Core Viewpoint - Huayuan Securities maintains a "buy" rating for China Resources Power (00836), highlighting strong performance growth in the first three quarters of 2025 due to a decline in coal prices, despite anticipated challenges in 2026 from falling annual electricity prices and the implementation of the electricity spot market [1] Group 1: Performance and Growth - The company's subsidiary, China Resources Power Investment Co., reported a 31.71% year-on-year increase in net profit attributable to shareholders for the first three quarters of 2025, significantly up from a 3.99% growth in the first half of 2025 [1] - In Q3 2025, the net profit attributable to shareholders surged by 77.89%, driven by a 4.7% year-on-year increase in electricity sales from thermal power [1][2] - The average price of Qinhuangdao thermal coal (5500 kcal) in 2025 is expected to be 697 RMB/ton, down 158 RMB/ton or 18% year-on-year, contributing to stable annual performance [2] Group 2: Future Outlook and Strategy - The company anticipates a challenging year in 2026 due to expected declines in annual electricity prices and increased competition in the electricity market, influenced by factors such as capacity price increases and the promotion of the spot market [3] - The company’s historical "heavy load" development strategy is expected to provide a relative advantage for its new energy market entry, which is crucial for navigating the anticipated market chaos in 2026 [3] - The company aims to add 10 GW of new energy capacity in 2025, with 7 GW of new coal power rights, enhancing its resilience during industry downturns [4] - The successful spin-off of the new energy business for listing is projected to raise 24.5 billion RMB, significantly alleviating capital expenditure pressures for China Resources Power [4]

Investment Rating - The report maintains a positive outlook on the power and gas sectors, recommending various companies within these industries for investment opportunities [1]. Core Insights - The report highlights that China's total electricity consumption is projected to exceed 10 trillion kWh in 2025, reaching 10.4 trillion kWh, with a year-on-year growth of 5% [7][8]. - The growth in electricity consumption is driven primarily by the secondary and tertiary industries, which together contribute nearly 80% of the total increase in electricity demand [8]. - The report notes significant growth in electricity consumption from high-end manufacturing, digital economy, and new infrastructure projects, such as charging stations and 5G base stations, which are expected to see growth rates exceeding 30% [8]. Summary by Sections 1. Electricity Sector - In 2025, the total electricity consumption is expected to reach 10.4 trillion kWh, with a 5% year-on-year increase. The first, second, and third industries, along with urban and rural residential electricity consumption, are projected to grow by 9.9%, 3.7%, 8.2%, and 6.3% respectively [7][9]. - The second industry remains the largest consumer of electricity, contributing 48% to the growth, while the third industry contributes 31% [9][13]. - The report recommends investments in coal-fired power companies like Guodian Power and Inner Mongolia Huadian, as well as large hydropower companies such as Yangtze Power and State Power Investment [15][16]. 2. Gas Sector - The report indicates that colder temperatures are expected to increase heating demand, leading to a rebound in gas prices across Europe and Asia. As of January 16, the Henry Hub spot price was $3.06/mmBtu, with a weekly increase of 6.77% [17][24]. - The report highlights that European gas prices have surged due to low inventory levels and increased heating demand, with the TTF spot price reaching €38.10/MWh, up 31.38% week-on-week [17][24]. - Recommendations include investing in integrated gas companies like Kunlun Energy and New Hope Energy, as well as gas trading companies like New Hope and New Energy [38]. 3. Market Performance - The report notes that the public utility, power, and environmental sectors outperformed the Shanghai and Shenzhen 300 index during the week of January 12 to January 16, 2026 [40]. 4. Company and Industry Dynamics - Recent initiatives in various provinces aim to enhance green energy and environmental standards, including the establishment of green mining standards in Guangxi and guidelines for industrial microgrid construction [46][47]. - The report also mentions significant corporate announcements, including mergers and acquisitions in the energy sector, which may impact market dynamics [50].

Core Viewpoint - China Resources Power (00836.HK) reported a significant increase in electricity sales for its subsidiaries in 2025, indicating strong growth in renewable energy sectors, particularly in wind and solar power [1] Group 1: Electricity Sales Performance - In December 2025, the total electricity sales from subsidiaries reached 21,921,954 MWh, representing a year-on-year increase of 6.6% [1] - The electricity sales from subsidiary wind farms amounted to 5,361,475 MWh, showing a year-on-year increase of 21.6% [1] - The electricity sales from subsidiary solar power stations reached 1,150,980 MWh, reflecting a year-on-year increase of 58.0% [1] Group 2: Cumulative Electricity Sales - The cumulative electricity sales from subsidiaries in 2025 totaled 226,789,826 MWh, which is a year-on-year increase of 7.0% [1] - The cumulative sales from subsidiary wind farms reached 53,702,309 MWh, marking a year-on-year increase of 16.4% [1] - The cumulative sales from subsidiary solar power stations amounted to 13,202,002 MWh, indicating a year-on-year increase of 55.5% [1]

