金吾财讯 | 华泰证券表示，近日国家发改委能源局正式印发《新一代煤电升级专项行动实施方案2025-27》（下称“方案”），围绕煤电灵活性响应的深度、速度、能耗等技术指标进行升级规范。该行认为方案的出台是落实2024年7月国家发改委能源局《加快构建新型电力系统行动方案2024-27》，夯实煤电兜底保障作用，缓解电力系统灵活性资源瓶颈，确保新能源更好消纳的坚实一步。该行看好全国火电灵活性改造每年1.6亿千瓦或每年100~200亿元市场空间。该行看好火电灵活性改造投资稳中有增。该行估算，若要实现国家发改委能源局2024年2月《关于加强电网调峰储能和智能化调度能力建设的指导意见》中提出“到2027年存量煤电机组实现应改尽改”，对应2024-27年年均火电灵活性改造规模或达到1.6亿千瓦，较2023年（1.1亿千瓦）提升~40%，且火电灵活性改造或向变负荷率更快、深调比例更低方向发展，提升灵活性改造技术难度和价值量，若按单GW投资额~1亿/GW该行估算对应市场规模约在159亿元/年，考虑项目投资额差异较大，整体区间该行估算约在100~200亿元/年。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.