On December 26, the Shanghai Composite Index fell 068% fell below 2,900 points again, and the Shenzhen Component Index fell 107%, the GEM index fell 126%。On the disk, the utilities sector rose 195%；In terms of *, Haitian Co., Ltd., United Water Co., Ltd., Shunkong Development, Wuhan Holdings, etc. all have different degrees**. 
Last week, the electricity prices of Jiangsu and Guangdong landed, and the electricity price of Jiangsu electricity + the estimated capacity compensation price rose by 22% compared with the benchmark, exceeding market expectations, and Guangdong was only 6% higher than the benchmark due to the loose relationship between power supply and demand. GF** believes that thermal power will follow the interpretation of a trilogy around the annualized capacity of quarterly performance: (1) the successive implementation of electricity prices in various provinces at the end of December will confirm the year-on-year stability of next year's revenue, that is, the annualized ability of quarterly revenue;(2) The annual report performance forecast at the beginning of January next year tests that the coal price has increased in the fourth quarter but the proportion of long-term agreements is high, and the annualized ability of quarterly costs is confirmed(3) The annual report in April next year will test the implementation of capacity electricity prices and new electricity prices after the implementation, confirm the annualized ability of quarterly performance, and at the same time be optimistic about the increase in dividends of some companies, and look forward to the process of public utilities. At present, thermal power is in a "divergent moment" of low valuation and high profitability, and we should pay attention to the investment opportunities under the trilogy. In terms of investment suggestions, Guojin ** said that the thermal power sector: it is recommended to pay attention to Huaneng International, a leading enterprise with high-quality thermal power assets and actively expanding new energy power generationActively undertake the task of ensuring supply in the province, and the asset value is expected to be revaluated of the leading enterprises Zheneng Power, Jiangsu Guoxin, and Wanneng Power. Nuclear power sector: It is recommended to pay attention to China's nuclear power, a leading nuclear power company. Environmental protection sector: It is recommended to pay attention to Qingda Environmental Protection, a leading enterprise in the full-load denitrification link in the flexible transformation. 
Article**: Oriental Wealth Research Center).