电力行业政策点评：辅助服务机制持续优化，电改推进火电迎价值重估

Investment Rating - The report maintains a "Synchronize with the market" rating for the electricity and public utilities industry, indicating expected performance in line with the benchmark index [4][3]. Core Insights - The auxiliary service mechanism in the electricity sector is continuously optimized, with the reform of electricity pricing leading to a reassessment of the value of thermal power [3][4]. - In the first half of 2023, the total auxiliary service fees in China reached 27.8 billion yuan, representing a 113% increase compared to the total for 2019. Thermal power enterprises accounted for 91.4% of these fees, with peak regulation compensation making up 60% and frequency regulation compensation 19.4% [2][3]. - The contribution of auxiliary services to electricity revenue remains low, but there is significant potential for growth as the market evolves and the installed capacity of renewable energy increases [2][3]. Summary by Sections Market Performance - The report highlights the recent performance of the electricity and public utilities sector, noting the regulatory changes and their implications for market participants [1][3]. Policy Analysis - The National Energy Administration's recent notification outlines the basic rules for the auxiliary service market, including definitions, member composition, and compensation mechanisms [3][4]. Financial Metrics - The report indicates that auxiliary service fees accounted for 1.9% of the on-grid electricity price in the first half of 2023, an increase of 0.43 percentage points from the same period in 2019, but still lower than in mature markets in Europe and the U.S. [2][3]. Investment Recommendations - The report suggests focusing on leading thermal power companies in the Yangtze River Delta region, such as Waneng Power, Sheneng Co., and Zhejiang Energy, as well as national power plants like Guodian Power and Huadian International, which are expected to benefit from market reforms [5][4].