Hunter Investment Research — Power Sector Research Report:

Over the past few years, market perceptions of the power sector have become polarized:
On one side is the short-term trading perspective: power stocks are nothing more than “defensive safe havens during big-market selloffs,” or short-cycle themes like “buy power usage in summer and trade coal in winter.”
On the other side is the macro and industry perspective: with the global explosion of AI computing power, “the endgame of AI is electricity” has become a widely shared industry view. Some even elevate power to a strategic level of “Token, as a physical carrier” and “revaluation of state-owned assets (China-special valuation theme).”
To truly understand domestic power stocks, you must thoroughly clarify three core questions: What is the commercial nature of electricity? Is the low PE of A-share power stocks a trap? Why does capital flow into this sector relentlessly?