Zhi Tong Cai Jing·2025-10-09 07:28Group 1 - Power stocks have rebounded today, with notable increases in share prices for companies such as China General Nuclear Power (up 4.76% to HKD 3.08), Datang International Power Generation (up 3.96% to HKD 2.36), Huaneng International Power (up 3.89% to HKD 5.61), and Longyuan Power (up 3.65% to HKD 8.53) [1] - On September 25, the State-owned Assets Supervision and Administration Commission (SASAC) held a meeting focusing on stabilizing electricity prices, coal prices, and preventing "involution" competition [1] - Guosen Securities predicts that the downward pressure on electricity prices will ease as the most challenging period is coming to an end, with a comprehensive marketization of green electricity gradually releasing price risks [1] Group 2 - GF Securities notes that while there are significant differences regarding the long-term contract electricity prices for 2025, expectations for stable electricity prices are strengthening [2] - The focus is shifting towards the proportion of long-term contract electricity, with thermal power companies now prioritizing efficiency and revenue per kilowatt-hour rather than merely increasing generation volume [2] - Current dividend yields for Huaneng International and Huadian International are close to 8% in the Hong Kong market, while Sheneng shares and Inner Mongolia Huadian have yields near 6% in the A-share market, enhancing the low volatility dividend attributes under stable electricity prices [2]