Investment Rating - The report provides a "Buy" rating for several companies in the power and gas sectors, indicating a positive outlook for their performance [41]. Core Insights - The report highlights the recent adjustments in the value-added tax (VAT) policies for wind and nuclear power, which may impact profitability for operators in these sectors [9][10]. - It notes the competitive pricing results for electricity in Xinjiang and Gansu, with Xinjiang's prices nearing the upper limit of the bidding range, suggesting a favorable environment for renewable energy operators [8]. - The report discusses the decline in global LNG prices, with China's comprehensive LNG import price reaching a four-year low, which could benefit domestic gas companies [12][27]. Summary by Sections 1. Power Sector - Xinjiang's mechanism electricity bidding results show a scale of 36 billion kWh for solar and 185 billion kWh for wind, with prices at 0.235 CNY/kWh and 0.252 CNY/kWh respectively, indicating a competitive market [5][8]. - The VAT policy changes will eliminate the 50% VAT refund for onshore wind from November 1, 2025, while maintaining it for offshore wind until the end of 2027 [9][10]. - Recommendations include focusing on companies like Guodian Power, China Nuclear Power, and Longyuan Power due to their stable growth prospects [11]. 2. Gas Sector - Global gas prices have shown slight declines, with the US Henry Hub price at $2.82/mmBtu, reflecting a 2.90% weekly drop [12][15]. - China's LNG import price has dropped to 2852 CNY/ton, the lowest since mid-2021, driven by lower oil prices affecting long-term contracts [27][29]. - The report suggests a positive outlook for gas companies like Kunlun Energy and New Hope Energy, as cost reductions and economic recovery may enhance profitability [29]. 3. Environmental Sector - The report emphasizes the benefits of debt-for-equity swaps and the increasing stability of returns for green energy operators, recommending companies like China Everbright Environment and Hongcheng Environment [11]. - It highlights the ongoing rise in SAF (Sustainable Aviation Fuel) prices, suggesting investment opportunities in related companies [11]. 4. Key Company Valuations - The report includes a valuation table for key companies, with several rated as "Buy," indicating strong expected performance in the coming years [41].

行 业 及 产 业 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 公用事业 研究支持 朱赫 A0230524070002 zhuhe@swsresearch.com 联系人 朱赫 (8621)23297818× zhuhe@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 2025 年 10 月 20 日 风电核电增值税返还政策调整 进 口 LNG 综合价格创四年新低 看好 ——申万公用环保周报(25/10/13~25/10/17) 本期投资提示： ⚫ 风险提示：1)政策节奏低于预期；2)煤炭、天然气价格波动；3)顺价执行不如预期。 王璐 A0230516080007 wanglu@swsresearch.com 莫龙庭 A0230523080005 molt@swsresearch.com 傅浩玮 A0230522010001 fuhw@swsresearch.com 朱赫 A0230524070002 zhuhe@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 第2页 共15页 简单金融 成就梦想 本研究报告仅通 ...

持续聚焦"双碳"目标，华润电力(00836.HK)光伏电站售电量大幅增长。 10月15日，华润电力公告显示，2025年前9月，华润电力附属电厂累计售电量达到1.61亿兆瓦时，同比 增加了4.2%。其中，附属光伏电站累计售电量达到708.86万兆瓦时，同比增加了35.1%。 华润电力成立于2001年8月，2003年11月在香港联合交易所主板上市，目前位列香港恒生指数成份股。 资料显示，华润电力是华润集团旗下香港上市公司，业务涉及风电、光伏发电、火电、水电、分布式能 源、售电、综合能源服务、煤炭等领域。 10月15日，华润电力发布2025年9月电厂售电量数据，公司9月附属电厂售电量为1715.28万兆瓦时，同 比减少了8.0%。其中，受天气及电厂检修等因素影响，附属火电厂售电量为1298.07万兆瓦时，同比减 少了9.2%；因风速下降，附属风电场售电量为308.18万兆瓦时，同比减少了13.4%；附属光伏电站售电 量达92.24万兆瓦时，同比增加了49.7%。 公告还显示，2025年前9月，华润电力附属电厂累计售电量达到1.61亿兆瓦时，同比增加了4.2%。其 中，附属火电厂售电量达1.17亿兆瓦时，同比增加了0 ...

