智通财经网·2026-01-06 07:52Core Viewpoint - Citigroup has placed Huaneng International Power Co., Ltd. (00902) on a downward catalyst watch list due to the market's basic electricity price for 2026 appearing to be lower than market expectations, with a target price set at HKD 7.2 and a "Buy" rating [1] Group 1: Company Performance - Huaneng International's electricity sales in China for the first three quarters of 2025 are derived 63.5% from Guangdong, Zhejiang, and Jiangsu provinces [1] - The weighted average market basic electricity price in these three provinces is expected to decrease by 13.4% year-on-year in 2026 [1] Group 2: Industry Trends - The electricity generation capacity of coal-fired power plants in China is projected to increase by 65% year-on-year [1] - The average coal-fired electricity price for Huaneng in 2026 is anticipated to decline by 8.9% year-on-year [1]