Daiwa published a report stating that Huaneng Power International (00902.HK) may have passed its peak earnings period, and the continuous reduction in electricity prices may drag down the profits of independent coal-fired power producers in 2026. The geopolitical risks in the energy market are rising, and there is limited downside potential for coal prices. The rating for the stock has been downgraded from "Outperform" to "Underperform," and the target price has been lowered from HKD 5.8 to HKD 5.2
