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

Group 1 - The core viewpoint of the article highlights the acceleration of electricity market reforms in China, which is expected to enhance the regulatory value of thermal power generation [1] - National policy indicates that by 2026, the proportion of capacity electricity prices recovering fixed costs for coal power will increase to no less than 50% [1] - Multiple policies to be released in 2025 will address mid-to-long-term trading mechanisms, mentioning time-segmented trading and continuous market opening [1] Group 2 - The promotion of closer alignment between short-cycle mid-to-long-term trading price limits and spot trading price limits is emphasized [1] - The provincial-level 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]