（来源：中国改革报） 转自：中国改革报 广西南宁抽水蓄能电站库区 新华社记者 周华 摄 尤其值得关注的是，114号文首次提出建立电网侧独立新型储能容量电价机制——对服务于电力系统安 全运行、未参与配储的电网侧独立新型储能电站，各地可给予容量电价。对于长期缺乏稳定收益预期的 独立储能行业而言，此番政策"正名"无异于为其发放了一份"保底工资"，彻底破解了行业发展的收益痛 点。 从行业发展态势看，这一制度安排恰逢其时。一方面，独立储能规模已形成产业规模。国家能源局数据 显示，截至2025年底，全国新型储能累计装机达1.36亿千瓦/3.51亿千瓦时，其中独立储能占比为 51.2%，已成为电力系统调节的重要力量。另一方面，独立储能的系统价值已得到验证。2025年，国家 电网经营区新型储能最大放电电力达4453万千瓦，晚高峰平均顶峰时长2.4小时，在电力供需紧张时刻 展现出可靠的支撑能力，其系统调节价值得到充分印证。 尽管发展势头良好，但独立储能仍面临"成长的烦恼"。在《关于深化新能源上网电价市场化改革促进新 能源高质量发展的通知》（以下简称"136号文"）发布前，独立储能的收入包括容量租赁、电能量交 易、辅助服务，以及 ...

Group 1: Core Insights - The future narrative for thermal power is expected to shift towards enhanced profitability stability and increased dividends due to rising capacity prices and deeper assessments by the State-owned Assets Supervision and Administration Commission (SASAC) [2][60] - In the short term, integrated coal power companies are likely to have a comparative advantage as coal prices rise, with a consensus forming around an increase in the coal price baseline for next year [2][6] - Renewable energy companies, despite facing challenges such as supply-demand imbalance and subsidy delays, have shown considerable absolute returns, supported by improving policies for green energy development [6][8] Group 2: Thermal Power Analysis - Historical performance of thermal power shows a certain "counter-cyclical" nature, with earnings often moving inversely to coal prices, which are now market-driven [19][26] - The current policy framework limits the duration of profitability expectations for thermal power, leading to a "high first, low second" characteristic in the market for 2023 and 2024 [6][45] - The expected increase in capacity prices across provinces by 2026 will enhance the fixed cost recovery ability of coal power plants, significantly improving profitability stability [60][64] Group 3: Renewable Energy Insights - The renewable energy sector is currently facing multiple issues, including market price pressure and subsidy delays, but the gradual improvement in policy support is expected to create investment opportunities [6][8] - Companies with low valuations, high wind power ratios, and strong regional price certainty are still worth considering for investment despite the uncertain timing of policy impacts [2][6] Group 4: Hydropower and Nuclear Power - Leading hydropower companies exhibit high earnings certainty and dividend ratios, making them attractive for long-term investment [7] - Nuclear power is anticipated to see significant capacity growth during the 14th Five-Year Plan, with stable long-term price expectations despite some market price fluctuations [8][60] Group 5: Investment Recommendations - Recommended companies include quality thermal power operators such as Huaneng International, Datang Power, and China Power, as well as leading hydropower firms like Yangtze Power and Guotou Power [9] - In the renewable sector, companies like Longyuan Power and China Nuclear Power are highlighted as potential investment opportunities [9]

Group 1 - The core viewpoint of the article highlights the approval of the Panxi UHV AC project, which is set to commence construction in the first half of 2026 with a total investment of 23.17 billion yuan [1] - The project will establish two 1000 kV substations and double-circuit UHV lines, enhancing the power transmission capacity of the Panxi region by 5.8 million kW and facilitating the development of 7 million kW of new energy [1] - The Gansu-Zhejiang ±800 kV UHV DC transmission project has entered the electrical installation phase, which is expected to deliver over 36 billion kWh of electricity annually to Zhejiang, with more than 50% coming from renewable energy sources [1] Group 2 - The acceleration of UHV construction is expected to improve the capacity for clean energy consumption and promote grid upgrades [1] - The Electric Grid ETF (561380) tracks the Hang Seng A-share Electric Grid Equipment Index (HSCAUPG), which selects listed companies in the electric grid equipment sector from the mainland market [1] - The index constituents cover key areas such as power network construction and technological upgrades, demonstrating significant representativeness and focus within the industry, primarily comprising manufacturing while also including technology and cyclical sectors [1]