GF SECURITIES·2026-02-12 06:14Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report emphasizes that the electricity market is entering a golden decade, breaking down barriers and releasing development vitality [1] - The recent issuance of the "Implementation Opinions on Improving the National Unified Electricity Market System" by the State Council highlights the acceleration of market and pricing mechanisms suitable for the new energy system [5] - The report outlines a goal to fully establish a national unified electricity market system by 2035, with a steady increase in the proportion of market-based electricity transactions [5] - It identifies the construction of a multi-dimensional market system, including long-term markets, spot markets, auxiliary service markets, green electricity markets, and capacity markets, with a focus on the spot market [5] - The report suggests that by 2030, all types of power sources and electricity users, except for guaranteed users, will directly participate in the electricity market, with market-based transactions accounting for about 70% of total electricity consumption [5] - Investment recommendations include focusing on software companies like Guoneng Rixin and Langxin Technology, hardware companies benefiting from market volatility such as Sunshine Power and Haibosi Chuang, and supporting companies like Guodian Nanrui and State Grid Xintong for grid operation control and digital systems [5] Summary by Sections - Policy and Market Structure: The report discusses the high-level issuance of the recent policy, the introduction of a 2035 target, and the clear direction for market composition and reform [5] - Market Participation: It emphasizes the importance of nationwide unification and smooth circulation in electricity trading, with a shift from individual pricing to unified pricing and joint trading [5] - Investment Opportunities: The report highlights potential beneficiaries in the new energy storage sector and suggests various companies across software, hardware, and supporting sectors for investment [5][6]