通宝能源发布估值提升计划，股价震荡下行

Group 1 - The core viewpoint of the article is that Tongbao Energy (600780) has announced a valuation enhancement plan due to its stock price being below net asset value for 12 consecutive months, which triggers regulatory requirements [1] - The valuation enhancement plan focuses on six dimensions: operational improvement, mergers and acquisitions, shareholder returns, investor relations, quality enhancement, and expansion of clean energy scale, with a target of cash dividends not less than 30% of average distributable profits over the last three years [1] - Recent stock performance shows a downward trend, with a 2.44% decline over the past week, a closing price of 5.99 yuan, and a price-to-book ratio of 0.84, indicating the stock is trading below its net asset value [1] Group 2 - In Q4 2025, the thermal power segment reported a generation of 151,092 million kWh, a year-on-year decrease of 13.73%, while the on-grid electricity price increased by 13.09% to 395.52 yuan per thousand kWh, providing some revenue support despite the decline in generation [2] - Market sentiment towards the company is neutral, with a projected net profit growth of 47.62% year-on-year for 2025, but low research frequency from institutions and a lack of positive ratings indicate cautious market expectations regarding the execution of the valuation enhancement plan [2] - The current price-to-earnings ratio (TTM) is 11.17 times, which is below the industry average, reflecting market skepticism about the company's transition in thermal power and the effectiveness of the valuation enhancement plan [2]