现货市场规则进一步强化辅助服务，提出稳妥推动新能源参与电力市场。9月18日发改委、能源局印发的《电力现货市场基本规则（试行）》，规则自2023年10月15 日起施行。该政策是首个国家层面的现货市场政策，反映现货市场建设加速，主要内容可概括为三大关键词：“市场建设”、“市场衔接”、“新能源入市”。

核电价值或被严重低估，短中期看价值回归，远期看成长性带来价值提升核电与水电具有较强相似性，但 2020 以来 PB(LF)中枢 1.6x 左右显著低于水电的 2.2x。我们以中国核电为例采用DC 测算其所有核电机组价值，在 3.2%/7% 的贷款利率/贴现率下其在役/所有通过核准的核电机组归母价值1686/2025 亿元，中核 9 月 22 日市值 1375 亿（含 14.5GW 新能源估值），核电价值或被严重低估，短中期看好核电价值回归；远期核电价值提升有望得益于机组延寿，但更关键的是常态化审批下新机组投产，我们测算每投产一台120万千瓦三代机组带来148亿元内在价值增厚（投产时间点上）。推荐中国核电及类似测算下估值仍有较大提升空间的长江电力。

近日，国家发改委和国家能源局联合发布我国首个国家级电力现货市场基本规则，该规则自 2023 年 10 月 15 日起施行，有效期至 2026 年 10 月 15 日。规则指出电力现货市场建设的目标是形成体现时间和空间特性、反映市场供需变化的电能量价格信号，发挥市场在电力资源配置中的决定性作用。规则要求近期重点按照“统一市场、协同运行”的框架，推动省间、 省内或区域市场建设，加强现货市场与中长期市场、辅助服务市场等的衔接。

收入、利润规模高速增长。我们选择 12 家光伏设备上市公司作为样本进行分析，2023H1 光伏设备板块实现营收 291.67 亿元，同比增长 64.4%，归母净利润 55.66 亿元，同比增长 69.5%；业绩保持高速增长，反映出光伏行业仍处于较高景气阶段，设备厂商充分享受下游扩产红利。分环节来看，上半年归母净利润增速排序为硅片设备>组件设备>电池片设备。

2022年，由于供应链中断，贸易政策不确定性，通货膨胀，利率上升和互连延迟导致的成本上升和项目延迟，美国可再生能源增长放缓。其中许多挑战可能会延续到2023年，造成强劲的逆风。但是，强劲的需求和(降低通胀法案》(IRA)中创纪录的清洁能源激励措施可能会加速增长。

The equipment described in this report are primarily defined by its title since the title is generally long and includes most of the criteria used to differentiate the equipment from other similar equipment. The equipment descriptions are sourced from the U.S. Census. Additionally descriptions can be collected from the manufacturing industry descriptions that each equipment is categorized. The U.S. Census manufacturing industry descriptions for equipment are listed below

The equipment described in this report are primarily defined by its title since the title is generally long and includes most of the criteria used to differentiate the equipment from other similar equipment. The equipment descriptions are sourced from the U.S. Census. Additionally descriptions can be collected from the manufacturing industry descriptions that each equipment is categorized. The U.S. Census manufacturing industry descriptions for equipment are listed below

The equipment described in this report are primarily defined by its title since the title is generally long and includes most of the criteria used to differentiate the equipment from other similar equipment. The equipment descriptions are sourced from the U.S. Census. Additionally descriptions can be collected from the manufacturing industry descriptions that each equipment is categorized. The U.S. Census manufacturing industry descriptions for equipment are listed below

The equipment described in this report are primarily defined by its title since the title is generally long and includes most of the criteria used to differentiate the equipment from other similar equipment. The equipment descriptions are sourced from the U.S. Census. Additionally descriptions can be collected from the manufacturing industry descriptions that each equipment is categorized. The U.S. Census manufacturing industry descriptions for equipment are listed below

The equipment described in this report are primarily defined by its title since the title is generally long and includes most of the criteria used to differentiate the equipment from other similar equipment. The equipment descriptions are sourced from the U.S. Census. Additionally descriptions can be collected from the manufacturing industry descriptions that each equipment is categorized. The U.S. Census manufacturing industry descriptions for equipment are listed below