中国银河证券发布研报称，新型储能装机的持续增长，有望增强电力系统调节能力，进一步打开新能源 消纳空间。综合来看自发自用电量仍有望对绿电直连项目构成经济性上的利好，刺激新能源发电开拓用 户侧应用场景，减轻来自大电网的擎时。近期可再生能源补贴发放加快+各省136号文逐步落地+新型储 能建设加码打开消纳空间+绿电直连开拓用户侧应用场景四重催化下，重视新能源运营商的价值重估。 与此同时，关注火电、水电、核电等传统电源可靠性和灵活性价值的持续兑现。 ...

Group 1 - The core viewpoint emphasizes the acceleration of renewable energy subsidies and the implementation of various policies that enhance the value reassessment of new energy operators [1][2] - The new storage revenue model is being refined, with a target of 180 million kW of installed capacity by 2027, nearly doubling from 95 million kW at the end of June 2025 [1] - The establishment of a reliable capacity assessment mechanism for traditional power sources is highlighted, which will objectively reflect their contribution to the power system's capacity [3] Group 2 - The implementation of green electricity direct connection fees is expected to promote nearby consumption of renewable energy, with cost savings on system operation fees for self-generated electricity [2] - The capacity compensation mechanism is anticipated to benefit high-reliability traditional power sources such as thermal, nuclear, and large hydropower [3] - The policies aim to enhance the trading mechanisms for electricity, supporting long-term agreements between renewable energy, nuclear power companies, and electricity users [3]