CITIC SEC's Research Reports indicate that the Electrical Utilities Sector in 2025 presents a mixed bag of opportunities and challenges, with a weak macro momentum, declining long-term bond yields, and high downstream demand improving the Sector's allocation value. However, the coastal market's trading electricity prices are beginning to face downward pressure from the thermal power impact cycle; the profitability trends between different power sources and market performance may diverge significantly. Hydropower, which can maintain stable electricity prices amid supply shocks, and Nuclear Power, with high level underlying asset returns, remain favored in the market due to their operational stability. The contradictions of New energy Fund consumption can no longer be ignored, as operators' profits are being squeezed, necessitating policy actions to reverse market expectations and stabilize investment returns.