First, the reform has reduced the profitability of fixed assets of power grid companies, and its capital expenditure is likely to be suppressed for a long time. However, it is expected that the upward trend of long-distance transmission and distribution network investment will remain unchanged;
Second, direct purchase of electricity will benefit low-cost hydropower and high-efficiency thermal power at the power generation end; On the power side, it is beneficial to some large industrial users and regional power grids with high proportion of electricity purchase;
Third, the opening of the retail electricity sector means that enterprises outside the network can participate in the sale of electricity. In addition to the direct performance contribution, the participating enterprises have also obtained a large number of user home channels, and the subsequent expansion of value-added services is also worth looking forward to.
In terms of investment strategy, we can pay attention to the investment opportunities brought by changing electricity to electricity from four angles. One is high-efficiency thermal power faucet, such as Guodian Power, Huaneng International, Changyuan Power, etc. Second, high-quality hydropower enterprises, such as Changjiang Power, SDIC Power, Sichuan Investment Energy and Shaoneng Co., Ltd., and third, large-scale power users, such as China Aluminum, Yunnan Aluminum and Zhongfu Industry. Fourth, listed companies engaged in UHV construction, such as TBEA, Zhengtai and siyuan electric.