batscratch| Guotai Junan Securities: Power market policies continue to deepen and IT construction is expected to accelerate

Zhitong Financial APP learned that Guotai Junan Securities issued a research report that with the implementation of the "basic rules for the Operation of the electricity Market", the importance of the new power system to the construction of a national unified power market has become increasingly prominent, and the construction of IT in all links is expected to be accelerated. Since the new round of electric power system reformBatscratchThe construction of China's power market has achieved positive results, and the prosperity of the industry has continued to improve. The "rules" meet the actual needs of the development of the new power system, and the construction of IT in the whole process from power generation to electricity consumption is an important cornerstone of the new power system.

The operation rules and regulatory policies of the electricity market fall frequently, and the prosperity of the industry continues to improve. Since the new round of power system reform, the construction of China's power market has achieved positive results.Batscratch. 67 trillion kilowatt-hours, accounting for 61.4% of the total electricity consumption of society, up from less than 17% in 2016. However, in the actual implementation, there are still some problems, such as disunity of rules, local protection, inter-provincial barriers and so on. The "rules" are the "1" in the basic rule system of the national unified electricity market, which is being organized and compiled, and will provide a basis for a series of normative documents such as the basic rules of the electricity market revised by the National Development and Reform Commission and the Energy Bureau. In addition, on the afternoon of May 23, the General Secretary presided over a forum for enterprises and experts in Jinan, in which experts expressed their views on deepening the reform of the electric power system. Thus it can be seen that with the continuous promotion of power reform and the continuous escort of relevant supporting policies, the prosperity of the industry will pick up significantly at the key node of the current new power system construction.

The rules meet the actual needs of the development of new power systems. With the gradual transformation of non-fossil energy power generation into the main body of installed and electric power, fossil energy power generation has changed to the main body of electric power support, and all kinds of new business entities such as new energy storage, virtual power plants and load aggregators have developed rapidly. The rules define new business entities, define power auxiliary service transactions and capacity transactions, and strive to build a power market architecture that adapts to the high proportion of new energy access, the reliable power support provided by traditional power sources, and the development of new business entities.

The construction of IT, the whole process from power generation to power consumption, is an important cornerstone of the new power system. The power prediction of power generation, intelligent dispatching and operation and maintenance of transmission link, distribution network automation system of substation link, transaction settlement of power consumption link, virtual power plant and integrated energy service are all necessary means to ensure the stable operation of the new power system. at the same time, it also provides technical guarantee and pricing basis for medium-and long-term and spot transactions, with the gradual promotion of a unified power market. The importance of IT capability in the whole process of power transmission and transformer distribution will become more and more prominent.

Investment suggestion: the basic rules for the Operation of electricity Market (hereinafter referred to as "rules") will be implemented on July 1, 2024, the importance of the new power system to the construction of a national unified power market is becoming more and more prominent, and the construction of IT in all links is expected to be accelerated. Recommended targets: Guoneng Rixin, Langxin Group, beneficiary targets: national Network ICT, Golden Hyundai, Yuanguang Software.

Risk hint: the demand falls short of expectations and the risk of macro-environmental fluctuations.