12月19日，A股硬科技的代表公司中兴通讯(000063)盘中触及涨停板，股价创近一年来新高，A股市值 重回1500亿元以上。截至14时14分，中兴通讯成交额突破200亿元，打破该股单日历史成交纪录，并再 次夺得A股成交冠军宝座。 中兴通讯本轮大涨始于12月17日，该股当日大幅高开，盘中一度涨停，成交大幅放量，单日成交额高达 167.3亿元，一举夺得当日A股成交额冠军。12月18日，该股再次大涨，当天收盘上涨4.22%。截至目 前，该股3个交易日内最大涨幅接近20%。 公开资料显示，中兴通讯是全球5G技术研究、标准制定主要贡献者和参与者。除了5G领域，公司业务 还触及芯片、操作系统、算力基础设施、数字能源、大模型、视频服务等多个科技前沿领域。 据公司2024年半年报，公司联合运营商实现全球首个400G全光省际骨干网规模商用，全面贯通8个东数 西算国家算力枢纽。围绕AI大模型、卫星通信、5G-A、裸眼3D四大技术创新能力，公司持续推出多款 业界首创产品，包括全球首款5G+AI的3D平板nubia Pad 3D II、性能续航全能王者游戏旗舰手机红魔 9Pro系列、具备AI多场景体验的全能影像旗舰nubia Z6 ...

研究报告 Research Report 11 Sep 2024 电能实业 Power Assets Holdings (6 HK) 2024 年上半年英国板块盈利强劲，公维持高股息支付率 Solid performances from UK portfolio in 2024H1, dividend payout remain stable [Table_yemei1] 观点聚焦 Investment Focus | --- | --- | |----------------------------------------------------------------|--------------------------| | [Table_Info] 维持优于大市 Maintain OUTPERFORM | | | 评级 | 优于大市 OUTPERFORM | | 现价 | HK$53.25 | | 目标价 | HK$52.04 | | HTI ESG | 3.6-3.0-3.5 | | E-S-G: 0-5, (Please refer to the Appendix for ESG comments ...

Financial Performance - Net profit attributable to shareholders for the first six months of 2024 was HKD 3,006 million, a 2% increase compared to HKD 2,959 million in the same period of 2023[1] - Earnings per share for the first six months of 2024 were HKD 1.41, compared to HKD 1.39 in the same period of 2023[1] - The company reported a profit attributable to shareholders of HKD 3.006 billion for the first six months of 2024, compared to HKD 2.959 billion in the same period in 2023[26] - Basic and diluted earnings per share for the first six months of 2024 were HKD 1.41, up from HKD 1.39 in the same period in 2023[26] - The company's profit attributable to shareholders for the first half of 2024 was HK$3,006 million, a slight increase from HK$2,959 million in the same period last year[27] - Total comprehensive income attributable to shareholders for the first half of 2024 was HK$2,159 million, a significant decrease from HK$5,783 million in the same period last year[27] - Profit before tax for the group increased to HKD 3,134 million in 2024 from HKD 3,061 million in 2023, driven by higher contributions from joint ventures and associates[34] - Earnings per share (EPS) rose to HKD 1.44 in 2024 from HKD 1.39 in 2023, based on a net profit of HKD 3,060 million and 2,131,105,154 shares outstanding[38] - Pre-tax profit for the first half of 2024 was HKD 3,134 million, up from HKD 3,061 million in the same period of 2023[42] Dividends and Shareholder Returns - The interim dividend per share remains unchanged at HKD 0.78, to be paid on September 24, 2024[9] - The company declared an interim dividend of HKD 0.78 per share, totaling HKD 1,662 million for the six months ended June 30, 2024[50] - The company paid dividends of HK$4,348 million to shareholders in the first half of 2024, consistent with the amount paid in the same period last year[30] - The company declared an interim dividend of HKD 0.78 per share for 2024, payable on September 24, 2024[76] Debt and Financial Position - The company's net debt to total capital ratio is 2%, with a net debt to total capital ratio of 45% on a pro-rata basis for international investment portfolio[11] - The company's unsecured bank loans totaled HKD 2.863 billion as of June 30, 2024, a decrease from HKD 3.097 billion as of December 31, 2023[21] - The company's bank deposits and cash stood at HKD 1.48 billion as of June 30, 2024, down from HKD 4.201 billion as of December 31, 2023[21] - The company's net debt position was HKD 1.383 billion as of June 30, 2024, compared to a net cash position of HKD 1.104 billion as of December 31, 2023[22] - The company's net debt to total capital ratio was 2% as of June 30, 2024, compared to no net debt as of December 31, 2023[22] - The company's net assets as of June 30, 2024, were HK$86,563 million, down from HK$88,752 million at the end of 2023[28] - The company's total assets less current liabilities were HK$89,917 million as of June 30, 2024, down from HK$92,453 million at the end of 2023[28] - The company's non-current assets increased slightly to HK$91,558 million as of June 30, 2024, compared to HK$91,343 million at the end of 2023[28] - The company's current liabilities exceeded current assets by HK$1,641 million as of June 30, 2024, compared to a net current asset position of HK$1,110 million at the end of 2023[28] - Bank deposits and cash decreased to HKD 1,480 million as of June 30, 2024, from HKD 4,201 million at the end of 2023[41] Investments and Acquisitions - The company completed the acquisition of two UK low-carbon energy businesses, including a 20% stake in Phoenix Energy and the acquisition of UU Solar through UKPN[10] - The company, along with Cheung Kong Infrastructure and Cheung Kong Holdings, formed a consortium to acquire a UK onshore wind asset portfolio for approximately £350 million (HKD 3.5 billion), marking the company's third acquisition in 2024[18] - The acquired wind asset portfolio includes 32 wind farms across England, Scotland, and Wales, with a total installed capacity of 175 MW and a net equity