容量市场加速建立，重视调节资源的投资机会

Industry Investment Rating - The industry investment rating is maintained at "Outperform the Market" [2] Core Viewpoints - The report highlights the acceleration of the capacity market establishment, emphasizing investment opportunities in regulating resources [5][9] - The National Development and Reform Commission and the National Energy Administration have issued a notice to improve the capacity pricing mechanism for power generation, which includes coal, natural gas, pumped storage, and new energy storage [5][6] - The report suggests that the capacity price for coal power will increase, while pumped storage will face differentiation pressure in the long term [8] Summary by Relevant Sections Industry Basic Situation - The closing index is at 10,412.19, with a 52-week high of 11,060.52 and a low of 6,107.84 [2] Investment Highlights - The establishment of a reliable capacity compensation mechanism is a transitional measure, which will be implemented after the continuous operation of the electricity spot market [7] - The compensation standard will be based on the fixed costs that cannot be recovered in the energy and ancillary services markets [7] Investment Recommendations - The report recommends focusing on companies involved in energy storage, such as Haibo Shichuang, and gas power companies like Shanghai Electric and Dongfang Electric [9]