国家发展改革委、国家能源局发布关于完善发电侧容量电价机制的通知。通知指出，做好与容量电价政 策的衔接。可靠容量补偿机制建立后，相关煤电、气电、电网侧独立新型 储能等机组，不再执行原有 容量电价。省级价格主管部门可在市场体系较为健全的基础上，对本通知出台后开工建设的 抽水蓄能 电站，统一执行可靠容量补偿机制并参与电能量和辅助服务等市场、市场收益全部由电站获得。鼓励 633号文件出台后开工建设的抽水蓄能电站自主选择执行可靠容量补偿机制并参与 电力市场。 ...

建投能源 20260121 摘要 建投能源 2025 年发电量同比下降 3.56%，主要受用电需求减少、新能 源挤压及采暖季温暖影响。公司全年归母净利润 18.77 亿元，同比增长 253.38%，每股收益约 1.04 元，尽管四季度煤价上涨影响盈利，但整 体经营态势良好。 公司煤炭采购主要依赖现货市场，灵活调整长协和现货比例以控制成本。 2025 年长协煤占比约 50%，未来将以长协为核心，根据市场需求调整 结构配比，确保价格和质量优势。 河北南网火电长协议价因煤价下降有所降低，但仍保持在标杆电价上浮 15%-16%左右。容量电价政策（165 元/千瓦·月）预计增加度电收入约 4 分 2 厘，对公司收入有显著补充。 公司火电脱硫参与现货交易比例不到 10%，预计未来变化不大。辅助服 务收入虽逐年增长，但占总营收比例仍较低，主要来源于河北省辅助服 务规则，与现货市场关联性不大。 在建火电项目包括西柏坡四期和任丘热电二期，预计 2026 年投产。参 股国能控股多个新增项目，秦皇岛发电一台机组已试运行，定州和沧东 项目时间节点相近，恒丰电厂二期尚未开工。 Q&A 请简要回顾建投能源 2025 年的经营概况。 20 ...

证券日报网讯 12月19日，江苏国信在互动平台回答投资者提问时表示，目前马洲电厂刚投产，正在办 理相关手续，预计不久后会纳入容量电价补偿范围。公司目前已投产的机组基本上都覆盖了容量电价政 策，新投产机组一般在投产3个月内办理相关手续后也可同步享受政策。 （文章来源：证券日报） ...

风险 政策落地进度不及预期，宏观经济风险。 商业模式走向主动价值创造，多元社会资本进场推动储能建设 "136号文"前，强配项目的价值来源是 "获取新能源路条"，储能价值未能充分体现。"136号文"后，独立 储能可通过"峰谷价差套利+容量市场+辅助服务"发挥真实价值。该行对全国七省区的独立储能经济性 进行测算，蒙西、新疆、河北南网资本金IRR可达10%以上，山西、山东、甘肃在6.5%以上。在此背景 下，以专业化基金的形式投资和运营储能电站有望成为大势所趋，多元社会资本加速入局推动储能建 设。 容量电价政策带来短期抢装潮，看好中长期储能需求增长 该行认为短期内优质节点资源紧缺，在各省容量电价出台的预期下，社会资本纷纷入场，独立储能有望 在政策窗口期迎来抢装期。该行初步测算由发电侧电费下降可支持的2026-2027年独立储能理论装机空 间约为 158GW/634GWh。中长期看，该行认为自2027年起，随着电力市场建设的逐渐完善，新能源装 机规模不断提升，新型储能装机将由被动式的政策刺激转向内生性的需求，新增需求主要来自发电侧主 动配储和负荷侧多场景应用。随着风光等波动能源的发电量占比进一步提升，该行预计"十五五" ...

人民财讯12月10日电，中金公司（601995）研报称，容量电价政策带来短期抢装潮，看好中长期储能需 求增长。中金公司认为短期内优质节点资源紧缺，在各省容量电价出台的预期下，社会资本纷纷入场， 独立储能有望在政策窗口期迎来抢装期。初步测算由发电侧电费下降可支持的2026—2027年独立储能理 论装机空间约为158GW/634GWh。中长期看，自2027年起，随着电力市场建设的逐渐完善，新能源装 机规模不断提升，新型储能装机将由被动式的政策刺激转向内生性的需求，新增需求主要来自发电侧主 动配储和负荷侧多场景应用。随着风光等波动能源的发电量占比进一步提升，预计"十五五"期间储能的 商业化配置需求总量在1.5TWh—1.7TWh(含抽水蓄能)，复合增速20%以上。 ...

Core Viewpoint - The company confirms that all its coal-fired power units are eligible for the capacity price compensation policy, which is set to be 100 yuan per kilowatt per year by 2025 [1] Group 1 - The company responded to an investor inquiry regarding the proportion of compliant units under the capacity price compensation policy [1] - The company indicated that the capacity price compensation could bring significant revenue, although specific figures were not disclosed [1]

Group 1 - The core viewpoint of the news is that the renewable energy sector is experiencing a positive trend, with various indices showing gains, indicating a strong market performance in this area [1] - As of the midday close, the China Securities New Energy Index rose by 0.6%, the National Securities New Energy Battery Index increased by 0.5%, the China Securities Photovoltaic Industry Index went up by 0.4%, and the Shanghai Environmental Exchange Carbon Neutrality Index climbed by 0.2% [1] - The Storage Battery ETF (159566) saw a net subscription of 5 million units during the half-day session, reflecting strong investor interest in the sector [1] Group 2 - CITIC Construction Investment Securities stated that the global resonance of the energy storage industry trend remains unchanged, with domestic energy storage economics reaching a turning point [1] - The core drivers for this shift include the comprehensive market entry of renewable energy, which has widened the peak-valley price difference, along with the introduction of capacity price policies that enhance the internal rate of return (IRR) for energy storage [1]

