The National Development and Reform Commission (NDRC) and the National Energy Administration issued the "Implementation Plan for the New Generation Coal Power Upgrading Special Action (2025-2027)". Building on the "Three Reforms Linkage", the plan further deepens and expands the technical index system for coal power, guiding the upgrading of existing units, the construction and operation of new units, and the pilot demonstration of new generation coal power. Investment in coal power upgrading is expected to accelerate. After the upgrade, coal power is expected to achieve excess returns through spot cargo and carbon trading markets, reflecting the regulatory and environmental value of the units. It is recommended to focus on leading enterprises with strong operational management capabilities in the thermal power sector. The coal power upgrade will also open up space for the integration of hydropower and new energy.