Core Viewpoint - The report from Dongwu Securities highlights the recent notification from the National Development and Reform Commission and the National Energy Administration regarding the improvement of the capacity price mechanism for power generation, which includes an increase in the coal power capacity price recovery ratio and the inclusion of new energy storage, gas power, and pumped storage in the capacity compensation framework [2][3]. Group 1: Investment Highlights - The coal power capacity recovery ratio is set to increase from approximately 30% in 2024-2025 to no less than 50% [2]. - The average capacity fee revenue for coal power is expected to rise from 0.027 yuan/kWh to 0.040 yuan/kWh by 2026 due to the increased recovery ratio [2]. - Local governments are encouraged to adjust the lower limit of medium- and long-term trading prices for coal power and to relax the signing ratio requirements for medium- and long-term contracts, promoting flexible pricing mechanisms [2]. Group 2: Capacity Compensation Mechanism Expansion - A new independent capacity price mechanism for grid-side energy storage has been established, which will be compensated based on local coal power standards [3]. - The pumped storage capacity price mechanism will adopt a "new and old distinction" principle, allowing for market-based cost recovery [3]. - A capacity price mechanism for gas power generation may be established by provincial pricing authorities, determining capacity prices based on a fixed cost recovery ratio [3]. Group 3: Reliable Capacity Compensation Mechanism - A reliable capacity is defined as the capacity that can provide stable power supply during peak demand periods [4]. - A reliable capacity compensation mechanism will be established to replace the original capacity price, focusing on compensating for the fixed costs not recovered by marginal units [4]. - The compensation scope will include coal power, gas power, and independent new energy storage, gradually expanding to pumped storage [4]. Group 4: Investment Recommendations - Operators of coal power, gas power, and pumped storage will benefit from the increased fixed cost recovery ratio and market revenue sharing mechanisms [4]. - The implementation of capacity prices will significantly improve the revenue model for independent energy storage stations, favoring high-quality storage asset operations [4]. - The regulatory resources will support the construction of new power systems and facilitate the absorption of renewable energy [4]. Recommended companies include Huaneng International (600011), Huadian International (600027), and Longyuan Power (001289) [4].

（文章来源：证券日报） 证券日报网讯 2月2日，三峡能源在互动平台回答投资者提问时表示，截至2025年6月底，公司对金风科 技直接持股比例为9.16%，间接持股比例为5.10%。 ...

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Investment Rating - The report provides a positive outlook on the electricity and natural gas sectors, highlighting stable revenue mechanisms and growth potential in consumption and pricing [1][10]. Core Insights - The report emphasizes the importance of a refined capacity pricing mechanism for electricity generation, which aims to stabilize revenue and ensure fair compensation for various power sources [4][6]. - It notes that natural gas consumption is expected to grow, supported by favorable weather conditions and improved economic indicators, despite short-term price fluctuations [10][29]. Summary by Sections 1. Electricity: Improved Capacity Pricing Mechanism - The National Development and Reform Commission and the National Energy Administration have issued a notification to enhance the capacity pricing mechanism for electricity generation, addressing mismatches in supply and demand within the new power system [4]. - The new mechanism aims to ensure that different types of power generation, including coal, gas, and new energy sources, receive fair compensation based on their peak supply capabilities [6][7]. - The report highlights that the refined pricing structure will lead to more predictable revenue for power generation companies, reducing volatility in earnings [7]. 2. Natural Gas: Continued Growth in Consumption - The report indicates that the apparent consumption of natural gas in China is projected to grow by 0.1% in 2025, with December consumption reaching 38.57 billion cubic meters, a year-on-year increase of 1.9% [29]. - It notes that the recent cold weather has supported high natural gas prices, with the U.S. Henry Hub spot price at $7.18/mmBtu, while European prices remain elevated due to low inventory levels and geopolitical tensions [10][12]. - The report suggests that the natural gas sector will benefit from a combination of lower costs and improved pricing mechanisms, leading to a recovery in profitability for city gas companies [31]. 3. Investment Recommendations - For coal-fired power, companies like Guodian Power and Inner Mongolia Huadian are recommended due to their stable revenue sources [8]. - Hydropower companies such as Yangtze Power and State Power Investment Corporation are highlighted for their potential to improve profit margins through reduced capital expenditures [8]. - In the nuclear sector, China National Nuclear Power and China General Nuclear Power are suggested for their growth potential as new units are approved [8]. - The report also recommends focusing on integrated natural gas companies like ENN Energy and China Gas Holdings, which are expected to benefit from lower costs and increased sales [31].