电力及公用事业：分布式光伏新政出台，提升自用比例、促进市场化交易

Investment Rating - The investment rating for the industry is "Outperform the Market" [2][9]. Core Insights - The new policy for distributed photovoltaic (PV) systems aims to increase self-consumption ratios and promote market-oriented transactions, indicating a shift towards more sustainable energy practices [2][4]. - The policy categorizes distributed PV projects into four types: household PV for individuals, non-individual household PV, general commercial PV, and large commercial PV, each with specific operational guidelines [2][5]. - The report highlights the need for local policies to ensure fair market competition, as the current national policy does not explicitly address the competitive landscape for distributed PV projects [4][5]. Summary by Sections Investment Ratings - Companies such as Zhongmin Energy (600163.SH) and Chuan Investment Energy (600674.SH) are rated as "Increase Holdings," while Guodian Power (600795.SH) is rated as "Buy" [2]. Policy Changes - The National Energy Administration released a draft management method for distributed PV development, which includes updates on project classification and operational management [2][4]. - The new regulations emphasize the importance of self-consumption and market participation for surplus electricity generated by distributed PV systems [2][4]. Market Dynamics - The report notes that the distributed PV sector is becoming increasingly competitive, necessitating stricter regulations on project quality and quantity to ensure sustainable development [2][4]. - It also mentions that the price of PV components has been declining over the past five years, which could impact the cost structure of new and existing projects [4].