CITIC Securities: Policy assistance helps early bottoming of electricity prices, industry valuation resumes expansion.

CITIC Securities research report stated that Liaoning Province has introduced a nuclear power mechanism electricity price policy, which has significantly stabilized the return on nuclear power within the province. Subsequent coastal provinces with nuclear power may follow suit; the trend of stabilizing returns through tangible policy measures is expected to spread to other regions and other power sources, as the government's attitude shifts from lowering electricity prices on the generation side to ensuring reasonable returns on the generation side. Although our calculations suggest that the market supply-demand equilibrium point may be around 2028, policy safeguards are expected to help the industry reach the bottom of electricity prices earlier, contributing to improvements in the fundamentals of the power industry and overall valuation expansion.