華能新能源（1）---投資要點 why positive on HNR (958.hk) 山頂洞之
http://xueqiu.com/5047234021/23019733958's growth canbe highly expected in 2013 by:
1) improved financial cost, less than 5.8% (2012, roughly 6.5%) due to the interest cut and monthly government grant payment from clients(NDRC is transferring its duty to Ministry of finance which, starting from thisyear, will prepay the government grant monthly to 958's client(i.e. gridcompany) first. Before, the grant was settled on average about 1 year as someprovinces were frequent (e.g. Guangdongwas monthly) while some not, like 12 or 18 months;
2) improved utilization-hour to 1850hrs (2012: 1750hrs). ChineseNational Grid has a guidence about the improvement of power curtailment thisyear to 10% overall (2012: 15%). In addition, 958's new projects launched / tobe launched mainly base in southern areas with on curtailment, so the utilization-hourpicking up trend can be expected.
3) less CDM impact comparing with its peers, due toits less proportion of CDM income in EBIT as well as conservative accountingmethod used;
4) higher efficiency in non-inner Mongoliaareas, including Shandong, Liaoning, Guizhou, Xinjiang, Jilin etc. Moreover, for Inner Mongolia, HNR has a higher exposure (30%as of 2012, 916 only 20%) but lower efficiency which brings more improvementroom for HNR's profitability if the power exchange of 4 bil KWh between the northeasternChina area and the northern China area;
5) higher on-grid tariff as its presence in richercoastal provinces like Shandong,Guangdong etc.
6) quota management policy may be implementedrecently enhancing the entry barrier to some extent;
7) increasing scale effect by stronger barginningpower against suppliers;
8) VAT on premium tariff may be exemptedsince Feb 1st 2013 which conservatively speaking may tender a netprofit of 0.02cent rmb per KWh.
9) less exposureon marine and oversea projects compared with Longyuan. So far, domestic marine wind power technology is not mature but the cost high. So it's better to oberve the stability and maintenance cost of wind machine first. The same for the Overseas proj. which still need to pay tuition fee at current stage.
比特幣未止瀉 低見9,958美元
1 :
GS(14)@2018-01-22 05:51:14【本報訊】比特幣（Bitcoin）失守1萬美元，市值單日蒸發近600億美元。在中國及南韓政府擬進一步收緊虛擬貨幣監管下，一眾虛擬貨幣延續周二跌勢，比特幣昨最低曾報9,958美元，創逾個半月低。截至本港時間昨晚9時，據CoinDesk報價，比特幣昨最多曾跌12%，低見9,958美元，距上月創下的19,343美元歷史高位大跌五成。另CoinMarketCap顯示，比特幣市值由周二的2,325億美元跌至昨日的約1,700億美元，市值單日蒸發近600億美元。至於以太幣（Ethereum）及瑞波幣（Ripple），昨分別曾錄17%及15%跌幅。
高盛6年來首個季度見紅
富國銀行前行政總裁Dick Kovacevich昨形容比特幣為層壓式推銷，「你押注有人將會買入他，而有些人的確押注正確」。他指比特幣並不完全是騙局，又對比特幣價格未有跌至更低水平感驚訝。對於比特幣近日暴跌，CryptoCompare行政總裁Charles Hayter認為是恐慌導致群眾沽貨所致，又指除恐慌外並無其他合理原因可解釋比特幣大跌。另外，歐央行副總裁康斯坦西奧（Vitor Constancio）昨表示關注歐元突然升值，又指歐元上升未有反映基本因素。歐央行下周四議息，市場揣測屆時會否修改前瞻指引，康斯坦西奧指倘經濟繼續增長，通脹向着目標進發，有需要循序漸進調整前瞻指引所中的所有元素，但並不代表所有改變會即時發生。歐元兌美元昨日先升後回，曾見1.2324，進一步刷新超過3年高位，惟在康斯坦西奧講話後即回吐0.4%，低見1.2209。美匯指數則5日來首度報升，昨日最多曾升0.5%，高見90.8。此外，大行高盛昨放榜，該行去年第四季虧損19.3億美元，是6年來首個季度見紅，不過撇除44億美元稅改相關開支後，每股盈利5.68美元，較預期的4.91美元高。
來源:
https://hk.finance.appledaily.co ... e/20180118/20277975