為(wei)貫徹落(luo)實(shi)《中共(gong)中央國務院關于推進價(jia)(jia)(jia)格機制改(gai)革的(de)(de)若干(gan)意見(jian)》(中發28號(hao))精神(shen)，提升政府(fu)價(jia)(jia)(jia)格監管水平，加(jia)強對(dui)(dui)網(wang)絡型(xing)自然壟斷輸配電(dian)環節成本監審(shen)，發改(gai)委下(xia)發《關于開(kai)展(zhan)(zhan)2016年(nian)輸配電(dian)定(ding)價(jia)(jia)(jia)成本監審(shen)工(gong)作的(de)(de)通知》，決定(ding)對(dui)(dui)納(na)入(ru)第二批試(shi)點(dian)的(de)(de)北京、天津、冀南、冀北、山西、陜西、江西、湖南、四川、重慶(qing)、廣(guang)東、廣(guang)西等12個省級(ji)電(dian)網(wang)和華北區域(yu)電(dian)網(wang)，組織開(kai)展(zhan)(zhan)輸配電(dian)定(ding)價(jia)(jia)(jia)成本監審(shen)。

《通知》提出，按(an)照(zhao)政府制定價格成(cheng)本監審(shen)辦(ban)法(fa)和輸配電定價成(cheng)本監審(shen)辦(ban)法(fa)等(deng)有(you)關規定，對上述試點電網公(gong)司2013—2015年度生產(chan)經營(ying)情(qing)況和輸配電成(cheng)本開展(zhan)審(shen)核。

《通知》明確(que)，此次輸配(pei)(pei)電定價(jia)成本監審工(gong)作由國家發展改(gai)革委(wei)統一組織實施(shi)，采取交叉監審方式(shi)，由相關(guan)地方價(jia)格主管部門成本監審機構(gou)牽(qian)頭(tou)，國家能源局派出機構(gou)、國家發展改(gai)革委(wei)相關(guan)機構(gou)等參加(jia)，組成13個監審工(gong)作組，對試點(dian)電網公司輸配(pei)(pei)電成本進行實地審核。

1.優質的水電上市公司

國聯證券(quan)認(ren)為(wei)，輸配電(dian)(dian)(dian)(dian)(dian)(dian)(dian)重點在(zai)改變電(dian)(dian)(dian)(dian)(dian)(dian)(dian)網(wang)運營(ying)模式以建立獨立的(de)(de)(de)(de)輸配電(dian)(dian)(dian)(dian)(dian)(dian)(dian)價(jia)，這(zhe)是(shi)形成“多(duo)買(mai)方(fang)——多(duo)賣方(fang)”市場(chang)的(de)(de)(de)(de)先決條件，輸配電(dian)(dian)(dian)(dian)(dian)(dian)(dian)價(jia)改革的(de)(de)(de)(de)推(tui)(tui)進，將為(wei)電(dian)(dian)(dian)(dian)(dian)(dian)(dian)改打下(xia)(xia)堅實的(de)(de)(de)(de)基礎，推(tui)(tui)動電(dian)(dian)(dian)(dian)(dian)(dian)(dian)改的(de)(de)(de)(de)全面前行。我們認(ren)為(wei)重點關(guan)注4類(lei)投資機會1.優質的(de)(de)(de)(de)水(shui)電(dian)(dian)(dian)(dian)(dian)(dian)(dian)上市公(gong)司在(zai)舊體(ti)制下(xia)(xia)，由于水(shui)電(dian)(dian)(dian)(dian)(dian)(dian)(dian)的(de)(de)(de)(de)發(fa)(fa)電(dian)(dian)(dian)(dian)(dian)(dian)(dian)成本(ben)顯(xian)著(zhu)低于其他類(lei)型(xing)的(de)(de)(de)(de)發(fa)(fa)電(dian)(dian)(dian)(dian)(dian)(dian)(dian)成本(ben)，水(shui)電(dian)(dian)(dian)(dian)(dian)(dian)(dian)的(de)(de)(de)(de)上網(wang)電(dian)(dian)(dian)(dian)(dian)(dian)(dian)價(jia)相對較低，約為(wei)0.302元(yuan)/千(qian)瓦(wa)時，顯(xian)著(zhu)低于煤電(dian)(dian)(dian)(dian)(dian)(dian)(dian)的(de)(de)(de)(de)0.394元(yuan)/千(qian)瓦(wa)時、核(he)電(dian)(dian)(dian)(dian)(dian)(dian)(dian)的(de)(de)(de)(de)0.43元(yuan)/千(qian)瓦(wa)時、風電(dian)(dian)(dian)(dian)(dian)(dian)(dian)的(de)(de)(de)(de)0.545元(yuan)/千(qian)瓦(wa)時、光電(dian)(dian)(dian)(dian)(dian)(dian)(dian)0.95元(yuan)/千(qian)瓦(wa)時，在(zai)未來的(de)(de)(de)(de)售電(dian)(dian)(dian)(dian)(dian)(dian)(dian)市場(chang)化競爭中占(zhan)有重要優勢。另外，在(zai)利(li)率下(xia)(xia)行的(de)(de)(de)(de)背景下(xia)(xia)，水(shui)電(dian)(dian)(dian)(dian)(dian)(dian)(dian)企(qi)(qi)業的(de)(de)(de)(de)利(li)息費用不斷下(xia)(xia)降，有利(li)于提(ti)升公(gong)司盈利(li)水(shui)平。綜合考慮(lv)央企(qi)(qi)、國企(qi)(qi)改革等因素(su)，重點推(tui)(tui)薦長江電(dian)(dian)(dian)(dian)(dian)(dian)(dian)力(li)、國投電(dian)(dian)(dian)(dian)(dian)(dian)(dian)力(li)、桂冠電(dian)(dian)(dian)(dian)(dian)(dian)(dian)力(li)和黔源電(dian)(dian)(dian)(dian)(dian)(dian)(dian)力(li)。

