天风证券：电改加速推进，火电调节性价值有望更好地得到体现

Core Viewpoint - The acceleration of electricity market reforms is expected to enhance the regulatory value of thermal power generation, with national policies indicating that by 2026, the capacity price recovery for coal power will cover at least 50% of fixed costs [1] Group 1: Policy Developments - Multiple policies to be released in 2025 will address mid- to long-term trading mechanisms, including time-segmented trading and continuous market opening [1] - The policies will also promote closer alignment between short-cycle mid- to long-term trading price limits and spot trading price limits [1] Group 2: Market Conditions - The provincial electricity spot market in China has achieved near-complete coverage, with relatively wide upper and lower limits on regional electricity spot prices, indicating price elasticity [1]