汇丰环球研究报告指，本港公用股在市场波动下展示韧性，股息及美十年期国债孳息差距收窄至2020年以来最少，受基本因素改善推动。该行相信有关息差或进一步收窄，因内地南向投资者继续增持，尤其具较高派息增长潜力股份。南向资金于本港公用股持股占比由去年6月的0.5%至2.2%，增至截至上月25日的1.5%至7.5%。
该行最偏好中电(00002.HK) ，其次为长江基建(01038.HK) ，两者受惠本港银行同业拆息下跌及港元贬值。该行将电能(00006.HK) 投资评级由“买入”下调至“持有”，认为目前股息合理且现金流制约派息进一步增长。
下表为汇丰环球研究对本港公用股最新投资评级及目标价：
股份│投资评级│目标价
中电(00002.HK) │买入│80元
长江基建(01038.HK) │买入│66元->65元
香港电灯(02638.HK) │买入│6.2元->6.8元
电能(00006.HK) │买入->持有│62元->51元
煤气(00003.HK) │持有│6.2元->6.6元
(fc/j)(港股报价延迟最少十五分钟。沽空资料截至 2025-07-02 12:25。)
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