中信证券：预计2026年供需宽松和改革推动电价下行风险加大

Group 1 - The core viewpoint indicates that by 2026, the supply release will exacerbate the supply-demand imbalance in the electricity market [1] - It is projected that a new equilibrium point in the electricity market may emerge around 2028 [1] - The electricity system is facing a capacity shortage, approaching a critical point where the contradiction of insufficient capacity may accelerate [1] Group 2 - The development of energy storage is expected to receive long-term critical support due to these capacity issues [1] - By 2026, the risks of declining electricity prices are anticipated to increase due to supply-demand easing and reforms, with hydropower showing stronger resilience against cyclical downturns [1]