电力行业专题研究：核电电价市场化比例提升利好运营商

Investment Rating - The report recommends a positive investment outlook for nuclear power operators, specifically China Nuclear Power and China General Nuclear Power, due to the expected increase in market pricing elasticity of nuclear electricity [4][12]. Core Insights - The report highlights that the majority of nuclear power pricing is based on planned electricity prices, which are stable and ensure overall performance for operators. A smaller portion is based on market electricity prices, which are influenced by supply and demand but remain relatively stable. As marketization of electricity accelerates, the proportion of market-based transactions is expected to increase, particularly in provinces with tight electricity supply such as Jiangsu, Zhejiang, Fujian, and Guangdong, leading to potential upward price elasticity for nuclear power [4][12]. Summary by Sections 1. Historical Review of Nuclear Power Pricing - The evolution of nuclear power pricing has transitioned from a "one plant one price" model to a "planned + market-based" model. This shift began with the introduction of benchmark pricing in 2013, moving towards a market-oriented pricing structure [15][17]. 2. Post-Reform Pricing Elasticity - The report indicates that the nuclear power pricing structure now consists of both approved prices and market prices, with the market price component gaining importance. As of 2023, the market-based electricity volume accounted for 61.4% of total nuclear electricity generation, indicating a significant shift towards market pricing [12][39]. 3. Investment Recommendations - The report suggests focusing on nuclear power operators that will benefit from the increased pricing elasticity. China Nuclear Power is noted for its stable performance and dividends, while China General Nuclear Power is expected to see performance contributions from new unit operations [12][44].