中信证券：新规出台后分布式光伏发展有望适当降速

Core Insights - The National Energy Administration has revised and issued the "Management Measures for the Development and Construction of Distributed Photovoltaic Power Generation," addressing planning, filing management, construction management, grid connection, and operational management [1] Group 1: Regulatory Changes - The new regulations aim to address the increasingly prominent contradictions in the consumption of distributed photovoltaic power [1] - Factors such as supply-demand environment, consumption conditions, and grid connection capacity may lead to a slowdown in the installation growth rate of distributed photovoltaic systems [1] Group 2: Market Implications - Large-scale commercial distributed photovoltaic systems can only sell excess electricity to the grid in spot market operation areas, which may lead to a decline in overall electricity prices and negatively impact project return levels, helping to alleviate investment overheating [1] - Third-party participation in wall-separated electricity sales through source-grid-load-storage models has not yet received policy approval, necessitating further policy breakthroughs [1] Group 3: Technological Requirements - New distributed photovoltaic installations must meet the "four feasibilities" requirements, and demands for digitalization and intelligence, such as power forecasting, are expected to be rapidly released in the distributed sector [1]