Investment Rating - The report assigns an "Increase" rating to the companies listed, indicating a projected stock price increase relative to the industry index over the next six months [1]. Core Insights - The Gansu province has introduced a "fire-storage complementary" capacity pricing mechanism, which aims to establish the value of system-regulating power sources [1][3]. - The new pricing mechanism is designed to support the construction of large clean energy bases and promote the transformation of coal power towards a dual focus on basic security and system regulation [3]. - The capacity price for coal power units and new storage on the grid is set at 330 yuan per kilowatt per year, with a two-year execution period starting January 1, 2026 [3]. Summary by Sections Investment Ratings - Dragon Power (001289.SZ): Increase, EPS 2025E: 0.79, PE 2025E: 20.68 [1] - Zhongmin Energy (600163.SH): Increase, EPS 2025E: 0.40, PE 2025E: 13.10 [1] - Chuan Investment Energy (600674.SH): Increase, EPS 2025E: 1.05, PE 2025E: 15.44 [1] - Guodian Power (600795.SH): Buy, EPS 2025E: 0.42, PE 2025E: 11.19 [1] Mechanism for New Energy Projects - The fixed electricity price for existing renewable energy projects is set at 0.3078 yuan per kilowatt-hour, with a total scale of 15.4 billion kilowatt-hours [2]. - New energy projects will have their electricity price determined through a competitive bidding process, with a maximum mechanism electricity limit of 80% of their grid-connected electricity [2]. Capacity Pricing Mechanism - The capacity pricing mechanism aims to enhance the system's regulatory capabilities and support the transition of coal power to a dual role [3]. - Coal power units will receive full capacity compensation, while storage projects will gain equal status in system capacity, significantly improving their profitability [3]. - The policy redefines the roles of coal power and storage in the energy system, ensuring stability in high renewable energy penetration scenarios [3][4].