绿电ETF（159669）涨超1.6%，连续5日迎资金净流入，政策与供需格局受关注

Group 1 - The core viewpoint is that the electricity market reform in China is entering a critical phase, with a restructuring of the profitability model for thermal power generation [1] - By 2026, the national policy mandates that the capacity electricity price for coal power must recover fixed costs at a rate of no less than 50%, with specific regions like Gansu and Yunnan setting this rate at 330 yuan per kilowatt per year [1] - The policy released in 2025 promotes more flexible and refined medium- to long-term trading, mentioning time-segment trading and continuous market opening, aiming to align price limits of short-cycle medium- to long-term trading with spot trading [1] Group 2 - The provincial electricity spot market in China has achieved near-complete coverage, with relatively wide price limits, allowing for price elasticity and better realization of the regulatory value of thermal power [1] - The cost side indicates a further decline in the coal price center in 2025, and the marketization of long-term contracts for electric coal is expected to improve [1] - Thermal power is gradually transitioning from "output" to "capacity," with significant increases in thermal power production since early 2025, and a potential peak in new thermal power unit commissioning expected between 2025 and 2026 [1] Group 3 - The Green Power ETF (159669) tracks the Green Power Index (399438), which selects listed companies involved in clean energy generation such as hydropower, wind power, solar power, and nuclear power [1] - The index aims to reflect the overall performance of listed companies related to green power, primarily consisting of low-carbon attribute power enterprises, exhibiting strong defensive characteristics and stable cash flow [1]