电力市场化进一步完善，看好虚拟电厂的发展

Industry Investment Rating - The investment rating for the power equipment industry is "Outperform the Market" and is maintained [1] Core Insights - The report highlights the ongoing improvements in the electricity market, particularly with the introduction of the "auction" mechanism, which is expected to enhance the development of virtual power plants [4][6] - The mid-to-long-term market is transitioning into a risk management market, encouraging longer and shorter trading cycles, and aiming to align with spot market price signals [5] - The report suggests that the core focus under electricity marketization is to reduce electricity price volatility risks while obtaining corresponding risk premiums, with virtual power plants being a key area of interest [6] Summary by Relevant Sections Industry Overview - The closing index for the power equipment sector is 10088.23, with a 52-week high of 10950.05 and a low of 6107.84 [1] Market Performance - The relative performance index shows a projected increase of 14% to 49% for the power equipment sector compared to the CSI 300 index from December 2024 to December 2025 [3] Investment Recommendations - The report recommends focusing on companies such as Guoneng Rixin, Xiexin Energy Technology, JinkoSolar, and Jinzhitech as potential investment opportunities in the context of marketization [6]