Core Viewpoint - The China Securities Hong Kong 300 Infrastructure Index (H300 Infrastructure) has shown positive performance, with a 2.81% increase over the past month, a 5.08% increase over the past three months, and an 11.50% increase year-to-date [2] Group 1: Index Performance - The H300 Infrastructure Index is currently reported at 1935.88 points [1] - The index reflects the overall performance of listed companies in various sectors such as banking, transportation, resources, infrastructure, logistics, and leisure [2] Group 2: Index Composition - The top ten weighted companies in the H300 Infrastructure Index are: China Mobile (33.75%), Cheung Kong (8.46%), CLP Holdings (8.25%), China Telecom (5.48%), Hong Kong and China Gas (4.88%), Power Assets Holdings (4.68%), China Unicom (3.86%), ENN Energy (3.12%), China Resources Power (2.53%), and CK Infrastructure Holdings (2.48%) [2] - The index is composed entirely of companies listed on the Hong Kong Stock Exchange, with a sector breakdown of 53.10% in telecommunications services, 41.42% in utilities, 4.22% in construction and decoration, and 1.27% in transportation [2] Group 3: Index Adjustment Mechanism - The index samples are adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December [3] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [3]

如閣下希望收取公司通訊的印刷本，請填妥及簽署隨附的要求表格，並使用已預付郵費的郵寄標籤寄回至本公司股份過戶處， 或電郵至clp.ecom@computershare.com.hk。如閣下不採取任何行動，公司將以電郵通知閣下有關公司通訊的發布。如未能提 供電郵地址，則以郵寄方式通知。 中電控股有限公司 CLP Holdings Limited (股份代號 Stock Code: 00002) 香港九龍啟德承啟道43號中電總部 CLP Headquarters, 43 Shing Kai Road Kai Tak, Kowloon, Hong Kong 電話 Tel (852) 2678 8111 傳真 Fax (852) 2760 4448 2025年8月19日 網址 Website www.clpgroup.com 親愛的非登記股東1： 1. 2025中期報告 中電控股（中電）2025中期報告的中、英文版已載於（a）本公司網站（www.clpgroup.com）「投資者關係」欄目的「財務報告」；及 （b）香港聯合交易所有限公司（聯交所）網站（www.hkexnews.hk）。如閣下已選擇收取公司通訊2的印刷本 ...

中電控股有限公司 CLP Holdings Limited (股份代號 Stock Code: 00002) 香港九龍啟德承啟道43號中電總部 CLP Headquarters, 43 Shing Kai Road Kai Tak, Kowloon, Hong Kong 電話 Tel (852) 2678 8111 傳真 Fax (852) 2760 4448 網址 Website www.clpgroup.com 2025年8月19日 親愛的股東： 1. 2025中期報告 中電控股（中電）2025中期報告的中、英文版已載於（a）本公司網站（www.clpgroup.com）「投資者關係」欄目的「財務報告」；及 （b）香港聯合交易所有限公司（聯交所）網站（www.hkexnews.hk）。如閣下已選擇收取公司通訊1 的印刷本，隨函附上閣下所選擇 之語文版本的報告。 2. 公司通訊收取方式的安排 閣下可隨時免費（a）要求更改2收取公司通訊的語文版本及╱或收取方式，或（b）若以電子方式查閱公司通訊時出現任何困難， 可要求索取印刷本。 上述有關公司通訊的安排不包括可供採取行動的公司通訊3，可供採取行動的公司通訊之印 ...

中電控股有限公司 CLP Holdings Limited (股份代號 Stock Code: 00002) 香港九龍啟德承啟道43號中電總部 CLP Headquarters, 43 Shing Kai Road Kai Tak, Kowloon, Hong Kong 電話 Tel (852) 2678 8111 傳真 Fax (852) 2760 4448 網址 Website www.clpgroup.com 2025年8月19日 親愛的股東： 1. 2025中期報告 隨函附上中電控股（中電）2025中期報告的中、英文版，報告已載於（a）本公司網站（www.clpgroup.com）「投資者關係」欄目的 「財務報告」；及（b）香港聯合交易所有限公司（聯交所）網站（www.hkexnews.hk）。 2. 公司通訊1收取方式的安排 董事會於2025年8月4日宣布派發2025年第二期中期股息每股0.63港元，此股息將於2025年9月15日派發予於2025年9月4日已 登記在股東名冊上的股東。本公司將於2025年9月4日暫停辦理股份過戶登記手續。凡擬收取第二期中期股息的人士，務請於 2025年9月3日星期三下 ...

