每经AI快讯，港股电力股集体走低，截至发稿，华能国际(00902.HK)跌7.13%，报5.73港元；大唐发电 (00991.HK)跌4.27%，报2.24港元；华电国际(01071.HK)跌2.88%，报4.05港元；华润电力(00836.HK)跌 2.19%，报17.39港元。 ...

此外，近期，国家能源局披露2025年11月份能源生产和用电量情况，用电量方面，11月全社会用电量 8356亿千瓦时，同比增长6.2%；发电量方面，11月份，规上发电量7792亿千瓦时，同比增长2.7%，日 均发电量259.7亿千瓦时；其中火电、水电、风电和核电发电量分别为4969.5、966.8、1045.5和398.1亿 千瓦时，同比变化-4.20%、+17.10%、+22.00%和+4.70%。 消息面上，广东等地2026年长协电价陆续出炉。广东2026年度交易均价372.14厘/千瓦时，同比下降 19.72厘/千瓦时，接近基准价下浮下限；江苏2026年1月集中竞价均价324.71元/兆瓦时，较基准价下浮 17%。长江证券指出，广东长协电价的公布标志着前期市场悲观预期的正式落地，新一年全国电价博弈 成果拉开帷幕，沿海省份电价预期或均有松动。 电力股集体走低，截至发稿，华能国际（600011）(00902)跌7.13%，报5.73港元；大唐发电（601991） (00991)跌4.27%，报2.24港元；华电国际（600027）(01071)跌2.88%，报4.05港元；华润电力(00836)跌 2.19% ...

此外，近期，国家能源局披露2025年11月份能源生产和用电量情况，用电量方面，11月全社会用电量 8356亿千瓦时，同比增长6.2%；发电量方面，11月份，规上发电量7792亿千瓦时，同比增长2.7%，日 均发电量259.7亿千瓦时；其中火电、水电、风电和核电发电量分别为4969.5、966.8、1045.5和398.1亿 千瓦时，同比变化-4.20%、+17.10%、+22.00%和+4.70%。 消息面上，广东等地2026年长协电价陆续出炉。广东2026年度交易均价372.14厘/千瓦时，同比下降 19.72厘/千瓦时，接近基准价下浮下限；江苏2026年1月集中竞价均价324.71元/兆瓦时，较基准价下浮 17%。长江证券指出，广东长协电价的公布标志着前期市场悲观预期的正式落地，新一年全国电价博弈 成果拉开帷幕，沿海省份电价预期或均有松动。 智通财经APP获悉，电力股集体走低，截至发稿，华能国际(00902)跌7.13%，报5.73港元；大唐发电 (00991)跌4.27%，报2.24港元；华电国际(01071)跌2.88%，报4.05港元；华润电力(00836)跌2.19%，报 17.39港元。 ...

Investment Rating - The investment rating for the industry is "Positive" and maintained [7] Core Insights - The annual electricity price expectations are gradually becoming clearer, with multiple factors constraining electricity price levels. The average transaction price for Guangdong's annual electricity trading in 2026 has reached the lower limit of the medium to long-term trading price, indicating a downward price expectation [2][6] - Despite the clear downward expectation for electricity prices, the thermal power sector has shown relative stability, outperforming the hydroelectric sector, which is less impacted by price fluctuations [2][6] - The recent decline in coal prices and the expected increase in capacity prices for 2026 are expected to provide a buffer against the downward trend in long-term contract prices, supporting market expectations for thermal power company profitability [2][6] Summary by Sections Electricity Price Expectations - The electricity supply and demand situation is at risk of deterioration, and there are non-seasonal risks associated with coal prices. The market's expectation for the 2026 annual electricity price has been negatively impacted by weak monthly and spot electricity prices in some provinces [2][7] - The average monthly prices for Guangdong and Jiangsu this year were 373 and 377 cents/kWh, respectively, down by 47 and 52 cents/kWh year-on-year. The announcement of the annual trading results has confirmed the market's previous pessimistic expectations [2][6] Thermal Power Sector Performance - The thermal power sector has shown resilience despite the downward price expectations, driven by two main factors: a significant "inverted V" trend in coal prices since October and the expected stepwise increase in capacity prices for 2026 [2][6] - The price of Qinhuangdao Q5500 thermal coal peaked at 834 yuan/ton in late November but has since dropped to 672 yuan/ton by December 26, a decrease of 162 yuan/ton [2][6] - The expected increase in capacity prices by approximately 65 yuan/year·kW across provinces is anticipated to enhance the profitability stability of thermal power companies [2][6] Investment Recommendations - Recommended companies include Huaneng International, Datang Power, Guodian Power, Huadian International, China Power, China Resources Power, and Funiu Co., as well as Inner Mongolia Huadian, which represents "coal-electricity integration" thermal power [2][12][13] - For the hydroelectric sector, recommended companies include Yangtze Power, Guotou Power, Chuan Investment Energy, and Huaneng Hydropower [2][12][14] - In the renewable energy sector, companies such as Longyuan Power H, Xintian Green Energy H, China Nuclear Power, and Zhongmin Energy are recommended due to their potential for growth [2][12][15]

