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]

Group 1 - The core point of the article highlights the financial performance and stock activity of Shenzhen Economic Special Zone Real Estate (Group) Co., Ltd. (Deepin Real Estate A) as of August 8, 2025, showing significant revenue and profit growth [1][3] - As of the latest quarterly report, the company reported total revenue of 330 million yuan, a year-on-year increase of 457.38%, and a net profit attributable to shareholders of 72.42 million yuan, a year-on-year increase of 3718.51% [1] - The company's liquidity ratios are strong, with a current ratio of 2.364 and a quick ratio of 0.785, while the debt-to-asset ratio stands at 39.13% [1] Group 2 - The company has made investments in 31 enterprises and participated in 402 bidding projects, indicating active engagement in the market [2] - The company holds 6 trademark registrations and has obtained 27 administrative licenses, reflecting its operational capabilities and compliance [2]

[Financial Summary](index=3&type=section&id=1%20%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) CLP Holdings Group's operating earnings (before fair value changes) decreased by 8.0% to HKD 5,227 million in H1 2025, primarily due to EnergyAustralia's customer business underperformance and reduced contributions from Mainland China's nuclear and renewable energy assets, partially offset by strong Hong Kong business performance. Total profit was HKD 5,624 million, including a one-off favorable impact from introducing a joint venture partner for the Wooreen Battery Energy Storage System project - Group operating earnings (before fair value changes) **decreased by 8.0%** to **HKD 5,227 million**[3](index=3&type=chunk) - Total profit was **HKD 5,624 million**, a **5.5% year-on-year decrease**[3](index=3&type=chunk)[4](index=4&type=chunk) - Underperformance of EnergyAustralia's customer business and reduced contributions from Mainland China's nuclear and renewable energy assets were the primary reasons for the decline, partially offset by strong Hong Kong business performance[3](index=3&type=chunk) - Introducing a joint venture partner for the Wooreen Battery Energy Storage System project had a **one-off favorable impact**[3](index=3&type=chunk) H1 2025 Key Financial Data (HKD million) | Metric | 2025 | 2024 | Increase/(Decrease) % | | :--- | :--- | :--- | :--- | | **Revenue** | | Hong Kong Electricity Business | 23,515 | 23,732 | (0.9) | | Energy Business Outside Hong Kong | 18,304 | 19,709 | (7.1) | | Other | 1,035 | 645 | - | | **Total Revenue** | **42,854** | **44,086** | **(2.8)** | | **Profit** | | Hong Kong Energy Business | 4,469 | 4,165 | 7.3 | | Mainland China | 870 | 988 | (11.9) | | Australia | 167 | 611 | (72.7) | | India | 79 | 203 | (61.1) | | Taiwan and Thailand | 19 | 79 | (75.9) | | **Operating Earnings before Fair Value Changes** | **5,227** | **5,683** | **(8.0)** | | **Total Profit** | **5,624** | **5,951** | **(5.5)** | | **Earnings Per Share (HKD)** | **2.23** | **2.36** | **(5.5)** | | **Total Interim Dividend (HKD)** | **1.26** | **1.26** | **–** | | **Net Debt to Total Capital (%)** | **35.0** | **33.0** | **-** | [Chairman's Report](index=4&type=section&id=2%20%E4%B8%BB%E5%B8%AD%E5%A0%B1%E5%91%8A) CLP Group demonstrated resilience in H1 2025 amidst geopolitical uncertainties and energy demand fluctuations, with total profit at HKD 5,624 million and operating earnings (before fair value changes) down 8.0% to HKD 5,227 million [Overall Performance and Strategy](index=4&type=section&id=2.1%20%E6%95%B4%E4%BD%93%E8%A1%A8%E7%8F%BE%E4%B8%8E%E7%AD%96%E7%95%A5) CLP Group showed resilience in H1 2025, with total profit at HKD 5,624 million and operating earnings (before fair value changes) down 8.0% to HKD 5,227 million, maintaining a diversified regional portfolio and executing