政策明确“稳电价”，明年电价企稳修复具备哪些有利条件？

Group 1 - The core viewpoint of the article is that the stabilization of electricity prices is a significant factor affecting the profitability and valuation of the power utility industry this year, with expectations for long-term contract prices improving in 2026 [1][2] - The policy of "stabilizing electricity prices" was introduced during a meeting of state-owned enterprises, aiming to alleviate concerns about weak long-term contract prices for 2026 and to promote stable price expectations [2] - The profitability of the thermal power industry is influenced by three main factors: coal prices, electricity prices, and utilization hours, with the current "coal-electricity conflict" affecting profit margins [2] Group 2 - High electricity load and strong demand are expected to support electricity prices, with historical data showing a peak load of 1.465 billion kilowatts in July, indicating a 1.5 million kilowatt increase year-on-year [7] - The "anti-involution" policy and increased winter coal demand have led to a rise in coal prices, with the Qinhuangdao Q5500 coal price reaching 748 yuan per ton, an 8% month-on-month increase and a 23% rise from the year's low [9][12] - The establishment of capacity pricing is expected to stabilize the profitability of thermal power assets, with the capacity price for coal power plants set at 330 yuan per kilowatt per year, which could further enhance profitability if implemented successfully [12][15] Group 3 - The power sector is currently in a critical recovery phase, benefiting from a market shift towards value-oriented investments, presenting a favorable allocation window for investors [18] - The green electricity ETF from E Fund is highlighted as a convenient tool for capturing opportunities in the new power system transition, balancing investments across hydropower, thermal power, and renewable energy leaders [1][18]