Major Events - Meili Tianyuan Medical Health (02373) acquires 100% of Shanghai Siyuanli Industrial for 1.25 billion yuan, aiming to capture the high-end beauty market in major cities [1] - Jinhai Medical Technology (02225) is actively preparing to participate in the 8th China International Import Expo [1] - China Biopharmaceutical (01177) has its selective MEK1/2 inhibitor TQ-B3234 included in the breakthrough therapy designation program [1] - Beijing Jiakesi plans to sell 90% of Jiakexi Health through capital increase and equity transfer agreements [1] - Green Power Environmental (01330) intends to invest in establishing a joint venture in Hong Kong to expand overseas environmental business [1] - Zhonghui Biotechnology (02627) applies for full circulation of H-shares [1] Operating Performance - Legend Holdings (03396) reports that its subsidiary, Legend New Science (003022.SZ), achieved a net profit attributable to shareholders of 232 million yuan in the first three quarters, an increase of 30.32% [1] - Mongol Mining (00975) reports total raw coal production of 3.6043 million tons from UHG and BN mines in the third quarter [1] - China Resources Power (00836) reports cumulative electricity sales of 161 million megawatt-hours from its subsidiary power plants in the first nine months, a year-on-year increase of 4.2% [1] - China Coal Energy (01898) reports coal sales of 19.66 million tons in September, a year-on-year decrease of 20.1% [1] - Air China (00753) reports a 1.2% year-on-year increase in passenger capacity input and a 5.6% year-on-year increase in passenger turnover in September [1]

Core Insights - The 4th unit of China Resources Power Shenwan Company has officially commenced commercial operation after a successful 168-hour full-load trial run, marking it as the first approved and "dual investment" supercritical coal-fired power project in South China during the 14th Five-Year Plan [1][3] - The total installed capacity of the company’s thermal power now reaches 4 million kilowatts, making it the largest clean coal power plant in Shenzhen, supporting the modern energy system of the Guangdong-Hong Kong-Macao Greater Bay Area [1][3] Summary by Sections - **Project Details** - The 3rd and 4th units (2×1 million kilowatts) are key projects for clean coal power in Guangdong's 14th Five-Year Plan, utilizing advanced supercritical reheat technology and APS systems, leading the industry in intelligence and reliability [3] - **Economic Impact** - The dual-unit operation is expected to generate an additional annual electricity output of over 10.5 billion kilowatt-hours, with an estimated output value of approximately 5 billion yuan, saving 120,000 tons of standard coal and reducing carbon emissions by 400,000 tons annually, while generating tax revenue of about 350 million yuan [3] - **Environmental Initiatives** - The company has established the world's largest sludge co-firing project, having co-fired over 2.3 million tons of sludge, with plans to integrate sludge co-firing systems for the 3rd and 4th units [3] - **Future Outlook** - China Resources Power Shenwan Company aims to continue playing a stabilizing role in the energy supply of the Greater Bay Area, contributing to the establishment of a clean, low-carbon, safe, and efficient new energy landscape [3]

Company News - China Coal Energy (01898.HK) reported a coal sales volume of approximately 190 million tons for the first nine months, a year-on-year decrease of 7.4%. In September, coal sales volume was 19.66 million tons, down 20.1% year-on-year [1] - China Southern Airlines (01055.HK) saw a 4.43% year-on-year increase in passenger capacity in September, with passenger turnover rising by 5.25%. The passenger load factor was 86.30%, an increase of 0.67 percentage points year-on-year. Cargo and mail turnover increased by 1.91% year-on-year [1] - China Eastern Airlines (00670.HK) reported a 3.63% year-on-year increase in passenger capacity for September, with passenger turnover up 8.67%. The passenger load factor was 87.57%, an increase of 4.06 percentage points year-on-year. Cargo and mail turnover rose by 10.95% year-on-year [1] - China Resources Power (00836.HK) achieved a cumulative electricity sales volume of 161 million MWh for the first nine months, an increase of 4.2% year-on-year, with wind power sales up 10.3% and solar power sales up 35.1% year-on-year [1] - Hopson Development Holdings (00754.HK) reported a total contract sales amount of 11.264 billion yuan for the first nine months, a year-on-year decrease of 12.62% [1] - China Design Group (01599.HK) won important project bids totaling approximately 3.175 billion yuan in the third quarter [1] - Jiumaojiu International Holdings (09922.HK) reported table turnover rates for its brands in the third quarter: 3.3 for Taier (self-operated only), 2.4 for Song Hotpot, and 2.5 for Jiumaojiu (self-operated only). Same-store average daily sales decreased by 9.3%, 19.1%, and 14.8% year-on-year, respectively, with the decline continuing to narrow [1][1] Financing and Buyback Activities - Xiaomi Group-W (01810.HK) repurchased 2 million shares for a total of approximately 98.9589 million HKD, with a repurchase price range of 49.42 to 49.54 HKD [5] - Yum China (09987.HK) repurchased 18,800 shares for approximately 6.2596 million HKD, with a repurchase price range of 330.6 to 340.2 HKD [6] - HSBC Holdings (00005.HK) repurchased 4.721 billion HKD worth of shares, totaling 4.6216 million shares, with a repurchase price range of 101.1 to 103.2 HKD [7] - Qiniu Intelligent (02567) has cornerstone investor He Shun voluntarily extend the lock-up commitment, representing approximately 3.20% of the total issued shares [8] - China Galaxy (06881.HK) completed the issuance of 4 billion HKD short-term financing bonds with a final coupon rate of 1.66%, primarily for working capital replenishment [8] - Huaneng International Power (00902.HK) issued 3 billion HKD ultra-short-term financing bonds with an issuance rate of 1.50% [9]

