光伏行业点评报告：新版分布式光伏管理办法征求意见，并网要求收紧

Investment Rating - The report maintains a "Recommended" investment rating for the industry [1] Core Views - The National Energy Administration has released a draft for the "Management Measures for Distributed Photovoltaic Power Generation Development," tightening grid connection requirements [1] - For household distributed photovoltaic systems, full grid connection is allowed, while general commercial systems cannot connect fully, and large commercial systems must use all generated power for self-consumption [1] - The new measures aim to ensure that distributed photovoltaic projects are observable, measurable, adjustable, and controllable, enhancing their integration into the power market [1] - Short-term tightening of grid connection is expected to alleviate consumption pressure, while long-term market entry may expand business models [1] - The rapid growth of distributed photovoltaic installations has increased pressure on the power system, but the new measures are anticipated to mitigate some of this pressure [1] Summary by Sections Recent Trends - The report notes that the installation scale of distributed photovoltaics has grown rapidly in recent years, leading to increased pressure on the power grid [1] - The tightening of grid connection requirements is expected to slow down the installation growth rate for some commercial systems with lower self-consumption ratios [1] Investment Recommendations - The report suggests that the demand for new energy installations is expected to continue growing in the long term, with consumption pressure likely to be addressed through storage and virtual power plants [1] - Specific stocks to watch include: - Yangguang Power (300274.SZ) with a "Buy" rating - Deye Technology (605117.SH), Shangen Electric (300827.SZ), and Goodwe (688390.SH) with no rating - Guoneng Rixin (301162.SZ) and Anke Rui (300286.SZ) as targets for virtual power plant business [2]