公用事业行业：《分布式光伏发电开发建设管理办法》点评-分布式光伏管理办法正式落地，明确新老划断

Industry Rating - The report maintains a Recommend rating for the utilities industry [2] Core Views - The Distributed Photovoltaic Power Generation Development and Construction Management Measures (referred to as the "Measures") was officially issued on January 23, 2025, clarifying the distinction between new and existing distributed photovoltaic projects [5] - The Measures are expected to trigger a temporary rush for grid connection due to the uncertainty introduced by the new policies, especially for projects that were filed before the Measures' release and connected to the grid before May 1, 2025 [5] - The Measures categorize distributed photovoltaic projects into four types: residential (natural persons), residential (non-natural persons), general commercial and industrial, and large commercial and industrial projects, each with different investment methods, voltage levels, capacity limits, and grid connection modes [5] - The Measures introduce increased uncertainty for general commercial and industrial projects, while relaxing restrictions for large commercial and industrial projects, potentially impacting the short-term installation scale of distributed photovoltaics [5] - The Measures remove references to market-oriented transactions but suggest that the integration of distributed photovoltaics into the market is still a long-term trend, with some provinces already taking action [5] - New projects and eligible existing projects must meet the "four observables" (observable, measurable, adjustable, and controllable) requirements and participate in grid dispatch, which is expected to benefit related equipment manufacturers [6] Investment Recommendations - The new regulations standardize distributed photovoltaic projects across multiple dimensions, including investment methods, voltage levels, installation scale, and grid connection modes, which, despite short-term disruptions, are expected to promote sustainable and healthy industry development in the long term [7] - The integration of distributed photovoltaics into the market, the "four observables" requirements, and participation in grid dispatch are expected to increase demand for equipment and software such as metering devices, power prediction systems, and grid dispatch systems [7] - The new regulations are also expected to drive the penetration of new business models such as virtual power plants and aggregators, benefiting related equipment and service providers [7]