智通财经网·2025-10-09 07:20Core Viewpoint - The power sector is experiencing a rebound, with significant stock price increases for major companies following a meeting by the State-owned Assets Supervision and Administration Commission (SASAC) focused on stabilizing electricity and coal prices, and preventing excessive competition [1] Group 1: Stock Performance - China General Nuclear Power (01816) increased by 4.76%, reaching HKD 3.08 [1] - Datang International Power Generation (00991) rose by 3.96%, reaching HKD 2.36 [1] - Huaneng International Power Development (00902) saw a 3.89% increase, reaching HKD 5.61 [1] - Longyuan Power Group (00916) increased by 3.65%, reaching HKD 8.53 [1] Group 2: Regulatory Insights - On September 25, SASAC held a meeting focusing on stabilizing electricity prices, coal prices, and preventing "involution" competition [1] - Guosen Securities indicated that by 2025, annual long-term contract electricity prices will be adjusted downward in various regions, while thermal power capacity prices will increase next year [1] - The risk of electricity prices in the green energy sector is gradually being released as it undergoes full marketization, with the pressure of declining electricity prices expected to ease [1] Group 3: Market Expectations - Overall expectations for stable electricity prices are strengthening, despite significant differences regarding long-term contract electricity prices for 2025 [1] - The proportion of long-term contract electricity volume will become a key focus [1] - The thermal power sector is shifting its focus towards efficiency and revenue per unit of electricity rather than merely increasing generation volume, supported by stable capacity prices and auxiliary services [1] Group 4: Dividend and Governance - Current dividend yields for Huaneng International and Huadian International on the Hong Kong stock market are close to 8%, while Sheneng shares and Inner Mongolia Huadian on the A-share market have yields near 6% [1] - The attributes of stable electricity prices are enhancing low volatility dividend characteristics [1] - Company governance has significantly improved alongside market capitalization management, net asset recovery, and increased dividends [1]