Investment Rating - The investment rating for the industry is "Positive" and is maintained [9]. Core Insights - The average transaction price for Guangdong Province in 2026 is projected to be 372.14 RMB/MWh, reaching the lower limit of the medium to long-term trading price, which represents a year-on-year decrease of 19.72 RMB/MWh. If the impact of the coal power capacity price increase in 2026 is considered, the comprehensive average electricity price will remain roughly the same as in 2025 [2][13]. - The total transaction volume for Guangdong Province in 2026 is expected to reach 359.437 billion kWh, reflecting a year-on-year growth of 5.38% [6][13]. - The Southern Energy Regulatory Bureau has emphasized the prohibition of signing "yin-yang contracts" and will strictly investigate violations in medium to long-term electricity trading. This indicates a focus on maintaining market order and rational trading [2][13]. - The report suggests that if electricity prices experience irrational declines, a new round of mechanism reforms may be initiated. The publication of the long-term electricity price in Guangdong marks the beginning of a new phase in the national electricity price negotiations [13]. Summary by Sections Section: Price Trends - The long-term electricity price has reached its lower limit, indicating potential volatility in prices if not constrained. The regulatory body has issued guidelines to ensure compliance and market stability [2][13]. - The coal power capacity price is set to increase from 100 RMB/year·kW to 165 RMB/year·kW in 2026, which, combined with a decrease in coal power utilization hours, will affect the average price for coal power units, keeping it stable compared to 2025 [2][13]. Section: Market Dynamics - The report highlights that the supply-demand relationship is becoming more relaxed, with an increase in new coal power installations, which may exert downward pressure on electricity prices. The dual-track pricing system of medium to long-term and spot markets is also contributing to this dynamic [13]. - The report recommends focusing on quality coal power operators such as Huaneng International, Datang Power, and others, as well as hydropower companies like Yangtze Power and Guotou Power, and new energy firms like Longyuan Power and China Nuclear Power [13].

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。 （根據公司條例在香港註冊成立的有限責任公司） （股份代號：836） 續訂持續關連交易 有關提供財務資助的2026年框架協議 2026年框架協議 茲提述本公司日期為2023年12月11日之公告，內容乃關於本公司之全資附屬公 司新能源控股與新能源（涼山）於2023年12月11日就提供財務資助訂立2023年框 架協議，有效期由2023年12月11日起至2025年12月31日止。鑒於2023年框架協 議將於2025年12月31日屆滿，新能源控股與新能源（涼山）已於2025年12月24 日訂立2026年框架協議，據此，新能源控股集團將於2026年框架協議有效期內 （即由2026年1月1日起至2028年12月31日止）繼續不時向新能源（涼山）集團提 供總金額不超過適用年度上限的財務資助。新能源控股集團與新能源（涼山）集 團會就2026年框架協議項下擬進行的個別交易訂立單獨協議。 上市規則的涵義 於本公告日期，華潤三 ...

