Chinese Power Utilities Offer Unattractive Valuations, Limited Growth Upside -- Market Talk

Dow Jones

2025/12/09

0830 GMT - Chinese power utilities' valuations look unattractive and investors should wait for better entry points, Morningstar director Chokwai Lee says in a note. Shares of Chinese utilities companies covered by Morningstar have fallen by about 3% on average since late October following third-quarter earnings declines. Lee notes that weaker power tariffs will likely offset benefits from faster subsidy collections, which may or may not continue into 2026. While AI adoption is expected to increase power demand, gains will likely be offset by declining tariffs and power curtailment risks stemming from grid constraints, with any earnings upside likely limited. Morningstar prefers China Longyuan for its leadership position in the renewables segment, and says China Resources Power and Xinyi Energy offer decent dividend yields of about 5%-6%. (jason.chau@wsj.com)

(END) Dow Jones Newswires

December 09, 2025 03:30 ET (08:30 GMT)

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Shares of Chinese utilities companies covered by Morningstar have fallen by about 3% on average since late October following third-quarter earnings declines. Lee notes that weaker power tariffs will likely offset benefits from faster subsidy collections, which may or may not continue into 2026. While AI adoption is expected to increase power demand, gains will likely be offset by declining tariffs and power curtailment risks stemming from grid constraints, with any earnings upside likely limited. Morningstar prefers <a href=\"https://laohu8.com/S/CLPXF\">China Longyuan</a> for its leadership position in the renewables segment, and says China Resources Power and <a href=\"https://laohu8.com/S/03868\">Xinyi Energy</a> offer decent dividend yields of about 5%-6%. (jason.chau@wsj.com) \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  December 09, 2025 03:30 ET (08:30 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Chinese Power Utilities Offer Unattractive Valuations, Limited Growth Upside -- Market Talk</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nChinese Power Utilities Offer Unattractive Valuations, Limited Growth Upside -- Market Talk\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time smaller\">2025-12-09 16:30</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n     0830 GMT - Chinese power utilities' valuations look unattractive and investors should wait for better entry points, Morningstar director Chokwai Lee says in a note. Shares of Chinese utilities companies covered by Morningstar have fallen by about 3% on average since late October following third-quarter earnings declines. Lee notes that weaker power tariffs will likely offset benefits from faster subsidy collections, which may or may not continue into 2026. While AI adoption is expected to increase power demand, gains will likely be offset by declining tariffs and power curtailment risks stemming from grid constraints, with any earnings upside likely limited. Morningstar prefers <a href=\"https://laohu8.com/S/CLPXF\">China Longyuan</a> for its leadership position in the renewables segment, and says China Resources Power and <a href=\"https://laohu8.com/S/03868\">Xinyi Energy</a> offer decent dividend yields of about 5%-6%. (jason.chau@wsj.com) \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  December 09, 2025 03:30 ET (08:30 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"HK0000252152.HKD","symbol_name":"易方達 (香港) 中國股票股息基金A 類 (累積) 港元","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2590316964","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2590316964","pubTimestamp":1765269000,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"0830 GMT - Chinese power utilities' valuations look unattractive and investors should wait for better entry points, Morningstar director Chokwai Lee says in a note. Shares of Chinese utilities companies covered by Morningstar have fallen by about 3% on average since late October following third-quarter earnings declines. Lee notes that weaker power tariffs will likely offset benefits from faster subsidy collections, which may or may not continue into 2026. While AI adoption is expected to increase power demand, gains will likely be offset by declining tariffs and power curtailment risks stemming from grid constraints, with any earnings upside likely limited. Morningstar prefers China Longyuan for its leadership position in the renewables segment, and says China Resources Power and Xinyi Energy offer decent dividend yields of about 5%-6%. 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Shares of Chinese utilities companies covered by Morningstar have fallen by about 3% on average since late October following third-quarter earnings declines. Lee notes that weaker power tariffs will likely offset benefits from faster subsidy collections, which may or may not continue into 2026. While AI adoption is expected to increase power demand, gains will likely be offset by declining tariffs and power curtailment risks stemming from grid constraints, with any earnings upside likely limited. Morningstar prefers China Longyuan for its leadership position in the renewables segment, and says China Resources Power and Xinyi Energy offer decent dividend yields of about 5%-6%. (jason.chau@wsj.com) \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  December 09, 2025 03:30 ET (08:30 GMT)\n\n\n  Copyright (c) 2025 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"}}}