国元国际此前指出，电力需求呈现良好韧性，对市场化电价下行无须过度担忧；海内外降息背景下，电力运营商作为重资产投入的利率敏感型板块，有望受益利率下行带来项目投资回报率提升和公司综合财务成本下降，助力电力运营商业绩稳定增长。而且电力行业近几年派息率不断提升，电力资产具有永续经营的公用事业性质，特别电价相对稳定的水电和核电，具有类长久期债券属性，中长期投资价值有望进一步得到重估。SFCE (01165) surged more than 46% at the close, up 40% as of the time of publication, trading at HKD 0.042, with a turnover of 32.569 million Hong Kong dollars.
According to the Zhitong Finance and Economics APP, SFCE (01165) surged more than 46% at the close, up 40% as of the time of publication, trading at HKD 0.042, with a turnover of 32.569 million Hong Kong dollars.
On the news front, on September 24th, the Energy Administration issued the "Basic Rules for Registration of the Electrical Power Market," which specifies the basic conditions for eight types of operators, including power generation companies, power sales companies, electricity users, new energy storage, virtual power plants, intelligent microgrids, distributed power sources, and electric vehicle charging facilities, to enter the electrical power market. Huaxin Securities pointed out that the newly introduced "Rules" is another nationally unified basic rule to be implemented following the "Basic Rules for Long-term Power Trading," "Basic Rules for Spot Power Market (trial implementation)," and "Basic Rules for Power Market Information Disclosure."
Guoyuan International previously pointed out that the demand for electrical utilities demonstrates good resilience, with no need to excessively worry about the downward trend of market-based electricity prices; against the backdrop of interest rate cuts at home and abroad, as interest-sensitive sectors with heavy capital investments, electrical utilities are expected to benefit from lower interest rates, leading to increased project investment returns and overall financial cost reductions, helping stabilize and grow the performance of electrical utility operators. Additionally, the dividend payout ratio in the electrical utilities industry has been increasing in recent years. Electrical assets have the nature of sustainable operation as public utilities, especially hydroelectric power and nuclear power, which have relatively stable electricity prices and exhibit attributes similar to long-term bonds. The mid- to long-term investment value of electrical assets is expected to be further reassessed.