capacity of 137 MW[18] - The company, along with Cheung Kong Infrastructure Holdings Limited and Cheung Kong (Holdings) Limited, agreed to acquire a UK onshore wind portfolio for approximately GBP 350 million (approximately HKD 3.5 billion). The portfolio includes 32 wind farms with a total installed capacity of 175 MW and a net equity installed capacity of 137 MW[54] Renewable Energy and Sustainability - The company's renewable energy portfolio in the UK includes 70 projects, with 90% of revenue coming from long-term contracts and government renewable energy subsidies[10] - Australian Gas Networks is progressing with the HyP Murray Valley hydrogen project, aiming to blend 10% hydrogen into the gas network for 40,000 homes and businesses[13] - NGN's HyDeploy22 project in the UK is supplying hydrogen-blended gas to 668 customers, supporting the net-zero transition[17] - The Sustainability Committee is chaired by the CEO and oversees the development and implementation of sustainability measures[64][65] Operational Performance - UKPN achieved a profit contribution of HKD 1.55 billion (2023: HKD 1.398 billion) in the UK market, with a customer satisfaction rate of 94.3% in 2024[12] - Australia operations contributed HKD 601 million in profit (2023: HKD 558 million), driven by strong growth in energy usage from residential and commercial customers[13] - Victoria Power Networks initiated the first phase of a major power upgrade in Melbourne to meet increased electricity demand due to population growth and EV adoption[13] - Hong Kong Electric's electricity sales increased by 1.8% year-on-year, driven by warmer weather and an extra day in February 2024[15] - Hong Kong Electric launched a new HKD 22 billion development plan (2024-2028), including a new 380 MW gas-fired combined cycle unit and grid modernization projects[15] - The proportion of natural gas in Hong Kong Electric's power generation increased to approximately 70% with the commissioning of the L12 unit in March 2024[16] - Dampier Bunbury Pipelines achieved a compressor station reliability of 99.96%, exceeding the 99% target[13] - EDL is advancing renewable and hybrid energy projects, including upgrades to Limestone and Lorain renewable gas plants and the first phase of the Agnew plant expansion[13] Financial Derivatives and Fair Value - Financial derivative assets increased to HKD 1,771 million as of June 30, 2024, from HKD 1,545 million at the end of 2023[44] - Fair value of financial derivatives classified as Level 2 increased to HKD 1,771 million as of June 30, 2024, from HKD 1,545 million at the end of 2023[46] - Fair value of forward foreign exchange contracts increased to HKD 1,153 million as of June 30, 2024, from HKD 1,060 million at the end of 2023[46] - Fair value of cross-currency swap contracts increased to HKD 589 million as of June 30, 2024, from HKD 443 million at the end of 2023[46] Corporate Governance and Committees - All directors confirmed compliance with the standard code of conduct for securities transactions as of June 30, 2024[58] - Audit Committee reviewed the unaudited consolidated financial statements for the six months ended June 30, 2024[61] - Audit Committee confirmed the effectiveness and adequacy of the risk management and internal control systems as of June 30, 2024[66] - The Audit Committee consists of 3 independent non-executive directors, chaired by Mr. Yip Yuk Keung[61] - The Nomination Committee is responsible for reviewing the board's structure, size, diversity, and talent mix[62] - The Remuneration Committee oversees the company's director and management team compensation policies[63] - The company shares internal audit functions with its associate company, HK Electric Investments Limited[66] - Internal audit functions cover financial, operational, IT reviews, fraud investigations, and compliance audits[66] - The internal audit team includes professionals from accounting, engineering, and IT fields[66] - The company has established a shareholder communication policy to facilitate effective communication through various channels, including annual general meetings, financial results, annual reports, and investor briefings[67] Shareholder and Ownership Structure - As of June 30, 2024, the company's directors and senior executives hold interests in the company's shares, related shares, and bonds, with details recorded in the company's register[68] - Beneficial owners hold 180,000 shares, representing approximately 0.01% of the company's issued shares as of June 30, 2024[69] - Li Ka-shing holds 7,870,000 share stapled units through controlled companies and trusts, representing approximately 0.08% of the issued share stapled units[70] - The Li Ka-shing Foundation holds share stapled units in HK Electric Investments and HK Electric Investments Limited, with Li Ka-shing potentially controlling one-third or more of the voting rights[71] - Li Ka-shing is deemed to have an interest in share stapled units held by TUT1 as trustee of UT1, as he is a potential beneficiary of DT1 and DT2[72] - Major shareholders include Venniton Development