Group 1 - Bank of America Securities upgraded China Electric Power (00002) to "Buy" with a target price of HKD 80 due to optimistic outlook on free cash flow [1] - The upgrade is expected to improve dividend prospects, with a projected 1.6% year-on-year increase in earnings per share dividends for the fiscal year 2025 [1] - The company's 4.4% dividend yield is considered the most attractive among its peers in the sector [1] Group 2 - The Hong Kong utility sector is viewed as more resilient amid increasing market uncertainties, with regulatory returns being more defensive and potentially linked to inflation [1] - In light of escalating conflicts in the Middle East, the firm prefers investments in high-yield and HALO (Heavy Assets, Low Obsolescence) themed defensive assets, which are expected to perform well in a stagflation environment [1] - There is a growing focus on energy independence, which may drive better growth in renewable energy [1] - The firm is avoiding companies that may be adversely affected by persistently high natural gas and coal costs [1]

Group 1 - Citigroup downgraded the rating of CLP Holdings (00002) from "Buy" to "Neutral" due to challenges in overseas business profitability stemming from weakening wholesale electricity prices in Australia and the reduction of market-based electricity prices in China [1] - The bank does not recommend a "Sell" rating for CLP, as its dividends remain sustainable supported by its Hong Kong operations [1] - Citigroup revised its net profit forecasts for CLP for 2026 to 2028 down by 5% to 7% to reflect the downward pressures from its Australian and Chinese businesses [1] Group 2 - The target price for CLP was raised by 2.6% to HKD 78 based on expected interest rate cuts in the US, with a projected dividend yield of 4.4% for 2026 deemed reasonable [1] - Among Hong Kong utility stocks, Citigroup favors China Resources Power (00270) due to a dividend yield exceeding 6% [1] - The bank also has a positive outlook on Cheung Kong Infrastructure Holdings (01038) and Power Assets Holdings (00006), as substantial proceeds from the sale of the UK electricity grid can be utilized for future acquisitions [1]

Group 1 - Citi downgraded CLP Holdings (00002) from "Buy" to "Neutral" due to challenges in overseas business profitability stemming from weakening wholesale electricity prices in Australia and a reduction in market-based electricity prices in China [1] - Despite the downgrade, Citi does not recommend a "Sell" rating for CLP, citing sustainable dividends supported by its Hong Kong operations [1] - The net profit forecast for CLP for 2026 to 2028 has been reduced by 5% to 7% to reflect the downward pressures from its Australian and Chinese businesses [1] Group 2 - Citi raised the target price for CLP by 2.6% to HKD 78, based on expectations of interest rate cuts in the US and a lower weighted average cost of capital [1] - The expected dividend yield for 2026 is projected to be 4.4%, which is considered reasonable [1] - Among Hong Kong utility stocks, Citi favors China Resources Power (00270) due to a dividend yield exceeding 6% [1] Group 3 - Citi also has a positive outlook on Cheung Kong Infrastructure (01038) and Power Assets Holdings (00006), as substantial proceeds from the sale of the UK electricity grid can be utilized for future acquisitions [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: | 中電控股有限公司 | | | | 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 第 2 頁 共 10 頁 v 1.2.0 FF301 FF301 III.已發行股份及/或庫存股份變動詳情 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) | 00002 | 說明 | 不適用 | | | | | | | | 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 | | ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 86.64, up from the previous target of HKD 78.40 [6][4]. Core Insights - The company reported a revenue of HKD 88.018 billion for 2025, a decrease of 3.2% year-on-year, and a net profit of HKD 10.468 billion, down 10.8% year-on-year, slightly below previous expectations [1][4]. - The company is expected to see a stable dividend payout, with a proposed dividend per share (DPS) of HKD 3.20 for 2025, reflecting a 1.6% increase from 2024 [1][3]. - The company is adjusting its zero-carbon project investment plans, aiming for installed capacity of approximately 5 GW in mainland China and 9 GW in India by 2030, which is expected to drive future growth [3][4]. Summary by Sections Financial Performance - The company's operational profit in Hong Kong increased by 8% to HKD 9.251 billion in 2025, despite a 1% decline in electricity sales [2]. - The operational profit in mainland China decreased by 11%, primarily due to pricing pressures at the Yangjiang Nuclear Power Station and increased curtailment rates in renewable energy projects [2]. - The company’s free cash flow rose by 72% year-on-year to HKD 8.1 billion, driven by reduced capital expenditures [3]. Profit Forecast and Valuation - The report forecasts net profits of HKD 11.243 billion for 2026, HKD 11.920 billion for 2027, and HKD 12.464 billion for 2028, reflecting year-on-year growth rates of 7.4%, 6.0%, and 4.6% respectively [4][9]. - The estimated earnings per share (EPS) for 2026 is projected at HKD 4.45, with a price-to-book (PB) ratio of 1.91x for 2026 [4][9].

