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。 2025 年全年業績 董事局主席報告 全年業績 2025 財政年度內，電能實業有限公司（下稱「電能實業」或「集團」）憑藉遍佈全球的優質 基建業務組合，取得強勁業績。來自營運的現金流增加 8%，充分展現雄厚資產基礎帶來的穩 健收入來源。 全球宏觀經濟環境持續動盪，地緣政局緊張加上通脹壓力帶來各種挑戰。在此等背景下，集 團多元的基建業務組合展現堅韌實力，專注投資受規管業務的核心策略行之有效，繼續為股 東提供理想回報。 截至 2025 年 12 月 31 日止年度，電能實業錄得純利港幣 62 億 3,600 萬元（2024 年：港幣 61 億 1,900 萬元），按年增長 2%。 英國業務 英國仍然是電能實業最大市場，當地業務錄得溢利貢獻合共港幣 32 億 1,000 萬元（2024 年： 港幣 31 億 9,900 萬元）。集團當地業務持續展現韌力，收益穩定。 UK Power Networks（UKPN）年 ...

Investment Rating - The report assigns an "Outperform" rating to several companies in the power equipment sector, including China General Nuclear Power, Dongfang Electric, and Doosan Enerbility, among others, with specific target prices and projected P/E ratios for 2025 and 2026 [1]. Core Insights - The report analyzes the competitive landscape of power equipment manufacturers in China, Japan, and South Korea, highlighting their distinct strategies and market positions in response to varying modernization timelines and infrastructure needs [3][30]. - South Korean companies are noted for aggressive overseas penetration, while Japanese firms maintain a stronghold on high-end technology and quality. Chinese companies leverage scale and cost advantages but have lower internationalization levels [4][30]. - The report emphasizes the significant growth in overseas demand for power equipment, particularly driven by AI data centers in the U.S., which benefits South Korean and Japanese companies more directly than their Chinese counterparts [3][4]. Summary by Sections Power Generation Equipment - Japan's Mitsubishi Heavy Industries (MHI) leads in high-end technology with an EBITDA margin of approximately 12% in its energy systems business. South Korea's Doosan Enerbility shows strong execution with a year-on-year order growth of 106.5% in 2025, while China's Dongfang Electric has the largest scale but lower internationalization [4][30]. Transmission Equipment - South Korean companies excel in the transmission equipment sector, with firms like HD Hyundai Electric and LS Electric rapidly increasing their market share in North America. Japanese companies like Hitachi Energy maintain a strong brand and reliability, while Chinese firms lead in UHV AC/DC technology but have lower overseas market shares [4][39]. Investment Recommendations - From a valuation perspective, South Korean companies exhibit the highest valuations with significant volatility, while Japanese companies are seen as relatively reasonably valued. Chinese companies show a wide range of valuations, with some being notably high [5][30]. - The report suggests a preference for Japanese companies over South Korean and Chinese firms in the power generation and transmission equipment sectors based on valuation, market benefits, and product technology recognition [5].

格隆汇3月5日丨电能实业(00006.HK)宣布，本公司将于2026年3月18日（星期三）举行董事局会议，以 （除其他事项外）审阅本公司及其附属公司截至2025年12月31日止年度的业绩，及考虑派发末期股息。 ...

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。 董事會召開日期 執行董事 ： 甄達安先生（主席）、蔡肇中先生（行政總裁）、陳來順 先生及鄭祖瀛先生 非執行董事 ： 梁匡舜先生、李澤鉅先生及麥堅先生 承董事局命 公司秘書 吳偉昌 香港，2026 年 3 月 5 日 於本公告日期，本公司董事為： 獨立非執行董事 ： 柏 聖 文 先 生 、 葉 毓 強 先 生 、 高 寶 華 女 士 及 關 志 堅 先 生 （2025年全年業績） 電能實業 有限公司 （ 「 本公司 」 ） 之董事 局 （ 「 董 事 局 」 ） 謹此宣佈， 本公司將於2026年3月18日（星期三）舉行董事局會議，以（除其他事項外） 審閱本公司及其附屬公司截至2025年12月31日止年度之業績，及考慮派發 末期股息。 ...