Group 1 - The core viewpoint of the news is that Shenzhen Teli (Group) Co., Ltd. has experienced a significant decline in revenue and profit in the first quarter of 2025, indicating potential challenges for the company moving forward [1][3] - As of August 15, 2025, Teli A's stock price closed at 17.5 yuan, with a slight increase of 0.17% and a trading volume of 107,500 hands, amounting to a transaction value of 188 million yuan [1] - The company's latest financial report shows total operating revenue of 328 million yuan, a year-on-year decrease of 56.68%, and a net profit attributable to shareholders of 34.23 million yuan, down 2.89% year-on-year [1] Group 2 - The company has a current ratio of 1.266, a quick ratio of 1.078, and a debt-to-asset ratio of 25.12%, indicating a relatively stable liquidity position [1] - Shenzhen Teli has made investments in 41 enterprises and participated in 646 bidding projects, showcasing its active engagement in business expansion [2] - The company holds 45 trademark registrations and has obtained 43 administrative licenses, reflecting its commitment to intellectual property and regulatory compliance [2]

Core Viewpoint - UBS downgraded China Electric Power Holdings (00002) from "Buy" to "Neutral" and reduced the target price from HKD 74 to HKD 70 due to short-term pressures on the company's fundamentals from unfavorable overseas factors [1] Summary by Relevant Categories Company Performance - China Electric's Hong Kong operations remain strong and predictable, but earnings pressure from Australia and mainland China is evident in the first half of 2025 [1] - The underperformance of non-local businesses may limit expected earnings growth for the fiscal year 2025, leading to a flat annual dividend per share, contrary to previous forecasts of a 3% increase [1] Dividend Forecast - UBS maintains a long-term forecast of a 3% average annual growth in dividends from 2026 to 2029, anticipating a gradual return to stable growth after the stabilization of non-local businesses [1] Market Comparison - The forward dividend yield of 4.8% for China Electric has narrowed to below the historical average by one standard deviation, compared to a 49 basis point yield on U.S. 10-year Treasury bonds, indicating reduced attractiveness relative to the industry average of 73 basis points [1] Earnings Projections - UBS has lowered its earnings forecasts for China Electric for 2025 to 2027 by 11%, 8%, and 7% respectively, reflecting last year's performance and the disappointing results of non-local businesses, particularly in mainland China and Australia [1]

Core Viewpoint - UBS downgraded China Electric Power Holdings (00002) from "Buy" to "Neutral" and reduced the target price from HKD 74 to HKD 70 due to adverse overseas factors impacting the company's short-term fundamentals [1] Group 1: Business Performance - The report indicates that while China Electric's Hong Kong operations remain strong and predictable, there is profit pressure from Australia and mainland China affecting the performance in the first half of 2025 [1] - The underperformance of non-local businesses may limit the expected profit growth for the fiscal year 2025, leading to a forecast of flat annual dividends per share, previously expected to grow by 3% [1] Group 2: Long-term Outlook - UBS maintains a long-term forecast of an average annual dividend growth of 3% from 2026 to 2029, anticipating a gradual return to stable growth once non-local business stabilizes [1] Group 3: Dividend Yield and Market Comparison - The forward dividend yield of 4.8% for China Electric has narrowed to below the historical average by one standard deviation, compared to a 49 basis point yield for the US 10-year Treasury, indicating reduced attractiveness relative to the industry premium of 73 basis points [1] Group 4: Earnings Forecast Adjustments - UBS has adjusted its earnings forecasts for China Electric for 2025 to 2027 down by 11%, 8%, and 7% respectively, reflecting last year's performance and the disappointing results from non-local businesses, particularly in mainland China and Australia [1]

Core Viewpoint - The China Hong Kong 300 Infrastructure Index (H300) has shown positive performance, with a 3.89% increase over the past month, a 5.97% increase over the past three months, and an 11.51% increase year-to-date [1] Group 1: Index Performance - The H300 Infrastructure Index is currently at 1936.08 points [1] - The index reflects the overall performance of listed companies in various sectors such as banking, transportation, resources, infrastructure, logistics, and leisure [1] Group 2: Index Composition - The top ten holdings of the H300 Infrastructure Index are: China Mobile (33.39%), Cheung Kong (8.5%), CLP Holdings (8.39%), China Telecom (5.31%), Hong Kong and China Gas (4.94%), Power Assets Holdings (4.9%), China Unicom (3.82%), ENN Energy (3.16%), CK Infrastructure Holdings (2.61%), and China Resources Power (2.54%) [1] - The index is composed entirely of stocks listed on the Hong Kong Stock Exchange, with a sector breakdown of 52.60% in telecommunications services, 42.02% in utilities, 4.13% in construction and decoration, and 1.25% in transportation [1] Group 3: Index Adjustment Mechanism - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2]

Core Viewpoint - Bid International Holdings (01949) has announced the sale of 159,000 shares of CLP Holdings (00002) and 1,292,000 shares of Hong Kong and China Gas (00003) on August 8, 2025, to optimize its surplus funds for better returns [1] Group 1 - The company sold 159,000 shares of CLP Holdings and 1,292,000 shares of Hong Kong and China Gas [1] - The sale is part of the company's strategy to maintain a certain level of surplus funds to meet operational needs [1] - The company aims to invest in highly liquid and low-volatility listed securities to ensure immediate liquidity when necessary [1] Group 2 - The company is actively seeking investment opportunities with potential value to provide stable returns and long-term capital gains [1]

Core Viewpoint - Bid International Holdings (01949) announced the sale of certain listed securities on the Hong Kong Stock Exchange, including 159,000 shares of CLP Holdings (00002) and 1,292,000 shares of Hong Kong and China Gas (00003) on August 8, 2025 [1] Group 1 - The company maintains a certain level of surplus funds during its operational period to meet operational needs [1] - To maximize returns on surplus funds and for inventory purposes, the company invests in highly liquid and low-volatility listed securities, allowing for immediate liquidation when necessary [1] - The company is actively seeking investment opportunities with potential value to provide stable returns and long-term capital gains for the group [1]