HK Stock Market Move | Power stocks collectively decline, long-term electricity prices in Guangdong and other regions are announced one after another. Institutions suggest that coastal provinces may loosen their electricity prices expectations.

Power stocks collectively fell. As of the time of writing, Huaneng Power International, Inc. (00902) fell 7.13% to HK$5.73; DATANG POWER (00991) fell 4.27% to HK$2.24; Huadian Power International Corporation (01071) fell 2.88% to HK$4.05; CHINA RES POWER (00836) fell 2.19% to HK$17.39. On the news front, long-term electricity prices for 2026 in Guangdong and other regions are gradually being announced. The average transaction price for electricity in Guangdong in 2026 is 372.14 cents/kWh, a year-on-year decrease of 19.72 cents/kWh, approaching the lower limit of the benchmark price reduction; in January 2026, the average centralized bidding price in Jiangsu was 324.71 yuan/MWh, a 17% decrease from the benchmark price. Changjiang pointed out that the announcement of long-term electricity prices in Guangdong signifies the formal landing of the pessimistic market expectations, starting the new year's national electricity price game, with expectations of loosening electricity prices in coastal provinces. In addition, recently, the National Energy Administration disclosed the energy production and electricity consumption situation for November 2025. In terms of electricity consumption, the total electricity consumption by society in November was 835.6 billion kWh, a 6.2% year-on-year increase; in terms of electricity generation, in November, the major electric power generation enterprises generated 779.2 billion kWh, a 2.7% year-on-year increase, with a daily average electricity generation of 259.7 billion kWh. The electricity generation from thermal power, hydropower, wind power, and nuclear power was 496.95, 96.68, 104.55, and 39.81 billion kWh respectively, with year-on-year changes of -4.20%, +17.10%, +22.00%, and +4.70%.