HK Stock Market Move | Electricity stocks mostly rose, with Datang Power (00991) rising more than 6% and Huaneng Power International, Inc. (00902) rising more than 5%.

Most of the power stocks rose, as of press time, DATANG POWER (00991) rose by 6.37% to HK$2.84; Huaneng Power International, Inc. (00902) rose by 5.6% to HK$6.22; Huadian Power International Corporation (01071) rose by 5.3% to HK$4.77; CHINA POWER (02380) rose by 3.1% to HK$3.33; CHINA RES POWER (00836) rose by 2.17% to HK$19.31. Huatai pointed out that the year-on-year growth rate of thermal power generation in January and February 2026 turned from a decrease to an increase, while coal prices decreased month on month and year on year. According to the National Bureau of Statistics, thermal power generation in China grew by 3.3% year on year in January-February 2026, reversing the decline of 1.0% in December 2025. Considering the inventory of one month, the average closing price of Qinhuangdao power coal in the first quarter of 2026 was 713 yuan/ton (5500 kcal), down 6.2% year on year and 5.0% month on month. Taking into account the downward trend of long-term electricity prices in various regions in 2026, the bank believes that some thermal power companies may still achieve year-on-year growth in net profit in the first quarter of 2026. The research report of Guotai Haitong stated that under the concept of synergy between electricity and Internet, the market has shifted from small-cap green electricity companies to small-cap thermal power companies, and then to some large-cap thermal power companies. The bank believes that the direction of benefit from the synergy between electricity and Internet has begun to penetrate into the adjustment of power sources, and both nationwide power plants and local thermal power company leaders may have phase investment opportunities.