中金：长线资金仍有高息配置需求 公用事业板块建议关注三条主线

Group 1 - The market is shifting towards growth styles and thematic investment opportunities as it approaches 2026, with public utility sector attention declining due to weak fundamentals [1] - Long-term funds still have a high demand for dividend yields, and there are trading opportunities in regional stocks despite the overall market trend [1] Group 2 - The garbage power generation industry is successfully transforming its operations, focusing on improving existing assets and enhancing cash flow, which boosts dividend capabilities [2] - Nuclear power assets in South China are expected to stabilize in profitability, with a significant production phase expected during the "14th Five-Year Plan" [2] - There is a continued high demand for dividend yields, particularly in thermal power and Hong Kong utilities, as long-term funds seek high-dividend investment opportunities [2] Group 3 - The new energy system is evolving, with a focus on green electricity consumption and application, accelerating grid construction, which promotes high-quality industry development [3] - The green electricity sector is expected to recover from its low point, with improved cash flow opportunities for leading companies in wind power and operational capabilities [3] - Supportive policies for regulatory power sources are being implemented, marking a critical development period for pumped storage and electrochemical energy storage [3]