Exclusive to Daily Finance, pay attention to it Recently, cyclical stocks have continued to strengthen. With the rise of summer temperatures, the critical moment of peak summer is approaching, and the power sector has also become a popular "leading" sector, attracting many well-known public and private equity institutions to compete for layout.
A private equity fund person said that the power sector has multiple advantages, one is the stable cash flow support of the hydropower business; second, the thermal power business provides explosive elasticity of profit margins; The third is to provide growth growth services such as green electricity.
The power sector broke out strongly
On May 13, the power sector became one of the "pioneers" of the market rally. Flush data shows that the sector closed up 1.78%, with individual stocks such as Gansu Energy, Xichang Power, Star Power and Leshan Power competing for the limit, while leading companies such as Yangtze Power, China Nuclear Power, Huaneng Hydropower and SDIC Power are also relatively strong.
Since the beginning of this year, non-ferrous metals, coal, oil and gas and other cyclical stocks have risen strongly, and the rise of the non-ferrous track is mainly driven by commodities, while energy sectors such as coal and oil are sought after by virtue of high dividends. The "obscure" power stocks in the early stage have recently begun to exert force and are gradually in a leading position, among which thermal power and hydropower are more powerful, and green power is slightly inferior.
A public fund person said that the rise in power stocks was mainly affected by the decline in coal prices, the arrival of the peak of summer electricity consumption, and the sharp recovery in performance. Compared with non-ferrous stocks, power stocks have a more stable dividend history in addition to performance growth, and multiple advantages are superimposed, making them expected to break through the high level created in 2022.
Many well-known public and private equity institutions have "ambushed" power stocks in advance in the first quarter. Wind data shows that as of the end of the first quarter, Yangtze Power, a leading stock in the industry, received 601 public funds holding 1.085 billion shares. According to the data, the stock was added to its position by 324 million shares in the first quarter, and the stock price is up 6.81%, and the stock is up 2.77% so far in April.
Zheneng Power and SDIC Power also received 146 million shares and 84 million shares respectively from public funds in the first quarter. Judging from the total holdings of public funds, the two companies are held 274 million shares and 248 million shares respectively, and from the perspective of the increase since the beginning of this year, Zheneng Power has risen by nearly 40% and SDIC Power has risen by more than 20%.
From the perspective of specific public offerings, GF Strategic Selection, Huaan Anxin Consumer Services and Xingye Xingrui all bought more than 20 million shares of Zhejiang Power in the first quarter of the year, and Yinhua Fu Theme of more than 10 billion yuan bought 30 million shares of SDIC Power, and most of the products of Yangtze River Power were index funds. In addition, China Nuclear Power and Anhui Power were also increased by public funds by more than 20 million shares in the first quarter.
Some tens of billions of private placements are also actively increasing their positions in power equipment stocks in the first quarter. For example, Gao Yi Ren Hao, a subsidiary of Gao Yi Assets, selected Zhifu Private Equity Fund to buy nearly 8 million new shares of Dongfang Electric; Heyuan Fund added about 2.67 million shares of Haixing Power.
Liu Youhua, deputy director of the wealth research department of Paipai.com, said that the strength of the power sector is mainly due to the resonance of many positive factors. First, the relationship between supply and demand has improved, the economy continues to pick up, and AI is in a stage of vigorous development, which is conducive to promoting the continuous growth of electricity demand; Second, the characteristics of the sector are in line with the current market risk appetite, and the power sector has the characteristics of high performance certainty and strong dividend distribution ability, benefiting from the reform of state-owned enterprises, and the sector has high investment value; Since 2024, coal prices have shown a downward trend as a whole, reducing the operating costs of thermal power enterprises, thereby increasing the profit level of the entire power sector.
Take the pulse of the follow-up trend of power stocks
Recently, the National Energy Administration issued the "Key Points of Fixed-point Assistance and Counterpart Support in 2024", deploying the annual work goals and key tasks, and the support and attention of policies have driven investors' confidence in the power sector.
Q
Who will rise better in hydropower, thermal power and green power?
A
Liu Youhua believes that this depends on many factors such as market demand, policy support, technological progress and cost changes. Overall, green power has greater long-term growth potential in the context of environmental protection and sustainable development due to its cleanness and sustainability. Due to their mature technology and cost advantages, thermal power and hydropower still occupy an important position in the current power market, and they are also an important guarantee for power supply.
Q
How long can this round of power stocks last? Can it reach new highs? What's new from the May-September 2022 rally?
A
A private equity source in East China said that the reason for this round of rise in power stocks is different from before, although the explosiveness is weaker, but the sustainability is stronger. As part of the dividend sector, it is expected to maintain the upward trend in the medium term, with the prospect of reaching new highs.
Chen Xingwen, chief investment officer of Blacksaki Capital, said that compared with the rally from May to September 2022, this round of rally has the following new changes: the growth of new energy power generation business, changes in the policy environment, increased market demand, and changes in investor expectations.
Chen Xingwen believes that the traditional idea of "frying coal in winter and speculating in summer and electricity" is still applicable in the current market, which reflects the impact of seasonal factors on the power sector. Compared with 2022, the proportion of new energy power generation has increased, the policy environment is more favorable, market demand has increased, and investor expectations are more optimistic. However, it should be noted that the sustainability of power stocks is affected by multiple factors and there is uncertainty. Investors should pay attention to industry trends and invest rationally.
Reviewer: Hou Zhihong Editor: Zhang Jing Proofreader: Zhang Diange Producer: Zhang Nan
Issued by: Sun Hong
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