电力设备：《分布式光伏发电开发建设管理办法》施行

Investment Rating - The industry investment rating is maintained as "Add" [6] Core Viewpoints - The National Energy Administration has issued the "Management Measures for the Development and Construction of Distributed Photovoltaic Power Generation," effective for five years, to promote high-quality development of distributed photovoltaic power generation [1] - By the end of 2024, the cumulative installed capacity of distributed photovoltaic power generation is expected to reach 370 million kilowatts, accounting for 42% of total photovoltaic installed capacity, with an additional 120 million kilowatts added in 2024, representing 43% of the new installations that year [1] - The report highlights that the issue of grid connection and consumption has become a major constraint on the development of distributed photovoltaic power [2] - The revised management measures focus on four principles: system perspective, prioritizing user rights, problem-oriented management, and differentiated management to enhance operability [3] Summary by Sections Industry Overview - Distributed photovoltaic power generation is recognized as a crucial force in energy transition, with significant growth expected in both installed capacity and generation volume [1] Regulatory Changes - The new management measures aim to rectify existing issues in the distributed photovoltaic market and promote sustainable development [4] Investment Recommendations - The report expresses optimism about the growth in demand for distributed photovoltaic power and suggests focusing on leading companies benefiting from technological advancements and cost reductions, such as GCL-Poly Energy, LONGi Green Energy, JinkoSolar, and High Measurement [5]