Group 1 - The company announced that Mr. Liu Xiusheng will resign from the position of executive director effective December 19, 2025 [1] - Mr. Hou Yongjie has been appointed as the new executive director [1] - Ms. Wen Yingyi has been appointed as an independent non-executive director and a member of the audit and risk committee as well as the remuneration committee [1]

Group 1 - The core announcement is that China Resources Power (00836.HK) has made significant changes to its board of directors effective December 19, 2025 [1] - Liu Xiusheng has resigned from his position as an executive director [1] - Hou Yongjie has been appointed as an executive director [1] - Wen Yingyi has been appointed as an independent non-executive director and a member of the Audit and Risk Committee as well as the Remuneration Committee [1]

（根據公司條例在香港註冊成立之有限責任公司） （股份代號：836） 董事名單與其角色和職能 執行董事： 史寶峰 （董事會主席） 王波 （總裁） 宋葵 （董事會副主席） 后永傑 非執行董事： 周波 李傳吉 曾俊 獨立非執行董事： 楊玉川 （首席獨立非執行董事） 梁愛詩 錢果豐 蘇澤光 陳克勤 陳勇 文頴怡 1 於本公告日期，華潤電力控股有限公司董事會（「董事會」）成員載列如下： 董事會設立四個委員會。下表提供自2025年12月19日起各董事會成員在該等委員 會中所擔任的職位： | | | | | 委員會職位 | | | --- | --- | --- | --- | --- | --- | | 董事 | | 可持續發展 | 審核與風險 | 提名 | 薪酬 | | 史寶峰 | （董事會主席） | M | | C | | | 王波 | （總裁） | | | | | | 宋葵 | （董事會副主席） | | | | | | 后永傑 | | | | | | | 周波 | | | M | | | | 李傳吉 | | | M | | | | 曾俊 | | | M | | | | 楊玉川 | | | | | | | （首席獨立 ...

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分內容而產生或因倚 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） 執行董事之辭任、 執行董事之委任 及 1 (1) 劉秀生先生已辭任執行董事職務； (2) 后永傑先生獲委任為執行董事；及 (3) 文頴怡女士獲委任為獨立非執行董事、審核與風險委員會成員及薪酬委員 會成員。 獨立非執行董事及董事會委員會成員之委任 董事會謹此宣佈，自2025年12月19日起： 執行董事之辭任 華潤電力控股有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈，劉秀 生先生（「劉先生」）因其他工作安排已辭任執行董事職務，自2025年12月19日生 效。 劉先生已確認彼與董事會之間並無意見分歧，亦概無需要提請本公司證券持有人 及香港聯合交易所有限公司（「聯交所」）垂注的事項。 董事會謹此向劉先生作為董事期間對本公司作出之寶貴貢獻致以衷心感謝。 執行董事之委任 董事會欣然宣佈，自2025年12月19日起，后永傑先生（「后 ...

Core Viewpoint - The National Development and Reform Commission and the National Energy Administration have issued a notice to enhance the signing and performance of medium- and long-term electricity contracts for 2026 through four key measures, aiming to ensure effective implementation and quality of these contracts [22][25]. Group 1: Contract Signing Requirements - The total signed electricity volume for medium- and long-term contracts by coal-fired power enterprises in each province should not be less than 70% of the actual online electricity volume from the previous year, with monthly contract signing volumes not less than 80% of the expected market-based online electricity volume [10][26]. - The electricity consumption side must ensure that the monthly contract signing volume is not less than 80% of the expected electricity consumption [2][27]. - For cross-provincial and cross-regional contracts, there should be clear arrangements for supporting renewable energy in transmission projects, encouraging green electricity trading to fulfill priority generation plans [3][28]. Group 2: Quality Improvement Measures - There should be a mechanism for time-segmented and curve-based signing in annual electricity medium- and long-term transactions, with at least 24 trading periods in regions where the electricity spot market is operational [5][28]. - The pricing mechanism for medium- and long-term electricity contracts should be flexible, allowing for adjustments based on market supply and demand, and not mandating fixed prices [6][29]. - A balance management system for electricity supply and demand should be established to avoid significant discrepancies in electricity volume across trading periods [12][29]. Group 3: Efficient Contract Performance - Continuous and flexible trading of medium- and long-term contracts within provinces should be promoted, considering the characteristics of renewable energy generation and load [8][30]. - The quality of cross-provincial and cross-regional medium- and long-term transactions should be improved by enhancing trading frequency and optimizing transaction organization [14][30]. - Monitoring of medium- and long-term trading behaviors should be strengthened to prevent market manipulation and ensure compliance with regulations [15][31]. Group 4: Contract Assurance Mechanism - A mechanism to promote high-quality signing and performance of medium- and long-term contracts should be established, ensuring compliance with policy requirements [16][32]. - The priority generation plan for cross-provincial and cross-regional electricity should be effectively implemented, ensuring that annual delivery needs are met [17][33]. Group 5: Timeline - Local government departments and the National Energy Administration should complete the necessary preparations for the medium- and long-term electricity market by December 10, 2025, and finalize cross-provincial contract signing by December 25, 2025 [18][34].

