电价长协临近，买卖双方最后博弈

Investment Rating - The report assigns an "Overweight" rating for the industry [1]. Core Viewpoints - The electricity demand continues to rise, with a long-term positive outlook for thermal power [2]. Summary by Sections - The report highlights improvements in photovoltaic pricing mechanisms, with specific prices for various regions: 1. Fujian offshore photovoltaic/other renewable energy prices are 0.388/0.350 CNY/kWh 2. Ningxia unified price is 0.2595 CNY/kWh (upper limit clearing) 3. Hebei southern network wind/photovoltaic prices are 0.353/0.3344 CNY/kWh 4. Jibei wind/photovoltaic prices are 0.347/0.352 CNY/kWh 5. Liaoning's 2026 wind mechanism price is 0.33 CNY/kWh, photovoltaic 0.3 CNY/kWh 6. Shaanxi photovoltaic mechanism price is 0.350 CNY/kWh, wind mechanism price is 0.352 CNY/kWh These prices show a significant improvement compared to previous levels around 0.2 CNY [4]. - The report notes that the user-side energy storage price difference is diminishing, reflecting government judgments on price differences. In December, the peak-valley price difference exceeded 0.6 CNY/kWh in 20 regions, with Shanghai reaching a high of 1.6 CNY/kWh (MOM +30%) and Zhejiang at 1.4 CNY/kWh (MOM +33%) [4]. - The report discusses the electricity supply situation in Heilongjiang, predicting a tight balance to a shortfall during peak summer and winter months. The maximum load in December is expected to reach 19.7 million kW (YOY +11%), with a maximum power shortfall of 570,000 to 860,000 kW [4].