Group 1 - The core viewpoint is that the end of the 14th Five-Year Plan is expected to catalyze demand for green electricity, with clearer future revenue expectations for the industry following the establishment of a sustainable pricing mechanism for renewable energy [1] - In the thermal power sector, the recent rebound in the market price of Qinhuangdao 5500 kcal thermal coal to 704 yuan/ton represents an increase of nearly 100 yuan/ton from the year's low, although it still shows a year-on-year decline of 129 yuan/ton [1] - It is anticipated that coal prices will enter a downward trend again as the peak season ends and coal shipments recover, suggesting a focus on companies with significant market coal exposure and those with minimal reductions in the 2025 annual long-term contract electricity price [1] Group 2 - In the hydro and nuclear power sectors, the declining interest rate cycle enhances the long-term investment value of hydropower and nuclear power, with nuclear power also benefiting from high future growth potential [1]