电力设备：新能源入市加速，资产估值有望提升

Industry Investment Rating - The industry investment rating is maintained as "Outperform the Market" [1] Core Viewpoints - The report highlights that the acceleration of new energy market entry is expected to enhance asset valuations, particularly following the recent policy changes by the National Development and Reform Commission and the National Energy Administration [3][4] - The differentiation between existing and new projects is emphasized, with the "stock remains unchanged, increment moves" reform model likely stabilizing investment expectations in the new energy sector [4] - The report anticipates a potential rush for installations due to the new energy pricing mechanisms and the expected technological upgrades of older projects [4][7] Summary by Relevant Sections Industry Basic Situation - The closing index is at 7138.51, with a 52-week high of 8068.94 and a low of 5403.16 [1] New Energy Market Entry - The new rules for renewable energy market entry are expected to promote technological upgrades for older projects and may lead to a rush in installations [3][4] - The pricing mechanism for new projects will be determined based on local renewable energy consumption responsibility weights and user affordability [4] Pricing and Settlement Mechanisms - The report discusses the establishment of a market-based pricing mechanism for grid-connected renewable energy, which will include a price cap and a price floor based on various factors [4] - The settlement mechanism will involve monthly price difference settlements, which could lead to pressure on end-user electricity prices in the long term [4] Investment Recommendations - The report suggests that new energy assets are likely to be revalued, with specific companies such as Longyuan Power and JinkoSolar recommended for investment [7] - It also notes the potential for arbitrage opportunities due to the coexistence of old and new policies, which may benefit companies like Jinko Energy and Dongfang Risheng [7]