Galaxy Securities: It is suggested to pay attention to the gradual realization of reliability, flexibility, and value of thermal power, as well as the growth potential of hydroelectric power with wind and light storage.

Guotai Junan Securities pointed out that on November 10, the National Development and Reform Commission and the National Energy Administration issued the "Guiding Opinions on Promoting the Consumption and Regulation of New Energy". The "Opinions" propose to "promote large-scale development of new energy while achieving high-quality consumption, meet the reasonable consumption demand of more than 200 million kilowatts of new energy added annually nationwide, and help achieve the goal of carbon peak." Since 2025, starting from the stability of electricity prices after the introduction of Document No. 136 for the comprehensive entry of new energy into the market, the accelerated repayment of national subsidies in August, to the issuance of this guiding opinion to promote consumption, the puzzle of new energy policies is gradually being completed. Guotai Junan Securities believes that with the continuous protection of policies, the electricity price, subsidies, and consumption issues currently facing the new energy industry are expected to gradually ease, and it is recommended to seize the turning point opportunity. Based on this, the large-scale and high proportion development of new energy will inevitably require the improvement of the overall adjustment capacity of the power system. It is recommended to focus on the reliability and flexibility value gradually realized by thermal power, as well as the growth potential of pumped hydro with wind and solar energy integration.