The stock hit the daily limit within 2 minutes of opening! The power sector erupts again, China Power LiaoNeng advances to 8 consecutive limit-ups.

The concept of electricity and computing collaboration continues to attract strong investor interest. On March 25, the power sector once again surged with multiple stocks hitting the daily limit; the green electricity direction led the gains. Huadian Liaoning Energy (600396.SH) hit 8 consecutive limit-ups, Zhongli Group (002309.SZ) hit 4 consecutive limit-ups, Zhejiang Xinneng (600032.SH) and Liaoning Energy (600758.SH) hit 3 consecutive limit-ups, Huadian Energy (600726.SH) hit 7 limit-ups in 12 days, ShaoNeng Shares (000601.SZ) hit 5 limit-ups in 6 days, Guangdong Power A (000539.SZ) and AoruiDe (600666.SH) hit 4 limit-ups in 6 days.

Among them, Huadian Liaoning Energy once again opened this morning and, within 2 minutes, surged straight to hit the daily limit-up, thereby breaking the 7-consecutive-limit-up record previously set by Yunnan Energy Holdings, which had led the power sector earlier in the year, and further driving a continued rebound in short-term market sentiment. By the close, Huadian Liaoning Energy was trading at 8.34 yuan per share, with a total market value of 12.282 billion yuan. Since March 16, Huadian Liaoning Energy’s cumulative gain has been nearly 115%.

On the news front, Liu Rihong, Director of the National Data Bureau, said at the 2026 Annual Meeting of the China Development High-Level Forum on March 23 that, next, he would work with relevant departments to strongly advance the electricity and computing collaboration project, ensuring that the proportion of green electricity applications for newly built computing power facilities at hub nodes reaches more than 80%, so as to play the supporting role of green electricity to the greatest extent.

Huadian Liaoning Energy said in a severe abnormal fluctuation announcement released on the evening of March 24 that from March 11 to March 24, the company’s stock price rose cumulatively by 95.36% over 10 trading days. The short-term rise was large, and it had seriously deviated from the Shanghai Composite Index as well as the industry indexes of the company’s sectors—power, heat production and supply. Since March 20, the turnover rates over the past three days have been 26.74%, 11.43%, and 16.07%, respectively; trading risk is high, and there is a risk of a large drop in the short term, meaning investors face extremely high trading risk.

The company also stated that the latest trailing price-to-earnings (P/E) ratio for its industry—power, heat production and supply—is 17.96 times, while the company’s latest trailing P/E ratio is 174.89 times. The latest price-to-book (P/B) ratio for its industry is 1.58 times, while the company’s latest P/B ratio is 8.26 times. Both the company’s latest trailing P/E ratio and latest P/B ratio are higher than the industry average level, and trading risk is high. According to the earnings forecast, Huadian Liaoning Energy expects that in 2025 it will achieve net profit attributable to shareholders of the listed company of 0.25 billion to 0.35 billion yuan, a year-on-year decrease of 59.17% to 70.84%.

The company further said that, after verification, all production and operating activities are currently normal. Its main business is thermal power generation, with thermal power installed capacity accounting for 82.56%. There have been no significant changes in its day-to-day operating conditions.

Recent stock price trend of Huadian Liaoning Energy

Liu Rihong mentioned in the aforementioned forum that electricity and computing collaboration refers to deeply integrating computing power infrastructure with the power system through digital technologies, intelligent algorithms, and information networks, advancing a new infrastructure project that promotes dynamic matching and optimized allocation of resources, thereby achieving a “virtuous cycle of strengthening computing with electricity and promoting electricity with computing.” The main contents include promoting direct supply of green electricity and aggregated green electricity supply to improve the ability of green power to support computing; promoting the recovery and utilization of waste heat to enhance the benefits of a green, low-carbon circular process, etc. In October 2024, the National Data Bureau, together with relevant departments, organized initiatives in key hub nodes such as the Beijing-Tianjin-Hebei region, the Yangtze River Delta, and Inner Mongolia, as well as clean energy-rich regions such as Qinghai and Xinjiang. Focusing on pilot exploration around direct supply of green electricity, multi-source complementarity, and source-load interaction, they explored models for electricity and computing collaboration.

The construction of a nationwide integrated computing power network has been included in the “15th Five-Year Plan” period. This year’s Government Work Report proposes “implementing new-infrastructure projects such as ultra-large-scale intelligent computing clusters and electricity and computing collaboration,” marking that electricity and computing collaboration has officially been elevated from local pilots and departmental policies to a national strategy. Since March, the concept of electricity and computing collaboration has repeatedly strengthened, becoming one of the most eye-catching main themes across the market.

Reporter Yang Yang

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