthecomprehendandunderstandshouldInvestorscontainmayuncertaintyandforecastsderivedfromtheassumptionsofthefuturepoliticalandeconomicconditionswithinherentlyunpredictableandguaranteetheaccuracyandcompletenessoftheinformationanddatahereinThisResearchReportmaycontainsomeforwardThoughcontrarytoopinionsorinvestmentdecisionsbymadeassetthemanagementandinvestmentbankinggroupsofGuotaiJunandealerspersonswinororallyexpressedstrategiesinvestmentoropinionstocontrarybeordiffermayreportthisinexpressedopinionsAnyservicesproprietarilyinvestmentbankinginvestmentincludingaJunanGuotaiJunanGuotaiLimitedKongResearchReportdThisDISCLAIMER654321DISCLOSUREOFINTERESTSRatingHorizonTimeto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