Investment Rating - The report maintains a "Positive" outlook on the utility and environmental sectors, indicating potential investment opportunities in these areas [2]. Core Insights - The report highlights that in November, the total electricity consumption in China reached 835.6 billion kWh, representing a year-on-year growth of 6.2%. The contributions from various sectors were: primary industry (7.9%), secondary industry (4.4%), tertiary industry (10.3%), and urban and rural residents (9.8%) [3][8]. - The growth in electricity consumption is primarily driven by the tertiary industry, particularly in sectors related to big data analysis and artificial intelligence services, which saw significant increases in electricity usage [9]. - The report notes that the natural gas market is experiencing slight fluctuations, with LNG prices continuing to decline. As of December 26, the national LNG ex-factory price was 3915 RMB/ton, down 2.85% week-on-week [3][40]. Summary by Sections Electricity Sector - In November, the total electricity consumption was 8356 billion kWh, with a year-on-year increase of 6.2%. The secondary industry contributed 49% to the growth, while the tertiary industry followed with a 29% contribution [10][11]. - The high-tech and equipment manufacturing sectors showed a notable increase in electricity consumption, with a year-on-year growth of 6.7%, surpassing the average growth rate of the manufacturing sector by 2.5 percentage points [9][10]. Natural Gas Sector - The report indicates that global gas prices are experiencing minor fluctuations, with the Henry Hub spot price at $3.31/mmBtu, reflecting a weekly decrease of 7.30%. The TTF spot price in the Netherlands was €27.70/MWh, down 1.42% week-on-week [3][19]. - The report suggests that the LNG ex-factory price in China is under pressure due to high inventory levels and low-cost sea gas resources, leading to a continued downward trend [40][41]. Investment Recommendations - The report recommends several companies based on their performance and market positioning: - For thermal power, companies like Guodian Power, Inner Mongolia Huadian, and Datang Power are highlighted for their integrated coal and power operations [3][17]. - In the hydropower sector, companies such as Yangtze Power and Guotou Power are recommended due to their stable financial performance and reduced capital expenditures [3][17]. - For nuclear power, China National Nuclear Power and China General Nuclear Power are suggested due to their stable cost structures and growth potential [3][17]. - In the green energy sector, companies like Xintian Green Energy and Longyuan Power are noted for their improved returns from stable project yields [3][17].

Core Viewpoint - The article emphasizes the importance of innovative "immersive" integrity education in state-owned enterprises, particularly in the energy sector, to enhance anti-corruption efforts and promote high-quality development [1][8]. Group 1: Immersive Integrity Education - The company has adopted an "immersive imagination" approach to integrity education, moving away from traditional methods that often lack engagement and effectiveness [2][6]. - This approach encourages employees to envision potential integrity risks in their roles and to simulate the consequences of violations, thereby fostering a proactive mindset towards compliance [2][7]. Group 2: Practical Application of Risks - Employees are guided to transform abstract disciplinary concepts into concrete scenarios relevant to their specific job functions, making the risks more relatable and tangible [4][5]. - Examples include procurement staff considering the implications of accepting gifts from suppliers, and technical staff reflecting on the consequences of falsifying experimental data [4][5]. Group 3: Comprehensive Education Mechanism - The company has established a full-chain mechanism for integrity education that includes case creation, group discussions, insights extraction, corrective actions, and follow-up visits [6]. - This structured approach aims to ensure that the integrity education process is thorough and effective, addressing common issues identified during discussions [6][8]. Group 4: Enhanced Awareness and Culture - The immersive education practice has led to a significant increase in the awareness of disciplinary compliance among employees, fostering a culture where everyone actively participates in identifying and mitigating risks [7][8]. - The initiative has created a positive environment where integrity is prioritized, and employees feel a collective responsibility to uphold ethical standards [7][8]. Group 5: Key Insights for Future Education - The practice highlights the necessity for integrity education in state-owned enterprises to be closely aligned with job realities, ensuring that all employees can relate to the scenarios presented [8]. - It also stresses the importance of a robust supervisory system that integrates organizational, familial, and disciplinary oversight to reinforce integrity [8].

