电力设备：全面加快电力现货市场建设+辅助服务顶层规划发布，有望理顺价格机制，绿电价值有望重估

Industry Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2][10] Core Insights - The report highlights the acceleration of the electricity spot market construction and the publication of top-level planning for auxiliary services, which is expected to rationalize the pricing mechanism and re-evaluate the value of green electricity [5][6] - The establishment of a nationwide unified electricity market is anticipated to help transition electricity pricing from a multi-track system to a multi-dimensional pricing approach based on different attributes of electricity [7] Summary by Sections Industry Overview - The closing index level is 6449.5, with a 52-week high of 8068.94 and a low of 5403.16 [2] Electricity Market Construction - Official provinces for the electricity spot market transition include Hubei by the end of June 2025, Zhejiang by the end of 2025, and Anhui and Shaanxi aiming for June 2026 [6] - Continuous settlement trial provinces are expected to include Fujian, Sichuan, and others by the end of 2025 [6] Auxiliary Services Market - The market will involve entities with measurable and controllable capabilities, including thermal power, hydropower, and new operational entities like energy storage companies [7] - The fee transmission mechanism will involve users sharing the costs of auxiliary services based on their electricity consumption [7] Investment Recommendations - The report suggests focusing on "energy transition-friendly" comprehensive energy suppliers with high decision-making flexibility, such as Guoneng Rixin and Longxin Group, as well as companies like JinkoSolar, which may benefit from the re-evaluation of green electricity value [8]