2.特高壓相關電氣設備的上市公司

在電(dian)(dian)(dian)(dian)改配套文件(jian)中明確，風電(dian)(dian)(dian)(dian)、太陽能發(fa)(fa)(fa)電(dian)(dian)(dian)(dian)、生物質(zhi)發(fa)(fa)(fa)電(dian)(dian)(dian)(dian)、余熱余壓(ya)余氣發(fa)(fa)(fa)電(dian)(dian)(dian)(dian)按照資(zi)(zi)源(yuan)(yuan)(yuan)條件(jian)全額安排發(fa)(fa)(fa)電(dian)(dian)(dian)(dian)。規模風電(dian)(dian)(dian)(dian)、光(guang)伏基地主要集中在“三北(bei)”地區，遠(yuan)離(li)經(jing)濟發(fa)(fa)(fa)達(da)的中東(dong)部負荷(he)中心。國(guo)(guo)(guo)家電(dian)(dian)(dian)(dian)網(wang)(wang)和(he)(he)南方(fang)(fang)電(dian)(dian)(dian)(dian)網(wang)(wang)在大(da)(da)力推(tui)(tui)進(jin)(jin)遠(yuan)距離(li)、大(da)(da)容量、低損(sun)耗的特高(gao)(gao)壓(ya)電(dian)(dian)(dian)(dian)網(wang)(wang)建(jian)設，通過“風光(guang)水火(huo)打捆”外送方(fang)(fang)式，推(tui)(tui)動(dong)清潔(jie)能源(yuan)(yuan)(yuan)在更(geng)大(da)(da)范圍內進(jin)(jin)行資(zi)(zi)源(yuan)(yuan)(yuan)優(you)化配置(zhi)。2020年計(ji)劃(hua)在國(guo)(guo)(guo)內建(jian)成“五(wu)縱五(wu)橫”特高(gao)(gao)壓(ya)電(dian)(dian)(dian)(dian)網(wang)(wang)，合計(ji)27條特高(gao)(gao)壓(ya)線路(lu)(lu)；此外，特高(gao)(gao)壓(ya)“走(zou)出(chu)去”步伐正(zheng)在加速，在巴西(xi)(xi)美麗山項(xiang)目(mu)開工(gong)的基礎(chu)上(shang)，國(guo)(guo)(guo)家電(dian)(dian)(dian)(dian)網(wang)(wang)正(zheng)在規劃(hua)6個(ge)海(hai)外項(xiang)目(mu)。國(guo)(guo)(guo)家電(dian)(dian)(dian)(dian)網(wang)(wang)方(fang)(fang)面預計(ji)，隨著后(hou)續特高(gao)(gao)壓(ya)工(gong)程的加快推(tui)(tui)進(jin)(jin)，新增特高(gao)(gao)壓(ya)投資(zi)(zi)將達(da)到4500億(yi)元，加之各級電(dian)(dian)(dian)(dian)網(wang)(wang)共(gong)投資(zi)(zi)1.5萬億(yi)元，未來將帶動(dong)電(dian)(dian)(dian)(dian)源(yuan)(yuan)(yuan)和(he)(he)相關產(chan)業投資(zi)(zi)1.7萬億(yi)元。特高(gao)(gao)壓(ya)是(shi)中國(guo)(guo)(guo)的又一名片，結合一帶一路(lu)(lu)和(he)(he)全球能源(yuan)(yuan)(yuan)互聯網(wang)(wang)建(jian)設，重點推(tui)(tui)薦中國(guo)(guo)(guo)西(xi)(xi)電(dian)(dian)(dian)(dian)、特變電(dian)(dian)(dian)(dian)工(gong)和(he)(he)國(guo)(guo)(guo)家電(dian)(dian)(dian)(dian)網(wang)(wang)旗下(xia)的平高(gao)(gao)電(dian)(dian)(dian)(dian)氣、許繼(ji)電(dian)(dian)(dian)(dian)氣和(he)(he)國(guo)(guo)(guo)電(dian)(dian)(dian)(dian)南瑞。

3.布局電力需求側的公司

節(jie)能減排的(de)大背景下，在電(dian)力消費側布局，結合峰谷電(dian)價和個性化終端能源(yuan)需求，提供節(jie)能服務的(de)上(shang)市公(gong)司(si)。結合能源(yuan)互聯網建設(she)，重點推(tui)薦林洋(yang)電(dian)子、積成電(dian)子、新聯電(dian)子和智光電(dian)氣。

4.地方綜合型能源企業

具(ju)備當(dang)地(di)國(guo)資背(bei)景的傳(chuan)統電(dian)力企業(ye)，一(yi)方面有(you)(you)望在大用(yong)戶直(zhi)購電(dian)中，鎖定(ding)當(dang)地(di)國(guo)資背(bei)景的用(yong)電(dian)需求大戶，另一(yi)個(ge)方面有(you)(you)望轉型成為供電(dian)、供氣、供熱等本地(di)綜合能源服務提供商。重點推薦天富(fu)能源、建投能源和樂山電(dian)力。

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