电力设备及新能源行业：新能源上网电价市场化改革落地，绿电行业有望加快实现高质量发展

Investment Rating - The industry investment rating is "Positive" for the electric equipment and new energy sector, indicating an expectation of performance exceeding the market benchmark by over 5% in the next six months [4][21]. Core Insights - The recent policy reform aims to enhance the market-oriented pricing of renewable energy, which is expected to accelerate the high-quality development of the green electricity sector [1][2]. - The reform includes a comprehensive market entry for renewable energy projects, covering solar and wind energy, with pricing determined through market transactions [2][3]. - A sustainable pricing settlement mechanism will be established to mitigate revenue fluctuations for renewable energy producers, ensuring stable income expectations [2][3]. - The differentiation between existing and new projects will facilitate a smooth transition in policy execution, potentially leading to increased demand for renewable energy installations in the short term [3][10]. Summary by Sections Policy Reform - The National Development and Reform Commission and the National Energy Administration issued a notice to deepen the market-oriented reform of renewable energy pricing, focusing on market-driven pricing, sustainable development mechanisms, and differentiated policies for existing and new projects [1][2]. Market Dynamics - The notice mandates that all renewable energy projects participate in market trading, which is expected to enhance the efficiency of the electricity market and support the construction of a new power system [2][3]. - The pricing mechanism will include a compensation system to smooth out income volatility for renewable energy producers, thereby promoting stable revenue expectations [2][3]. Impact on Users - The impact of the reform on end-user electricity prices is expected to be limited, with industrial and commercial users likely to see stable prices in the first year of implementation [10][3]. Investment Opportunities - The report highlights that the current installed capacity of renewable energy has surpassed that of coal power, exceeding 40%, and emphasizes the potential for improved profitability for renewable energy companies as a result of the reforms [10][4]. - Beneficiary companies identified include Three Gorges Energy and Longyuan Power [10].