Citic sec research reports indicate that the improvement in water supply is driving a cyclical improvement in hydropower generation, with domestic hydropower utilization hours up 33.9% YoY to 308 hours in May alone. Periodic repairs to hydropower generation are squeezing the space for thermal power, and the probability of negative growth in thermal power generation for the entire year of 2024 is high. For hydropower leaders, while there is a high probability of year-on-year recovery of electricity consumption, there is also a high probability of basic stability in electricity prices, supporting the release of hydraulic power elasticity.
中信证券：来水形势改善正带动水电发电量迎来周期性改善
CITIC Securities: Improving water conditions are driving cyclical improvements in hydropower generation.
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