金吾财讯 | 交银国际表示，国家发展改革委、国家能源局联合印发对新能源上网电量及电价改革的通知文件，主要内容包括上网电价全面市场化、建立新的价格结算机制，以及以2025年6月1日为节点划分存量及增量项目，实行区别性管理。另外，该行理解新政策亦对于风电及太阳能发电项目配储容量，有机会转为更具弹性的政策。对于设置存量/增量的区别性管理，该行认为能维持旧有项目的回报。至于对新增项目的电量及电价作出的新安排，该行预期运营商对“十五五”期间的新增项目开发力度，将更取决于实际的用电需求及项目回报，有助内地新能源开发稳定发展。该行指，对现时项目体量较大的新能源运营商，如龙源电力(00916/买入)，中国电力(02380/买入)、华润电力(00836/买入)等，该行认为新政策执行对短期盈利影响轻微，同时能提高电价的可预见度，能舒缓市场对上网电价下行的担忧。
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