CITIC Securities: Speeding up the construction of stable and controllable power sources is a top priority.

CICC research report states that the large-scale development of new energy requires capacity resources that can support its effective installation, mainly focusing on thermal power, hydropower, nuclear power, and energy storage. Currently, the reduction of safe redundant capacity makes it urgent to promote the construction of controllable power sources. According to our estimation, during the "Five-Year Plan" period, the average annual demand for coal-fired power installation capacity will be 60-80GW, which is significantly different from the current market expectations of 30-40GW. The construction of controllable effective capacity will bring performance flexibility to relevant equipment companies.