机构观点：电力板块有望迎来盈利改善和价值重估

Group 1 - The National Energy Administration is accelerating the construction of a new energy system and a new power system by organizing pilot project applications and evaluations, focusing on cutting-edge directions and exploring new technologies and models [1] - A total of 43 projects, including a wind-solar-thermal storage integrated system in Huainan City, Anhui Province, and pilot capacity enhancement work in 10 cities including Zhangjiakou City, Hebei Province, are proposed for support [1] - According to Xinda Securities, after multiple rounds of power supply-demand conflicts, the power sector is expected to see profit improvement and value reassessment, with the peak value of coal power likely to continue to stand out under the current rapid growth of new energy installations [1] Group 2 - According to Founder Securities, the downward pressure on long-term electricity prices in many regions by 2025 has gained high-level attention, and policies to curb irrational competition are being implemented, which may gradually eliminate the maximum downside risk of electricity prices [2] - For hydropower, profitability resilience and cost improvements highlight its scarce high dividend value, with a nearly 30% year-on-year increase in hydropower generation in September and October 2025, indicating marginal improvement [2] - Despite potential downward pressure on nuclear power companies' grid prices due to market trading volume growth and long-term contract price declines, the steady approval pace of new nuclear power projects may help offset price declines through increased generation volume [2]