Core Viewpoint - China Resources Power Holdings Company Limited (00836.HK) reported a decrease in electricity sales for its subsidiaries in September 2025, with a total sales volume of 17,152,768 MWh, representing an 8.0% year-on-year decline [1] Summary by Category Electricity Sales Performance - The subsidiary thermal power plants sold 12,980,739 MWh, down 9.2% year-on-year due to weather and maintenance factors [1] - The subsidiary wind power plants recorded sales of 3,081,795 MWh, a decrease of 13.4% year-on-year attributed to reduced wind speeds [1] - The subsidiary solar power plants achieved sales of 922,421 MWh, marking a significant increase of 49.7% year-on-year [1] Cumulative Sales Data - For the first nine months of 2025, the total electricity sales from subsidiaries reached 160,841,703 MWh, reflecting a 4.2% year-on-year increase [1] - The cumulative sales from subsidiary thermal power plants amounted to 117,033,963 MWh, showing a slight increase of 0.9% year-on-year [1] - The cumulative sales from subsidiary wind power plants reached 35,353,951 MWh, up 10.3% year-on-year [1] - The cumulative sales from subsidiary solar power plants totaled 7,088,587 MWh, representing a 35.1% year-on-year increase [1]

2025年首9个月附属电厂累计售电量达到1.61亿兆瓦时，同比增加了4.2%，其中，附属火电厂售电量达 1.17亿兆瓦时，同比增加了0.9%;附属风电场累计售电量达到3535.4万兆瓦时，同比增加了10.3%;附属光 伏电站累计售电量达到708.86万兆瓦时，同比增加了35.1%。 智通财经APP讯，华润电力(00836)发布公告，2025年9月附属电厂售电量为1715.28万兆瓦时，同比减少 了8.0%，其中，受天气及电厂检修等因素影响，附属火电厂售电量为1298.07万兆瓦时，同比减少了 9.2%;因风速下降，附属风电场售电量为308.18万兆瓦时，同比减少了13.4%;附属光伏电站售电量达 92.24万兆瓦时，同比增加了49.7%。 ...

Core Viewpoint - China Resources Power (00836) reported a decrease in electricity sales for its subsidiaries in September 2025, with total sales down by 8.0% year-on-year, influenced by weather conditions and plant maintenance [1] Summary by Category Electricity Sales Performance - The total electricity sales for September 2025 amounted to 17.15 million megawatt-hours, a decrease of 8.0% compared to the previous year [1] - The subsidiary thermal power plants sold 12.98 million megawatt-hours, down 9.2% year-on-year [1] - The subsidiary wind power plants recorded sales of 3.08 million megawatt-hours, a decline of 13.4% year-on-year [1] - The subsidiary solar power stations achieved sales of 0.92 million megawatt-hours, an increase of 49.7% year-on-year [1] Cumulative Electricity Sales - For the first nine months of 2025, the cumulative electricity sales reached 161 million megawatt-hours, reflecting a year-on-year increase of 4.2% [1] - The cumulative sales from subsidiary thermal power plants were 117 million megawatt-hours, up 0.9% year-on-year [1] - The cumulative sales from subsidiary wind power plants totaled 35.35 million megawatt-hours, an increase of 10.3% year-on-year [1] - The cumulative sales from subsidiary solar power stations reached 7.09 million megawatt-hours, marking a 35.1% increase year-on-year [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 （股份代號：836） 2025年9月電廠售電量數據 所附的新聞稿載列華潤電力控股有限公司（「本公司」）及其附屬公司2025年9月 電廠售電量數據。新聞稿載列的資料可能為股價敏感資料。因此，本公告所附 的新聞稿乃按《證券及期貨條例》第XIVA部發出。新聞稿載列的資料根據內部 管理記錄編製，未經外聘核數師審核或審閱。 本公告乃本公司根據《證券及期貨條例》第XIVA部發出。 （根據公司條例在香港註冊成立的有限責任公司） 本公告載列的資料根據內部管理記錄編製，未經外聘核數師審核或審閱，因此該 等數據僅供投資者參考。 投資者在買賣本公司股份時務必審慎行事。 －完－ 詳情垂詢： 即時發佈 2025 年 10 月 15 日 華潤電力附屬電廠 2025 年首九個月售電量增加 4.2% 附屬風電場售電量增加 10.3%，光伏電站售電量增加 35.1% 2025年9月附屬電廠售電量為17,152,768兆瓦時，同比減少了8 ...