Deutsche Bank 1月10日报告。
        Huadian Power - dbAccess China conference highlights（1071.HK，Buy，Target Price：HKD 4.80，Closing Price：HKD 3.37，Michael Tong）：Management advised that Huadian has been at net loss since 4Q16，due to the substantial coal price spike.For Huadian，the net profit breakeven level at the standard coal price（excl.VAT）is around Rmb630，estimated based on current utilization of 4，600hrs and tariff of Rmb0.37/kWh（incl.VAT）.Management thinks it is highly likely the company will turn profitable from 2Q17，as only a further Rmb20/ton decline in the standard coal price from the current Rmb650/ton is needed to bring it to breakeven level.The spot coal price is now on a downward trend and management believes it could be further brought down through the government’s order to allow more small coal mines to carry out a 330-day policy instead of a 276-day policy.（Michael Tong–852 2203 6167）