文档介绍：PoleVaulter_R1_19Mar(dtp).qxp 3/21/2007 3:56 PM Page 1
Oil & Gas and Utilities
China Energy
March 2007
Henik Fung Pole-vaulting
Head of Oil & Chemical, Asia-Pacific
+852 2996 6557
******@.hk
Henik joined HSBC in 2005 and has covered the Asian oil and chemicals sector for six years, and led a team that was ranked top three in the
2004 Institutional Investor poll. Prior to joining the financial industry, he worked for three years at KPMG in Hong Kong. Pole-vaulting
Michael HC Lee
Head of Utilities, Asia-Pacific Downstream players key beneficiaries as 2008 Beijing
+852 2996 6941
******@.hk
Michael joined HSBC in 2005 and has seven years experience covering the energy sector in Asia. He holds the CFA designation and is a Olympics marks start of China’s multi-year energy boom
qualified Accountant.
China Energy HSBC’s regional energy team employs top-down and bottom-up analysis to
raise its 2007-11 CAGR forecast for China’s energy consumption to %,
against market consensus of %. We believe the 2008 Beijing Olympics will
mark the beginning of China’s multi-year energy boom.
With prices still subsidised, in our view the government will struggle to
meet the energy saving target set out in the 11th Five Year Plan. We
believe that the recent price hike is insufficient to rationalise energy demand.
Uncontained energy consumption growth will reduce self-sufficiency,
endangering energy security. We believe this will eventually drive the
government to accelerate the pace of pricing reform towards full
liberalisation. The risk to downstream energy prices appears on the upside.
Along the energy chain, we see downstream energy players being the major
beneficiaries from strong domestic consumption growth and rising domestic
energy prices. We favour Sinopec Corp (, Overweight, ) and
Datang International Power (, Overweight, ).
* Employed by non-US affiliate of HSBC Securities (USA) Inc, and is