金吾财讯 | 华泰证券表示，辽宁2026年3月发文，建立核电可持续发展价格结算机制。该机构认为核电试点的落地，意味着中央/地方政府从机制层面为2023年以来持续的“煤价下降，电价下降”画上了阶段性句号，也意味着以核电为代表的清洁能源过去3年盈利承压的趋势可能即将出现重大的政策拐点。同时，煤价下降本身也不可持续，霍尔木兹海峡的封锁让市场对化石能源价格易涨难跌逐步确立信心，这对于中国在过去3年受一次能源价格下跌拖累的非化石能源，都是重要的积极信号。该机构重申对电力板块的全面看多，包括水核风光生物质在内的绿电或充分受益。1）核电板块或将率先受益于政策落地，相关核电公司基本面有望迎来重大拐点；2）推荐风光运营商，光伏低价难以持续，绿色属性尚待体现，无论是碳价推升火电报价，还是可再生能源价值直接通过绿证或绿电直连显现，盈利弹性较大；3）继续推荐A股稀缺绿电直连标的。
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