Inc. (7.22%), Interman Development Inc. (8.76%), Univest Equity S.A. (13.09%), and Monitor Equities S.A. (13.48%)[74] - Hyford Limited, CK Hutchison Holdings Limited, and CK Hutchison Global Investments Limited each hold 767,499,612 shares, representing 36.01% of the company's issued shares[74] - Hyford Limited holds 767,499,612 shares of the company, representing a significant portion of the issued shares[75] Cash Flow and Capital Commitments - Cash and cash equivalents decreased by HK$1,009 million in the first half of 2024, compared to a decrease of HK$1,276 million in the same period last year[30] - The company's net cash inflow from operating activities was HK$179 million in the first half of 2024, down from HK$613 million in the same period last year[30] - Net cash inflow from investing activities was HK$3,316 million in the first half of 2024, up from HK$2,459 million in the same period last year[30] - Cash flow from operating activities decreased to HKD 179 million in the first half of 2024, compared to HKD 613 million in the same period of 2023[43] - Dividends received from joint ventures increased to HKD 1,386 million in the first half of 2024, up from HKD 1,049 million in the same period of 2023[43] - The company has capital commitments of HKD 1 million for property, plant, and equipment as of June 30, 2024[51] - The company provided guarantees amounting to HKD 68 million for joint ventures as of June 30, 2024[51] Interest Income and Financial Costs - Interest income declined to HKD 454 million in 2024 from HKD 662 million in 2023, reflecting lower returns from financial assets[35] - The company earned interest income of HKD 384 million from loans to joint ventures for the six months ended June 30, 2024[52] - The company earned interest income of HKD 70 million from loans to associates for the six months ended June 30, 2024[53] - Financial costs for the period remained stable at HKD 80 million in 2024, consistent with HKD 76 million in 2023, as the group maintained its debt structure[36] Tax and Other Expenses - Tax expenses for the period increased to HKD 128 million in 2024 compared to HKD 102 million in 2023, mainly due to higher current tax provisions[37] - The company's total employee compensation expenses for the first six months of 2024 were HKD 14 million, up from HKD 13 million in the same period in 2023[25] Joint Ventures and Associates - The group's share of profits from joint ventures and associates increased to HKD 2,725 million in 2024 from HKD 2,387 million in 2023, reflecting improved performance in key markets[34] - Joint venture equity increased to HKD 61,946 million as of June 30, 2024, compared to HKD 61,669 million at the end of 2023[40] - The company received service fees of HKD 22 million from an associate for the six months ended June 30, 2024[53] Market Capitalization and Credit Rating - The company's market capitalization as of June 30, 2024, was HKD 90.039 billion[7] - The company's credit rating was reaffirmed by Standard & Poor's as "A/Stable"[11] Property, Plant, and Equipment - Property, plant, and equipment (PPE) net book value decreased to HKD 17 million in 2024 from HKD 19 million in 2023, primarily due to depreciation charges[39] Share Repurchase and Redemption - No repurchase, sale, or redemption of the company's listed securities occurred in the first half of 2024[77] Consolidated Financial Position of Affiliated Companies - The consolidated financial position of affiliated companies as of June 30, 2024, shows non-current assets of HKD 400,709 million and current assets of HKD 23,630 million[79] - The group's combined attributable interests in affiliated companies amounted to HKD 54.256 billion as of June 30, 2024[79] Revenue and Segment Performance - Revenue from reportable business segments decreased to HKD 454 million in 2024 from HKD 662 million in 2023, primarily due to lower income from investments in the UK and Australia[34] - The UK segment contributed HKD 1,550 million to the group's profit in 2024, up from HKD 1,398 million in 2023, driven by strong performance in joint ventures[34] - The Australia segment's profit decreased to HKD 601 million in 2024 from HKD 558 million in 2023, impacted by higher financial costs[34] Valuation of Non-Listed Equity Securities - The company's non-listed equity securities are valued using a dividend discount model, with a cost of capital of 13.65%. A 0.5% increase or decrease in the cost of capital would result in a change in the group's profit and reserve of approximately HKD 13 million to HKD 14 million[48]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲 明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 2024 年中期業績 董事局主席報告 中期業績 本人欣然發表上任電能實業主席後的首份業績報告，並衷心感謝前任主席霍建寧先生多年 來的高瞻遠觸及寶貴貢獻。霍先生於 2024 年 4 月 1 日退任集團主席及執行董事職務。他在 任期間，電能實業不斷壯大規模，確立作為能源和公用事業相關業務之全球投資者地位，足 跡遍及世界各地 9 個市場。 集團截至 2024 年 6 月 30 日止 6 個月的未經審核溢利為港幣 30 億 600 萬元 (2023 年：港幣 29 億 5,900 萬元)，較上年同期升 2%。儘管全球市場利率上升，加上 UK Power Networks (UKPN) 業務受到新一期價格管制的影響，惟集團憑著堅強韌力，取得穩健業績。 中期股息 董事局宣佈中期股息為每股港幣 7 角 8 分(2023 年：港幣 7 角 8 分)，股息將於 2024 年 9 月 24 日派發予於 2024 年 9 月 ...

