如何解读国资委要求反内卷、稳电价？

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].