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 report maintains an "Outperform" rating for the industry, indicating expected performance above the market [2]. Core Insights - The introduction of new policies for distributed photovoltaic (PV) systems aims to increase self-consumption ratios and promote market-oriented trading [2]. - The new regulations classify distributed PV projects into four categories: household PV for individuals, non-individual household PV, general commercial PV, and large commercial PV, each with specific applicable environments and voltage levels [2][5]. - The policies emphasize the need for fair participation in electricity market trading and the importance of enhancing self-consumption ratios, which is seen as a measure to deepen electricity market reforms and ensure grid safety [2][5]. Summary by Sections Investment Ratings - Companies such as Zhongmin Energy (600163.SH) and Chuan Investment Energy (600674.SH) are rated "Accumulate" with expected EPS of 0.41 and 1.03 respectively for 2024 [2]. - Guodian Power (600795.SH) is rated "Buy" with an expected EPS of 0.49 for 2024, indicating strong growth potential [2]. Policy Developments - The National Energy Administration released a draft for the management of distributed PV development, which includes provisions for project classification, management, and market participation [2][3]. - The new regulations require that large commercial PV projects must adopt a self-consumption model, while household PV retains the option for full grid connection [5]. Market Dynamics - The report notes that the distributed PV sector is becoming increasingly competitive, necessitating clear guidelines to ensure project quality and quantity [2][4]. - The report highlights the need for local policies to support fair competition in the market, as regional differences in market trading mechanisms exist [4].