Group 1 - Daiwa has set a target price of HKD 18.8 for OSL Group (00836) and maintains a "Buy" rating, identifying OSL as its preferred cryptocurrency company in Hong Kong [1] - HashKey (03887) is set to list on December 17, raising HKD 1.6 billion through its IPO, which is faster than expected by major banks [1] - The IPO pricing for HashKey is approximately 13 times the projected revenue for 2026, aligning closely with OSL's current trading valuation [1] Group 2 - Despite the recent weakness in the cryptocurrency market and declining trading volumes globally, investor confidence in HashKey and OSL may remain low in the short term [1] - However, there is an optimistic outlook for the cryptocurrency industry in Q1 2026, driven by the potential approval of the first stablecoin license in Hong Kong and improved liquidity in the U.S. market due to a shift in Federal Reserve policy [1]

Core Viewpoint - Daiwa has set a target price of HKD 18.8 for OSL Group (00836) and maintains a "Buy" rating, identifying OSL as its preferred cryptocurrency company in Hong Kong [1] Group 1: Company Analysis - OSL is compared to HashKey (03887), which is set to list on December 17 and has raised HKD 1.6 billion through its IPO, with its listing progress exceeding market expectations [1] - HashKey's IPO pricing is based on a price-to-sales (P/S) ratio of approximately 13 times the expected revenue for 2026, which aligns closely with OSL's current trading valuation [1] Group 2: Market Outlook - Despite the recent weakness in the cryptocurrency market and a continuous decline in global exchange trading volumes, investor confidence in HashKey and OSL may remain low in the short term [1] - However, Daiwa holds an optimistic view on the cryptocurrency industry's prospects for Q1 2026, driven by the anticipated approval of the first stablecoin license in Hong Kong and improvements in U.S. market liquidity due to a shift in Federal Reserve policy [1]

Group 1: Core Insights - The future narrative for thermal power is expected to shift towards enhanced profitability stability and increased dividends due to rising capacity prices and deeper assessments by the State-owned Assets Supervision and Administration Commission (SASAC) [2][60] - In the short term, integrated coal power companies are likely to have a comparative advantage as coal prices rise, with a consensus forming around an increase in the coal price baseline for next year [2][6] - Renewable energy companies, despite facing challenges such as supply-demand imbalance and subsidy delays, have shown considerable absolute returns, supported by improving policies for green energy development [6][8] Group 2: Thermal Power Analysis - Historical performance of thermal power shows a certain "counter-cyclical" nature, with earnings often moving inversely to coal prices, which are now market-driven [19][26] - The current policy framework limits the duration of profitability expectations for thermal power, leading to a "high first, low second" characteristic in the market for 2023 and 2024 [6][45] - The expected increase in capacity prices across provinces by 2026 will enhance the fixed cost recovery ability of coal power plants, significantly improving profitability stability [60][64] Group 3: Renewable Energy Insights - The renewable energy sector is currently facing multiple issues, including market price pressure and subsidy delays, but the gradual improvement in policy support is expected to create investment opportunities [6][8] - Companies with low valuations, high wind power ratios, and strong regional price certainty are still worth considering for investment despite the uncertain timing of policy impacts [2][6] Group 4: Hydropower and Nuclear Power - Leading hydropower companies exhibit high earnings certainty and dividend ratios, making them attractive for long-term investment [7] - Nuclear power is anticipated to see significant capacity growth during the 14th Five-Year Plan, with stable long-term price expectations despite some market price fluctuations [8][60] Group 5: Investment Recommendations - Recommended companies include quality thermal power operators such as Huaneng International, Datang Power, and China Power, as well as leading hydropower firms like Yangtze Power and Guotou Power [9] - In the renewable sector, companies like Longyuan Power and China Nuclear Power are highlighted as potential investment opportunities [9]

