长江证券指出，煤炭价格再创年内新低，继续强调火电配置价值。此外，截至12月13日，10年期国债到期收益率进一步回落至1.78%，再创年内新低。而且长江电力更是上市以来首次进行中期利润分配。该行强调，考虑到后续的财政和货币政策预期，利率中枢的下行通道或将延续，以水核为代表红利资产在权益市场上行情表现的回归只是时间问题，坚定看好水核长期稳健的投资价值。Electric Power stocks increased in midday trading. As of the time of reporting, Huadian Power International Corporation (01071) rose 4.53%, priced at HK$3.92; CHINA LONGYUAN (00916) rose 4.01%, priced at HK$7; CHINA RES POWER (00836) rose 2.39%, priced at HK$19.68; CHINA POWER (02380) rose 2.61%, priced at HK$3.14; Huaneng Power International, Inc. (00902) rose 1.39%, priced at HK$4.37.
According to the Zhito Finance APP, Electric Power stocks increased in midday trading. As of the time of reporting, Huadian Power International Corporation (01071) rose 4.53%, priced at HK$3.92; CHINA LONGYUAN (00916) rose 4.01%, priced at HK$7; CHINA RES POWER (00836) rose 2.39%, priced at HK$19.68; CHINA POWER (02380) rose 2.61%, priced at HK$3.14; Huaneng Power International, Inc. (00902) rose 1.39%, priced at HK$4.37.
On the news front, on December 17, the State-owned Assets Supervision and Administration Commission of the State Council issued "Several Opinions on Improving and Strengthening the Market Cap Management of Central Enterprises Holding Listed Companies." China Securities Co.,Ltd. pointed out that in terms of specific tools, mergers and acquisitions are the main tool for this round of central enterprises to create value, with continuous positive policies emerging aimed at promoting enterprise development to achieve new quality productivity; repurchase and increased shareholding tools serve as fast-response tools to support stock prices, establishing a normalized application mechanism; dividend tools are used to manage investor expectations; and spin-off listings serve as complementary tools, with policy windows expected to gradually open.
Changjiang Securities pointed out that coal prices reached a new low this year, continuing to emphasize the value of thermal power allocation. Additionally, as of December 13, the yield on 10-year government bonds further fell to 1.78%, setting a new low this year. Moreover, China Yangtze Power conducted its first interim profit distribution since being listed. The firm emphasized that considering the expectations for future fiscal and monetary policies, the downward channel of interest rates may continue, and the market performance of dividend assets represented by hydropower is only a matter of time, with a firm bullish outlook on the long-term steady investment value of hydropower.
