Power Load Hits Repeated Records, Electricity Sector Rallies in Afternoon; Jingneng Power Surges by Daily Limit

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The A-share electricity sector gained renewed momentum in the afternoon. Jingneng Power surged straight to its daily limit, Guiguan Power already sealed its limit-up, and Leshan Electric Power, Huaguang Energy, Baoxin Energy, and Datang Power all followed higher. On the news front, the maximum electricity load across the entire Liaoning power grid reached 44.1 million kilowatts, setting a new all-time high. This follows repeated record-breaking peak loads in Jiangsu, Zhejiang, Guangdong, and other regions, with the national peak load hitting 1.551 billion kilowatts. The National Development and Reform Commission expects the national maximum electricity load this summer to reach 1.6 billion kilowatts, an increase of 90 million kilowatts year-on-year, as power supply assurance enters a critical phase for the summer peak. The International Energy Agency noted in a report that despite the Middle East conflict disrupting global gas markets, global electricity demand will maintain relatively fast growth this year and next. Analysts believe that repeated record-high power loads reinforce expectations of earnings recovery in the electricity sector. Thermal power leaders are trading at near three-year valuation lows, offering potential for valuation repair, while improved water flows enhance the defensive allocation value of hydropower.

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