政策明确“稳电价”，明年电价水平改善具备哪些有利条件？

Group 1 - The core viewpoint of the articles highlights that the decline in electricity prices has significantly impacted the profitability and valuation of the electric utility industry this year, but the recent policy to stabilize electricity prices is expected to boost long-term contract price expectations for 2026 [1][2] - The "stabilize electricity price" policy was introduced during a meeting of state-owned enterprises, aiming to address the core contradictions in the electricity industry and alleviate concerns about weak long-term contract prices for 2026 [2] - The profitability of the thermal power industry is influenced by three main factors: coal prices, electricity prices, and utilization hours, with the current focus on stabilizing electricity prices to avoid excessive competition among power generation companies [2] Group 2 - High electricity load and strong demand are expected to support electricity prices, with significant increases in electricity load observed, such as a record high of 1.465 billion kilowatts in July, indicating manageable risks for future price declines [5][7] - The "anti-involution" policy and increased winter coal demand have led to a rise in coal prices, with the Qinhuangdao Q5500 thermal coal price reaching 748 yuan per ton, marking an 8% month-on-month increase and a 23% rise from the year's low [9][10] - The establishment of capacity pricing mechanisms is expected to stabilize the profitability of thermal power assets, with the capacity price for coal power units set at 330 yuan per kilowatt per year, which could further enhance the valuation of thermal power assets if implemented successfully [12][13] Group 3 - The electric power sector is currently in a critical verification period for recovery, benefiting from a market shift from growth to value, which presents a favorable configuration window for investments in green electricity ETFs [15]