电气设备：《全国统一电力市场发展规划蓝皮书》发布，电力市场三步走战略明确

Investment Rating - The industry investment rating is "Leading the Market" which indicates an expected outperformance of over 10% relative to the benchmark index in the next 6-12 months [2][5]. Core Viewpoints - The report highlights the release of the "National Unified Power Market Development Plan Blue Book," which outlines a three-step strategy for the power market development. The first step aims for initial construction by early 2025, the second step aims for full construction by 2029, and the third step aims for enhancement by 2035 [2]. - The Blue Book emphasizes the acceleration of the entry of renewable energy into the market, with a target for full market participation by 2029, ahead of the previously set 2030 deadline [2]. - The report notes that in 2023, the national market transaction volume accounted for 61.4% of the total electricity consumption, indicating a growing role of the market in optimizing resource allocation [2]. - The report also mentions that the market for renewable energy transactions reached 684.5 billion kilowatt-hours in 2023, representing 47.3% of total renewable energy generation [2]. Summary by Sections Market Development Strategy - The three-step strategy includes: 1. Initial construction by early 2025 to achieve orderly connections between inter-provincial and intra-provincial markets 2. Full construction by 2029 to enable comprehensive participation of renewable energy in the market 3. Enhancement by 2035 to support large-scale integration of renewable energy and establish a coordinated market mechanism [2]. Market Performance - In 2023, the cumulative registered operating entities in the national electricity market reached 743,000, a year-on-year increase of 23.9%, indicating increased market activity [2]. - The report forecasts that by 2025, the demand response capability of each province will reach 3%-5% of the maximum electricity load [2]. Investment Recommendations - The report suggests focusing on companies that are likely to benefit from the ongoing reforms in the electricity market, including those involved in flexible power generation, energy storage, and digitalization of the grid. Recommended companies include Guodian NARI, State Grid Xintong, and others [2].