Zhi Tong Cai Jing·2026-02-27 05:49Group 1 - The core viewpoint of the article highlights the significant increase in stock prices of power companies following the release of the State Council's implementation opinions on improving the national unified electricity market system [1] - Huaneng International's stock rose by 6.54% to HKD 6.03, Datang Power's stock increased by 5.22% to HKD 2.62, while Huadian International's stock fell by 4.46% to HKD 4.45, and China Resources Power's stock rose by 1.81% to HKD 18.59 [1] - Guosheng Securities reports that the top-level design of the national unified electricity market will allow for a comprehensive reflection of the multi-dimensional value of electricity resources, indicating potential profit improvement and value reassessment in the electricity sector [1] Group 2 - Dongfang Securities indicates that by 2026, the compensation ratio for coal-fired power capacity prices across provinces in China will continue to rise, and the full rollout of the spot market nationwide will lead to a transition of thermal power from a base-load power source to a regulating power source [1] - The commercial model of thermal power is showing early signs of improvement, with expectations that the dividend capacity and willingness of the thermal power industry will continue to increase by 2026 [1]