According to the CITIC Securities Research Report, in the first three quarters of 2026, the easing of the supply and demand environment combined with rising fuel costs led to continued pressure on the power industry; revenue remained flat year on year, net profit fell 19% year on year, and the decline in thermal power and new energy sector performance was particularly prominent; dragged down by high coal prices and declining usage hours, etc.; the time for rebalancing supply and demand in the power industry is approaching, and electricity prices in coastal provinces are expected to return to the upward cycle, driving the overall improvement of industry profits.

According to the CITIC Securities Research Report, in the first three quarters of 2026, the easing of the supply and demand environment combined with rising fuel costs led to continued pressure on the power industry; revenue remained flat year on year, net profit fell 19% year on year, and the decline in thermal power and new energy sector performance was particularly prominent; dragged down by high coal prices and declining usage hours, etc.; the time for rebalancing supply and demand in the power industry is approaching, and electricity prices in coastal provinces are expected to return to the upward cycle, driving the overall improvement of industry profits.