Investment Rating - The report rates the thermal power sector as the most promising area for investment, indicating a positive outlook for the sector [2][4]. Core Insights - Thermal power remains the most favored sector, with recent performance showing Huaneng up by 0.4%, Huadian by 0.5%, Changjiang Power by 1.9%, and Longyuan H by 3% during the week of May 12-16, while the Shanghai Composite increased by 0.8% and ChiNext Index by 1.4%. Despite thermal power underperforming compared to wind and solar, northern thermal power prices are expected to be favorable, and weak coal prices suggest promising profit growth for Q2 [3][4]. - The Henan spot market trial in May allows for 10% new energy in the spot market, with a cost structure where 90% is still based on auxiliary service fees. The energy market price range is set between RMB 50-1200/MWh [5]. - In Guizhou, peak shaving compensation is set at RMB 2/kWh, with valley filling prices ranging from RMB 0-2/kWh. The demand for peak shaving is stronger than for valley filling, indicating a potential upward adjustment in pricing structures that could favor thermal power [6]. - The Shandong 2025 New Energy High-Level Consumption Plan includes the construction of large coal units and flexibility retrofits, aiming to enhance the regulation capacity of coal power [7]. - The Hebei 2025 Power Load Management Plan anticipates summer peak loads of 55 million kW and 51.5 million kW for the South Grid, indicating a supply shortfall during peak times [8]. - Key data from Q1 2025 shows that Inner Mongolia's multi-party trading volume reached 71.9 billion kWh, with a year-on-year price decrease of 2%, saving users RMB 450 million. Xinjiang's power capacity stands at 201 million kW, with 112 million kW from new energy sources [9].
各地电改和新能源入市方案陆续出台
Haitong Securities International·2025-05-23 05:43