Hong Kong stock concept tracking accelerates the construction of a national unified electricity market. The power sector benefits from the management of state-owned enterprises' market value (with concept stocks).

On December 16, the National Energy Administration's 2025 regulatory work conference was held in Beijing. The meeting pointed out the need to adhere to a focus on coordination, maintain high pressure, strengthen the fair and open supervision of power grids, oil and gas pipelines, revise relevant regulatory measures, explore cross-department joint actions, and strengthen supervision of natural energy monopoly links. It is necessary to adhere to the establishment of a system, maintain order, improve the basic rules of the national unified electricity market system, strengthen the organic connection and mutual complement of various levels of markets and trading varieties, persistently regulate and rectify behaviors that violate market rules, unfair competition, and improper administrative intervention, and accelerate the construction of a national unified electricity market. Wang Hongzhi, Director of the National Energy Administration, stated that efforts will be made to actively promote the construction of the second and third batch of large-scale wind power and photovoltaic bases in the "Sahara Desert". The development of offshore wind power will be accelerated. Distributed photovoltaics and decentralized wind power will be actively developed. By 2025, the installed capacity of wind power and photovoltaics will increase by about 200 million kilowatts, with renewable energy consumption exceeding 11 billion tons of standard coal. In 2025, China will approve the start of a batch of mature coastal nuclear power projects. The construction of nuclear power projects under construction will be steadily promoted, and by the end of 2025, the installed capacity of nuclear power in operation will reach around 65 million kilowatts, ensuring the safe and stable operation of nuclear power units in operation. In addition, efforts will be coordinated to promote the construction of a new type of power system. On December 17, the State-Owned Assets Supervision and Administration Commission of the State Council issued the "Opinions on Improving and Strengthening the Market Value Management of Central Enterprises' Holding Listed Companies". China Securities Co., Ltd. pointed out that in terms of specific tools, mergers and reorganizations are the main tools for central enterprises to create value in this round. Policy benefits continue to emerge, aiming to promote enterprise development and achieve new productive forces; repurchase and increase holding tools serve as rapid response tools to support stock prices, establish a mechanism for regular use; dividend tools manage investor expectations as basic tools; and spin-offs and listings serve as supplementary tools, with policy windows gradually opening. Changjiang pointed out that coal prices have hit a new low for the year again, emphasizing the value of coal-fired power generation. In addition, as of December 13, the yield on 10-year government bonds continued to fall to 1.78%, reaching a new low for the year. Furthermore, China Yangtze Power distributed mid-term profits for the first time since its listing. The bank emphasized that considering the expectations for future fiscal and monetary policies, the downward trend in interest rates may continue, and the return of dividend assets such as hydropower to the equity market performance is only a matter of time. It is optimistic about the long-term stable investment value of hydropower assets. Hong Kong-listed central enterprise electricity sector companies include: Huadian Power International Corporation (01071), China Longyuan Power Group Corporation (00916), CHINA RES POWER (00836), CHINA POWER (02380), Huaneng Power International, Inc. (00902), CGN POWER (01816)