Investment Rating - The report maintains a "Positive" investment outlook for the public utilities and environmental sectors, particularly in the context of recent regulatory changes and market dynamics [1]. Core Insights - The report highlights the regulatory measures in various provinces aimed at standardizing the retail price differences in electricity sales, which is expected to stabilize market expectations and improve the profitability of electricity sales companies [3][7]. - It notes the fluctuating natural gas prices globally, with U.S. prices rising while European prices are declining, indicating a complex supply-demand landscape influenced by geopolitical factors and seasonal demand [12][22]. - The report provides specific investment recommendations across various segments, including hydropower, thermal power, nuclear power, green energy, and gas-related companies, reflecting a diversified approach to capitalize on emerging opportunities [10][37]. Summary by Sections 1. Electricity: Regulation of Retail Price Differences - Guangdong has issued guidelines to regulate the retail price differences, proposing a sharing mechanism for excess profits above a set threshold starting in 2026 [7]. - Several provinces have introduced detailed policies to manage retail price differences, aiming to prevent excessive profits by electricity sales companies and ensure fair pricing for consumers [8][9]. - The report emphasizes the need for a shift from aggressive pricing strategies to a service-oriented business model for electricity sales companies, which could stabilize market expectations [9]. 2. Natural Gas: Global Price Fluctuations - As of November 28, U.S. Henry Hub spot prices reached $4.59/mmBtu, reflecting an 11.13% weekly increase, while European prices, such as TTF, fell by 5.37% to €28.75/MWh [12][13]. - The report notes that U.S. natural gas demand has surged due to cold weather, despite record production levels, leading to a tightening supply-demand balance [16]. - In Northeast Asia, LNG prices have decreased to $10.90/mmBtu, down 6.52% week-on-week, driven by weak demand and high inventory levels [31][34]. 3. Investment Recommendations - Hydropower: Favorable autumn floods are expected to enhance hydropower generation capacity for the winter and spring, with recommendations for major hydropower companies [10]. - Thermal Power: The diversification of revenue sources in thermal power companies is highlighted, with recommendations for integrated coal and power companies [11]. - Nuclear Power: The report suggests focusing on nuclear power companies due to stable cost structures and expected growth from new approvals [11]. - Green Energy: The introduction of new market rules for renewable energy is expected to stabilize returns for green energy operators [11]. - Gas and Environmental Companies: Recommendations include integrated gas trading companies and environmentally focused firms benefiting from regulatory changes [37].

来源：环球网 该项目是国家重大科技攻关项目，已于今年8月入选国家能源局公布的第五批能源领域首台（套）重大 技术装备名单，电站关键部件高温合金材料HT700系列也成为我国压力容器新材料应用监管体系（沙盒 监管）首个通过评审的成功案例。 项目建成后，将刷新世界范围内火电机组最高参数、最低煤耗纪录，大幅提升煤电清洁高效利用水平， 同时推动国产高端装备制造能力全面升级，为保障国家能源安全、实现"双碳"目标提供重要支撑。（来 源：中国能建浙江院） 近日，中国能源建设集团浙江省电力设计院有限公司（简称中国能建浙江院）勘察设计的世界首台650 摄氏度高效超（超）临界燃煤发电机组——华能玉环电厂四期扩建项目主厂房第一方混凝土顺利浇筑， 标志着该项目正式进入全面建设阶段。 项目位于浙江省台州市玉环市，拟建设1台100万千瓦级650摄氏度高效超（超）临界一次再热燃煤发电 机组。项目采用我国自主研发的全系列高温合金新材料，机组设计主汽压力达到35兆帕，主、再热蒸汽 温度均达到650摄氏度，是目前世界范围内燃煤机组最高参数，将大幅提高发电效率。与现有机组相 比，650摄氏度等级高效超超临界燃煤机组可提升发电效率约4个百分点，度电煤耗 ...

