电气设备：分布式光伏新政落地，奠定行业量质齐升基础

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [1][9] Core Viewpoints - The new policy for distributed photovoltaic (PV) systems has been implemented, laying a foundation for both quantitative and qualitative growth in the industry [4] - By the end of 2024, the cumulative installed capacity of distributed PV is expected to reach 370 million kilowatts, accounting for 42% of total PV installed capacity, with new installations of 120 million kilowatts making up 43% of new PV installations [4] - The distributed PV generation is projected to generate 346.2 billion kilowatt-hours, representing 41% of total PV generation [4] - The new management measures aim to support the healthy and sustainable development of distributed PV, balancing development and regulation [4] - The policy encourages the integration of distributed PV into the electricity market, with significant increases in market participation ratios for distributed PV and wind power [4] Summary by Sections Policy Changes - The National Energy Administration revised the "Management Measures for the Development and Construction of Distributed Photovoltaic Power Generation," promoting sustainable growth [4] - The policy emphasizes the need for new projects to meet the "Four Requirements" for grid connection, reflecting a trend that may become a common requirement across provinces [4] Market Dynamics - The management measures facilitate the entry of distributed PV into the market, with a target of 60% participation for PV in 2025 [4] - The introduction of virtual power plants and aggregator models is expected to accelerate the penetration of new business models in the distributed PV sector [5] Investment Opportunities - The report suggests a focus on upgrading and transforming distribution networks, as the ongoing electricity market reform presents both challenges and opportunities for market participants [5] - Continuous growth potential in distributed PV is anticipated, driven by increasing demand for green electricity and carbon emission controls [5]