电力设备与新能源：燃气发电有望在新型电力系统中提升角色定位

Investment Rating - The report indicates a positive outlook for the gas power generation sector, highlighting its increasing role in the new power system [1]. Core Insights - The rapid growth of wind and solar power installations in China has led to increased pressure on the power system, with wind and solar accounting for approximately 20% of total electricity generation in the first half of 2024 [1][9]. - Gas power generation is expected to play a crucial role in improving the consumption of wind and solar energy, particularly in reducing curtailment rates and lowering overall carbon emissions [1][23]. - The report emphasizes the importance of flexibility in the power system, with gas power generation being a key resource to balance supply and demand fluctuations [1][16]. Summary by Sections 1. Flexibility as a Key Support for the New Power System - The rapid increase in wind and solar installations has created challenges for the power system, with curtailment rates rising in certain regions [1][9]. - Flexibility resources, including pumped storage, gas power, and new energy storage systems, are essential for maintaining power balance [1][18]. 2. The Value of Gas Power Generation in the New Power System - Gas power generation is characterized by its operational flexibility, strong adjustment capabilities, and lower carbon emissions compared to coal [1][23]. - The report assesses the value of gas power generation, indicating that it is particularly effective in improving the consumption of wind and solar energy [1][26]. 3. Accelerated Development Window for Gas Power Generation in China - Gas power generation capacity in China is expected to grow significantly, with an anticipated addition of approximately 25 million kilowatts over the next two years [1][35]. - National and regional policies are increasingly supporting the development of gas power projects, with specific targets set for capacity increases [1][37]. 4. Breakthroughs in Domestic Gas Turbine Production - The establishment of a domestic heavy gas turbine industry is progressing, with companies like Dongfang Electric making significant advancements [1][4]. - The Asia-Pacific region is projected to lead global gas power generation capacity growth, with substantial increases expected during the 14th and 15th Five-Year Plans [1][4].