By:EvanLi,DanielYangandWilsonLingEquitiesUtilities&GreaterChinaUtilities&Conglomerates2020:Yearoftherat:guidingyouthroughthemazeWeintroducearoadmaptohelpinvestorsnavigatethemarketintheyearaheadOurnewsectorpeckingorderisledbygasutilities,followedbycoalpowerproducers,solar,andenvironmentalPreferredstocks:CGH,CRP,CEI,rowthandCKHandCKIforvalue;avoidnuclearandpowerequipmentDisclosures&Disclaimer:ThisreportmustbereadwiththedisclosuresandtheanalystcertificationsintheDisclosureappendix,andwiththeDisclaimer,?It’sourguidetofindingthebestcheeseintheYearoftheRatWeexplainwhat’schangedandwhyandpresentournewsectorpeckingorderandlistofpreferredstocksWelikegasutilities,followedbycoalpowerproducers,solar,andenvironmentaloperatorsContentsWhyreadthisreport? 1TheYearoftheRat 3Ournewpeckingorder:Thefulllist 11Sectorviews 29Gasdistribution 30Coal-firedIPPs 40Solarequipmentandoperators44Environmentalandwater 51HongKongconglomerates 56HongKongutilities 62MainlandChinaconglomerates 73Windpoweroperators 82Hydro 87Powerequipment 91Nuclear 95ESG:China’sfightagainstpollution panyfinancials 105Disclosureappendix 152Disclaimer 156TheYearoftheRatAyearisalongtimefortheindustries,sub-sectors,paniescoveredbythethreeanalystsinHSBC’,ourpreferredstocksbasedonthelatestdata,policymoves,meetingswithgovernmentofficialsandindustryexperts,’schangedandwhy,mentariesonhowthesubsectorsmaybeinfluencedbytherecentcoronavirusoutbreakintheregion,,earningsforecasts,,followedbyhydro,(seepages5-6fordetails):Gasutilities:Threebigchangeshere:
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