<P>HSBC: 中国电力行业深度分析</P>
<P>CHINA RESOURCES POWER - ESCALATING POWER DEMAND GROWTH </P>
<P>July 2007，36 pages</P>
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<P>Power demand on an uptrend<br>In this report, we reiterate our positive view on the China power sector. Nationwide power demand continuously beats the market’s expectations and average power plant utilisation has been improving.</P>
<P>We have raised our earnings forecasts for most China IPPs supported by:<br>Better than expected power generation so far in 2007;<br>Potential for higher utilisation of large and efficient thermal units from 2008 onwards under the power saving dispatch policy and the continuous closure of small thermal units; and Changes in our effective tax assumptions from 2008 to reflect unification of tax rates for domestic companies and foreign invested enterprises.</P><br>

[此贴子已经被作者于2007-7-18 14:06:40编辑过]