CITIC Securities: Reliable capacity market may be the focus of the next stage of market construction. It is recommended to pay attention to investment opportunities in base load power, energy storage, and supporting industrial chains.

CITIC Securities pointed out that on February 11, 2026, the General Office of the State Council issued the "Implementation Opinions on Improving the National Unified Electricity Market System", which clarified the overall direction, key tasks, and timeline for improving the national unified electricity market system, and proposed the key goal of "the comprehensive reflection of the multi-dimensional value of electricity resources such as electricity, regulation, environment, and capacity by the market". In this context, electricity, ancillary services, green electricity and certificates, reliable capacity, and retail markets will all be further developed and improved. Looking ahead, from the perspective of market construction progress, reliable capacity market may be the focus of the next stage of market development, and it is recommended to pay attention to investment opportunities in base load power sources, energy storage, and supporting industrial chains.