long-term strategic goals - Total profit for H1 2025 was **HKD 5,624 million**, with operating earnings before fair value changes at **HKD 5,227 million**, an **8.0% decrease** from the prior year[10](index=10&type=chunk) - The Board declared a second interim dividend of **HKD 0.63 per share**, consistent with the prior year[10](index=10&type=chunk) - The Group's business is built on a diversified regional portfolio, with the team focused on strict execution of long-term strategic objectives[10](index=10&type=chunk) [Hong Kong Business Highlights](index=5&type=section&id=2.2%20%E9%A6%99%E6%B8%AF%E4%B8%9A%E5%8A%A1%E4%BA%AE%E7%82%B9) Hong Kong business remained robust with a 1.9% reduction in average net electricity tariff, achieving key decarbonization milestones and advancing digital platforms for grid management and EV charging - The average net electricity tariff decreased by **1.9%** in H1 2025, primarily due to falling fuel prices[12](index=12&type=chunk) - Completed Hong Kong's first ship-to-ship LNG bunkering with simultaneous cargo operations, promoting Hong Kong as a green marine fuel bunkering hub[12](index=12&type=chunk)[16](index=16&type=chunk) - Actively promoted customer-centric digital platforms, including supporting the EV charging network and introducing heavy-duty electric crane trucks with charging services[13](index=13&type=chunk) - Utilized AI technology for real-time grid monitoring and expanded drone applications for inspections, enhancing safety management and operational efficiency[13](index=13&type=chunk) - The new headquarters building was completed in the Kai Tak new development area, demonstrating the Group's long-term commitment and confidence in Hong Kong's future development[13](index=13&type=chunk)[14](index=14&type=chunk) [Mainland China Business Challenges and Development](index=6&type=section&id=2.3%20%E4%B8%AD%E5%9B%BD%E5%86%85%E5%9C%B0%E4%B8%9A%E5%8A%A1%E6%8C%91%E6%88%98%E4%B8%8E%E5%8F%91%E5%B1%95) Mainland China operations faced challenges from slowing electricity demand growth and accelerated new generation capacity, with new tariff mechanisms requiring renewable energy projects to fully participate in market transactions - The Group's asset operations were impacted by slowing electricity demand growth and an accelerated increase in new generation capacity[14](index=14&type=chunk) - Mainland authorities issued a revised electricity tariff mechanism, requiring renewable energy projects to fully participate in market transactions[14](index=14&type=chunk) [Australia Business Transformation and Collaboration](index=6&type=section&id=2.4%20%E6%BE%B3%E6%B4%B2%E4%B8%9A%E5%8A%A1%E8%BD%AC%E5%9E%8B%E4%B8%8E%E5%90%88%E4%BD%9C) EnergyAustralia completed major maintenance works, prioritized customer affordability amidst retail profit pressure, and enhanced energy transition capabilities through partnerships for the Wooreen BESS and Lake Lyell pumped hydro projects - EnergyAustralia completed several major outage maintenance works to maintain stable and reliable power supply[14](index=14&type=chunk) - Retail business margins remained under pressure, with the company prioritizing customer affordability and focusing on reducing operating costs[14](index=14&type=chunk) - Partnered with Banpu Energy Australia to advance the Wooreen Battery Energy Storage System project and formed a joint venture with EDF Power Solutions Australia to explore the feasibility of the Lake Lyell pumped hydro project, enhancing energy transition capabilities[15](index=15&type=chunk) [India Business Growth and Safety](index=6&type=section&id=2.5%20%E5%8D%B0%E5%BA%A6%E4%B8%9A%E5%8A%A1%E5%A2%9E%E9%95%BF%E4%B8%8E%E5%AE%89%E5%85%A8) Apraava Energy's zero-carbon assets performed steadily with increased renewable generation and high transmission network availability, despite a fatal accident at