According to the CITIC Securities APP, Citigroup released a research report stating that after Huaneng Power International (01071) recorded a 6.1% year-on-year decline in second-quarter profits, it downgraded the rating from "neutal" to "sell". After the company announced a decline in second-quarter profits, it downgraded its profit forecast for 2022-2026 by 10% to 13%, and the target price was reduced by 20% to HK$3.6, believing that the 5.5% return on this stock is not attractive under low certainty.

The bank pointed out that the positive impact of the decrease in fuel unit cost seems to have been largely reflected in the past 18 months; the electricity generation has decreased; more renewable energy is being used as a substitute; coupled with the drag caused by the continued decline in electricity prices due to intensified competition, resulting in a continued decline in profits year by year. Therefore, the bank holds a cautious outlook on the company's profits. In addition, among the energy sector in mainland China, the bank has a preference for China Resources Power (00836) with profit growth.