MM October 13, 2019 10:43 PM GMT China's Urbanization 2.0 Beneficiaries of the Greater Bay Area's Transition to Low- Carbon Energy Nuclear is the best option for GBA's transition to low carbon. We double upgrade CGN Power to OW and upgrade HKEI to OW. Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research. Investors should consider Morgan Stanley Research as only a single factor in making their investment decision. For analyst certification and other important disclosures, refer to the Disclosure Section, located at the end of this report. += Analysts employed by non-U.S. affiliates are not registered with FINRA, may not be associated persons of the member and may not be subject to NASD/NYSE restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account. MM Contributors MORGAN STANLEY ASIA LIMITED+ MORGAN STANLEY ASIA LIMITED+ Simon H.Y. Lee, CFA Beryl Wang Equity Analyst Research Associate +852 2848-1985 +852 3963-3643
[email protected] [email protected] MORGAN STANLEY ASIA LIMITED+ MORGAN STANLEY ASIA LIMITED+ Yishu Yan Eva Hou Research Associate Equity Analyst +852 3963-2846 +852 2848-6964
[email protected] [email protected] MM China's Urbanization 2.0 Beneficiaries of the Greater Bay Area's Transition to Low- Carbon Energy uclear is the best option for GBA's transition to low carbon.