Core Viewpoint - The Hong Kong utility sector demonstrates defensive characteristics, showing resilience during global conflicts and outperforming the Hang Seng Index by 7% in the 60 days following significant events [1] Group 1: Stock Performance - Hong Kong Chinese Gas (00003) increased by 1.72%, reaching HKD 7.69 [1] - CLP Holdings (00002) rose by 0.61%, trading at HKD 74.6 [1] - Power Assets Holdings (00006) saw a gain of 0.96%, priced at HKD 63.4 [1] - Hongkong Electric Holdings (02638) climbed by 0.72%, now at HKD 7.01 [1] - Cheung Kong Infrastructure Holdings (01038) also increased by 0.61%, valued at HKD 66.15 [1] Group 2: Market Analysis - HSBC Global Research indicates that the utility sector in Hong Kong consistently exhibits defensive traits during major global conflicts [1] - The sector's core fundamentals remain robust, supported by regulatory frameworks and long-term contracts, allowing it to withstand macroeconomic uncertainties [1] - The impact of rising fuel prices due to geopolitical tensions, such as the closure of the Strait of Hormuz by Iran, is expected to be minimal on sector profitability, as regulated utilities in Hong Kong, the UK, and Australia can fully pass fuel costs onto consumers [1]

Core Viewpoint - The Hong Kong utility sector demonstrates defensive characteristics, showing resilience and outperforming the market during significant global conflicts, with a consistent 7% lead over the Hang Seng Index in the 60 days following major events [1] Group 1: Market Performance - Hong Kong utility stocks have shown an upward trend, with notable increases: - China Gas Holdings (00003) up 1.72% to HKD 7.69 - Power Assets Holdings (00006) up 0.96% to HKD 63.4 - Hongkong Electric Holdings (02638) up 0.72% to HKD 7.01 - CLP Holdings (00002) up 0.61% to HKD 74.6 - Cheung Kong Infrastructure Holdings (01038) up 0.61% to HKD 66.15 [1] Group 2: Sector Analysis - HSBC Global Research indicates that the utility sector's core fundamentals remain robust, supported by regulatory frameworks and long-term contracts, which help mitigate macroeconomic uncertainties and disruptions [1] - The sector's performance is expected to remain stable despite rising fuel prices due to the closure of the Strait of Hormuz, as regulated utilities in Hong Kong, the UK, and Australia can fully pass fuel costs onto consumers [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2026年2月28日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 電能實業有限公司 | | | 呈交日期: | 2026年3月2日 | | | I. 法定/註冊股本變動 | 不適用 | | FF301 第 1 頁 共 10 頁 v 1.2.0 FF301 (A). 股份期權（根據發行人的股份期權計劃） 不適用 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 1. 股份分類 普通股 股份類別 不適用 於香港聯交所上市 (註1) 是 證券代號 (如上市) 00006 說明 已發行股份（不包括庫存股份）數目 庫存股份數目 已發行股份總數 上月底結存 2,131,105,154 0 2,131,105,154 增加 / 減少 (-) 0 0 本月底結存 2,131,105,154 0 2,131,105,154 足夠公眾持股量的確認(註4) | 根據《主板上市規則》第13.32D(1)條或第19A.28D(1)條 / 《G ...

Core Insights - The announcement by Cheung Kong Holdings regarding the complete divestment of its stake in the UK electricity grid marks a significant exit from a core infrastructure sector by the Li Ka-shing family [2] - This divestment is part of a broader trend where global investment environments are undergoing profound and potentially irreversible structural changes, as evidenced by the recent forced takeover of assets in Panama [2][4] Group 1: Asset Divestment Context - The divestment of the UK electricity grid is not an isolated event but is linked to geopolitical pressures, particularly from the United States, which has been exerting influence over Panama to reclaim control over strategic assets [4] - The forced takeover of two ports in Panama, valued at $1.8 billion, illustrates a growing trend where sovereign nations can unilaterally seize foreign investments, undermining the sanctity of contracts [4][9] Group 2: Shifts in Investment Strategy - Li Ka-shing's strategy reflects a re-evaluation of global asset safety, with a noticeable shift from overseas investments to consolidating assets in Hong Kong and mainland China, indicating a "West retreat, East defend" approach [6] - Recent transactions, including the sale of UK Rails and core office buildings in London, signify a systematic withdrawal from Western infrastructure, driven by increasing geopolitical risks [7][8] Group 3: Emerging Investment Environment - The investment landscape is characterized by three key trends: the redefinition of core infrastructure as strategic assets, the weaponization of national security concepts to restrict foreign investment, and the pressure on multinational companies to align with political stances amid US-China tensions [9] - The divestment by Li Ka-shing serves as a prescient response to these trends, highlighting the increasing risks associated with foreign investments in Western core infrastructure [9][10] Group 4: Implications of the Shift - The transition from a globalization era to one prioritizing security over efficiency signifies a fragmentation of the global economy, with potential negative impacts on infrastructure development in developing countries and increased costs in developed nations [10] - The divestment reflects a broader trend among Chinese enterprises to reassess their overseas investment strategies, as domestic assets become relatively safer havens [10][11]

