金吾财讯 | 中国银河证券发研报指，进一步提升灵活性和清洁化或是十五五期间煤电发展的主要方向。《建议》提出“加强化石能源清洁高效利用，推进煤电改造升级和散煤替代”，结合《新一代煤电升级专项行动实施方案（2025—2027年）》，我们认为十五五期间进一步提升灵活性和清洁化是煤电发展的主要方向。其中灵活性的提升有望推动煤电收益模式由此前较为依赖点火价差向点火价差+调节价值+容量价值三重叠加转变，助力其盈利稳定预期逐步形成，估值亦有望重塑；清洁化方面，我们预计将带动包括生物质掺烧、绿氨掺烧、CCUS等在内的煤电低碳化改造技术的进一步发展。个股建议关注华能国际、国电电力、大唐发电、建投能源、电投能源等。
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