Market Brief

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Author

伍洛桓先生(Gary Ng)
經理

畢業於美國加州大學聖地牙哥分校。對投資股票、期權經驗豐富。本人樂意為客戶提供投資分析及買賣策略。歡迎各位來電交流心得。
Phone:
36533000

華能國電 (0902.HK)

Monday, October 27, 2025 Views556

華能國際電力股份有限公司(0902)是中國領先的發電公司,核心業務涵蓋多元化的發電方式,包括燃煤電廠、燃氣發電、水力發電、風力發電場、太陽能光伏及其他綠色能源項目。這種多元化的電源結構既滿足了中國持續增長的用電需求,也體現了向環保方向轉型的努力。公司還負責電力輸配業務,並積極拓展清潔能源新專案。其業務遍佈中國多個省份,在保障居民生活、工業生產和城市運行的電力供應中發揮著關鍵作用。華能國際的主要收入來源是火力發電,但他們也在積極發展風電、光伏等清潔能源,以適應綠色能源轉型的趨勢。集團總可控發電裝機容量高達15萬兆瓦,而其中清潔能源佔比達39%。電廠遍佈中國經濟發達、用電需求旺盛的地區。同時,他們也通過新加坡的子公司拓展海外市場。

近年來,華能國電大力推進新能源領域發展。公司計畫到2025年在風電、光伏等綠色項目投入超500億元,2024年已投入約448億元。這標誌著公司正從傳統煤電向現代化低排放發電模式轉型。2025年,這一轉型已顯現成效,上半年度股東應佔溢利上升29.2%至81.6億元人民幣。集團在持續發展的同時,致力於支援中國實現碳中和目標。即使面臨能源價格波動和環保監管趨嚴等挑戰,但憑藉其規模優勢和政府支援始終保持穩健經營。通過持續投入發電技術升級和安全生產,公司積極佈局能源存儲和智慧電網等前沿領域。
想吼低買入華能國電的,沽出即月(10月)認沽期權行使價$5.50,期權金收$0.08。若股價於到期日(10月30日)收市價低於$5.50,就會以相等於  $5.50- $0.08 = $5.42 的價錢買入股票。

假若華能國電股價於到期日(10月30日)收市價低於$5.50,此合約將會失去所有價值,而沽方就可收取全數期權金。若股價低於行使價$5.50,你將會用行使價$5.50買入華能國電股票。收取的期權金可以用作減低買入成本,令你可以更低價錢買入股票。

沽出即月(10月)認沽期權行使價$5.50,期權金收$0.08,年度化收益率33.7%。若股價於到期日(10月30日)收市價低於$5.50,就會以相等於  $5.50- $0.08 = $5.42 的價錢買入股票。

華能國電 0902.HK 25年10月$5.50認沽

 

方向

沽出認沽

 

合約股數

2000

 

合約張數

30

 

期權金收取

$0.08*30*2000=$4800

 

年化收益率

33.7%

 

 

 

若到期日(10月30日)收市價低於行使價 $5.50

相等於買入股票價錢  $5.50- $0.08 = $5.42

 

 

 

 

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