On July 1st, Citigroup issued a report stating that it would observe China Power for 90 days with a "buy" rating and a target price of HKD 4.3. The bank pointed out that it had held an investor conference with China Power and expects the company to benefit from the reform of China's power industry, which may be announced at the Third Plenary Session from July 15th to July 18th, supporting more consumption of renewable energy and encouraging more relevant equipment. Meanwhile, the strong performance of the hydropower business is expected to drive strong growth in the company's net income, which increased by 62% to CNY 2.714 billion in the first half of the year. Citigroup expects China Power to accelerate the expansion of clean energy and achieve a clean energy supply mix of 90% by 2025, up from 75% in 2023, and believes that this can be achieved through potential injections of assets by its parent company. As for the capital expenditure for new projects this year, the company's may be reduced to less than CNY 30 billion, and new projects are expected to achieve an internal rate of return of 10%.