Sidhpur wind farm, reaffirming commitment to safety - Apraava Energy's zero-carbon assets performed steadily, with increased renewable energy generation and extremely high transmission network availability[15](index=15&type=chunk) - Construction of new solar and wind projects progressed steadily, and smart meters were installed for more customers[15](index=15&type=chunk) - A fatal accident occurred at the Sidhpur wind farm; the company extended condolences to the bereaved families and colleagues and reaffirmed its commitment to the highest operational safety standards[15](index=15&type=chunk) [Technology Investment and Talent Development](index=6&type=section&id=2.6%20%E7%A7%91%E6%8A%80%E6%8A%95%E8%B5%84%E4%B8%8E%E4%BA%BA%E6%89%8D%E5%9F%B9%E5%85%BB) CLP Group invested in technology for sustainable development, achieving significant digital transformation milestones in ERP and fostering talent through a partnership with Tsinghua University for student internships - In H1 2025, the Group made significant progress in its digital transformation, completing the first phase of ERP-driven transformation, enhancing flexibility and efficiency in finance, human resources, supply chain management, and procurement[15](index=15&type=chunk)[17](index=17&type=chunk) - Partnered with Tsinghua University to establish its first 'Undergraduate Practical Teaching Base' in Hong Kong, offering summer internships to **10 undergraduates** annually[17](index=17&type=chunk) [Financial Review](index=8&type=section&id=6%20%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) This section provides a

天眼查商业履历信息显示，万科企业股份有限公司，成立于1984年，位于深圳市，是一家以从事房地产 业为主的企业。企业注册资本1099521.0218万人民币，实缴资本624020万人民币。公司法定代表人为郁 亮。 金融界消息 截至2025年8月7日收盘，万 科Ａ（000002）报收于6.47元，上涨0.47%，换手率0.8%，成交 量77.60万手，成交金额5.00亿元。 资金流向方面，今日主力资金净流入3474.64万元，占比成交额6.94%。其中，超大单净流入3289.44万 元、占成交额6.57%，大单净流入185.20万元、占成交额0.37%，中单净流出流出2212.85万元、占成交 额4.42%，小单净流出1261.79万元、占成交额2.52%。 万科A最新一期业绩显示，截至2025一季报，公司营业总收入379.95亿元、同比减少38.31%，归属净利 润624620.85万元，同比减少1625.63%，扣非净利润603869.96万元，同比减少260.60%，流动比率 1.303、速动比率0.567、资产负债率73.48%。 通过天眼查大数据分析，万科企业股份有限公司共对外投资了150家企业，参与招 ...

Core Viewpoint - China Electric Power Holdings reported a revenue of HKD 42.854 billion for 1H25, a year-on-year decrease of 2.8%, but the net profit attributable to shareholders was HKD 5.624 billion, exceeding expectations due to gains from the sale of a 50% stake in the Wooreen energy storage project in Australia [1] Group 1: Financial Performance - Operating profit for 1H25 was HKD 5.192 billion, down 11.3% year-on-year [1] - The operating profit in Hong Kong increased by 8% year-on-year, despite a 1.7% decrease in electricity sales [1] - The operating profit in mainland China decreased by 13% due to pressure on electricity prices and increased curtailment rates in renewable energy projects [1] Group 2: Regional Performance - Australia’s operating profit fell by 86% due to intense competition in retail and maintenance issues at power plants [1] - India’s operating profit decreased by 61% primarily due to tariff adjustments and impairments in the KMTL transmission project [1] Group 3: Zero-Carbon Projects - The company is expanding its zero-carbon project portfolio, with 336 MW of renewable energy capacity commissioned in mainland China and the full commissioning of the Sidhpur wind farm in India [2] - By 2029, the company aims to achieve approximately 6 GW of renewable energy capacity in mainland China and 8 GW in India [2] - The successful implementation of zero-carbon plans is expected to inject growth potential into the company's performance [2] Group 4: Cash Flow and Dividends - Operating cash flow for 1H25 was HKD 7.1 billion, down 11.3% year-on-year, while free cash flow turned positive at HKD 0.1 billion [2] - The company maintained a dividend of HKD 1.26 per share for 1H25, indicating potential for future dividend increases [2] - Total liquidity reached HKD 29.6 billion, including undrawn bank loan facilities of HKD 26.6 billion [2] Group 5: Future Outlook and Target Price - The target price is set at HKD 78.40, maintaining a "Buy" rating despite adjustments in revenue forecasts for various regions [2] - The company expects net profits of HKD 10.670 billion, HKD 11.396 billion, and HKD 12.128 billion for 2025-2027, reflecting a year-on-year decline of 9.1% in 2025 [2] - The projected EPS and BPS for 2025 are HKD 4.22 and HKD 42.26, respectively [2]

