HTSC·2025-05-06 03:33Investment Rating - The industry investment rating is "Overweight" [5] Core Viewpoints - The construction of the electricity spot market is accelerating, with a goal to achieve nationwide coverage by the end of 2025, which will enhance price discovery and supply-demand adjustment [2][3] - The environment of loosening electricity supply and demand creates opportunities for marketization, particularly benefiting investments in wind power, power forecasting, and virtual power plants [2][3] Summary by Sections Electricity Spot Market Development - The National Development and Reform Commission and the Energy Administration have set a clear timeline for the establishment of the electricity spot market, aiming for full coverage by the end of 2025 [3][9] - Provinces such as Hubei and Zhejiang are expected to transition to formal operations by mid-2025 and the end of 2025, respectively [9] Investment Opportunities - Wind power is expected to outperform photovoltaic power in the electricity market, leading to a structural growth opportunity in wind power installations [9] - The importance of power forecasting will increase as renewable energy enters the spot market, optimizing trading strategies and enhancing revenue per kilowatt-hour [9] - The push for distributed photovoltaic "four capabilities" (observable, measurable, adjustable, controllable) will accelerate due to marketization [9] - The virtual power plant business model is expected to close the loop with the acceleration of marketization, facilitating participation in the spot market [9] Recommended Companies - Key recommended companies include: - Samsung Medical (601567 CH) with a target price of 38.02 and a "Buy" rating [8][12] - Juhua Technology (300360 CH) with a target price of 18.48 and an "Overweight" rating [8][12] - Pinggao Electric (600312 CH) with a target price of 21.28 and a "Buy" rating [8][12]