According to the Financial News app, Futu released a research report stating that it continues to have a positive view on electric power stocks, especially as investors enter a rate-cutting cycle between China and the US, and continue to seek defensive stocks with stable fundamental factors in the A/H share markets. In the second half of the year, the bank prefers hydroelectric power, coal-fired power, wind power, and photovoltaic shares. Hydroelectric power has the lowest risk in terms of on-grid electricity price, especially in a situation where the on-grid electricity price is declining. In addition, the downward risk of renewable energy is still difficult to quantify, based on the evolving market rules for basic power trading in different provinces.

The bank reiterated its "buy" rating on China Power (02380), citing the company's improvement in hydroelectric power generation in the second half of the year and the management's commitment to shareholder returns, with a return of 7.8 cents in special dividends. The bank prefers China Resources Power (00836) among private power plants, citing the company's involvement in coal-fired power and a dividend of 6 cents, which matches its stock quality. The bank downgraded its investment rating on China Huaneng International Power (00902) to "hold", based on dividend uncertainty and concerns about the downward slide of coal-fired on-grid electricity prices and asset impairment. The bank also downgraded its investment rating on China Longyuan Power (00916) to "hold", citing the decline in on-grid electricity prices for renewable energy in the market.