<p>汇丰研究发布报告称，中电控股 (00002.HK) +0.250 (+0.329%) 空头头寸为 1.196 亿；比例为 40.284%。该公司在第一季度的运营指标符合预期，没有重大问题。在能源市场持续波动的情况下，公司展现出防御性，支持了经纪商的投资立场。该经纪商重申了对中电控股的买入评级，并维持目标价为 85 港元，认为在香港的监管框架下，其稳定的收益和现金流将继续支持未来的股息增长。</p>
<p>报告指出，中电控股在第一季度维持每股 0.63 港元的股息，与去年持平。受益于季度内经济活动的增强，香港的电力销售同比增长 3.2%。然而，电力销售的增长并不会直接转化为更高的收益或股东回报，因为该公司在控制计划下运营，资产的允许回报率为 8%，该政策将持续到 2033 年。在能源市场危机期间，中电控股通过多元化的燃料来源维持了高度可靠的电力供应。包括香港北部大都会和沙岭数据设施集群内的超级计算中心在内的长期发展项目预计将推动资产的长期增长。</p>
<p>该经纪商补充道，EnergyAustralia，中电控股在澳大利亚的业务，提供了稳定的发电组合表现，得益于与国内煤炭和天然气供应商的长期供应合同以及总体稳定的批发市场，尽管零售部门可能仍面临逆风。至于其在中国大陆的业务，两座核电站的收益保持稳定，而可再生能源发电同比有所改善。(da/u)(香港股票报价延迟至少 15 分钟。空头数据截至 2026 年 5 月 18 日 16:25。)</p>

中电控股

<p>汇丰研究重申了对中电控股的买入评级，目标价为 85 港元，理由是第一季度的运营符合预期。该公司维持第一季度每股 0.63 港元的股息，而香港的电力销售同比增长 3.2%。中电的多元化燃料来源确保了在市场波动期间的可靠电力供应，长期项目预计将推动未来的增长。尽管零售部门面临挑战，EnergyAustralia 的表现仍然稳定</p>

<p>HSBC Research issued a report stating that CLP HOLDINGS (00002.HK) +0.250 (+0.329%)  Short selling $119.60M; Ratio 40.284%  delivered operating metrics in line with expectations in 1Q, with no major issues. The company demonstrated defensiveness amid continued volatility in the energy market, supporting the brokers investment stance. The broker reiterated its Buy rating on CLP HOLDINGS and maintained its TP at HKD85, believing its stable earnings and cash flow under Hong Kongs regulated framework will continue to support future dividend increases.</p>
<div class="lb-trans"><p>汇丰研究发布报告称，中电控股 (00002.HK) +0.250 (+0.329%) 空头头寸为 1.196 亿；比例为 40.284%。该公司在第一季度的运营指标符合预期，没有重大问题。在能源市场持续波动的情况下，公司展现出防御性，支持了经纪商的投资立场。该经纪商重申了对中电控股的买入评级，并维持目标价为 85 港元，认为在香港的监管框架下，其稳定的收益和现金流将继续支持未来的股息增长。</p>
</div><p>The report noted that CLP HOLDINGS maintained its first-quarter dividend at HKD0.63 per share, flat YoY. Benefiting from stronger economic activity during the quarter, electricity sales in Hong Kong rose 3.2% YoY. However, higher electricity sales will not directly translate into higher earnings or shareholder returns, as the company operates under the Scheme of Control with a permitted return of 8% on assets, which will remain in place until 2033. During the energy market crisis, CLP HOLDINGS maintained a highly reliable power supply through diversified fuel sources. Long-term development projects, including the Northern Metropolis in Hong Kong and the supercomputing center within the Sha Ling data facility cluster, are expected to drive asset growth over the long term.</p>
<div class="lb-trans"><p>报告指出，中电控股在第一季度维持每股 0.63 港元的股息，与去年持平。受益于季度内经济活动的增强，香港的电力销售同比增长 3.2%。然而，电力销售的增长并不会直接转化为更高的收益或股东回报，因为该公司在控制计划下运营，资产的允许回报率为 8%，该政策将持续到 2033 年。在能源市场危机期间，中电控股通过多元化的燃料来源维持了高度可靠的电力供应。包括香港北部大都会和沙岭数据设施集群内的超级计算中心在内的长期发展项目预计将推动资产的长期增长。</p>
</div><p>The broker added that EnergyAustralia, CLP HOLDINGS Australian business, delivered a stable generation portfolio performance, supported by long-term supply contracts with domestic coal and natural gas suppliers and a generally stable wholesale market, although headwinds in the retail segment may persist. As for its mainland China operations, earnings from two nuclear power plants remained stable, while renewable energy generation improved YoY. (da/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-18 16:25.)</p>
<div class="lb-trans"><p>该经纪商补充道，EnergyAustralia，中电控股在澳大利亚的业务，提供了稳定的发电组合表现，得益于与国内煤炭和天然气供应商的长期供应合同以及总体稳定的批发市场，尽管零售部门可能仍面临逆风。至于其在中国大陆的业务，两座核电站的收益保持稳定，而可再生能源发电同比有所改善。(da/u)(香港股票报价延迟至少 15 分钟。空头数据截至 2026 年 5 月 18 日 16:25。)</p>
</div>

HSBC Research Reiterates Buy on CLP HOLDINGS , TP Maintained at HKD85 as 1Q Operations Meet Expectations

AASTOCKS News

汇丰研究重申对中电控股的买入评级，目标价维持在 85 港元，因为第一季度的运营表现符合预期