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, with a focus on maintaining growth in Hong Kong while facing challenges in other markets [1][2]. Financial Performance - In the first half of 2025, the company achieved a revenue of 42.854 billion HKD, a year-on-year decrease of 2.79%, and a net profit of 5.624 billion HKD, down 5.49% [1]. - The operating profit before fair value changes was 5.227 billion HKD, a decline of 8% year-on-year, with Hong Kong and related businesses contributing 4.568 billion HKD, an increase of 6% [1]. - The fair value change income shifted from 172 million HKD in the previous year to -35 million HKD, leading to an overall operating profit decrease of 11% to 5.192 billion HKD [1]. Capital Expenditure and Cash Flow - Cash inflow, excluding maintenance capital expenditure, was 7.1 billion HKD, a decrease of 9 billion HKD year-on-year, primarily due to a 6 million HKD decline in EBITDAF and adverse working capital changes [2]. - Non-maintenance capital expenditure totaled 7 billion HKD, mainly for Hong Kong SoC business (5.1 billion HKD) and renewable energy projects in mainland China [2]. Strategic Focus and Long-term Outlook - The company aims to provide stable cash flow through core businesses while seeking opportunities in the rapidly evolving energy transition market [2]. - A five-year development plan worth 52.9 billion HKD is underway in Hong Kong, with capital allocation principles based on risk-return, geographic selectivity, and project expansion in mainland China [2]. - The long-term outlook remains positive, with projected revenues of 90.2 billion HKD, 91.2 billion HKD, and 92.1 billion HKD for 2025-2027, and net profits of 11.2 billion HKD, 11.6 billion HKD, and 12 billion HKD respectively [3].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [12]. Core Views - The company experienced a decline in revenue and net profit in the first half of 2025, with revenue at 42.854 billion HKD, down 2.79% year-on-year, and net profit at 5.624 billion HKD, down 5.49% year-on-year [1][2]. - Despite short-term performance pressures, the company maintains growth in Hong Kong, with related business profits increasing by 6% to 45.68 billion HKD [2]. - The company is focusing on long-term investment value through stable cash flow from core businesses and exploring opportunities in the rapidly evolving energy transition market [4]. Financial Summary - The company reported a cash inflow of 7.1 billion HKD in the first half of 2025, a decrease of 9 billion HKD year-on-year, primarily due to a decline in EBITDAF and unfavorable working capital changes [3]. - Non-maintenance capital expenditures reached 7 billion HKD, mainly for projects in Hong Kong and renewable energy initiatives in mainland China [3]. - The company plans to allocate capital based on risk-return principles and geographic selectivity, with a five-year development plan in Hong Kong valued at 52.9 billion HKD [4]. Earnings Forecast - Projected revenues for 2025-2027 are 90.202 billion HKD, 91.221 billion HKD, and 92.144 billion HKD, respectively, with corresponding net profits of 11.194 billion HKD, 11.610 billion HKD, and 11.985 billion HKD [4][5]. - The expected price-to-earnings ratios for 2025-2027 are 15.12, 14.58, and 14.12, respectively [4].