Investment Rating - The report maintains a positive outlook on the power and gas sectors, highlighting potential investment opportunities in renewable energy and gas companies [3][12]. Core Insights - The report emphasizes the recent adjustments in value-added tax policies for wind and nuclear power, which may impact profitability in the short to medium term [10][11]. - It notes the significant drop in LNG import prices, reaching a four-year low, which could benefit gas companies and consumers [13][29]. - The report suggests that the competitive bidding results for electricity prices in Xinjiang and Gansu indicate varying strategies among renewable energy operators, which could lead to improved profit margins [9][12]. Summary by Sections 1. Power Sector - Xinjiang's competitive bidding results show a mechanism electricity price of 0.252 CNY/kWh for wind power, close to the upper limit, while Gansu's price is 0.1954 CNY/kWh, near the lower limit [5][9]. - The adjustment of the value-added tax policy for onshore wind power, effective November 1, 2025, will eliminate the 50% refund policy, while offshore wind will retain it until the end of 2027 [10][11]. - Recommendations include focusing on companies like Guodian Power, Sichuan Investment Energy, and China Nuclear Power due to their stable growth prospects [12]. 2. Gas Sector - The report highlights a slight decline in global gas prices, with the US Henry Hub price at $2.82/mmBtu, down 2.90% week-on-week, and LNG import prices in China dropping to 2852 CNY/ton, the lowest since mid-2021 [13][29]. - It suggests that the cost reduction in upstream resources and the recovery of the macro economy will benefit Hong Kong gas companies like Kunlun Energy and New Hope Energy [31]. - The report anticipates that the LNG prices may stabilize as demand increases with the onset of colder weather [29][31]. 3. Weekly Market Review - The public utility, power, gas, and environmental protection sectors outperformed the CSI 300 index during the week of October 13-17, 2025 [35]. - The report notes that the power equipment sector lagged behind the index, indicating potential investment opportunities in other sectors [35]. 4. Company and Industry Dynamics - The report discusses the upcoming competitive bidding for renewable energy projects in Anhui, with a bidding range set between 0.2 CNY/kWh and 0.3844 CNY/kWh [41][42]. - It highlights the performance of major companies, such as China General Nuclear Power and Longyuan Power, which reported varying results in their electricity generation [43][44].

Core Viewpoint - China Resources Power (00836.HK) is focusing on achieving its "dual carbon" goals, with significant growth in electricity sales from its photovoltaic power stations [1][3]. Sales Performance - In the first nine months of 2025, the total electricity sales from China Resources Power's subsidiary power plants reached 161 million megawatt-hours, an increase of 4.2% year-on-year [2][3]. - The electricity sales from subsidiary photovoltaic power stations amounted to 7.0886 million megawatt-hours, reflecting a year-on-year increase of 35.1% [2][3]. - In September 2025, the electricity sales from subsidiary photovoltaic power stations were 0.9224 million megawatt-hours, showing a substantial increase of 49.7% year-on-year [2]. Installed Capacity - As of June 30, 2025, the total installed capacity of wind, water, and photovoltaic power generation rights reached 38,955 megawatts, accounting for approximately 49.9% of the total installed capacity [1][3]. - The company operates 50 coal-fired power plants, 209 wind farms, 205 photovoltaic power stations, 20 hydropower stations, and 6 gas-fired power plants [3]. Future Plans - China Resources Power plans to add 10,000 megawatts of new wind and photovoltaic projects by the end of 2025, with steady progress expected in the second half of the year [1][5]. - The company anticipates that by the end of the 14th Five-Year Plan (end of 2025), the proportion of renewable energy in its installed capacity will exceed 50% [1][5]. Financial Investment - The company expects a cash capital expenditure of approximately HKD 56.8 billion for 2025, with around HKD 42 billion allocated for the construction of wind and photovoltaic power stations [4][5]. - Research and development investment for 2024 is projected to be HKD 1.398 billion, representing a year-on-year increase of 89% [4].

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]

Core Viewpoint - China Resources Power Holdings Company Limited reported a decrease in electricity sales for its subsidiaries in September 2025, with a total sales volume of 17.15 million megawatt-hours, representing an 8.0% year-on-year decline [1] Summary by Category Electricity Sales Performance - The subsidiary thermal power plants sold 12.98 million megawatt-hours, down 9.2% year-on-year due to weather conditions and plant maintenance [1] - The subsidiary wind power plants recorded sales of 3.08 million megawatt-hours, a decrease of 13.4% year-on-year attributed to reduced wind speeds [1] - The subsidiary solar power plants achieved sales of 0.92 million megawatt-hours, 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 161 million megawatt-hours, reflecting a 4.2% year-on-year increase [1] - The cumulative sales from subsidiary thermal power plants amounted to 117 million megawatt-hours, showing a slight increase of 0.9% year-on-year [1] - The cumulative sales from subsidiary wind power plants reached 35.35 million megawatt-hours, up 10.3% year-on-year [1] - The cumulative sales from subsidiary solar power plants totaled 7.09 million megawatt-hours, representing a 35.1% year-on-year increase [1]

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 ...

Core Viewpoint - China Resources Power's Shenwan Company successfully launched its 4th unit, marking the first dual investment of a million-kilowatt ultra-supercritical coal-fired power plant in South China during the 14th Five-Year Plan period [1][3] Group 1: Project Overview - The Shenwan Company's 3rd and 4th units (2×1 million kW) are key projects for clean coal power in Guangdong Province, designed with principles of leading technology, high efficiency, environmental protection, flexibility, reliability, and intelligence [3] - The total installed capacity of Shenwan Company now reaches 4 million kW, making it the largest clean coal power plant in Shenzhen [1][3] Group 2: Technical Aspects - The project utilizes internationally advanced ultra-supercritical reheat technology and incorporates an Automatic Power System (APS) for enhanced operational reliability and intelligence [4] - The dual-unit operation is expected to generate an additional annual output of over 10.5 billion kWh, contributing approximately 5 billion yuan in new value and saving 120,000 tons of standard coal annually, while reducing CO2 emissions by 400,000 tons [4] Group 3: Environmental and Economic Impact - The project is anticipated to create around 350 million yuan in regional tax revenue and improve the flexibility of the power grid, enhancing the reliability and stability of electricity supply in the Greater Bay Area [4] - The company has established the world's largest sludge co-firing disposal project, having co-fired over 2.3 million tons of sludge, which supports solid waste disposal in Shenzhen [4] Group 4: Future Plans - The company aims to continue its role as a stabilizing force in energy supply for the Greater Bay Area, focusing on technological and management innovations to support the national strategy for a clean, low-carbon, safe, and efficient energy system [6]