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: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 港燈電力投資與港燈電力投資有限公司 呈交日期: 2025年12月1日 I. 法定/註冊股本變動 FF301 第 1 頁 共 12 頁 v 1.1.1 FF301 | | 法定/註冊股份數目 | 面值 | | 法定/註冊股本 | | --- | --- | --- | --- | --- | | 上月底結存 | | HKD | HKD | | | 增加 / 減少 (-) | | | HKD | | | 本月底結存 | | HKD | HKD | | 本月底法定/註冊股本總額： HKD 20,000,000 備註： 法定／註冊股本不適用於單位。 | 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) | 02638 | 說明 | | 普通股（為股份合 ...

Core Viewpoint - The average net electricity tariffs for China Light and Power (CLP) and Hongkong Electric (HK Electric) will be reduced in 2026, with CLP lowering its rates by 2.6% and HK Electric by 2.2%, benefiting from stable international fuel prices [1][2]. Group 1: CLP's Electricity Tariff Adjustment - CLP will reduce its electricity price by 2.6% starting January 1, 2026, with the average net electricity price set at 140.6 cents per kWh, down 3.7 cents from 2025 [1]. - The fuel adjustment fee will decrease by 6.9 cents to 39.4 cents per kWh, while the average basic electricity price will increase to 101.2 cents per kWh due to rising operational costs [1]. - CLP plans to allocate HKD 270 million through the "CLP Community Energy Saving Fund" to support energy-saving initiatives and assist vulnerable communities [1]. Group 2: HK Electric's Electricity Tariff Adjustment - HK Electric's basic electricity fee will rise to 127.9 cents per kWh, an increase of 5 cents from 2025, while the fuel adjustment fee will decrease to 35.4 cents per kWh, down 8.7 cents from January of this year [2]. - The average net electricity fee for HK Electric will be 163.3 cents per kWh in January 2026, a reduction of 3.7 cents or 2.2% compared to January 2025 [2]. - For a residential customer using 275 kWh per month, the electricity bill will be HKD 352.1, saving HKD 10.1 compared to the previous year [2]. Group 3: Operational and Investment Insights - HK Electric emphasizes prudent planning and investment in updating aging infrastructure to maintain reliable electricity supply while avoiding unnecessary capital expenditures [2][3]. - The company is also enhancing its IT systems to counter increasing cyber-attack threats [2]. - HK Electric supports government environmental policies by constructing natural gas power plants and transitioning from coal to gas to improve emissions [2].

Core Viewpoint - The average net electricity tariffs for China Light and Power (CLP) and Hongkong Electric (HK Electric) will be reduced in 2026, with CLP lowering its rates by 2.6% and HK Electric by 2.2%, benefiting from stable international fuel prices [1][2]. Group 1: China Light and Power (CLP) - CLP will reduce its electricity price by 2.6% starting January 1, 2026, with the average net electricity price set at 140.6 cents per kWh, down 3.7 cents from 2025 [1]. - The fuel adjustment fee will decrease by 6.9 cents to 39.4 cents per kWh, while the average basic electricity price will increase to 101.2 cents per kWh due to rising operational costs [1]. - CLP plans to allocate HKD 270 million through its "CLP Community Energy Saving Fund" to support energy-saving initiatives and assist vulnerable communities [1]. Group 2: Hongkong Electric (HK Electric) - HK Electric's basic electricity price will rise to 127.9 cents per kWh in 2026, an increase of 5 cents from 2025, while the fuel adjustment fee will decrease to 35.4 cents per kWh, down 8.7 cents from January of this year [2]. - The average net electricity price for HK Electric will be 163.3 cents per kWh in January 2026, a reduction of 3.7 cents or 2.2% compared to January 2025 [2]. - HK Electric is investing in upgrading its power infrastructure and enhancing its IT systems to combat increasing cyber threats, while also supporting the government's environmental policies by transitioning from coal to gas [2][3].

Core Viewpoint - The temporary end of the U.S. government shutdown has boosted market risk appetite, leading to a significant increase in gold prices, with COMEX and London spot gold both surpassing $4100 per ounce, marking the largest increase in November [2] Market Reaction - On November 10, gold prices surged, with spot gold reaching above $4140 on November 11, driven by expectations of potential interest rate cuts from the Federal Reserve [2] - If upcoming economic data or Fed officials' statements reinforce the expectation of a December rate cut, gold prices may continue to rise [2] Technical Analysis - Gold prices need to hold above $4130 to test higher levels of $4150-$4200 [2] - There is a risk of technical pullback due to accumulated profit positions after consecutive price increases, with key support levels identified in the $4080-$4100 range [2] Investment Strategies - For aggressive investors: Consider light long positions if gold prices pull back to the $4100-$4110 range, with a stop-loss set below $4080 and a target near $4150, potentially extending to $4180-$4200 [2] - For conservative investors: It is advisable to wait for clearer market direction, with a potential follow-up if gold effectively breaks the $4150 resistance or caution if it falls below the $4080 support [3] News Impact - The reopening of the U.S. government will lead to the release of previously delayed economic data, such as the non-farm payroll report, which are crucial for assessing the U.S. economy and Fed policy direction [4] - Close attention should be paid to statements from Fed officials, particularly Chairman Powell, as any dovish or hawkish signals regarding interest rates will directly impact the gold market [4] - Market sentiment, including movements in U.S. stock markets and the dollar index, will also influence gold prices, with rising risk appetite potentially suppressing gold and market panic boosting it [4]

