HUITIAN THERMAL POWER(SZ:000692) 券商中国·2025-12-03 03:53Core Viewpoint - The electricity sector has shown strong performance recently, driven by dual attributes of dividends and computing power, with a notable surge in stock prices due to new policies and market dynamics [1][5]. Group 1: Market Performance - The electricity sector experienced a significant rally, with stocks like Huitian Thermal Power and Minjiang Energy hitting their daily limit up [1][2]. - The electricity ETF rose over 0.7% in early trading, indicating strong investor interest despite a generally weak market [1][2]. - Huitian Thermal Power was highlighted as the strongest stock in a weak market, closing at its limit up price [2]. Group 2: Policy and Regulatory Changes - The recent implementation of the 136 document, which promotes market-oriented pricing for renewable energy, is expected to enhance the profitability of electricity companies [5][6]. - Various regions are introducing policies for profit-sharing among electricity retailers, with notable differences in implementation across provinces [5][6]. - The new policies aim to stabilize electricity pricing expectations and reduce risks for electricity retailers, promoting a more balanced pricing mechanism [6]. Group 3: Industry Trends and Projections - Industrial electricity generation in October saw a year-on-year increase of 7.9%, with thermal power outperforming other energy sources [4]. - The integration of electricity and energy storage is anticipated to drive up electricity valuations, with significant growth in commercial energy storage projects [4]. - The electricity sector is expected to benefit from improved long-term pricing expectations and increased demand during the winter season, leading to a recovery in industry profitability [6].