火电转型难在哪？三大痛点待破解，多维价值市场体系呼之欲出

Core Viewpoint - The traditional power generation sector in China is transitioning from a "passive transformation" to an "active breakthrough" in response to the dual carbon goals, with a focus on differentiated strategies for each company and plant [2][4]. Group 1: Industry Transformation - The traditional power generation industry is a key area for carbon reduction, with listed companies playing a crucial role in ensuring national security and promoting a green economic transition [2]. - The "China Traditional Power Generation Listed Companies Low Carbon Transformation Performance Evaluation 2025" report indicates that the industry is making significant strides in green low-carbon transformation [2][3]. - The transition is closely linked to China's new Nationally Determined Contribution (NDC) targets, which aim for a 7%-10% reduction in greenhouse gas emissions by 2035 compared to peak levels [3]. Group 2: Trends in Low-Carbon Transformation - The report identifies five major trends in the low-carbon transformation of traditional power generation, including the nearing peak of carbon emissions and the shift towards a "multi-value realization" revenue model [5][6]. - The coal power sector is expected to expand its functions horizontally following the "three reforms" [5]. - The collaboration between thermal power and renewable energy is anticipated to strengthen as the market system matures [6]. Group 3: Challenges Faced by Thermal Power - The transition of thermal power faces three main challenges: policy and funding issues, competition in the electricity market, and management complexities related to carbon emissions control [4]. - The need for differentiated strategies is emphasized, as larger traditional power companies face greater difficulties in transitioning due to their size and supply responsibilities [4]. Group 4: Recommendations for Policy and Corporate Strategy - The report suggests establishing a multi-dimensional value market system to better reflect the economic value of thermal power's flexibility and baseline supply roles [7]. - It calls for the development of long-term guidance documents for coal power transformation and the enhancement of market mechanisms to support low-carbon transitions [7][8]. - Companies are encouraged to strengthen technological innovation, improve efficiency, and explore diversified business models to adapt to market changes following the entry of renewable energy [8].