In many regions, agent power purchase prices have risen, and the industry is expected to see a profit recovery.

Recently, grid companies across the country have successively announced their agency power purchase prices for November 2026, with electricity prices in many places rising significantly. Compared with October 2026, electricity prices in many regions have risen to varying degrees, with the region seeing the largest increase up 79.86%. Sinolink Securities believes that electricity price increases against the backdrop of rising energy prices mean the bottom reversal of market-based electricity prices continues to play out. If 2026 becomes the bottom for electricity prices, looking ahead to 2027, power revenue is expected to achieve profit growth, and the profits of various power assets will also rise, and the industry is expected to usher in an upward inflection point. Guosheng Securities believes that expectations for electricity price recovery will persist after the summer peak season, and the month-on-month upward trend in agency power purchases in most regions continued in September. Follow-up attention should be paid to electricity price recovery and negotiations for 2027 annual long-term contract electricity prices.