Guojin Securities research note said Q5500 coal price holds at 830 yuan/ton, up
217 yuan YoY; Shanxi safety regulators may further push short-term coal prices
higher and the central level of provincial power prices has moved up in some
provinces, supporting expectation of a bottom reversal. Q1 thermal‑power results
showed resilience; market‑based trading and capacity payments have offset
downside from long‑term contracts. The report is constructive on Q2, expecting
the earnings trough to be confirmed then improve sequentially; improved
hydrology in the flood season should lift both volumes and prices, and dividend
yields highlight allocation value. Compute‑power and power integration is
extending from isolated points to regional scale; under an energy‑security logic
manufacturing reshoring should expand demand. The security value of coal and
power assets opens valuation space. Leading companies have a solid dividend
base, combining offensive and defensive characteristics, and have entered an
allocation window.
