开源证券近日发布电力行业2026年度投资策略：2025年，A股红利风格板块整体表现不佳。2025年，电 力需求维持平稳增长，我国全社会用电10.37万亿千瓦时，同比增长5.0%。预计十五五期间我国将呈 现"宽电量、紧电力"的电力供需格局，综合电价有望企稳。 以下为研究报告摘要： 1.行业回顾：红利风格表现不佳，电力需求平稳增长 2025年，A股红利风格板块整体表现不佳。2025年，电力需求维持平稳增长，我国全社会用电10.37万亿 千瓦时，同比增长5.0%。预计十五五期间我国将呈现"宽电量、紧电力"的电力供需格局，综合电价有望 企稳。 2.电力：电价下探、补贴退坡，电力体制改革步入深水区 （1）火电：电价承压、煤价趋稳，容量电价重塑火电商业模式。2025年北方火电单位盈利整体同比向 好，东南沿海火电单位盈利承压。2026年江苏、浙江年度长协电价同比下降68.26、67.54元/兆瓦时。容 量电价基本能够覆盖煤电固定成本，折旧到期后有望贡献稳定盈利，红利属性有望强化。 （2）水电：经营稳健，低利率环境下具备长期配置价值。2025年，主要水电上市公司经营稳健。 2024H2起，水电股息率与国债收益率的息差走阔；2 ...

Group 1 - The core viewpoint of the articles emphasizes the increasing interest in cash flow ETFs, particularly the cash flow ETF (159399), which has seen a net inflow of 14 million units, indicating strong demand for cash flow assets [1] - Nanjing Securities highlights that growth sectors are experiencing volatility, while sectors with strong policy expectations, such as "anti-involution" and "promoting domestic demand," remain at relatively low levels, suggesting a high cost-performance ratio for medium to long-term allocation [1] - The FTSE Cash Flow Index, which the cash flow ETF (159399) tracks, has outperformed the CSI Dividend Index and the CSI 300 Index for nine consecutive years from 2016 to 2024, indicating its strong market performance [1] Group 2 - The cash flow ETF (159399) focuses on large and mid-cap stocks, with a higher proportion of central state-owned enterprises compared to similar cash flow indices, and has distributed dividends for six consecutive months since its launch [1] - Investors without stock accounts are encouraged to consider the Guotai FTSE China A-Share Free Cash Flow Focused ETF Initiated Link A (023919) and Link C (023920) as alternative investment options [1]