HSBC Research: The Mainland Power Industry Enters a "Momentum Stagnation Period"
HSBC Research's latest report points out that the Chinese power industry is facing challenges of slowing growth momentum in the first year of the 14th Five-Year Plan, with expectations of declining electricity prices and a stabilizing policy environment weakening overall growth momentum. Huaneng Power's rating has been downgraded to "Reduce," while China Resources Power has been lowered to "Hold." Traditional thermal power generation companies may face double-digit declines in profitability. CHINA LONGYUAN, HDPI, and CYPC are viewed positively, receiving "Buy" ratings. Power stocks have consistently underperformed the market over the past year and are expected to continue doing so this year
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