On November 21, Gelonghui reported that Daiwa downgraded the rating of china power industry from positive to neutral. Among them, the valuation of hydropower is relatively high and requires a good opportunity to enter the market; the utilization rate and price decline of wind power remain as issues. Daiwa explained that the electrical utilities sector outperformed the overall market in the first three quarters, benefiting from the defensive nature of these stocks amidst ongoing 'de-risking' sentiment. However, the bank noted that since October, driven by china's economic stimulus plans, investors have clearly shifted their preference to risk. This change in outlook has resulted in an outflow of funds from electric power stocks to other industries, and the bank believes this situation will continue until 2025. Looking ahead to next year, the bank ranked them as nuclear power/coal power/hydropower, with wind power last. The bank raised the target price of cgn power H shares from 2.1 HKD to 2.9 HKD; it upgraded the rating of china res power from 'underperform market' to 'hold' due to the easing of negative factors and a yield of 4%.