The Zhitong Finance App learned that power stocks were lower across the board. As of press release, Huadian International (01071) fell 6.12% to HK$4.45; Huaneng International (00902) fell 2.7% to HK$5.04; Datang Power (00991) fell 2.6% to HK$1.5; and China Resources Electric (00836) fell 0.62% to HK$19.26.
According to the news, data from the National Bureau of Statistics shows that in March, the regulated industrial power generation capacity was 747.7 billion kilowatt-hours, up 2.8% from the previous year, and the growth rate fell 5.5 percentage points from January-February. By type, in March, according to regulations, the growth rate of industrial hydropower, wind power, and solar power generation accelerated, the growth rate of thermal power declined, and nuclear power changed from increase to decline. Among them, industrial thermal power increased 0.5% year-on-year according to regulations, and the growth rate fell 9.2 percentage points from January-February. According to the data, in January-March, the regulated industrial power generation capacity was 223.72 billion kilowatt-hours, an increase of 6.7% over the previous year.
CICC previously pointed out that Hong Kong stock thermal power companies released their 2023 annual reports, and their performance was in line with expectations; the industry's core profit and cash flow were significantly restored, ancillary service earnings were realized, and dividend payout rates increased. They are optimistic that coal prices will fall in 2024, and Thermal Power will hit Davis in a double whammy. In 2024, CICC determined that the capital expenditure of electric companies was between 30 and 80 billion yuan, seeking balance between development and dividends.