Galaxy Securities: New Energy is Expected to Open Up a Second Growth Space

Galaxy Securities pointed out that by the end of 2025, the results of bidding for electricity prices in various provinces will be successively released. Overall, the mechanism electricity price is lower than the coal benchmark price, and the photovoltaic electricity price is lower than that of wind power. The comprehensive entry into the market will put pressure on both the quantity and price of electricity, with the impact of photovoltaic power being greater than that of wind power due to concentrated output. Currently, there is great pressure on the consumption of new energy, and it is expected that the integration and development with green hydrogen, ammonia, computing power, and other resources will promote the efficient utilization of new energy, opening up a second growth space. It is recommended to focus on leading companies with outstanding operational capabilities, as well as companies with advantageous locations and cost advantages.