Glonghui, January 8 | J.P. Morgan Chase released a report stating that lower interest rates and commodity prices will be the main investment focus for AH utility stocks this year. Among the defensive stocks recommended by the bank, Changjiang Infrastructure's stock yield this year is about 6%, and will benefit from the stabilization of the US dollar. The rating was upgraded from “neutral” to “increased holdings”, and the target price was raised from HK$40 to HK$50. The bank expects Huaneng's stock yield to reach more than 10%, or benefit from low coal prices and guaranteed revenue of over 10 billion yuan in capacity costs. The rating was upgraded from “neutral” to “increased holdings”, and the target price was raised from HK$4.1 to HK$5.2. The bank maintained its energy “neutral” rating and raised the target price from HK$40 to HK$50. In terms of growth stocks, as grid capital expenditure continues to rise, the bank is optimistic about smart grid companies. Based on the recent performance and uncertainty of new residential connections, the bank selectively chose gas utilities.