Power stocks in Hong Kong experienced a collective uptick. As of the latest update, DATANG POWER (00991) rose 6.48% to HK$3.12; HUANENG POWER (00902) increased 3.82% to HK$7.06; CHINA LONGYUAN (00916) gained 4.17% to HK$6.74; HUADIAN POWER (01071) advanced 3.34% to HK$4.64; and CHINA POWER (02380) climbed 3.36% to HK$3.69.

The positive movement is supported by recent developments. From the evening of May 25 to 27, the power load on the China Southern Power Grid hit a new record high for three consecutive days, peaking at 272.5 million kilowatts. On the evening of the 27th, the Guangdong power grid also recorded its highest load of the year, exceeding 166 million kilowatts, which further climbed to 170 million kilowatts by noon on the 28th. Since the beginning of the year, the total grid load across the China Southern Power Grid and its five provincial regions (Guangdong, Guangxi, Yunnan, Guizhou, and Hainan) has reached new highs 20 times.

Furthermore, a series of supportive policies for green electricity have been implemented recently, actively promoting the direct connection of green power and the coordinated development of computing and electricity resources. According to analysis from Everbright Securities, the convergence of computing-power demand and the El Niño theme continues to act as a catalyst, presenting a potential phased opportunity for the thermal power sector. The recent surge in computing-power-related stocks has positively influenced the thermal power segment, primarily due to: 1) A potential capital siphon effect as the imminent listing of a leading memory chip company follows a significant rally in growth stocks; 2) The continuous implementation and positive trend of business models in the computing-power sector; and 3) The ongoing development of El Niño conditions, which creates a favorable environment for thermal power. The market has already formed certain expectations for the thermal power sector's performance trajectory in 2026. Analysts will continue to monitor the impact of El Niño, noting that a potential higher-than-expected peak load could increase thermal power utilization hours, suggesting the sector may be poised for a period of opportunity.