Investment Rating - The report maintains a "Positive" investment rating for the utility sector [10]. Core Insights - The recent revision of the pricing methods for transmission and distribution aims to enhance the consumption of renewable energy, with a focus on establishing a fair cost-sharing mechanism among grid companies, power generation enterprises, and users [2][6]. - The new regulations are expected to lower transmission and distribution costs, thereby making electricity pricing more reasonable while promoting the utilization of renewable energy [12]. Summary by Sections Pricing Method Revisions - The National Development and Reform Commission has revised four pricing methods related to transmission and distribution, adapting to the new requirements of the power system and focusing on renewable energy consumption [6]. - Key changes include the introduction of a single capacity pricing system for grid companies serving renewable energy projects, enhancing regulatory oversight throughout the process [7]. Cost Monitoring - The new methods provide a more accurate reflection of financing costs for grid companies by establishing a loan interest rate based on the average financing rate of the group [6]. - Changes in cost parameters for materials and management fees aim to ensure that costs do not exceed previously established limits, thus improving the accuracy of cost monitoring [6][7]. Provincial and Cross-Regional Pricing - The revised methods allow for adjustments in the return on equity for provincial grid companies, ensuring a balance between reasonable returns and user affordability [7]. - For cross-regional projects, the report suggests exploring two-part or single capacity transmission pricing, which is expected to facilitate the consumption of renewable energy across provinces [8]. Investment Recommendations - The report recommends focusing on quality thermal power operators such as Huaneng International, Datang Power, and Guodian Power, as well as hydropower companies like Yangtze Power and State Investment Power [12]. - It also highlights opportunities in the renewable energy sector, suggesting investments in companies like Longyuan Power and China Nuclear Power, which are expected to benefit from favorable policy changes and market conditions [12].

Core Viewpoint - The Zhejiang Anji Power Plant, the largest gas-fired power plant in China, is set to officially commence operations after completing a 168-hour full-load trial run, utilizing the most efficient gas turbine with an efficiency of 64.15% [1] Group 1: Project Details - The 1st unit of the Zhejiang Anji Power Plant is equipped with the largest single-unit capacity and highest efficiency gas turbine in the country [1] - The efficiency of the new gas turbine is approximately 17 percentage points higher compared to conventional million-kilowatt coal-fired units [1] Group 2: Operational Features - The newly commissioned unit features low carbon emissions, high efficiency, quick start-up, and strong load variation capabilities [1] - It is designed to respond accurately to fluctuations in electricity demand, thereby ensuring stable operation of the power grid [1] Group 3: Contribution to Energy Sector - The plant will effectively complement renewable energy sources and contribute to the stability of the East China power grid during peak winter demand [1]

Core Viewpoint - Huaneng International Power Co., Ltd. has proposed the election of Ms. Kou Yaozhou as a non-executive director and Mr. Zhang Xianchong as an independent non-executive director at the upcoming extraordinary general meeting scheduled for December 23, 2025 [1] Group 1 - The company’s board of directors has made recommendations for new appointments [1] - The extraordinary general meeting will present a resolution to approve the election of the non-executive and independent non-executive directors [1]

智通财经APP讯，华能国际电力股份(00902)公布，董事会建议选举寇尧洲女士担任公司第十一届董事会 非执行董事，并选举张羡崇先生担任公司第十一届董事会独立非执行董事。公司将于2025年12月23日召 开的临时股东会上提呈普通决议案，以审议及批准选举非执行董事及独立非执行董事。 ...

