公用事业行业研究：算电融合+两会临近+低配低估，电力行情超前演绎

Investment Rating - The industry is rated as "Buy" with an expected increase of over 15% in the next 3-6 months [4]. Core Insights - The integration of computing power and electricity, the upcoming Two Sessions, and the low allocation and undervaluation of the sector are driving increased attention and investment momentum [1]. - The report outlines a three-phase investment rhythm: the current phase focusing on coal price increases driven by electricity demand elasticity, the second phase around the first quarter report focusing on stable performance in thermal power, and the third phase during the flood season from April to June focusing on hydropower [1]. - The report emphasizes that the performance of coal and thermal power companies will be the core driver of the sector, with a focus on earnings per share (EPS) upgrades and valuation increases during the rising coal price phase [1]. Summary by Sections Coal Sector - Emphasis on the elasticity of electricity demand and feedback on coal prices, with key companies including Yancoal Energy, China Shenhua, and Shaanxi Coal [3]. - The first half of the year is expected to see high growth in electricity demand due to a low base, particularly in energy-intensive manufacturing sectors [2]. - The report highlights the potential for coal power generation to exceed expectations due to low base effects and increased demand from overseas data centers [2]. Thermal Power Sector - Assessment of market-oriented trading and new capacity pricing policies impacting Q1 performance stability, with a focus on the public utility nature of thermal power [3]. - Companies such as Sheneng Shares, Huaneng International Power, and Guodian Power are highlighted for their stable dividend value despite current challenges [3]. Hydropower Sector - Monitoring of hydrological data improvements during the main flood season, which may elevate performance expectations, with companies like State Power Investment Corporation and Yangtze Power being of interest [3]. Central State-Owned Enterprises - Attention to the marginal changes in market value management and capital operations of large central state-owned enterprises, including Guiguan Power and Huadian International [3].