Power stocks mostly advanced during the trading session. At the time of writing, Datang Power (00991) rose 6.37% to HK$2.84; Huaneng Power (00902) increased 5.6% to HK$6.22; Huadian Power (01071) gained 5.3% to HK$4.77; China Power (02380) climbed 3.1% to HK$3.33; and China Res Power (00836) was up 2.17% to HK$19.31.

Huatai Securities noted that thermal power generation growth turned positive year-on-year in January-February 2026, while coal prices declined both annually and quarterly. According to National Bureau of Statistics data, national thermal power generation increased 3.3% year-on-year during January-February 2026, shifting from a 1.0% decline in December 2025. Considering one month of inventory, the average settlement price for Qinhuangdao 5,500 kcal thermal coal was RMB 713 per ton in the first quarter of 2026, down 6.2% year-on-year and 5.0% quarter-on-quarter. Factoring in the downward trend in long-term contract electricity prices across regions in 2026, the brokerage believes some thermal power companies may still achieve year-on-year growth in first-quarter 2026 net profit attributable to shareholders.

Guotai Haitong Securities stated in a research report that under the concept of computing-power coordination, the market trend has expanded from earlier small-cap green power companies to small-cap thermal power firms, and further to some large-cap thermal power companies. The brokerage views that beneficiaries of computing-power coordination are beginning to penetrate into adjustable power sources, suggesting that both national power plants and leading local thermal power companies may present phased investment opportunities.