Group 1 - The technology and new energy sectors have collectively rebounded, with the battery sector showing significant gains. The Guozheng New Energy Battery Index rose by 1.9%, while the Zhongzheng New Energy Index and the Zhongzheng Shanghai Carbon Neutrality Index both increased by 0.4%, and the Zhongzheng Photovoltaic Industry Index rose by 0.3% [1] - CITIC Construction Investment Securities indicates that the global resonance trend in the energy storage industry remains unchanged, with domestic energy storage economics reaching a turning point. The core drivers include the full market entry of new energy, which has widened the peak-valley electricity price difference, along with the introduction of capacity price policies that enhance the internal rate of return (IRR) of energy storage [1]

Summary of Conference Call on Power Industry Policies Industry Overview - The conference call discusses the power industry in China, focusing on the implications of the State-owned Assets Supervision and Administration Commission (SASAC) policies aimed at stabilizing coal and electricity prices to prevent vicious competition and ensure healthy industry development [1][2]. Key Points and Arguments 1. **Stabilization Policies**: SASAC's policies are designed to stabilize coal and electricity prices, alleviating concerns about the profitability of thermal power companies [1][3]. 2. **Shift in Business Model**: The thermal power business model is transitioning from relying on coal-electricity price differences to providing regulation and capacity services, with capacity pricing being a key factor [1][4]. 3. **Focus on Market Value**: SASAC's assessment criteria have shifted from profit margin growth to market value management and dividends, encouraging thermal power companies to diversify income sources and stabilize electricity prices for profit growth and shareholder returns [1][2][8]. 4. **Capacity Pricing Policy**: The capacity pricing policy is crucial for the next five years of power reform, correcting the over-reliance on generation volume and enhancing the competitiveness and predictability of thermal power [1][11]. 5. **Impact on Different Power Sources**: The stabilization policies benefit all types of power sources, with thermal power being the most directly affected as it anchors electricity prices in China [1][12][13]. Important but Overlooked Content 1. **Future Capacity Pricing Changes**: By 2026, the national rural grid capacity price will increase from 100 yuan to at least 165 yuan per kilowatt per year, enhancing the profitability and competitiveness of thermal power [1][7]. 2. **Market Performance**: The performance of thermal power in the capital market has been lackluster due to its cyclical pricing model, but recent policy changes and shareholder return measures are transforming it into a dividend-generating asset [1][10]. 3. **Investment Opportunities**: Investors are encouraged to focus on thermal power companies benefiting from policy support, such as China Resources Power and Datang International Power Generation, as well as hydropower and nuclear power companies like China Three Gorges Corporation [2][14][15]. Conclusion - The SASAC's introduction of the anti-involution framework into the energy sector marks a significant shift, providing opportunities for various power generation companies and enhancing the overall competitiveness of the industry [2][14].

Summary of Key Points from Conference Call Records Industry Overview - **Solar Industry**: The solar industry is benefiting from anti-involution policies, with silicon material prices rising from a low of over 30,000 yuan to between 42,000 and 49,000 yuan per ton. Capacity exit is accelerating, and further progress is expected through mergers and acquisitions by the end of September [1][5]. - **Energy Storage Market**: The energy storage market sentiment has improved alongside solar, with new capacity pricing policies in provinces like Gansu enhancing expectations for domestic business model improvements. The domestic installed capacity for energy storage is projected to reach 42.6 GWh in the first half of 2025, a year-on-year growth of approximately 27-28% [1][9]. - **Solid-State Battery Industry**: The solid-state battery sector is advancing beyond expectations, driving new technologies in ternary cathodes, electrolytes, and lithium battery equipment. The PCB materials market is also positively impacting raw materials like copper foil [1][12]. Core Insights and Arguments - **Solar Industry Dynamics**: Seasonal demand is expected to alleviate inventory pressure, with differentiated companies like CITIC Bo and Jiangna Juhe benefiting from large orders and business expansion. The anti-involution policy is expected to continue benefiting core segments like silicon materials and battery cells [1][7]. - **Energy Storage Expectations**: The energy storage sector is anticipated to have significant performance differences in the second half of the year, with companies like Sungrow Power and Haibo Co. being highlighted for their strong performance and clear valuation recovery [1][11]. - **Market Sentiment**: Current market sentiment for both solar and energy storage is improving, supported by capacity pricing policies in various provinces. This shift is expected to enhance internal rate of return (IRR) calculations and indicate a move towards more tangible business models [1][8]. Additional Important Content - **Telecom Sector Performance**: The telecom sector is seeing strong performance in lithium batteries and motors, with the wind power sector also showing some strength. The recent start of the Yalong River project is a significant event [2][4]. - **Wind Power Industry Performance**: Companies like Dajin and Mingyang Smart Energy have exceeded performance expectations in Q2, with the power equipment sector benefiting from the progress of ultra-high voltage projects [3][16]. - **Investment Directions**: Key investment directions include solid-state batteries, copper foil, and AI DC developments, with a focus on companies involved in significant projects like the Yasha project [19]. This summary encapsulates the essential insights and developments across the solar, energy storage, solid-state battery, telecom, and wind power industries, highlighting potential investment opportunities and market dynamics.