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<Research>BofAS: CN Power Stocks' Interim Results in Line; HUANENG POWER, EB ENVIRONMENT Rated Buy; HUADIAN POWER Downgraded to Neutral
According to BofA Securities' research report, Chinese power stocks' 1H25 results were largely in line with the broker's expectations.Their results indicated strong ear...
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<Research>BofAS: CN Power Stocks' Interim Results in Line; HUANENG POWER, EB ENVIRONMENT Rated Buy; HUADIAN POWER Downgraded to Neutral
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According to BofA Securities' research report, Chinese power stocks' 1H25 results were largely in line with the broker's expectations.

Their results indicated strong earnings and free cash flow in thermal power generation, wind power supply chain, and environmental businesses. However, gas, wind, and solar independent power producers and the solar supply chain delivered relatively lackluster performances.

Related NewsDBS Reiterates Positive Outlook on HK Stocks, Favors Tech/ Non-bank Financial Sectors; Interim Results from ~38% of HK-/ CN-Listed Firms Beat
BofA Securities has shifted to a neutral stance on thermal power generation, citing market concerns that downward pressure on electricity prices may emerge between September and December. HUANENG POWER (00902.HK)  +0.100 (+1.698%)    Short selling $18.29M; Ratio 8.536%   was rated Buy due to its free cash flow yield of 8%. Its H-share target price was also raised from HKD6 to HKD6.2.

In contrast, falling revenue from coal-fired and renewable energy hit CHINA RES POWER (00836.HK)  +0.410 (+2.187%)    Short selling $75.89M; Ratio 13.268%   . BofA Securities rated it Neutral, with the target price lowered from HKD20.2 to HKD19.8.

HUADIAN POWER (01071.HK)  +0.040 (+0.889%)    Short selling $2.38M; Ratio 4.839%   's rating was also downgraded from Buy to Neutral, with the H-share target price cut from HKD4.9 to HKD4.6, attributable to concerns over sliding electricity prices, the industry entering a seasonally weak period, and the potential for further weakness as supply-demand dynamics soften and wind/ solar tariffs fall.

BofA Securities gave EB ENVIRONMENT (00257.HK)  0.000 (0.000%)    Short selling $21.46M; Ratio 12.256%   a Buy rating, given that its 1H25 pre-tax profit rose by 23% YoY, beating expectations, with free cash flow doubling and clear capital expenditure guidance. Its target price was set at HKD5.3.

CHINA LONGYUAN (00916.HK)  +0.350 (+4.730%)    Short selling $70.79M; Ratio 12.549%   was rated Underperform, with a target price of HKD6.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-09-05 16:25.)

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