华能国际电力股份有限公司 2025 年第二次临时股东会 会 议 资 料 2025 年 12 月 会议主席宣布公司 2025 年第二次临时股东会开始 第一项，与会股东及代表听取议案： 一、《关于聘任公司 2026 年度审计师的议案》 二、《关于公司 2026 年与华能集团日常关联交易的议案》 三、《关于公司 2026 年至 2028 年与天成租赁日常关联交易的 议案》 2025 年第二次临时股东会文件 华能国际电力股份有限公司 2025 年第二次临时股东会 会 议 议 程 会议时间： 2025 年 12 月 23 日 会议地点：北京华能大厦 A102 会议室 五、《关于增补张羡崇先生为公司独立董事的议案》 1.宣布股东会投票统计结果 2.见证律师宣读《法律意见书》 3.宣读《公司 2025 年第二次临时股东会决议》 4.与会董事签署会议文件 2 第二项，与会股东及代表讨论发言 第三项，与会股东及代表投票表决 2025 年第二次临时股东会文件 会议主席宣布公司 2025 年第二次临时股东会结束 四、《关于增补寇尧洲女士为公司非独立董事的议案》 华能国际电力股份有限公司董事会 股东会会议文件一： 华能国际电力股份有 ...

| | 普通決議 | （註4） 贊成 | （註4） 反對 | （註4） 棄權 | | --- | --- | --- | --- | --- | | 1. | 審議及批准關於聘任公司2026年度審計師的議案 | | | | | 2. | 審議及批准關於公司2026年與華能集團日常關聯 | | | | | | 交易的議案 | | | | | 3. | 審議及批准關於公司2026年至2028年與天成租賃 | | | | | | 日常關聯交易的議案 | | | | | 4. | 審議及批准關於增補寇堯洲女士為公司非獨立董 | | | | | | 事的議案 | | | | | 5. | 審議及批准關於增補張羨崇先生為公司獨立董事 | | | | | | 的議案 | | | | 2025年第二次臨時股東會適用的委託代理人表格 與本委託代理人表格有關的股份數目 （註1） H股╱內資股* 本 人（或 吾 等） （註2 ） 地址為 股東賬戶： 身份證號碼： ， 為華能國際電力股份有限公司（「公司」）股份 （註1） ：H股╱內資股* 股之持有人， 現委託 （註3 ） 身份證號碼： （地址為 ） 代表本人（或吾等）出席2025年 ...

華能國際電力股份有限公司 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 通 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 通 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。 2025年第二次臨時股東會通知 茲通告 華 能 國 際 電 力 股 份 有 限 公 司（「本公司」）謹 定 於2025年12月23日 上 午九時正在中國北京市西城區復興門內大街6號華能大廈公司本部A102 會議室召開本公司2025年 第 二 次 臨 時 股 東 會（「臨時股東會」），屆 時 提 交 會 議 審 議 以 下 決 議。除 非 另 有 界 定，否 則 本 通 知 所 採 用 的 詞 彙 與 本 公 司 日期為2025年11月28日 的 通 函 所 界 定 者 具 有 相 同 涵 義。 普通決議 承董事會命 黃朝全 公司秘書 – 1 – 1. 審議及批准關於聘任公司2026年度審計師的議案 （註1） ； 2. 審議及批准關於公司2026年與華能集團日常關聯交易的議案 （註2） ； 3. 審 ...

此乃要件 請即處理 閣下如對本通函的任何方面或應採取的行動有任何疑問，應諮詢獨立專業意見。 閣下如已將名下全部華能國際電力股份有限公司股份售出或轉讓，應立即將本通函及，如適用， 代表委任書送交買方或承讓人或送交經手買賣或轉讓的銀行、持牌證券交易商或其他代理商， 以便轉交買主或承讓人。 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通函的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不就因本通函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。 本公司將於2025年12月23日上午九時正在中國北京市西城區復興門內大街6號華能大廈公司本 部A102會議室舉行臨時股東會。臨時股東會的通知載於本通函第II-1至II-4頁。本公司董事會 函件載於本通函第1至50頁。本公司獨立董事委員會函件載於本通函第51至52頁。嘉林資本致 本公司獨立董事委員會及獨立股東的意見函件載於本通函第53至73頁。 無論 閣下能否出席臨時股東會，應盡快根據委託代理人表格上印備的指示填妥委託代理人 表格，並於任何情況下不遲於該大會或其任何續會指定舉行時間24小時前交回香港中央證券 登記有限公司，地址 ...