CITIC Securities: It is recommended to pay attention to coal-fired power companies that directly benefit from the progress of capacity market construction.

CITIC Securities research report stated that in a high proportion of new energy scenarios, ensuring the balance of the power system faces huge challenges. The installation costs of various types of power generation entities need to be reasonably recovered, and it is urgent to establish a power capacity market mechanism that reflects the value of capacity support ability. It is expected that in the short term, the effective recovery of the installation costs of traditional base load power sources will mainly rely on capacity compensation prices. In the medium to long term, the establishment of a power capacity market will include more power supply entities such as new energy storage, wind power, photovoltaic, and virtual power plants in the market. It is recommended to focus on thermal power companies that directly benefit from the construction of the capacity market, expand the profit model of energy storage and virtual power plants, and seize opportunities in supporting industrial chains such as smart metering devices and power trading software during the construction process of the capacity market.