华创证券电力行业2026年度投资策略：看好海风成长潜力 火水核价值回归可期

Core Viewpoint - The report from Huachuang Securities indicates a shift in the positioning of offshore wind energy from the 14th Five-Year Plan to the 15th, with expectations for growth due to a low current base. The report is optimistic about the recovery of valuations in renewable energy assets and the potential for traditional power assets like thermal, hydro, and nuclear power to be revalued by the market [1][4]. Group 1: Offshore Wind and Renewable Energy - The offshore wind sector is expected to experience a growth inflection point during the 15th Five-Year Plan, with a low current installation base of only 1.2% of the national total as of 2024, indicating significant development potential [5][6]. - The renewable energy sector has been stagnant, but upcoming policy changes and fundamental shifts are anticipated to lead to a substantial recovery in asset valuations [4][6]. Group 2: Thermal Power Transition - Thermal power is projected to transition from a cyclical nature to a public utility characteristic, with companies like Jiantou Energy and Jingneng Power expected to outperform the Shanghai Composite Index by 2025 [9]. - The stabilization of long-term electricity prices and the recent rebound in coal prices are expected to clarify performance expectations for thermal power in the coming year [9]. Group 3: Hydropower and Nuclear Power Valuation Recovery - Hydropower and nuclear power are expected to see a return to value, with hydropower companies showing a dividend yield exceeding 3%, indicating relative attractiveness [11]. - The nuclear power sector is anticipated to benefit from a stable growth outlook and the addition of new units by 2025, which may attract more investment if market risk appetite declines [14].