Guojin Securities reiterated its bullish view on China's thermal power sector, highlighting post-holiday outperformance and a three-dimensional improvement thesis: long-term contract electricity price compensation for coal price increases, a tighter supply-demand balance, and rising free cash flow supporting dividends.
Guojin Securities is bullish on China thermal power, citing improving electricity pricing, supply-demand dynamics, and cash flow that could drive both dividends and valuation upside.
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