为配合港府推出的"高速充电桩鼓励计划"，港灯早前提供相关资料以协助港府制作港岛区"电力供应可 用性地图"，便利营运商选址安装高速充电桩。目前港岛区已有约50支高速充电桩的工程项目申请获政 府发出认可通知书。 过去数年，港灯亦为多个电动车充电基建项目提供度身订造的供电方案，包括支持油站改建为快速充电 站，并协助安装港岛首批600千瓦级超快速充电系统。同时支持海上交通绿色转型，推动海陆交通工具 电气化。 自港府推出"EV屋苑充电易资助计划"以来，港灯已经为470个屋苑停车场提供供电容量、电力负荷及备 用容量等评估数据，协助用户规划和建设充电基础设施，涵盖港岛区合共逾5万个车位。 智通财经AP获悉，港灯(02638)发言人表示，欢迎香港环境及生态局今日发表《香港电动车普及化路线 图更新版》，为香港电动车发展提供更清晰及全面的政策指引。港灯将继续全力支持并配合政府推动电 动车在香港的广泛应用。此外，港灯正筹备将于年内推出住宅电动车分时段供电不同价目的安排，鼓励 电动车用户在电力系统低用量的时候为电动车充电，为客户提供更具弹性的充电选项，以响应更新版路 线图的政策方向，进一步推动低碳生活和可持续发展。 ...

自港府推出"EV屋苑充电易资助计划"以来，港灯已经为470个屋苑停车场提供供电容量、电力负荷及备 用容量等评估数据，协助用户规划和建设充电基础设施，涵盖港岛区合共逾5万个车位。 智通财经AP获悉，港灯(02638)发言人表示，欢迎香港环境及生态局今日发表《香港电动车普及化路线 图更新版》，为香港电动车发展提供更清晰及全面的政策指引。港灯将继续全力支持并配合政府推动电 动车在香港的广泛应用。此外，港灯正筹备将于年内推出住宅电动车分时段供电不同价目的安排，鼓励 电动车用户在电力系统低用量的时候为电动车充电，为客户提供更具弹性的充电选项，以响应更新版路 线图的政策方向，进一步推动低碳生活和可持续发展。 过去数年，港灯亦为多个电动车充电基建项目提供度身订造的供电方案，包括支持油站改建为快速充电 站，并协助安装港岛首批600千瓦级超快速充电系统。同时支持海上交通绿色转型，推动海陆交通工具 电气化。 为配合港府推出的"高速充电桩鼓励计划"，港灯早前提供相关资料以协助港府制作港岛区"电力供应可 用性地图"，便利营运商选址安装高速充电桩。目前港岛区已有约50支高速充电桩的工程项目申请获政 府发出认可通知书。 ...

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1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: 2026年2月4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 ...

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12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: 2026年1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 ...

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 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]