为保障电力系统的长期安全与可靠供电，容量充裕度机制设计已成为电力市场建设的关键环节。在系统梳理国际上主流的容量充裕度机制的基础上，提出了一种基于收益结算与可靠性期权的集中-分散结合的联合容量机制，即收益期权型联合容量机制。该联合容量机制采用集中式与分散式相结合的双层结构，集中部分通过长期收益型可靠性期权拍卖为新建机组提供稳定收益保障；分散部分通过容量义务和证书交易确保短期资源配置效率。针对中国电力市场尚不成熟的现状，进一步提出了包含4个阶段的收益期权型联合容量机制在我国的推进路径，并详细设计了应用于前3个阶段的基于收益的长期合约，为过渡至第4阶段成熟的收益期权型联合容量机制奠定基础。

To ensure the long-term security and reliability of the power system, the design of a capacity adequacy mechanism has become a critical component in electricity market development. This paper systematically reviews mainstream international capacity adequacy mechanisms, and proposes a combined capacity mechanism framework alongside its core mechanism—the revenue-based reliability option，which is the revenue-option based combined capacity mechanism. The combined capacity mechanism adopts a dual-layer structure integrating centralized and decentralized approaches. The centralized segment provides stable revenue guarantees for new generation units through long-term revenue-based reliability option auctions, while the decentralized segment ensures short-term resource allocation efficiency via capacity obligations and certificate trading. In view of the immaturity of China electricity market, this paper further proposes a four-stage revenue-option based combined capacity mechanism development path, and designs in detail the revenue-based long-term contract spanning the first three stages, laying the foundation for the future transition to the fourth stage of the mature revenue-option based combined capacity mechanism.