Investment Rating - The report maintains a "Recommendation" rating for the industry [2] Core Insights - The environmental and public utility sectors have seen an increase, with the environmental industry index rising by 1.92% and the public utility index by 0.83%, which is relatively lower than the overall market increase [6] - The total transaction volume for electricity in Guangdong for 2026 is 359.44 billion kWh, a year-on-year increase of 5.4%, with an average transaction price of 372.14 cents/kWh, down 5.0% year-on-year [6] - The report suggests focusing on investment opportunities in the power sector, particularly recommending Guodian Power and Huaneng International for their strong dividends and performance safety [6] Summary by Sections Key Event Analysis - In November, the growth rate of total electricity consumption slowed, with a year-on-year increase of 6.2%, down 4.2 percentage points from October [10] - The National Development and Reform Commission and the National Energy Administration have issued guidelines to promote the large-scale development of solar thermal power [20] Market Review - The environmental and public utility sectors have shown positive performance, with the environmental sector leading with an 18.58% increase since the beginning of 2025 [22] - The power sector has seen a cumulative increase of 2.71% in the same period [22] Key Data Tracking - The price of Qinhuangdao 5500 kcal thermal coal has decreased to 685 RMB/ton, down 4.86% from December 19, 2025, and down 11.0% year-on-year [36] - The average electricity price in Guangdong reached a peak of 346.72 RMB/MWh on December 24, 2025, an increase of 10.9% week-on-week [52] - The LNG import price has risen to 9.62 RMB/million BTU, up 1.02% from December 19, 2025, while the domestic LNG ex-factory price has decreased to 3915 RMB/ton [50] Industry Key Events - The report highlights several key events in the electricity market, including the construction of charging infrastructure for electric heavy trucks in Chongqing and the implementation of green electricity direct connection projects in Ningxia [63][64]

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。 ...

Group 1 - Power stocks collectively declined, with Huaneng International down 7.13% at HKD 5.73, Datang Power down 4.27% at HKD 2.24, Huadian International down 2.88% at HKD 4.05, and China Resources Power down 2.19% at HKD 17.39 [1] - The announcement of long-term electricity prices for 2026 in Guangdong and other regions indicates a significant drop, with Guangdong's average trading price at 372.14 cents/kWh, a decrease of 19.72 cents/kWh year-on-year, approaching the lower limit of the benchmark price [1] - Jiangsu's average centralized bidding price for January 2026 is 324.71 yuan/MWh, reflecting a 17% decrease from the benchmark price, suggesting a potential easing of electricity price expectations in coastal provinces [1] Group 2 - The National Energy Administration reported that the total electricity consumption in November 2025 reached 835.6 billion kWh, a year-on-year increase of 6.2% [2] - The power generation in November 2025 was 779.2 billion kWh, with a year-on-year growth of 2.7%, averaging 25.97 billion kWh per day [2] - Breakdown of power generation shows thermal power at 496.95 billion kWh (down 4.20%), hydropower at 96.68 billion kWh (up 17.10%), wind power at 104.55 billion kWh (up 22.00%), and nuclear power at 39.81 billion kWh (up 4.70%) [2]

Group 1 - The core viewpoint of the article indicates a collective decline in power stocks, with notable drops in companies such as Huaneng International, Datang Power, Huadian International, and China Resources Power [1] - Guangdong's long-term electricity price for 2026 has been set at 372.14 cents per kilowatt-hour, a decrease of 19.72 cents year-on-year, approaching the lower limit of the benchmark price [1] - Jiangsu's centralized bidding average price for January 2026 is 324.71 yuan per megawatt-hour, reflecting a 17% drop from the benchmark price [1] Group 2 - The announcement of Guangdong's long-term electricity price signifies the realization of previously pessimistic market expectations, marking the beginning of a new round of national electricity price negotiations [1] - The National Energy Administration reported that the total electricity consumption in November 2025 reached 835.6 billion kilowatt-hours, a year-on-year increase of 6.2% [1] - In November, the power generation volume was 779.2 billion kilowatt-hours, with a year-on-year growth of 2.7%, and the daily average power generation was 25.97 billion kilowatt-hours [1] - The generation volumes for thermal, hydro, wind, and nuclear power were 496.95 billion, 96.68 billion, 104.55 billion, and 39.81 billion kilowatt-hours respectively, with year-on-year changes of -4.20%, +17.10%, +22.00%, and +4.70% [1]

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].