电力设备行业周报：辅助服务征求意见稿推出，储能与虚拟电厂率先收益

Investment Rating - The industry investment rating is "Overweight" [1] Core Views - The energy storage sector is seeing improvements in domestic large-scale storage revenue mechanisms, with a focus on the PCS segment. The National Energy Administration has released a draft for public consultation on the basic rules for the electricity auxiliary service market, which is expected to enhance the importance of auxiliary service pricing and optimize the supply-demand structure for large-scale storage [1][6][9] - The electric equipment sector is benefiting from the release of auxiliary service market rules, which will prioritize flexible adjustment resources such as energy storage and virtual power plants [1][9] - The humanoid robot industry is accelerating its industrialization, with opportunities for companies to enter the tier 1 supply chain [1][12] - The electric vehicle sector is experiencing a bottom reversal in the lithium battery segment, with recommendations to continue investing in high-profit companies [1][16] - The photovoltaic sector is facing upstream production cuts leading to price increases, but downstream order intake remains challenging, suggesting a focus on undervalued stocks [1][23] - The hydrogen energy sector is developing steadily, with Hubei Province's action plan aiming for a total hydrogen energy output value of 100 billion yuan by 2027 [1][24] Summary by Sections Energy Storage - In September, the domestic energy storage bidding scale reached 16.35 GWh, a month-on-month increase of 46%. The average price for a 2-hour energy storage system is 0.578 yuan/Wh, continuing to decline [4][6] Electric Equipment - The National Energy Administration's draft rules for the electricity auxiliary service market aim to standardize market operations and enhance the profitability of energy storage and virtual power plants [6][9] Humanoid Robots - Companies like Zhenyu Technology and Fulin Precision are investing in humanoid robots, indicating a growing interest in this sector [12][15] Electric Vehicles - The lithium battery sector is showing signs of recovery, with companies like Xpeng Motors accelerating their Robotaxi business development [16][17] Photovoltaics - The photovoltaic sector is experiencing a downturn, with upstream production cuts and challenges in order intake, suggesting a focus on undervalued stocks [23][25] Hydrogen Energy - Hubei Province's hydrogen energy action plan aims for a total output value of 100 billion yuan by 2027, indicating growth potential in this sector [24][21]