电力信息化系列报告之一：举旗定向

Industry Investment Rating - The report provides an investment recommendation for the new round of power system reform, focusing on addressing the issue of new energy consumption. Specific companies to watch include Dongfang Electronics, Guoneng Rixin, State Grid Information & Communication, Langxin Group, Hengshi Technology, and HengHua Technology [2] Core Views - The new round of power system reform is driven by the dual-carbon goals, which have led to a rapid increase in the proportion of new energy installations and generation. By the end of 2023, the combined installed capacity of wind and solar power accounted for 36% of the total national power generation capacity, with further growth expected [2] - The reform aims to address the instability and uncertainty brought by the growth of new energy output, focusing on two main directions: physical guarantees (e.g., expanding ultra-high voltage and distribution network construction) and market-oriented measures (e.g., promoting power auxiliary services, capacity pricing, and virtual power plants) [2] - The reform is expected to enhance the market-oriented operation of the power system, encouraging more social resources to participate in the power market and support the consumption of new energy [2] Summary by Sections 1. Overview of China's Power System Reform - China's power system reform has evolved through several stages since the 1980s, transitioning from a semi-closed, centralized system to a more open, diversified, and competitive market-oriented system [1] - The reform has followed a logical sequence of "opening—diversification—competition—market—regulation—improvement," promoting the formation of a power market and the rapid development of the industry [1] 2. Current Power System and Market Status - The current power system faces challenges due to the high growth of new energy installations, which has increased the instability and uncertainty of the power grid [2] - The reform is expected to focus on enhancing the physical infrastructure (e.g., ultra-high voltage and distribution networks) and market mechanisms (e.g., power auxiliary services and virtual power plants) to better integrate new energy into the grid [2] 3. Future Directions for Power System Reform - The new round of reform will focus on addressing the issue of new energy consumption, with a particular emphasis on market-oriented solutions such as power auxiliary services, capacity pricing, and virtual power plants [2] - The reform will also aim to enhance the flexibility and stability of the power grid through the construction of ultra-high voltage and distribution networks [2] 4. Investment Recommendations - The report recommends focusing on companies that are well-positioned to benefit from the new round of power system reform, particularly those involved in power grid construction, power auxiliary services, and new energy integration [2] 5. Historical Context of Power System Reform - The power system reform has gone through several phases since the 1980s, including the introduction of market-oriented mechanisms, the separation of power plants and grids, and the establishment of a competitive power market [5][7][9] - Key milestones include the establishment of the State Power Corporation in 1997, which marked the transition from a planned economy to a market-oriented system [13] 6. Challenges and Opportunities in the Current Power System - The current power system faces challenges such as tight supply-demand balance and the need to integrate a high proportion of new energy sources [73][76] - The reform aims to address these challenges by enhancing the flexibility and stability of the power grid and promoting market-oriented solutions for new energy integration [2][73]