Huatai Securities: It is recommended to pay attention to central state-owned enterprises in the power sector with relatively low asset securitization ratios

Huatai Securities research report believes that in the current market environment, the investment paradigm of high dividend utility assets may change. Reviewing the period around 2015, combined with the current fiscal situation, it is recommended to pay attention to central state-owned enterprises in the power sector with a relatively low asset securitization ratio, and local state-owned enterprises with debt reduction potential in local utility assets. Huatai Securities believes that capital operations have a positive effect on further increasing the dividend ratio, which is not a risk that needs to be overly worried about, but rather an investment opportunity in the current model of shorter holding periods