《电力辅助服务市场基本规则（征求意见稿）》点评：明确主体及品种，辅助服务市场规则完善

Investment Rating - The report maintains a "Recommended" rating for the public utility sector [5]. Core Insights - The National Energy Administration issued the "Basic Rules for the Electricity Auxiliary Service Market (Draft for Comments)" on October 8, 2024, aiming to optimize the pricing mechanism and improve the market structure for auxiliary services [1]. - The auxiliary service market is expected to grow rapidly, with a compound annual growth rate of 21% from mid-2019 to mid-2023, although it still lags behind international standards [3]. - The report highlights the importance of flexible resources such as thermal power and energy storage in enhancing grid regulation capabilities and facilitating the consumption of renewable energy [4]. Summary by Sections Market Participants and Trading Types - The new rules clarify that entities with measurable and controllable capabilities, including thermal power, hydropower, energy storage, and virtual power plants, can participate in the auxiliary service market [2]. - The trading types in the auxiliary service market include peak regulation, frequency regulation, standby, ramping, and black start, providing economic compensation based on market principles [2]. Market Growth and Potential - As of mid-2023, approximately 2 billion kilowatts of installed capacity participated in the auxiliary service market, accounting for 74% of total installed capacity, with total auxiliary service fees reaching 27.8 billion yuan, representing 1.9% of grid electricity prices [3]. - The report notes that while the auxiliary service market is growing, it still has significant room for improvement to reach international levels of over 3% [3]. Investment Recommendations - The report suggests a positive outlook for the thermal power sector due to improved generation capacity and favorable policies, while also favoring hydropower and nuclear power for their stable performance and strong dividend capabilities [4]. - It recommends focusing on companies such as Huaneng International, Guodian Power, Anhui Energy, Chuan Investment Energy, Yangtze Power, and China General Nuclear Power for potential investment opportunities [4].