Power stocks rose across the board. As of press time, CHINA LONGYUAN (00916) gained 6% to HK$7.42; CHINA POWER (02380) rose 3.65% to HK$3.41; HUANENG POWER (00902) increased 2.79% to HK$5.89; CHINA RES POWER (00836) climbed 2.51% to HK$18.78.

On the news front, on August 21, the National Energy Administration announced that total electricity consumption in July reached 1.02 trillion kWh, marking the first time monthly total electricity consumption exceeded 1 trillion kWh.

Dongguan Securities released a research report stating that interim reports showed China's rapid development of new energy has squeezed the power generation space of thermal power companies, with many thermal power companies experiencing year-on-year revenue declines. Against the backdrop of declining fuel prices, thermal power companies actively reduced fuel costs, with HUANENG POWER and Huadian International achieving year-on-year growth in net profit attributable to shareholders. This year's average thermal coal prices declined year-on-year, helping to improve thermal power companies' profitability.

Bank of America Securities released a research report noting that Chinese power stocks' first-half performance generally met the firm's expectations.

Guosheng Securities released a research report stating that the 2025 power industry interim reports have been released, showing thermal power with declining revenue but rising profits, hydropower stable with slight improvements, green power under pressure, and overall power sector performance meeting expectations. Looking ahead, current electricity prices are expected to bottom out and rebound, electricity volume will follow demand recovery in the future, fuel costs continue to decline, and regional differentiation will become more pronounced.