Investment Rating - The report does not explicitly state an overall investment rating for the industry, but it provides specific recommendations for various sectors within the energy industry, indicating a positive outlook for certain companies and sectors [2][3]. Core Insights - The report highlights a slowdown in electricity generation growth in November 2025, with total generation at 779.2 billion kWh, a year-on-year increase of 2.7%. The growth was primarily driven by hydropower and wind power, while thermal power saw a decline [5][6]. - Natural gas prices in the U.S. and Europe have shown slight fluctuations, with U.S. Henry Hub spot prices at $3.58/mmBtu, reflecting a 12.1% weekly decline. Northeast Asia's LNG prices have also decreased, reaching $9.50/mmBtu, marking a 5% drop [18][19]. - The report emphasizes the increasing contribution of renewable energy sources, particularly wind and solar, to the overall electricity generation mix, with significant year-on-year growth rates [6][12]. Summary by Sections 1. Electricity Generation - November 2025 saw total electricity generation of 779.2 billion kWh, up 2.7% year-on-year. Thermal power generation decreased by 4.2% to 497.0 billion kWh, while hydropower increased by 17.1% to 96.7 billion kWh. Wind power grew by 22.0% to 104.6 billion kWh, and solar power rose by 23.4% to 41.2 billion kWh [5][7]. - From January to November 2025, total electricity generation reached 88,567 billion kWh, a 2.4% increase year-on-year, with significant contributions from hydropower, nuclear, wind, and solar energy [12][13]. 2. Natural Gas Market - As of December 19, 2025, U.S. Henry Hub spot prices were $3.58/mmBtu, down 12.1% from the previous week. European gas prices showed slight increases, with the Dutch TTF price at €28.10/MWh, up 2.0% [18][19]. - The report notes that the supply of natural gas remains high, with U.S. production at historical levels, contributing to the downward pressure on prices [18][19]. 3. Investment Recommendations - For thermal power, companies like Guodian Power and Inner Mongolia Huadian are recommended due to their integrated coal and power operations. For hydropower, companies such as Yangtze Power and State Power Investment Corporation are highlighted for their potential in the upcoming winter and spring [16][38]. - In the nuclear sector, China National Nuclear Power and China General Nuclear Power are suggested as key players due to their stable cost structures and growth potential [16][38]. - Renewable energy operators like Xinneng Green Energy and Longyuan Power are recommended as the market for green certificates and environmental values continues to grow [16][38].

Investment Rating - The report maintains a positive outlook on the power and environmental sectors, indicating a favorable investment environment [1]. Core Insights - The report highlights a slowdown in electricity generation growth in November, with a total generation of 779.2 billion kWh, a year-on-year increase of 2.7%. The contribution from hydropower and wind power is significant, while thermal power shows a decline [7][9]. - Natural gas prices in the US and Europe have shown slight fluctuations, with Northeast Asia's LNG prices continuing to decline, reaching $9.50/mmBtu, the lowest since May 2024 [21][34]. - The report suggests various investment opportunities across different sectors, including thermal power, hydropower, nuclear power, green energy, and gas companies, emphasizing the importance of diversified revenue streams [19][41]. Summary by Sections 1. Electricity: November Generation Growth Slows, Hydropower and Wind Power Contribute Incrementally - November electricity generation totaled 779.2 billion kWh, with thermal power decreasing by 4.2% year-on-year, while hydropower increased by 17.1%, nuclear power by 4.7%, wind power by 22.0%, and solar power by 23.4% [7][9]. - The overall growth rate of electricity generation has slowed compared to the previous month, with hydropower and wind power contributing significantly to the incremental generation [8][9]. 2. Natural Gas: Global Gas Prices Show Minor Fluctuations, Asian and US Prices Continue to Decline - As of December 19, the Henry Hub spot price in the US was $3.58/mmBtu, down 12.10% week-on-week, while the TTF spot price in Europe was €28.10/MWh, up 2.00% [21][22]. - The report notes that the LNG ex-factory price in China was 4030 yuan/ton, a decrease of 3.70% week-on-week, indicating a trend of declining costs in the natural gas sector [39]. 3. Weekly Market Review - The public utility and electricity sectors underperformed compared to the CSI 300 index, while the gas and environmental sectors outperformed [44]. 4. Company and Industry Dynamics - The report discusses various company announcements and industry developments, including stable coal production and increased oil production rates, as well as significant investments in energy projects [46][48].

