光伏：分布式光伏意见稿发布，长期利好行业发展

Investment Rating - The report suggests a positive outlook for the distributed photovoltaic (PV) industry, indicating that the new management measures will promote healthy development in the sector [4][5]. Core Insights - The recent release of the "Management Measures for the Development and Construction of Distributed Photovoltaic Power Generation (Draft for Comments)" by the National Energy Administration is expected to have significant long-term benefits for the industry [4][5]. - The new regulations classify large commercial projects (over 6MW) as requiring full self-consumption, which may temporarily impact distributed installations but is anticipated to accelerate industry clearing and alleviate grid connection pressures in the long run [5][9]. - The measures emphasize the need for new distributed PV projects to achieve "observable, measurable, adjustable, and controllable" standards for grid access, raising the bar for the digital and intelligent development of distributed PV systems [5][9]. - Distributed PV projects will be allowed to participate in electricity market transactions, but they will also bear more associated costs, which may lead to short-term revenue declines in certain regions [5][9]. Summary by Sections Management and Registration - The new measures replace the 2013 interim management regulations and introduce a principle of "who invests, who registers" for project registration [4][7]. - Non-natural person investment projects cannot register under a natural person's name, ensuring accountability and legal responsibility for project operation and maintenance [7]. Grid Access and Market Participation - New distributed PV projects must meet specific criteria to enhance grid capacity and control capabilities [8]. - The measures allow for independent participation in electricity markets through various integration methods, including microgrids and virtual power plants [8]. Cost Sharing and Economic Implications - Both power generation and consumption parties must share government funds and additional costs when engaging in dedicated power supply agreements [8]. - Natural person household distributed PV systems are exempt from certain government fees, which may enhance their economic viability [8]. Investment Recommendations - The report encourages attention to sectors such as energy storage, household PV, and commercial energy storage operators, highlighting specific companies like Sungrow Power Supply, Shuneng Electric, Chint Electric, and Xinneng Technology as potential investment opportunities [5][9].