CITIC Construction Investment released a research report saying that in terms of thermal power, in the second quarter of 2026, thermal coal market prices rose year on year. Regions such as Guangdong and Jiangsu were affected by factors such as tight electricity supply and demand and rising primary energy prices. Monthly electricity prices rebounded, partly hedging the rise in fuel costs. At the same time, considering that Changxie electricity accounts for a relatively high annual share, the bank expects thermal power's 26Q2 to Q3 performance to be under pressure despite monthly electricity price recovery. On the green power side, the results and valuation for the first half of 2026 were under pressure due to strong pressure on the consumption of new energy sources combined with Document No. 136 promoting the full entry of new energy into the market. In terms of electricity supply and demand, affected by the pace of approval and commissioning of thermal power plants, the growth rate of new thermal power installations across the country is expected to slow down in 2027. Combined with a rebound in energy prices, the 27-year-old power supply price is expected to rise steadily. Overall, the power sector's performance pressure in the second quarter was strong, and the thermal power business situation in regions with high electricity consumption growth rates, such as Jiangsu and Zhejiang, is expected to gradually improve.

CITIC Construction Investment released a research report saying that in terms of thermal power, in the second quarter of 2026, thermal coal market prices rose year on year. Regions such as Guangdong and Jiangsu were affected by factors such as tight electricity supply and demand and rising primary energy prices. Monthly electricity prices rebounded, partly hedging the rise in fuel costs. At the same time, considering that Changxie electricity accounts for a relatively high annual share, the bank expects thermal power's 26Q2 to Q3 performance to be under pressure despite monthly electricity price recovery. On the green power side, the results and valuation for the first half of 2026 were under pressure due to strong pressure on the consumption of new energy sources combined with Document No. 136 promoting the full entry of new energy into the market. In terms of electricity supply and demand, affected by the pace of approval and commissioning of thermal power plants, the growth rate of new thermal power installations across the country is expected to slow down in 2027. Combined with a rebound in energy prices, the 27-year-old power supply price is expected to rise steadily. Overall, the power sector's performance pressure in the second quarter was strong, and the thermal power business situation in regions with high electricity consumption growth rates, such as Jiangsu and Zhejiang, is expected to gradually improve.