电气设备行业：上网电量全面进入市场交易，促进新能源行业高质量发展

Investment Rating - The report maintains a "Recommendation" rating for the electrical equipment industry, indicating that the industry index is expected to perform better than the market benchmark index in the next 6-12 months [6]. Core Insights - The recent notification from the National Development and Reform Commission and the National Energy Administration aims to promote the high-quality development of the renewable energy sector by allowing all on-grid electricity from renewable sources to enter the market for pricing [1][2]. - A sustainable price settlement mechanism will be established to ensure reasonable and stable market expectations, allowing for price compensation when market prices fall below a set mechanism price [3]. - The notification distinguishes between existing and new projects, ensuring stable operations for existing projects while dynamically adjusting pricing for new projects based on regional renewable energy development goals [4]. - The entry of renewable energy into market trading is seen as a significant trend that will lay a solid foundation for the long-term development of the industry, addressing challenges related to the variability of wind and solar power generation [5]. Summary by Sections Market Entry and Pricing Mechanism - All renewable energy projects, including wind and solar, will enter the electricity market, with prices determined through market transactions [2]. - The notification emphasizes the need to improve the spot market trading and pricing mechanisms, allowing for adjustments by provincial price authorities [2]. Sustainable Development Mechanism - A price settlement mechanism will be established to provide compensation when market prices are lower than the mechanism price, ensuring stable expectations for enterprises [3]. Project Classification - Projects will be classified based on their commissioning date, with existing projects receiving price support aligned with current policies, while new projects will have their pricing determined through market competition [4]. Industry Outlook - The report anticipates a surge in demand for wind and solar installations in the short term, with the new pricing mechanism contributing to long-term stability in the renewable energy sector [5].