Huajin Securities research report points out that since the start of a new round of electricity reform in 2015, the market-oriented reform of the electrical utilities sector has been continuously deepening. The acceleration in auxiliary services, spot markets, and the construction of a national unified electricity market is expected to benefit flexible and adjustable power sources, such as flexible reform of thermal power, energy storage, and virtual power plants. In addition, bullish on the trend of digitalization and intelligence upgrade of electrical utilities.