致：香港交易及結算所有限公司 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: 2025年10月31日 狀態: 新提交 第 1 頁 共 12 頁 v 1.1.1 FF301 FF301 公司名稱: 港燈電力投資與港燈電力投資有限公司 呈交日期: 2025年11月3日 I. 法定/註冊股本變動 | 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) | 02638 | 說明 | | 普通股（為股份合訂單位（備註）的組成部分） | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 20,000,000,000 | HKD | | 0.0005 | HKD | | 10,000,000 | | 增加 / 減少 (-) | | | 0 | | | | HKD | | 0 | | 本月底 ...

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: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 港燈電力投資與港燈電力投資有限公司 呈交日期: 2025年10月2日 I. 法定/註冊股本變動 | 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) | 02638 | 說明 | | 普通股（為股份合訂單位（備註）的組成部分） | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 20,000,000,000 | HKD | | 0.0005 HKD | | 10,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 20,000,000,000 | HKD | | 0.0005 HKD | | 1 ...

Group 1 - UBS downgraded the investment rating of Hongkong Electric Holdings (02638) from "Buy" to "Neutral" while maintaining the target price at HKD 6, citing a year-to-date stock price increase of 20%, outperforming Hong Kong utility stocks by approximately 16 percentage points, indicating that the current price reflects its defensive nature [1] - The firm anticipates that as the US enters a rate-cutting cycle, the yield on the US 10-year Treasury is expected to decline from the current 4.1% to 3.8% by the end of 2025 and to 3.4% by the end of 2026, which may lead to a recovery in risk appetite and a shift of funds towards growth stocks, diminishing the appeal of defensive stocks like Hongkong Electric [1] - Currently, Hongkong Electric's forward dividend yield stands at 5.3%, with a premium of 115 basis points over the US 10-year Treasury yield, which is more than one standard deviation below the historical average; the premium over the industry average is only 11 basis points, also below the historical average of 89 basis points, with profit forecasts for 2025 to 2027 aligning with market expectations [1] Group 2 - In comparison, Cheung Kong Infrastructure Holdings (01038) presents a more attractive valuation, with regulatory adjustments in the UK and Australia, as well as potential mergers and acquisitions, offering additional growth opportunities [1]

Group 1 - UBS downgraded the investment rating of Power Assets Holdings (02638) from "Buy" to "Neutral" while maintaining the target price at HKD 6, citing a 20% year-to-date stock price increase that outperformed Hong Kong utility stocks by approximately 16 percentage points, indicating that the current price reflects its defensive nature [1][1][1] - The firm anticipates that as the US enters a rate-cutting cycle, the yield on the US 10-year Treasury bond is expected to decline from the current 4.1% to 3.8% by the end of 2025 and to 3.4% by the end of 2026, which may lead to a shift in capital towards growth stocks, diminishing the appeal of defensive stocks like Power Assets [1][1][1] - Currently, Power Assets has a forward dividend yield of 5.3%, which is a premium of 115 basis points over the US 10-year Treasury yield, but this is more than one standard deviation below the historical average; the premium over the industry average is only 11 basis points, also below the historical average of 89 basis points [1][1][1] Group 2 - The earnings forecasts for Power Assets from 2025 to 2027 are in line with market expectations, while Cheung Kong Infrastructure Holdings (01038) presents a more attractive valuation, with regulatory adjustments in the UK and Australia, as well as potential mergers and acquisitions, offering more growth opportunities [1][1][1]

Group 1 - The article provides a list of Hong Kong listed companies along with their upcoming shareholder meeting dates and earnings announcement dates [1][2][3] - Companies mentioned include Jiangnan Buyi, Zhongguancun Technology Leasing, Huatai Ruilin, and many others, indicating a diverse range of sectors represented [3][4] - Dividend distribution dates are highlighted for several companies, such as Beijing Waterworks Group and Evergrande Group, which may attract investor interest [3][4] Group 2 - The document outlines specific companies that will have their earnings announced or shareholder meetings scheduled, which is crucial for investors tracking performance [3][4] - The inclusion of dividend payment dates for companies like NetEase and Hong Kong Electric indicates potential income opportunities for shareholders [3][4] - The information serves as a resource for investors to plan their investment strategies based on upcoming corporate events [1][2][3]

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: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 港燈電力投資與港燈電力投資有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 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) | 02638 | 說明 | | 普通股（為股份合訂單位（備註）的組成部分） | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 20,000,000,000 | HKD | 0.0005 | HKD | | 10,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 20,000,000,000 | HKD | 0.0005 | HKD | | 10 ...