Power stocks experienced a collective decline. At the time of writing, Huaneng Power (00902) dropped 7.13% to HK$5.73; Datang Power (00991) fell 4.27% to HK$2.24; Huadian Power (01071) decreased 2.88% to HK$4.05; and CHINA RES POWER (00836) was down 2.19% to HK$17.39. The movement comes as long-term contract electricity prices for 2026 in regions like Guangdong have been successively announced. The average transaction price for Guangdong's 2026 annual contracts is 372.14 cents per kilowatt-hour, a decrease of 19.72 cents per kilowatt-hour year-on-year, approaching the lower limit of the benchmark price discount. In Jiangsu, the average price for the January 2026 centralized bidding was 324.71 yuan per megawatt-hour, representing a 17% discount to the benchmark price. Changjiang Securities pointed out that the announcement of Guangdong's long-term contract prices marks the formal realization of the pessimistic market expectations that were previously held. It signals the beginning of the nationwide electricity price negotiation outcomes for the new year, suggesting that price expectations in coastal provinces may all see some weakening. Furthermore, recent data disclosed by the National Energy Bureau for energy production and electricity consumption in November 2025 showed that total electricity consumption for the month reached 835.6 billion kilowatt-hours, a year-on-year increase of 6.2%. Regarding power generation, large-scale operations generated 779.2 billion kilowatt-hours in November, up 2.7% year-on-year, with average daily generation at 25.97 billion kilowatt-hours. Specifically, thermal power, hydropower, wind power, and nuclear power generation were 496.95 billion kWh, 96.68 billion kWh, 104.55 billion kWh, and 39.81 billion kWh, respectively, representing year-on-year changes of -4.20%, +17.10%, +22.00%, and +4.70%.