新兴能源：分布式管理办法征求意见，加强分类管理与四可要求

Investment Rating - The report assigns an "Overweight" rating for the industry [8] Core Insights - The new distributed photovoltaic management regulations are gradually being implemented, detailing power generation classifications and grid connection modes, which strengthens the construction of the "Four Capabilities" requirements. This is expected to benefit high-investment-value distributed projects, which are likely to restart [8][9] - The new regulations categorize distributed photovoltaic power generation into four types: household use by individuals, non-individual household use, general commercial use, and large commercial use. Each type has specific requirements for grid connection and power usage [9] - The report emphasizes that the new regulations enhance the management and assessment of distributed projects, which is expected to lead to a healthy growth in industry demand as supportive policies are gradually established [9] Summary by Sections Investment Recommendations - The report suggests that the new distributed photovoltaic management regulations will lead to a revival of high-investment-value distributed projects, positively impacting industry demand [9] - Recommended companies include: Sunshine Power, Longi Green Energy, Tongwei Co., and JinkoSolar [9] Regulatory Changes - The new management regulations classify distributed photovoltaic power generation into four categories, each with specific voltage and capacity limits, and outline the required grid connection modes [9] - The "Four Capabilities" requirements are introduced to enhance the management of distributed power generation, focusing on observability, measurability, controllability, and adjustability [9] Market Outlook - The report indicates that the market has long anticipated the new regulations, which will clarify profitability models and pricing issues for distributed projects, leading to a more robust market environment [9]