信达证券：电力板块有望迎来盈利改善和价值重估

Core Viewpoint - The domestic power sector is expected to see profit improvement and value reassessment following multiple rounds of power supply-demand tensions, driven by rapid growth in new energy installations and a focus on security in energy supply policies [1] Group 1: Market Dynamics - The peak value of coal power is likely to continue to stand out due to ongoing rapid growth in new energy installations and the emphasis on safe energy supply policies [1] - The introduction of a capacity pricing mechanism is expected to clarify the foundational role of coal power, while the promotion of electricity spot markets and ancillary service market mechanisms will likely continue [1] Group 2: Future Outlook - With the ongoing market reform in the electricity sector, electricity prices are expected to achieve a stable upward trend [1] - The National Development and Reform Commission's increased efforts in ensuring long-term coal supply contracts are likely to lead to a marginal increase in the actual performance rate of these contracts [1] - Coal power integrated companies, leveraging their own coal resources or high proportions of long-term coal contracts, are expected to maintain stable profits while achieving performance growth [1] Group 3: Performance Expectations - The performance of power operators is anticipated to improve significantly in the future [1]