新型经营主体豁免电力业务许可证，配网生态迎变

Investment Rating - The report maintains an "Overweight" rating for the energy and power equipment sectors [1][2]. Core Insights - The National Energy Administration's recent guidelines support the innovation and development of new business entities in the power sector, allowing exemptions from electricity business licenses for qualified industrial enterprises and parks, which is expected to enhance the diversity of distribution network business models [1]. - The report highlights three major opportunities in the distribution network sector: domestic expansion, integration of supply and demand with economic benefits, and the acceleration of new business models such as energy storage and virtual power plants [2]. - The report emphasizes the importance of accelerating investment in distribution networks and the potential for cost reduction through energy storage in microgrid models [2]. Summary by Sections Section: New Business Entity Guidelines - The guidelines allow new business entities, including distributed energy sources and virtual power plants, to operate without electricity business licenses, addressing the bottleneck in distributed energy development [1]. - The report suggests that the integration of distributed resources with industrial and commercial electricity demand is crucial for increasing the penetration of renewable energy [1]. Section: Investment Opportunities - The report anticipates a significant increase in investment in distribution networks from 2024 to 2025, driven by domestic and overseas demand [2]. - It identifies the need for digital upgrades in distribution networks to achieve the "four capabilities" (observable, measurable, adjustable, controllable) [2]. Section: Recommended Companies - The report recommends "Samsung Medical" (601567 CH) with a target price of 44.25 and a "Buy" rating, and "Mingyang Electric" (301291 CH) with a target price of 48.60 and a "Buy" rating [5][7].