Changjiang Securities' research report pointed out that with both quantity and price rising, Huaneng Lancang River Hydropower Inc.'s (600025.SH) performance outlook for the first half of the year is excellent. As the relatively low electricity prices in 2020 are no longer included in the rolling calculation, the constraints on electricity price increases in Yunnan Province will be somewhat released by 2024. In addition, as the supply and demand situation of electric power within Yunnan Province continues to be in a tight situation, it is expected that the market-oriented transaction price of electricity in Yunnan Province will increase year-on-year. Overall, with strong support from both quantity and price, the company's second-quarter and first-half performance is expected to accelerate. With the entry into the high electricity consumption period in the third quarter, it is expected that abundant reservoir capacity will be converted into strong output, thereby further catalyzing the power generation in the second half of the year. With Tobah's production capacity at a high level, high annual performance growth is expected. Maintain a “buy” rating.