电气设备：新型经营主体创新发展意见出台，关注智能微网与虚拟电厂

Investment Rating - The industry investment rating is "Leading the Market (Maintain)" [2][7] Core Viewpoints - The recent issuance of the "Guiding Opinions on Supporting the Innovative Development of New Business Entities in the Power Sector" by the National Energy Administration emphasizes the role of new business entities in enhancing power system regulation, promoting renewable energy consumption, and ensuring power supply security. It encourages innovation in new models and business formats, aiming to cultivate new productive forces in the energy sector and accelerate the construction of a new power system [2]. - The "Opinions" clearly categorize new business entities into single-technology types (such as distributed photovoltaics, decentralized wind power, and energy storage) and resource aggregation types (such as virtual power plants and smart microgrids), which is beneficial for establishing a unified technical standard system for new business entities [2]. - The "Opinions" propose that new business entities may be exempt from applying for power business licenses, simplifying the access of smart microgrids and new energy connections to the main grid, thus facilitating the exploration of green electricity supply tailored to local conditions [2]. - The document highlights the increasing demand for flexible resources due to the rapid rise in renewable energy penetration, indicating that the system cannot rely solely on main grid resources and must tap into small and micro-regulating entities at the distribution network level [2]. - The "Opinions" encourage new business entities with a regulation capacity of 5MW or more to provide energy and ancillary services, while also enhancing the flexibility of medium- and long-term electricity trading and gradually expanding the scope of the spot market [2]. Summary by Relevant Sections - Investment Rating: The industry is rated as "Leading the Market" with expectations of outperforming the market index by over 10% in the next 6-12 months [7]. - Market Performance: The report indicates a significant increase in the demand for flexible resources and the potential for new business models in the electricity market, particularly with the development of virtual power plants and smart microgrids [2]. - Analyst Information: Analysts involved in the report include Zhang Wencheng, Zhou Tao, and Shen Wenwen, who hold relevant qualifications and emphasize the importance of the findings [2].