Core Viewpoint - The sale of UK Power Networks (UKPN) by the Cheung Kong Group to French energy giant Engie for £10.548 billion (approximately HKD 110.75 billion) marks a significant strategic shift for the company, moving from traditional infrastructure investments in Europe to high-growth opportunities in Asia and new energy sectors [1][3][5]. Group 1: Transaction Details - The total consideration for the sale of UKPN is £10.548 billion, which is about HKD 110.75 billion [1]. - Following the announcement, shares of the Cheung Kong Group companies saw significant increases, with Cheung Kong Holdings rising over 3% and Cheung Kong Infrastructure and Power Assets Holdings both increasing by more than 5% [1]. Group 2: Historical Context - Li Ka-shing acquired UKPN in 2010 for £5.77 billion, citing the stability and low risk of UK energy infrastructure assets as key reasons for the investment [3]. - The UK’s National Security and Investment Act, enacted in 2022, has made foreign acquisitions of sensitive assets more challenging, prompting the sale of UKPN [3]. Group 3: Strategic Shift - The company is shifting its focus from traditional infrastructure in Europe to high-growth areas in Asia, including investments in smart transportation, urban renewal, and data centers [5]. - The asset allocation has changed significantly, with Europe’s share in the total assets of the Cheung Kong Group dropping from 39% in 2020 to 21% in 2023, while Asia's share (excluding mainland China) increased from 42% to 68% [5]. Group 4: Future Investments - The company plans to invest in new energy and infrastructure projects, including hydrogen energy and solid-state batteries, with a total planned investment of RMB 14.3 billion [5]. - The establishment of the Cheung Kong Digital Connectivity Group aims to invest over HKD 50 billion in smart ports and digital warehousing [5]. Group 5: Investment Philosophy - Li Ka-shing's investment philosophy emphasizes the importance of cash flow and the ability to pivot to new opportunities, suggesting that the sale of UKPN is not a retreat but a strategic repositioning [7]. - The Cheung Kong Group has liquidated over HKD 350 billion in the past five years, indicating a strategy of waiting for favorable market conditions to reinvest [7].

Core Viewpoint - The Hong Kong Dividend ETF (ICBC, 159691) has shown a slight increase in its closing price and trading volume, indicating a stable performance since its inception in March 2023 [1] Group 1: Fund Performance - As of February 26, 2023, the Hong Kong Dividend ETF (ICBC, 159691) has a total share count of 6.134 billion and a total asset size of 8.549 billion [1] - The fund's share count has decreased by 6.06% and its asset size has increased by 1.35% since the beginning of the year [1] Group 2: Trading Activity - The cumulative trading amount for the past 20 trading days is 7.066 billion, with an average daily trading amount of 0.353 billion [1] - Since the beginning of the year, the cumulative trading amount over 34 trading days is 11.207 billion, with an average daily trading amount of 0.330 billion [1] Group 3: Fund Management - The current fund managers are Zhao Xu and Jiao Wenlong, both of whom have managed the fund since February 5, 2026, achieving a return of 0.99% during their tenure [2] - The fund's top holdings include China National Offshore Oil Corporation (14.55%), China Shenhua Energy Company (9.65%), and China Pacific Insurance (8.90%), among others [2]