Core Viewpoint - China Resources Power (00836) reported a significant increase in electricity sales from its subsidiaries for December 2025, indicating strong growth in renewable energy sectors, particularly wind and solar power [1] Group 1: Electricity Sales Performance - The electricity sales volume from subsidiaries reached 21.9222 million megawatt-hours in December 2025, representing a year-on-year increase of 6.6% [1] - The subsidiary wind farms achieved sales of 5.3615 million megawatt-hours, marking a year-on-year increase of 21.6% [1] - The subsidiary solar power stations recorded sales of 1.151 million megawatt-hours, showing a substantial year-on-year increase of 58.0% [1] Group 2: Cumulative Electricity Sales - The total cumulative electricity sales from subsidiaries for 2025 reached 227 million megawatt-hours, reflecting a year-on-year increase of 7.0% [1] - Cumulative sales from subsidiary wind farms amounted to 53.7023 million megawatt-hours, which is a year-on-year increase of 16.4% [1] - Cumulative sales from subsidiary solar power stations reached 13.202 million megawatt-hours, indicating a year-on-year increase of 55.5% [1]

Core Viewpoint - China Resources Power (00836) reported a significant increase in electricity sales from its subsidiaries for the year 2025, indicating strong growth in both wind and solar energy sectors [1] Group 1: Electricity Sales Performance - In December 2025, the total electricity sales from subsidiary power plants reached 21.922 million megawatt-hours, representing a year-on-year increase of 6.6% [1] - The electricity sales from subsidiary wind farms amounted to 5.3615 million megawatt-hours, showing a year-on-year increase of 21.6% [1] - The electricity sales from subsidiary solar power stations reached 1.151 million megawatt-hours, reflecting a year-on-year increase of 58.0% [1] Group 2: Cumulative Electricity Sales - The cumulative electricity sales from subsidiary power plants for 2025 totaled 227 million megawatt-hours, which is a year-on-year increase of 7.0% [1] - The cumulative electricity sales from subsidiary wind farms reached 53.7023 million megawatt-hours, marking a year-on-year increase of 16.4% [1] - The cumulative electricity sales from subsidiary solar power stations amounted to 13.202 million megawatt-hours, indicating a year-on-year increase of 55.5% [1]

Core Viewpoint - China Resources Power (00836.HK) reported a significant increase in electricity sales for its subsidiaries in 2025, indicating strong growth in both wind and solar energy sectors [1] Group 1: Electricity Sales Performance - In December 2025, the subsidiary power plants achieved electricity sales of 21,921,954 MWh, representing a year-on-year increase of 6.6% [1] - The subsidiary wind farms recorded electricity sales of 5,361,475 MWh in December 2025, marking a year-on-year increase of 21.6% [1] - The subsidiary solar power stations achieved electricity sales of 1,150,980 MWh in December 2025, reflecting a year-on-year increase of 58.0% [1] Group 2: Cumulative Electricity Sales - For the entire year of 2025, the cumulative electricity sales of subsidiary power plants reached 226,789,826 MWh, which is a year-on-year increase of 7.0% [1] - The cumulative electricity sales from subsidiary wind farms amounted to 53,702,309 MWh in 2025, showing a year-on-year increase of 16.4% [1] - The cumulative electricity sales from subsidiary solar power stations reached 13,202,002 MWh in 2025, indicating a year-on-year increase of 55.5% [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。 於本公告日期，本公司的董事會包括四名執行董事，即史寶峰先生（主席）、王波 先生、宋葵先生及后永傑先生；三名非執行董事，即周波先生、李傳吉先生及 曾俊先生；及七名獨立非執行董事，即楊玉川先生、梁愛詩女士、錢果豐博士、 蘇澤光先生、陳克勤先生、陳勇先生及文頴怡女士。 （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） 2025年12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12 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。 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 ...

