--- title: "HSBC Research: The Hong Kong Utilities Sector is a Defensive Choice to Tackle Market Turbulence" type: "News" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/277568682.md" description: "HSBC's research report points out that the Hong Kong utilities sector has demonstrated defensive characteristics during global conflicts, outperforming the broader market. The bank believes that despite the limited impact of rising fuel prices on profits, the core fundamentals remain solid. HSBC maintains a \"Buy\" rating on CKI Holdings, HKELECTRIC, and CLP HOLDINGS, while keeping a \"Hold\" rating on POWER ASSETS and HK & CHINA GAS, with target prices unchanged. CKI Holdings is favored for its defensive qualities and strong free cash flow" datetime: "2026-03-03T05:56:17.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/277568682.md) - [en](https://longbridge.com/en/news/277568682.md) - [zh-HK](https://longbridge.com/zh-HK/news/277568682.md) --- > 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/277568682.md) | [English](https://longbridge.com/en/news/277568682.md) # HSBC Research: The Hong Kong Utilities Sector is a Defensive Choice to Tackle Market Turbulence HSBC Global Research report indicates that empirical analysis shows the Hong Kong utilities sector consistently demonstrates its defensive characteristics during major global conflicts. The sector has outperformed the market consistently after relevant events, beating the Hang Seng Index by 7% within 60 days following significant incidents. Excluding typical risk-averse sentiment, the bank believes the sector's core fundamentals remain solid, protected by regulatory frameworks and long-term contracts, allowing it to withstand macroeconomic uncertainties and disruptions. The bank examined the main risk factors and their impact on the sector: HSBC Research states that fuel prices soared as Iran closed the Strait of Hormuz. However, the bank expects the impact on sector earnings to be minimal, as regulated utilities in Hong Kong, the UK, and Australia can fully pass on fuel prices to customer bills. Additionally, CLP Holdings (00002.HK) has reduced its exposure to forward contract risks since 2022 and has taken operational remediation measures, which the bank views as keeping its financial risks manageable. The initial impact of the Iran incident may strengthen the dollar, implying that companies with a higher proportion of overseas business, such as CK Infrastructure (01038.HK) and Power Assets (00006.HK), could incur foreign exchange losses; however, overall, the bank believes the impact will be very limited. HSBC Research maintains a "Buy" rating on CK Infrastructure, HK Electric, and CLP Holdings; it maintains a "Hold" rating on Power Assets and Hong Kong and China Gas; target prices remain unchanged (see table). HSBC Research remains optimistic about CK Infrastructure, considering its defensive characteristics (over half of its earnings come from regulated assets) and greater potential for dividend increases—all supported by its strong free cash flow generation capability. The bank is also optimistic about HK Electric, as its business purely focuses on the regulated Hong Kong electricity market, which is highly defensive and can withstand macroeconomic and geopolitical risks. CLP Holdings may continue to increase dividends under the earnings protection provided by the regulated Hong Kong electricity market; undeniably, its organic recovery pace in Australia may be slower. The bank expects limited potential for dividend increases for Power Assets and Hong Kong and China Gas due to insufficient free cash flow generation capability, thus assigning a "Hold" rating to both ### 相關股票 - [HK & CHINA GAS (00003.HK)](https://longbridge.com/zh-HK/quote/00003.HK.md) - [CKI HOLDINGS (01038.HK)](https://longbridge.com/zh-HK/quote/01038.HK.md) - [HKELECTRIC-SS (02638.HK)](https://longbridge.com/zh-HK/quote/02638.HK.md) - [POWER ASSETS (00006.HK)](https://longbridge.com/zh-HK/quote/00006.HK.md) - [CLP HOLDINGS (00002.HK)](https://longbridge.com/zh-HK/quote/00002.HK.md) - [Penghua CSI All Share Utilities ETF (560190.CN)](https://longbridge.com/zh-HK/quote/560190.CN.md) - [ChinaAMC Green Electricity ETF (562550.CN)](https://longbridge.com/zh-HK/quote/562550.CN.md) - [Bosera CSI All Share Electric Utilities ETF (561700.CN)](https://longbridge.com/zh-HK/quote/561700.CN.md) ## 相關資訊與研究 - [CLP Strengthens Sustainability Committee Mandate to Sharpen ESG Oversight](https://longbridge.com/zh-HK/news/277133496.md) - [CLP Holdings Ltd. (OTCMKTS:CLPHY) Sees Large Decline in Short Interest](https://longbridge.com/zh-HK/news/270891918.md) - [Malakoff Unit Extends Power Purchase Deal with Tenaga Nasional](https://longbridge.com/zh-HK/news/278502339.md) - [Jiangsu Guofu Hydrogen to Collaborate With South Korean Firms on Data Center Power Generation Project](https://longbridge.com/zh-HK/news/278020104.md) - [Datang Power Calls 2026 EGM to Approve Loan for Joint Venture Upgrade Project](https://longbridge.com/zh-HK/news/278374911.md)