基本面改善与风格切换共振，重视布局机会

Investment Rating - The report maintains an "Overweight" rating for the electricity sector [4] Core Viewpoints - The electricity sector is experiencing fundamental improvements alongside a shift in market style, highlighting the importance of strategic positioning opportunities [10][16] - Coal prices have rapidly declined to around 692 CNY/ton, creating excess opportunities in thermal power generation [3][16] - The average coal price for the year to date (as of March 14) is 745 CNY/ton, down 174 CNY/ton compared to the same period last year [16] - The report emphasizes the significance of the recent cross-regional green electricity trading achievement, marking a milestone in the establishment of a unified national electricity market [16] - The National Development and Reform Commission is accelerating the construction of the electricity spot market, aiming to establish a comprehensive national electricity market system [16] Summary by Sections Industry Trends - The electricity sector index rose by 1.86%, outperforming the CSI 300 index by 0.27 percentage points [1][51] - The report notes a significant increase in inflow and outflow at the Three Gorges reservoir, with inflow up 54.55% and outflow up 12.94% year-on-year [16][31] Key Recommendations - Focus on undervalued thermal power stocks such as Huadian International, Anhui Energy, and Huaneng International, as well as leading thermal power renovation equipment manufacturers like Qingda Environmental Protection [3] - Emphasize investments in undervalued green electricity sectors, particularly in Hong Kong-listed green electricity and wind power operators [3] - Suggested stocks include New天绿色能源 (H), Longyuan Power (H), and China Nuclear Power [3] Market Performance - The report highlights that the electricity sector has adjusted significantly, suggesting a favorable environment for investment due to market style shifts and fundamental support [16] - The report provides a detailed analysis of stock performance, with specific recommendations for companies based on their earnings per share (EPS) and price-to-earnings (PE) ratios [7]