Investment Rating - The report maintains a positive outlook on the power sector, particularly following the increase in coal power capacity pricing in Yunnan, which is expected to stabilize revenue for coal power companies [6][8]. Core Insights - Yunnan has announced an increase in the coal power capacity price recovery of fixed costs to 100%, effective from 2026, which will enhance the stability of coal power revenues and support the integration of renewable energy sources [6][7]. - The report highlights a significant drop in natural gas prices in the U.S. and Northeast Asia, with the latter reaching a 20-month low, indicating a favorable environment for gas companies [10][24]. - The investment analysis suggests a diversified revenue model for coal power companies, transitioning from reliance on electricity sales to a combination of electricity, capacity, and ancillary service revenues [8]. Summary by Sections 1. Power Sector - Yunnan's new policy sets the coal power capacity price at 330 RMB per kilowatt per year, allowing full recovery of fixed costs, which is expected to improve the profitability of coal power plants [6][7]. - The province's total installed power capacity exceeds 168 million kilowatts, with over 90% being green energy, necessitating coal power for peak load support [7]. - The report recommends several companies, including Guodian Power and Inner Mongolia Huadian, for their integrated coal power operations [8]. 2. Natural Gas Sector - U.S. Henry Hub spot prices fell to $4.07/mmBtu, a decrease of 21.56% week-on-week, while Northeast Asia LNG prices dropped to $10/mmBtu, down 6.19% [10][11]. - The report notes that strong supply and high inventory levels in Northeast Asia are contributing to the price decline, with expectations of further price sensitivity from buyers as prices approach $10/mmBtu [24][26]. - Investment recommendations include companies like Kunlun Energy and New Hope Energy, which are expected to benefit from lower costs and improved margins [31][32]. 3. Market Performance - The report indicates that the power and equipment sectors outperformed the Shanghai Composite Index during the review period, while the gas and environmental sectors lagged [34]. - It provides a detailed valuation table for key utility companies, highlighting their earnings per share (EPS) and price-to-earnings (PE) ratios [46]. 4. Company and Industry Dynamics - Recent government policies emphasize the development of a clean, low-carbon energy system, with a target of 25% non-fossil energy consumption by 2030 [40][41]. - The report discusses the ongoing transition in the energy sector towards market-driven growth, particularly in new energy storage solutions [41].

Investment Rating - The report maintains a "Buy" rating for several companies in the power and gas sectors, including China Power Investment Corporation, Inner Mongolia Huadian, and China Resources Power [48]. Core Insights - Yunnan Province has increased the coal power capacity price recovery of fixed costs to 100%, which is expected to stabilize revenue for coal power companies and enhance their role in supporting renewable energy integration [7][8]. - The report highlights a significant drop in natural gas prices, with Northeast Asia LNG prices reaching a 20-month low, driven by strong supply and mild weather conditions [12][26]. - The investment analysis suggests a diversified revenue model for coal power companies, transitioning from reliance on electricity sales to a combination of electricity revenue, capacity income, and ancillary service income [9]. Summary by Sections 1. Power: Yunnan Increases Coal Power Capacity Price - Yunnan has announced a new mechanism for coal power capacity pricing, allowing for full recovery of fixed costs starting in 2026, set at 330 RMB per kilowatt per year [7][8]. - The province's total installed power capacity exceeds 168 million kilowatts, with over 90% from green energy sources, necessitating coal power for peak load support [8]. 2. Gas: Global Gas Price Trends - As of December 12, the Henry Hub spot price in the U.S. was $4.07/mmBtu, down 21.56% week-on-week, while Northeast Asia LNG prices fell to $10/mmBtu, a decrease of 6.19% [12][13]. - The report notes that the overall supply of natural gas remains robust, contributing to lower prices in Northeast Asia [26][28]. 3. Weekly Market Review - The power and power equipment sectors outperformed the CSI 300 index, while the public utility, gas, and environmental protection sectors lagged behind [36]. 4. Company and Industry Dynamics - Recent government meetings and policy announcements emphasize the importance of a clean, low-carbon energy system and the development of a new energy system by 2030 [40][43]. - The report includes updates on major companies, such as China Resources Power and Longyuan Power, highlighting their financial activities and operational performance [44][46].