According to the CITIC Securities Research Report, the introduction of a nuclear power mechanism electricity price policy in Liaoning Province has an obvious effect of stabilizing nuclear power returns in the province, and other coastal nuclear power provinces may follow suit; the trend of stable returns through tangible policies is expected to spread to other regions and other power sources, and the government attitude is shifting from reducing electricity prices on the power generation side to reasonable returns on the power generation side; we estimate that although the market supply and demand have cleared up time or around 2028, the policy guarantee will help the bottom of the industry's electricity price base emerge early, which will help improve the fundamental valuation expectations and overall expansion of the power industry.

According to the CITIC Securities Research Report, the introduction of a nuclear power mechanism electricity price policy in Liaoning Province has an obvious effect of stabilizing nuclear power returns in the province, and other coastal nuclear power provinces may follow suit; the trend of stable returns through tangible policies is expected to spread to other regions and other power sources, and the government attitude is shifting from reducing electricity prices on the power generation side to reasonable returns on the power generation side; we estimate that although the market supply and demand have cleared up time or around 2028, the policy guarantee will help the bottom of the industry's electricity price base emerge early, which will help improve the fundamental valuation expectations and overall expansion of the power industry.