分布式光伏入市，机遇与挑战并存

Investment Rating - The report maintains an "Overweight" rating for the public utility and power generation sector [6]. Core Insights - The introduction of the distributed photovoltaic management measures presents both opportunities and challenges, with high-quality projects still holding investment value despite potential negative impacts on project stability and decision-making [1]. - The management measures clearly define four types of distributed photovoltaic projects, which will lead to significant differentiation in grid connection methods, market transactions, and project filing [2]. - The new regulations require large commercial projects to adopt a self-consumption model, which may impact the installation willingness of businesses with lower self-consumption rates [3]. - The management measures aim to ensure that distributed photovoltaic projects achieve the goals of being observable, measurable, adjustable, and controllable, which will test the operational capabilities of projects and the grid's scheduling mechanisms [4]. - The principle of "who invests, who files" for project registration is established, promoting equal access to rooftop development resources and potentially lowering development costs [5]. Summary by Sections Section 1: Policy Impact - The distributed photovoltaic management measures are expected to affect the stability of existing projects and the decision-making for new projects, with a focus on market-oriented trading [1][3]. Section 2: Project Classification - Four types of distributed photovoltaic projects are defined, including residential, non-residential, general commercial, and large commercial, each with specific requirements regarding voltage levels and installation capacities [2]. Section 3: Operational Requirements - Large commercial projects must utilize a self-consumption model and comply with new operational requirements, including the installation of anti-backflow devices [3]. Section 4: Investment and Registration - The management measures promote a unified approach to investment and registration, allowing for more equitable development of distributed photovoltaic projects and potentially reducing intermediary costs [5].