山东新能源市场化改革 破限谋长远：电力设备行业研究周报

Investment Rating - The report maintains an "Overweight" rating for the electric power equipment industry [8] Core Insights - The recent market-oriented reform in Shandong's renewable energy sector aims to eliminate institutional barriers for renewable energy participation, accelerating the establishment of a "clean, low-carbon, safe, and efficient" modern energy system, with a target to fully achieve market-based trading of renewable energy by the end of 2025 [17][20] - The reform will lead to a shift in revenue models for renewable energy companies, with existing projects facing reduced guaranteed purchase ratios and new projects encountering increased market uncertainties [20] - Long-term benefits are expected as the reform encourages renewable energy companies to focus on technological innovation, cost control, and management optimization, transitioning the industry from subsidy dependence to technology-driven growth [20] Summary by Sections 1. Market Overview - The electric power equipment industry experienced a weekly increase of 4.02%, ranking third among 31 primary industries, outperforming the Shanghai and Shenzhen 300 indices [21] - The weekly performance of major indices was as follows: Shanghai Composite Index at 1.92%, Shenzhen 300 at 2.00%, Shenzhen Component Index at 2.29%, and ChiNext Index at 3.27% [21] 2. Impact on Renewable Energy Companies - By the end of 2025, wind and solar projects will fully participate in electricity market trading, with the first auction scheduled for June 2025 [20] - Existing projects will trade all electricity generated, with a mechanism price capped at 0.3949 yuan per kilowatt-hour, while new projects will determine prices through competitive bidding [20] - The reform is expected to create short-term challenges for companies but will ultimately provide a broader development space for competitive renewable energy firms [20] 3. Investment Strategy - The report suggests focusing on companies likely to benefit from electric power system construction, such as Sungrow Power Supply and DeYuan Co., Ltd. [20]