China Resources Power Global China Summit Takeaways on tariff outlook, coal prices, computing power and capex

研报英文原文证据摘录

China Resources Power Global China Summit Takeaways on tariff outlook, coal prices, computing power and capex

Asia Pacific Equity Research

25 May 2026

Neutral

China Resources Power 0836.HK, 836 HK

Price: HK$20.18

Global China Summit Takeaways on tariff outlook, 22 May 2026

coal prices, computing power and capex Price Target: HK$17.00

PT End Date: 31 Dec 2026

The management team at China Resources Power commented on mixed Power Equipment and Utilities

operating trends following our meeting: (1) spot and monthly thermal AC Stephen Tsui, CFA

power tariffs in coastal provinces were said to have increased since April, (852) 2800-8592

and management expected tariffs to remain elevated in the coming months, stephen.tsui@jpmorgan.com

supported by hot weather, uncertainty around the degree of renewable Vento Suen

dispatch, and elevated commodity prices; (2) thermal earnings were (852) 2800-8546

described as stable y/y in 4M26, as higher capacity charges and an vento.suen@jpmorgan.com

Alan Hon

improvement in spot tariffs since April offset lower contracted tariffs and (852) 2800-8573

rising coal prices. Separately, management highlighted upside risk to coal alan.hon@jpmorgan.com

prices amid volatility in coal imports and rising power demand. On J.P. Morgan Securities (Asia Pacific) Limited/

incremental demand from data centers, management indicated it remained J.P. Morgan Broking (Hong Kong) Limited

in the assessment phase on project economics for supplying green power

plus ESS to AIDCs. Maintain Neutral.

• Assessing the impact of rising computing power in

China: Management flagged potential tailwinds to data-center power

consumption, noting annual power demand could increase by more than

threefold during the 15th FYP. The government was also said to be