光热发电政策落地，首提容量电价机制

Investment Rating - The industry investment rating is "Leading the Market - A" [5] Core Insights - The National Development and Reform Commission and the National Energy Administration have issued opinions to promote the large-scale development of solar thermal power, aiming for a total installed capacity of approximately 15 million kilowatts by 2030, with the cost of electricity per kilowatt-hour (KWh) to be comparable to coal power [1][2] - As of the first half of 2025, China's installed capacity for solar thermal power reached 1.52 million kilowatts, with a target of nearly 3 million kilowatts of new installations annually during the 14th Five-Year Plan period, indicating a rapid growth phase for solar thermal power [2][3] - The introduction of a capacity price mechanism for solar thermal power is expected to diversify revenue streams and improve profitability, transitioning from a single revenue model to a combination of energy revenue, adjustment service revenue, capacity compensation, and green value revenue [3][10] Summary by Sections - Policy Developments: The recent opinions emphasize the need for large-scale solar thermal power projects and the establishment of a capacity price mechanism to enhance profitability and market participation [1][3] - Market Potential: The solar thermal power sector is projected to experience significant growth, with supportive policies and a clear target for installed capacity by 2030, indicating a favorable investment environment [2][3] - Technological Advancements: The report highlights the potential for technological advancements in solar thermal power, aiming for international leadership and complete autonomy in technology [1][2] - Investment Recommendations: The report suggests focusing on leading companies in the sector, such as Xizi Clean Energy and core equipment manufacturers like Wuchan Zhongda and Dongfang Electric, which have substantial experience in solar thermal demonstration projects [10]