“电改”驱使新能源：从“被动”到“主动”的价值重构

Investment Rating - The industry investment rating is "Positive" (维持) [6] Core Viewpoints - The report is optimistic about the development of the electricity market, which brings new opportunities for the electricity system [3] - The transition from passive reliance on natural conditions to active participation in market operations is a core variable for optimizing economic efficiency in the industry [8] - The report highlights the importance of electricity market trading capabilities, especially in regions like Xinjiang and Inner Mongolia, where new projects will rely heavily on market transactions [8] Summary by Relevant Sections - Electricity Market Development: The report emphasizes the positive outlook for the electricity market, driven by reforms that enhance market participation and efficiency [3][8] - New Energy Projects: New energy projects in regions like Xinjiang and Inner Mongolia are expected to shift from subsidy-dependent models to market-driven mechanisms, with specific pricing structures outlined for different project types [8] - Software and Hardware Opportunities: The report suggests focusing on companies involved in software applications for electricity trading and hardware that supports market transactions, recommending specific companies for investment [8] - Active Value Creation: The shift from passive to active value creation in the new energy sector is expected to unlock significant investment opportunities, with several companies identified as potential beneficiaries [8]