GF Securities' utilities team published a note highlighting the confirmed eastern-type super El Niño event and its implications for China's power sector, including lower Q3 hydropower output in the Yangtze basin but improved flows for Yalong River, and slowing capacity additions pointing to a supply-demand turning point.
GF Securities is bullish on China's power sector, expecting a supply-demand inflection and improved profitability, with preference for hydropower, thermal, nuclear, and gas stocks.
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