According to the CITIC Securities Research Report, on August 3, 2026, the National Development and Reform Commission and the Energy Administration issued the “15th Five-Year Plan” for the Construction of New Electric Power Systems. As a top-level document in the field of electricity, the “Plan” forms a complement with the “Fifteenth Five-Year Plan” for Renewable Energy and the “Fifteenth Five-Year Plan” for the construction of a new energy system, etc., with “source network storage” integration and collaboration as the main line to push the power industry to shift from a single new energy installation to global coordination. The “Plan” sets quantitative goals around power supplies, power grids, resource regulation, load, and markets, and aims to initially build a new power system by 2030, and increase the share of non-fossil energy power generation to 50%. We believe that the policy may continue to benefit areas such as UHV, intelligent distribution networks, flexible resource regulation, clean power development, and digitization of electricity, such as various energy storage/virtual power plants, and accelerate the implementation of electricity reform policies such as capacity compensation mechanisms and capacity markets. 1) Grid infrastructure construction. Under the guidance of the “Plan”, we expect UHV AC/DC transmission channels, regional backbone grid upgrades, intelligent distribution network transformation, and microgrid system construction may usher in a continuous boost. It is recommended to focus on transmission equipment, distribution automation, and digital intelligent power grid equipment; at the same time, increased distribution network carrying capacity will fully release distributed photovoltaic development space, and distributed development and operation and maintenance entities may benefit. 2) Flexible adjustment of resources of various types. First, in the field of energy storage, construction of pumped energy storage is accelerating, and demand for independent energy storage and new types of energy storage on the user side continues to be released; second, flexible power supply transformation, and gas peaking units are progressing in an orderly manner; third, load-side regulation resources, virtual power plant platforms, load aggregation service providers, vehicle network interaction, and intelligent charging/discharging equipment have long-term growth opportunities. 3) Collaborative development of clean power sources. Relying on cross-provincial and cross-regional transmission channel plans, the pace of development and construction of the “Three North” scenic bases and offshore wind power is expected to accelerate; at the same time, the orderly expansion of nuclear power, renewable energy sources such as photothermal energy and biomass may welcome more policy support. 4) Electricity market and digitalization. We expect that under a policy of confident contribution and further clarification of peak power supply capacity assessment requirements, the construction of the power capacity market may be the focus of the next stage of electricity market-based reform. At the same time, it is recommended to focus on the needs of power trading platforms, load management systems, power simulation and scheduling systems, and energy digitization platforms.

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