（股份代號 ： 6） ...

研究报告Research Report 16 Apr 2024 电能实业 Power Assets Holdings (6 HK) 英国板块盈利强劲，公司股息分红稳定 Solid performances from UK portfolio, dividend payout remain stable [观Ta点bl聚e_焦yem Inevie1s] tment Focus [Tab维le_持Inf优o] 于大市Maintain OUTPERFORM (Please see APPENDIX 1 for English summary) 监管重置影响减小，2023年业绩表现符合预期。 公司2023年股东 评级 优于大市OUTPERFORM 应占溢利 60.03 亿港元，同比增长 6%，其中合营公司贡献盈利 现价 HK$44.05 目标价 HK$52.04 35.82 亿港元，同比增长 19.64%，联营公司贡献 16.82 亿港元，同 比下降 5.72%。从地区来看，英国板块贡献利润 28.08 亿港元，同 HTI ESG 3.6-3.0-3.5 比增长 11.56%，澳洲板块贡献盈利 12.65 亿港元，同 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其準確性或完整性亦不發表任何聲明， 並明確表示，概不對因本公佈全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 2023 年全年業績 董事局主席報告 全年業績 電能實業有限公司（集團）在2023年取得強勁業績。我們經營多元化的電力和天然氣業務， 大部分在規管計劃或長期承購合約下營運，繼續為集團帶來穩健收益。 年內，集團股東應佔溢利為港幣 60億300萬元（2022年：港幣56億4,900萬元），按年上升 6%。 宏觀經濟方面，全球市場仍然被緊張的地緣政治局勢所籠罩。持續的通脹和高息環境令市場 普遍存在不確定因素。在這樣的環境下，集團的業務模式展現出高度抗逆能力，受規管的優 質資產不致受到通脹影響，使我們能夠繼續為客戶提供可負擔和可靠的能源，同時促進集團 全球業務邁向能源轉型。 股息 董事局建議派發末期股息每股港幣2元4分（2022年：港幣2元4分），股息將於 2024年6 月 11日派發予於2024年 5月28日已登記在本公司股東名冊之股份持有人。連同中期股息每 股港幣 7角8分，全年股息合共為每股港幣2 元8 角 ...

Power Assets （股份代號 ： 6） Holdings Limited 電能實業有限公司 Interim Report 2023 年中期報告 2023年中期報告 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲 明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 2023 年中期業績 董事局主席報告 中期業績 電能實業集團及旗下的營運公司於 6 個月回顧期內，秉承一貫宗旨向全球各地客戶提供可 負擔、可靠及更清潔的能源，同時致力投資推動業務實現淨零碳排放的目標。 集團截至 2023年 6月 30日止 6個月的未經審核溢利為港幣 29億 5,900萬元（2022 年：港 幣 28億 7,100萬元）。儘管全球市場利率上升，而且外幣兌港元疲軟，集團仍然取得良好 業績，核心業務表現強勁。 中期股息 董事局宣佈中期股息為每股港幣 7角 8分（2022年：港幣 7角 8分），股息將於 2023年 9 月 12日派發予於 2023年 9月 1日已登記在本公司股東名冊之股份持有人。 國際能源投資組合 英國業務 集團旗下的英國營運公司錄得港幣 13億 9,800萬元的溢利貢獻（2022年：港幣 14億 3,300 ...

（股份代號 ： 6） ...