熔盐储能：破局“以热定电”，助力煤电向调节性电源转型

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the industry [5]. Core Insights - Molten salt energy storage is pivotal in transforming coal power from a base-load to a flexible power source, addressing the challenges posed by the increasing share of renewable energy and peak load pressures in the power system [1][16]. - The National Development and Reform Commission and the National Energy Administration have set requirements for coal power efficiency, including reducing minimum output for deep peak shaving to 20% and enhancing load change rates [1][16]. - The molten salt storage technology, particularly steam heating, is currently the mainstream approach due to its high compatibility with thermal power plants and engineering maturity [2][26]. Summary by Sections 1. Special Research - Molten salt energy storage aids in the transition of coal power to a flexible power source, overcoming the "heat determines electricity" dilemma [1][16]. - The technology's core is "thermal-electrical decoupling," allowing for energy storage during low demand and release during peak demand [1][16][22]. - The report highlights the successful operation of the Guoneng Suzhou power plant's molten salt storage project as a replicable model for coal power flexibility transformation [1][25]. 2. Market Information Tracking - Electricity prices in Jiangsu and Guangdong for December 2025 are reported at 339.58 RMB/MWh and 372.33 RMB/MWh, respectively, indicating a decrease in Jiangsu and a slight increase in Guangdong compared to benchmark prices [4][39]. - The average price of thermal coal in the Bohai Rim region is reported at 698 RMB/ton, remaining stable [41]. - The report notes a decline in natural gas prices, with Dutch TTF futures at 29 EUR/TWh and China's LNG at 11 USD/MMBtu [43][45]. 3. Industry Dynamics - The report emphasizes the significant growth in renewable energy installations, with a total capacity of 2.22 billion kW, accounting for nearly 60% of the national total [8]. - The introduction of new pricing mechanisms for electricity transmission and distribution aims to support the efficient utilization of renewable energy and reduce system operation costs [9]. - The ecological environment ministry's carbon emissions trading plan aims to incentivize advanced practices and penalize laggards in key industries [10]. 4. Investment Portfolio and Recommendations - The report suggests focusing on coal power companies with high price elasticity, such as Huaneng International and Huadian International, due to expected improvements in profitability [11]. - For hydropower, the report is optimistic about the fourth quarter outlook, recommending attention to companies like Yangtze Power and Sichuan Investment Energy [11]. - The report also highlights the potential for independent energy storage and virtual power plants under market-driven electricity pricing [12].