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伍洛桓先生(Gary Ng)
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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。
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沽出華潤電力(0836)認沽期權

Monday, March 30, 2026 Views229

華潤電力控股有限公司 (0836)

華潤電力控股有限公司(簡稱「華潤電力」)是中國的綜合能源公司,核心業務廣泛覆蓋風電、光伏發電、火電、水電、分布式能源、售電及綜合能源服務等多個領域。憑藉多元化的電源結構,華潤電力在滿足中國持續增長的用電需求的同時,積極推動綠色低碳轉型,業務遍佈中國32個省、自治區、直轄市和特別行政區,在保障居民生活、工業生產和城市運行中發揮著關鍵作用。

華潤電力目前位列香港恒生指數成份股,集團的總資產高達3,907.12億港元(截至2025年6月30日),總管理並網裝機容量達104,118兆瓦,其中清潔能源佔比已達50%,標誌著公司已從傳統煤電企業成功轉型為以可再生能源為主體的現代化低碳發電企業。2025年,集團新增並網新能源裝機容量13,625兆瓦,創下歷史新高,相當於「一年新增一座大型發電基地」。為加速轉型,公司計劃在2025年投入約568億港元現金資本開支,其中約420億港元專門用於風電和光伏電站的建設,並明確目標到2026年再新增5,450兆瓦的風光裝機,持續提升清潔能源佔比。這一轉型成效顯著,即使在2025年上半年因稅收等因素影響導致股東應佔溢利同比下降16%至78.7億港元的情況下,其核心業務利潤仍與去年同期持平,且可再生能源業務利潤貢獻穩步增長。

業績亮點在於核心利潤錄得近一成增長,主要受火電業務強勁表現驅動。2025年,火電業務公司擁有人應佔核心利潤達76.39億港元,同比大幅增長64.7%,其中純火電業務(不含煤炭)核心利潤增幅更高達79.8%。這主要得益於燃料成本顯著下降——單位燃料成本同比降低14.0%,平均標煤單價下降13%至799元/噸。可再生能源業務方面,受補貼核查進展等因素影響,核心利潤同比減少17.6%至76.04億港元。
值得關注的是,集團派息顯著增加,末期股息每股0.771港元,同比增長11.6%,在業績穩健增長的基礎上,進一步提升了股東回報。公司維持40%的派息比率,體現了穩健的股息政策及對未來發展的信心。

想吼低買入華潤電力的,沽出下月(4月)認沽期權行使價$18.50,期權金收$0.28。若股價於到期日(4月29日)收市價低於$18.50,就會以相等於 $18.50- $0.28 = $18.22 的價錢買入股票。
假若華潤電力股價於到期日(4月29日)收市價低於$18.50,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$18.50,你將會用行使價$18.50買入華潤電力股票。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。 

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