Core Insights - The report titled "2025 Benchmark Analysis of Chinese Power Generation Enterprises and Global Energy Companies" aims to provide insights for Chinese power companies to accelerate their development into world-class energy enterprises [3][5]. Group 1: Benchmarking Framework - The report utilizes a benchmarking indicator system that includes four dimensions: product excellence, brand prestige, innovation leadership, and modern governance, comprising 18 quantitative indicators [7][8]. - A total of 24 representative companies, 12 from China and 12 from abroad, are selected for benchmarking [9]. Group 2: Performance Overview - By the end of 2024, the benchmark companies achieved a total installed capacity of 2.68 billion kilowatts and generated 9.08 trillion kilowatt-hours of electricity, representing a year-on-year growth of 7.8% and 4.0% respectively [12]. - The EBITDA of benchmark companies was approximately $312.6 billion, with operating revenue reaching about $964.4 billion, reflecting a year-on-year increase of 9.0% and 5.8% respectively [13]. Group 3: Comparative Analysis - Domestic benchmark companies have a significant advantage in installed capacity, with a total of 1.86 billion kilowatts, which is 2.3 times that of foreign counterparts [32]. - The proportion of non-fossil energy installed capacity for domestic companies reached 56.8%, surpassing foreign companies by 7.8 percentage points [32]. Group 4: Key Findings - Eight companies, including EDF, State Energy Group, China Three Gorges, and China Huaneng, ranked in the top tier based on comprehensive scores across various indicators [18]. - The report highlights that while domestic companies are expanding their production capabilities, foreign companies are experiencing challenges in integrating renewable energy into existing grids [30][76]. Group 5: Future Outlook - The report identifies key development themes for Chinese power companies in 2026, emphasizing the need for energy security and modernization [6][76]. - It also notes that the growth in electricity demand is expected to boost the global nuclear power industry, with countries like France and the U.S. advancing their nuclear power strategies [79].

Group 1 - The core viewpoint of the article emphasizes the growing importance of ESG (Environmental, Social, and Governance) as a key metric for high-quality corporate development and a vital link between corporate value and social value [1][2] - The "2025 China Enterprise ESG Top 100" list was released by Sina Finance, evaluating over 5,000 A-share listed companies and mainland companies listed in Hong Kong using 18 industry-specific ESG evaluation models and over 150 ESG indicators [1][3] - The list serves as a benchmark for industry development and provides valuable decision-making references for investors [1][2] Group 2 - China Resources Power was recognized for its outstanding ESG performance, ranking 62nd on the "2025 China Enterprise ESG Top 100" list, highlighting its commitment to sustainable development practices [2][6] - The publication of the list is seen as an authoritative recognition of the sustainable development practices of the listed companies and aims to promote the core values of ESG across the industry [2][9] - Companies are encouraged to integrate ESG principles into their strategic planning, operations, and supply chain collaboration to achieve a symbiotic relationship between commercial and social value [2][10]

Investment Rating - The report rates the gaming industry as "high" for investment [1] Core Views - The report emphasizes the importance of the "Solid Waste Comprehensive Treatment Action Plan," which aims for significant improvements in solid waste management by 2030, including a target of 4.5 billion tons of comprehensive utilization of major solid waste and 510 million tons of recycling of key resources [2][5][7] - It highlights the shift in the energy sector towards diversified revenue models for thermal power companies, recommending several key players in the industry [8] - The report discusses the current trends in natural gas pricing, noting a general decline in global gas prices due to mild weather conditions and stable supply [10][29] - It outlines the transition of hydrogen energy towards becoming a "regulator" of the power grid, emphasizing its role in energy storage and management [31][33] Summary by Sections 1. Environmental Protection - The "Solid Waste Comprehensive Treatment Action Plan" was released on January 4, aiming to enhance solid waste management and promote a green economy [5] - By 2030, the plan targets a comprehensive utilization of 4.5 billion tons of major solid waste and 510 million tons of recycling of key resources [2][6] - The focus is on industrial, urban, and agricultural waste, with a comprehensive governance approach to illegal dumping and construction waste [6][7] 2. Natural Gas - As of January 9, the Henry Hub spot price in the U.S. was $2.87/mmBtu, reflecting a weekly decline of 28.24% [10][11] - The report notes that the European gas prices have also decreased, with the TTF spot price at €29.00/MWh, down 1.43% week-on-week [10][16] - The overall gas market is characterized by stable supply and mild weather, leading to lower demand and prices [10][29] 3. Hydrogen Energy - The report discusses the integration of hydrogen energy into the power grid, highlighting its potential for large-scale energy storage and management [31] - It emphasizes the role of hydrogen in addressing renewable energy challenges and improving grid stability [31][33] - The report recommends companies involved in hydrogen production and technology as key investment opportunities [33] 4. Weekly Market Review - The report notes that the electric power equipment, gas, and environmental protection sectors outperformed the Shanghai and Shenzhen 300 index during the week of January 5 to January 9 [34] - It provides insights into the performance of various sectors, indicating a positive trend for certain energy and environmental stocks [36][39] 5. Company and Industry Dynamics - The report highlights the establishment of national zero-carbon parks, which will receive significant support for green energy initiatives [39] - It mentions the successful completion of green power transactions in Gansu, indicating a growing market for renewable energy [40][43] - The report includes updates on major companies' performance and strategic developments in the energy sector [44]