Zhi Tong Cai Jing·2026-01-06 07:53Group 1 - The core viewpoint of the report indicates that Huaneng International Power Co. (600011) is placed on a downward catalyst watch list due to the expected market basic electricity price for 2026 being lower than market expectations [1] - Citigroup sets a target price of HKD 7.2 for Huaneng and maintains a "Buy" rating [1] - The report highlights that 63.5% of Huaneng's electricity sales in the first three quarters of 2025 are derived from Guangdong, Zhejiang, and Jiangsu provinces, where the weighted average market basic electricity price is projected to decrease by 13.4% year-on-year in 2026 [1] Group 2 - The report anticipates a 65% year-on-year increase in electricity generation capacity from coal-fired power plants in China [1] - It is expected that Huaneng's average coal-fired electricity price will decrease by 8.9% year-on-year in 2026 [1]