Smartkarma AI, Smartkarma

αSK

Smartkarma AI

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

<ul>
 <li>As China's largest nuclear power operator, <a href="https://smartkarma.com/entities/cgn-power-co-ltd-h">CGN Power</a> is central to the nation's ambitious decarbonization and energy security goals, providing a clear, long-term growth trajectory.</li>
 <li>The company benefits from a stable business model with predictable cash flows, underpinned by regulated tariffs and a strong operational track record, making it an attractive investment for income-focused portfolios.</li>
 <li>While the growth outlook is robust, potential risks include shifts in government tariff policies, public perception of nuclear safety, and competition from the rapidly expanding renewables sector.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  As China's largest nuclear power operator, CGN Power is central to the nation's ambitious decarbonization and energy security goals, providing a clear, long-term growth trajectory.
  The company benefits from a stable business model with predictable cash flows, underpinned by regulated tariffs and a strong operational track record, making it an attractive investment for income-focused portfolios.
  While the growth outlook is robust, potential risks include shifts in government tariff policies, public perception of nuclear safety, and competition from the rapidly expanding renewables sector.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>The Hong Kong Alpha portfolio returned -2.89% in November versus +1.72% for its benchmark index. The HK Alpha portfolio has outperformed Hong Kong indexes by 33% to 45% since inception.</li>
<li>The portfolio continues to generate 57% of its returns from alpha (idiosyncratic returns) while maintaining a Sharpe ratio of 2.19 YTD.</li>
<li>We have sold positions in the materials and industrials sectors and added positions in telecom, gold, and insurance industries at the end of November.</li>
</ul>


The Hong Kong Alpha portfolio returned -2.89% in November versus +1.72% for its benchmark index. The HK Alpha portfolio has outperformed Hong Kong indexes by 33% to 45% since inception.
The portfolio continues to generate 57% of its returns from alpha (idiosyncratic returns) while maintaining a Sharpe ratio of 2.19 YTD.
We have sold positions in the materials and industrials sectors and added positions in telecom, gold, and insurance industries at the end of November.


HONG KONG ALPHA PORTFOLIO: (November 2025)

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 160 stocks over the last week. The average A-H premium was 63.7% as of Dec 12th.</li>
<li>The average A-H premium changed by 1.1ppt week-on-week, led by real estate, energy, information technology and offset by communication services.</li>
<li>We highlight weekly changes in A-H premium for MCC, China Merchants Securities, Chongqing Rural Commercial Bank, CNOOC, Cgn Power, Baiyunshan Pharma.</li>
</ul>


We analyse the changes of A-H premium on 160 stocks over the last week. The average A-H premium was 63.7% as of Dec 12th.
The average A-H premium changed by 1.1ppt week-on-week, led by real estate, energy, information technology and offset by communication services.
We highlight weekly changes in A-H premium for MCC, China Merchants Securities, Chongqing Rural Commercial Bank, CNOOC, Cgn Power, Baiyunshan Pharma.


A-H Premium Weekly (Dec 12th): MCC, China Merchants Securities, Chongqing Rural Commercial Bank

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>
<a href="https://www.smartkarma.com/entities/china-longyuan-power-group-corp-ltd-49b9d808-e8c9-4049-a85a-5380de9f21ad" target="_blank" data-smartkarma-citation="entities:35558:1" rel="noopener"></a>YTD, <a href="https://www.smartkarma.com/entities/china-longyuan-power-group-corp-ltd" target="_blank" data-smartkarma-citation="entities:14215:1" rel="noopener">China Longyuan Power (916 HK)</a> has seen its share price weak, but we believe focus should not be on the poor FY22 result and the moderate 1Q23 generation growth.</li>
<li>Based on 5.5-6.5GW planned capacity expansion in FY23, this will mean a solid growth of 17.7-20.9% YoY. Coupled with efficiency improvement, we expect a sharp rebound in FY23 profit.</li>
<li>With impairment on Ukraine mostly made and reversal of exchange and trading losses, there will be a big swing in bottom line. We welcome the improvement in cash flow too.</li>
</ul>



YTD, China Longyuan Power (916 HK) has seen its share price weak, but we believe focus should not be on the poor FY22 result and the moderate 1Q23 generation growth.
Based on 5.5-6.5GW planned capacity expansion in FY23, this will mean a solid growth of 17.7-20.9% YoY. Coupled with efficiency improvement, we expect a sharp rebound in FY23 profit.
With impairment on Ukraine mostly made and reversal of exchange and trading losses, there will be a big swing in bottom line. We welcome the improvement in cash flow too.


China Longyuan (916 HK): We Stay on the Bull Camp

<ul>
<li>AI is poised to drive a large increase in power consumption on the mainland.  Data demand from generative AI necessitates more data centers and consequently more power.</li>
<li>China energy consumption is at the beginning of a super cycle as AI becomes integral to everyday corporate and eventually personal lives.</li>
<li>China's clean energy names will benefit from the China's energy strategy as its power needs from data centers surge.</li>
</ul>


AI is poised to drive a large increase in power consumption on the mainland.  Data demand from generative AI necessitates more data centers and consequently more power.
China energy consumption is at the beginning of a super cycle as AI becomes integral to everyday corporate and eventually personal lives.
China's clean energy names will benefit from the China's energy strategy as its power needs from data centers surge.


China

CGN Power Co., Ltd. operates and manages nuclear power generating stations. The Company sells all of the electricity from its stations, manages, oversees the construction of nuclear power stations, and provides technical research plus develops support services. CGN Power has stations in Guangdong, Fujian and Liaoning, and is a subsidiary of China General Nuclear Power Corporation.

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CGN Power (1816 HK)

Primer: CGN Power (1816 HK) - Sep 2025

As China's largest nuclear power operator, CGN Power is central to the nation's ambitious decarbonization and energy security goals, providing a...

αSK

HONG KONG ALPHA PORTFOLIO: (November 2025)

We made small changes to the HK Alpha portfolio mid-month. At the close on 12/12 we sold all of First Pacific (142 HK) and added 2% to our...

David Mudd

A-H Premium Weekly (Dec 12th): MCC, China Merchants Securities, Chongqing Rural Commercial Bank

We analyzed A-H premium changes in the past week and highlight A-H premium changes for MCC, China Merchants Securities, Chongqing Rural Commercial...

Ke Yan, CFA, FRM

China Longyuan (916 HK): We Stay on the Bull Camp

Capacity expansion of 17.7-20.9% YoY, coupled with efficiency improvement will mean sharp rebound in FY23 profit. Reduction in impairment and...

Osbert Tang, CFA

CHINA: Do You Like AI? BUY Utilities!

GDS Holdings announced that is considering an IPO for a REIT of its data center assets in China which could happen next year. The share sale could...

David Mudd

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