政策锚定稳价反内卷，电力行业迎价值重估窗口期

基础金属	铜电解铜铜精矿铜管铜棒废铜铜排铜合金精铜杆再生铜杆铜板带铝铝土矿氧化铝电解铝铝辅料铝棒铝合金锭废铝铝杆铝型材铝板卷铅铅精矿铅锭铅蓄电池再生精铅还原铅废铅蓄电池铅合金锌锌精矿电解锌锌合金氧化锌锌粉锡锡精矿锡锭锡材镁
稀有金属	稀土稀土矿稀土氧化物稀土金属钕铁硼稀散金属锑铋铟锗镓硒钽锆贵金属白银钨钨精矿 APT(仲钨酸铵)钨粉碳化钨钨酸钠钨条钨铁钨材钼钼精矿工业氧化钼钼铁钼化工高纯三氧化钼钼金属钛钛精矿钛渣四氯化钛海绵钛钛金属钛白粉硒
新能源	锂锂矿锂化合物金属锂镍镍矿镍铁精炼镍镍盐高冰镍 MHP 钴电解钴钴粉氯化钴四氧化三钴硫酸钴钴中间品氧化钴碳酸钴钴酸锂锰锰矿电解锰电池级硫酸锰锂电正负极三元前驱体磷酸铁正极材料石油焦针状焦包覆沥青人造石墨硅碳负极硅氧负极硅

基础金属

铜电解铜铜精矿铜管铜棒废铜铜排铜合金精铜杆再生铜杆铜板带铝铝土矿氧化铝电解铝铝辅料铝棒铝合金锭废铝铝杆铝型材铝板卷铅铅精矿铅锭铅蓄电池再生精铅还原铅废铅蓄电池铅合金锌锌精矿电解锌锌合金氧化锌锌粉锡锡精矿锡锭锡材镁

稀有金属

稀土稀土矿稀土氧化物稀土金属钕铁硼 稀散金属锑铋铟锗镓硒钽锆 贵金属白银钨钨精矿 APT(仲钨酸铵)钨粉碳化钨钨酸钠钨条钨铁钨材钼钼精矿工业氧化钼钼铁钼化工高纯三氧化钼钼金属钛钛精矿钛渣四氯化钛海绵钛钛金属钛白粉硒

新能源

锂锂矿锂化合物金属锂镍镍矿镍铁精炼镍镍盐高冰镍 MHP 钴电解钴钴粉氯化钴四氧化三钴硫酸钴钴中间品氧化钴碳酸钴钴酸锂锰锰矿电解锰电池级硫酸锰 锂电正负极三元前驱体磷酸铁正极材料石油焦针状焦包覆沥青人造石墨硅碳负极硅氧负极硅

政策锚定稳价反内卷，电力行业迎价值重估窗口期

2025-09-29 16:38:38 来源：北方有色网责任编辑：王欣悦

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国资委9月25日召开国企经济运行座谈会，聚焦稳电价、稳煤价及防止“内卷式”恶性竞争，夯实企业高质量发展基础。结合券商研报来看，国盛证券指出2025年各地长协电价调降，2026年火电容量电价将全面提升，绿电电价风险逐步释出，电价下行压力最大时期将过;东吴证券则预测可再生能源发展基金2025年左右收支平衡，2036年左右历史欠款或自然解决，补贴问题加速解决有望推动新能源资产质量回升。同时，政策通过稳价体系双轨发力、反内卷机制多维突破，为电力行业破解压力，补贴资金平衡路径也逐渐清晰，助力新能源运营商资产价值重估。

当前电力行业正从“价格战”向“价值战”转型，火电借助容量电价提升等改善盈利，绿电依托市场化定价等解决消纳难题，风电通过技术突破和跨省交易缓解区域竞争。具体到企业，吉电股份清洁能源装机占比达77.48%，18万吨绿氨项目投产并打通全产业链;中闽能源在福建风电装机占比9.93%，借技术升级拓展发展空间，二者成为新能源转型标杆。

不过，电力行业仍面临短期地方电网电价政策压缩企业利润的风险，需关注2026年长协签约降幅;长期来看，绿氨等氢能衍生品、海上风电柔性直流技术等赛道，有望成为行业新的价值增长点。

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政策锚定稳价反内卷，电力行业迎价值重估窗口期

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