Group 1 - Citigroup downgraded the rating of CLP Holdings from "Buy" to "Neutral" due to challenges in the profitability outlook of its overseas business [1] - Despite the downgrade, Citigroup does not recommend a "Sell" rating for CLP, as its dividends remain sustainable supported by its Hong Kong operations [1] - The net profit forecast for CLP for the years 2026 to 2028 has been reduced by 5% to 7%, reflecting expectations of a U.S. interest rate cut and a lower weighted average cost of capital [1] Group 2 - Citigroup raised the target price for CLP by 2.6% to HKD 78, anticipating a dividend yield of 4.4% in 2026, which is considered reasonable [1] - Among Hong Kong utility stocks, Citigroup is most optimistic about China Resources Power, which has a dividend yield exceeding 6% [1] - Citigroup also favors Cheung Kong Infrastructure and Power Assets Holdings, as the substantial proceeds from the sale of the UK electricity grid can be utilized for future acquisitions [1]

中電控股有限公司 | 董事委員會 | | | 節 | | --- | --- | --- | --- | | 提名委員會 | (第 | 1頁，共 3 頁) | 內容 | A. 職能 提名委員會由中電控股董事會委任。委員會經考慮被提名人的獨立性和素質 後，向董事會推薦董事人選，以確保一切提名均屬公平及具透明度。 B. 權力 董事會授權委員會： C. 責任 2025 年 1 月 1 日更新 董事委員會 節 提名委員會 (第 2頁，共 3 頁) 內容 D. 提名政策 上述第 C1 至 C4 條文屬公司於提名董事時所考慮的主要元素及準則，並構成公 司的「提名政策」。 2025 年 1 月 1 日更新 4. 向董事會提出建議，尤其是確保董事會的大多數成員均獨立於管理層； 5. 評核獨立非執行董事的獨立性； 6. 支援公司定期評估董事會表現； 7. 每年檢討董事會成員多元化政策和性別多元化目標的實施及有效性； 8. 每年檢討獨立性機制的實施及有效性； 9. 對各董事付出的時間和他們對董事會作出的貢獻及有否投入相應足夠的時 間，進行定期檢討； 10. 檢討及監察有關董事的培訓課程及專業發展計劃；及 11. 向董事會匯報其決 ...

Group 1 - The core point of the article is the announcement of leadership changes at China Electric Power (00002.HK), with Wu Yan'an set to retire as an independent non-executive director and member of the Sustainability Committee on May 8, 2026 [1] - Bai Liren has been appointed as an independent non-executive director and will also serve on the Finance and General Affairs Committee, Audit and Risk Committee, and Sustainability Committee starting from February 27, 2026 [1]

中電控股有限公司 | | 董事委員會 | | | | | | | | | | | | | | | | 節 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 可持續發展委員會 | | | | | | | | | | (第 | 1 | 頁，共 | 5 | 頁) | 內容 | | | | A . | 職 | 能 | | | | | | | | | | | | | | | | | | | | 中 | 電 | 集 團 可 | | 持 續 展 會（ 委員會 ）旨 在 就以下目 標 ， | 發 | 委 | 員 | | | | | | | | | | | 監 | | | 督 | 有 | 關管理措施 | | 及 向董事會提供意見： | | | | | | | | | | | | | | | | | (a) | | | | 透過可持續營運，造福 現 今及未來世代； | | | | | | | | | | | | | ...

中電控股有限公司 董事委員會 節 財務及一般事務委員會 （第 1 頁，共 4 頁） 內容 A . 職 能 財 務 及 一 般 事 務 委 員 會 由 中 電 控 股 董 事 會 委 任，負 責 檢 討 公 司 的 財 務運作及有關公司、業務或項目的收購或投資事宜。 委 員 會 按 需 要 向 董 事 會 提 交 認 可 的 建 議 或 加 入 本 身 的 意 見，然 後 審 批董事會授權範圍內的有關事宜。 2018 年 1 月 12 日更新 B . 責 任 1 . 檢討公司管理及營運方面的財務及財務相關事宜，包括但不限 於 ： (a) 檢 討 董事會 所 審 批 策 略 的 實施狀況 、 公 司 的表現 及營商環 境 ； 並向董事會提交 需 要 其 進一步 考慮及檢討 的事項 ； (b) 制訂影響整個集團的主要財務、會計和庫務政策及有關修 訂 ； ( c ) 集團的所有大型融資活動； (d ) 發行股份及進行股份購回； ( e ) 公司的企業規劃及財政預算； (f) 重要合約及重大變動； ( g ) 列載於中期及全年財務 報 表 內的財務表現，以及有關股息 和儲備轉撥款項的報告及建議； (h ) 公司資產的融 ...