锚定"双碳"践使命 一亿千瓦再启航 在新疆戈壁，华润电力在疆首个百万千瓦级风电项目——三塘湖100万千瓦风电项目成为当地清洁能源 开发的标杆工程。同时，华润电力联合外部技术攻关团队，在三塘湖风电项目开展构网型储能主动支撑 技术研究与示范应用，打造了构网型储能科研示范基地，实证了构网型储能对于弱电网的主动支撑特 性。 在浙江苍南，国内首个平价海上风电项目——华润电力苍南1号海上风电项目创造多项全国纪录，包括 单船单月21根沉桩的纪录，历时82天完成全部49根单桩沉桩任务，比计划提前约120天，以及单月敷设 30根35千伏海缆等多项纪录，在行业内树立起海上风电全面平价时代的第一面旗帜。 科技赋能 激活绿色发展新引擎 在不断探索绿色能源发展新模式的过程中，华润电力聚焦科技创新，以科技赋能绿色转型，研发投入保 持连年增长，并在多个关键技术领域实现突破，构建起覆盖储能、火电升级、碳捕集等领域的技术创新 矩阵。 核心技术攻关方面，华润电力在"十四五"期间取得丰硕成果，两项技术先后入选国家级首台（套）装备 目录："兼具发电机与调相机功能的300兆瓦级煤电机组改造成套设备及关键技术"为传统火电机组转 型、协同新能源发展开辟了 ...

Core Viewpoint - China Resources Power has achieved a significant milestone with its grid-connected installed capacity exceeding 100 million kilowatts, reflecting its commitment to green and low-carbon development in alignment with the national "dual carbon" goals [1][5]. Group 1: Green Transition and Growth Foundation - The company focuses on optimizing its business structure, promoting the synergy between thermal power and clean energy, and aims for sustainable energy supply through energy-saving transformations and clean upgrades [5]. - By June 2025, the proportion of renewable energy in the company's grid-connected installed capacity is expected to reach 49.9%, an increase of 18.8% compared to the end of the 13th Five-Year Plan [5]. - The company is enhancing the clean and efficient use of coal while transforming its thermal power assets to support low-carbon transitions, aiming to redefine the long-term value of thermal power [5]. Group 2: Strategic Development and Innovation - China Resources Power is committed to large-scale development of clean energy, focusing on wind and solar power, particularly in the "Three North" regions and coastal areas [6]. - The company plans to increase its research and development investment, with a projected 89% year-on-year growth in 2024, and aims to integrate AI and digital technologies into its operations [10]. - A comprehensive smart power plant technology system has been established, enhancing operational efficiency and safety through AI and data integration [11][12]. Group 3: Comprehensive Energy Services - The company aims to become a leading clean energy supplier and comprehensive energy service provider, focusing on energy efficiency and cost reduction [16]. - As of the end of 2024, the company has launched 114 centralized public charging stations and connected 1,133 industrial enterprises to its smart energy management cloud platform [16]. - China Resources Power is actively involved in urban charging network construction and provides comprehensive energy services to various sectors, including parks and public buildings [16]. Group 4: Social Responsibility and Community Engagement - The company has invested over 160 million yuan in ecological restoration and environmental protection projects since 2025, contributing to carbon reduction [19]. - It is also engaged in rural revitalization projects, integrating renewable energy with agricultural practices to enhance local economies and create job opportunities [20]. - The company has established "Energy Classrooms" to improve educational environments in rural areas, benefiting over 23,000 students [20]. Group 5: Future Outlook - Looking ahead, China Resources Power will focus on green development, enhance comprehensive energy services, and strengthen technological innovation to build a new development pattern [21].