电力行业2025年三季报综述：火电业绩持续修复，水电平稳增长，把握绿电潜在政策催化预期

Investment Rating - The report maintains a "Buy" recommendation for the electricity and public utilities sector, highlighting potential policy catalysts for green energy [1]. Core Insights - The report emphasizes the recovery of thermal power performance driven by declining coal prices, stable growth in hydropower, and the potential for green energy policy catalysts [1][4]. - It identifies key companies with significant profit growth in the thermal power sector, such as JianTou Energy (+231.79%) and JingNeng Power (+125.66%) [4][7]. - The report suggests that if coal prices stabilize and rebound, it may lead to improved electricity prices and profitability for thermal power companies [16][17]. Summary by Sections Thermal Power - Performance: The decline in coal prices has significantly improved profitability, with notable profit growth in companies like JianTou Energy (15.83 billion, +231.79%) and JingNeng Power (31.70 billion, +125.66%) [4][7]. - Outlook: A potential stabilization and rebound in coal prices could lead to improved electricity prices, enhancing profitability for thermal power companies [16][17]. Hydropower - Performance: Companies such as QianYuan Power (+85.74%) and MinDong Power (+32.38%) have shown strong profit growth due to improved water inflow [25][27]. - Outlook: The report suggests that a shift in market style could present allocation opportunities for hydropower assets, especially with declining long-term interest rates [33][34]. Nuclear Power - Performance: Short-term performance is under pressure, with China Nuclear Power reporting a 10.4% decline in net profit [38][39]. - Outlook: The long-term growth potential remains strong, with significant new nuclear projects expected to come online, enhancing future profitability [50][52]. Green Energy - Performance: Offshore wind energy companies like FuNeng Power (+12.17%) have shown growth, although traditional green energy faces challenges [55][62]. - Outlook: The report anticipates a new growth cycle for offshore wind energy, driven by favorable policies and market conditions [65].