Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The transition towards cleaner electricity generation is accelerating, highlighting the value of sector dividends [1] - The overall electricity consumption in 2025 is projected to grow by 5.0%, with significant contributions from the tertiary sector and urban-rural residents [3][15] - The generation capacity is shifting towards wind and solar, with these sources contributing 90.1% of the total generation increase in 2025 [3][15] - The annual long-term electricity prices are stabilizing, with expectations for improved pricing dynamics in 2026 [3][15] - Investment opportunities are emerging in thermal and hydropower sectors, emphasizing the defensive attributes of the sector [3][15] Summary by Sections Electricity Consumption - In 2025, total electricity consumption is expected to reach 10.37 trillion kWh, reflecting a year-on-year increase of 5.0% [15] - The contribution from the tertiary sector and urban-rural residents is projected to rise, accounting for 50.2% of the total increase in electricity consumption by 2025 [3][15] - The growth rates for different sectors in 2025 are as follows: primary industry +9.9%, secondary industry +3.7%, tertiary industry +8.2%, and urban-rural residents +6.3% [15][27] Generation Capacity - The total installed capacity of wind and solar is expected to increase by 360 GW, while the share of thermal power is projected to decrease to 40% [3][15] - In 2025, the generation increase from wind and solar is expected to dominate, with a significant contribution to the overall power generation structure [3][15] Electricity Pricing - The report indicates a downward trend in electricity prices in several provinces, with expectations for stabilization as the market matures [3][15] - The market share of electricity traded through market mechanisms is projected to reach 64.0% in 2025, with a notable increase in green electricity transactions [3][15] Investment Opportunities - The report highlights several companies with strong dividend yields and market management strategies, including Huaneng International Power and Huadian International Power [3][15] - There are also opportunities in hydropower, particularly for companies like Yangtze Power and Guigang Power, which are expected to see profit growth in the coming quarters [3][15]

Investment Rating - The investment rating for the electricity sector is "Maintain Buy" [5] Core Insights - The electricity sector's holdings by active funds have slightly decreased, while index funds have seen a slight increase. The overall holding ratio for both types of funds is at a low point, indicating potential for future increases [11][4] - Southern Power Grid plans to invest CNY 180 billion in fixed assets for 2026, marking a historical high for five consecutive years, with an average annual growth rate of 9.5% over the past five years [3][11] - The investment will focus on three areas: new power system construction, strategic emerging industry development, and enhancement of quality power supply services [3][11] Summary by Sections 1. Industry Overview - The Shanghai Composite Index closed at 4136.16 points, up 0.84%, while the CSI 300 Index closed at 4702.5 points, down 0.62%. The CITIC Power and Utilities Index closed at 3177.58 points, up 2.24%, outperforming the CSI 300 Index by 2.86 percentage points [65][66] - Active funds' holdings in the power and utilities sector decreased to 0.61% by the end of Q4 2025, down 1.31 percentage points year-on-year and 0.03 percentage points quarter-on-quarter [11][12] 2. Fund Allocation Changes - The top five stocks with increased allocation by active funds in Q4 2025 include: - Jiantou Energy (+1.00 percentage points) - Zhongmin Energy (+0.35 percentage points) - Jingneng Power (+0.29 percentage points) - Inner Mongolia Huadian (+0.25 percentage points) - Huaneng International (+0.20 percentage points) [12] - The top five stocks with decreased allocation include: - Xinnatural Gas (-0.46 percentage points) - Datang New Energy (-0.39 percentage points) - Huadian International Power (-0.35 percentage points) - Funiu Co. (-0.33 percentage points) - Huadian International (-0.28 percentage points) [12] 3. Investment Plans - Southern Power Grid's investment plan for 2026 includes CNY 180 billion, focusing on new power systems and supporting the integration of 40 million kilowatts of new energy installations [3][11] - The investment will also support the construction of cross-regional projects, such as the Yangjiang Sanshan Island offshore wind power project and the Cangyu DC project, which aims to optimize energy allocation [15][11] 4. Market Trends - The coal price for thermal power has decreased to CNY 691 per ton [16] - The carbon market saw a price increase of 3.18% week-on-week, with a trading volume of 2.4252 million tons and a total transaction value of CNY 176 million [60][61] 5. Key Stocks - Recommended stocks include: - Huaneng International (Buy) - Huadian International (Buy) - Guodian Power (Buy) - Datang Power (Buy) - Inner Mongolia Huadian (Buy) - Shaanxi Energy (Buy) [4][8]

Market Overview - The Hong Kong stock market opened higher on January 22, with the Hang Seng Index rising by 0.62% to 26,750.51 points, the Hang Seng Tech Index increasing by 0.85% to 5,795 points, and the National Enterprises Index up by 0.55% to 9,173.54 points [1] - Major tech stocks mostly rose, with Alibaba up 1.72%, Tencent Holdings up 0.33%, JD Group up 0.98%, and Xiaomi Group up 0.9% [1] - Chip stocks opened high, with Zhaoyi Innovation rising over 7% [1] - The innovative drug concept was active, with WuXi Biologics rising over 1% [1] - Gold stocks generally fell, with Shandong Gold down over 2% [1] - Longqi Technology's IPO on the Hong Kong stock market saw a nearly 13% increase on its first day [1] Company News - Shanghai Electric (02727.HK) expects a net profit of RMB 1.1 billion to RMB 1.32 billion for 2025, an increase of approximately 47% to 76% year-on-year [2] - Kingdee International (00268.HK) anticipates total revenue of approximately RMB 6.95 billion to RMB 7.05 billion for 2025, a year-on-year growth of about 11.1% to 12.7% [2] - Beijing Machinery Electric (00187.HK) expects a net loss of RMB 46 million to RMB 55.2 million for 2025, primarily due to intensified international trade frictions affecting its gas storage and transportation export business [2] - Chow Tai Fook (01929.HK) reported a retail value growth of 17.8% for the three months ending December 31, 2025, with mainland China retail value increasing by 16.9% [2] - Zai Lab (09911.HK) anticipates a cumulative download of approximately 970 million for its social business by 2025, a year-on-year increase of about 5.9% [2] Strategic Developments - Ruiri Medical Technology (01696.HK) signed a letter of intent for cooperation with Stryker Medical to establish localized production in China [3] - Cathay Pacific (00293.HK) and Hong Kong Express expect to carry over 36 million passengers in 2025, a year-on-year increase of 27% [4] - Shenyang Public Development (00747.HK) has initiated edge computing infrastructure and service business [5] - Flat Glass Group (06865.HK) plans to absorb and merge with Zhongda Quartz Development [6] Share Buybacks - Xiaomi Group (01810.HK) repurchased 7 million shares for HKD 248 million at prices between HKD 35.22 and HKD 35.48 [7] - Pop Mart (09992.HK) repurchased 500,000 shares for HKD 96.49 million at prices between HKD 191.1 and HKD 194.9 [8] - Sunny Optical Technology (02382.HK) repurchased 970,000 shares for HKD 61.39 million at prices between HKD 62.30 and HKD 63.95 [9] - Geely Automobile (00175.HK) repurchased 2.376 million shares for HKD 39.62 million at prices between HKD 16.62 and HKD 16.81 [10] Financial Instruments - Huaneng International Power (00902.HK) completed the issuance of RMB 2 billion medium-term notes [11] - CICC (03908.HK) plans to issue up to RMB 5 billion in bonds for technology innovation companies [12] Institutional Insights - Dongwu Securities noted that despite a general reduction in the Fed's interest rate cut expectations in overseas markets, domestic investors remain optimistic [13] - Orient Securities highlighted that recent U.S. measures against Venezuela and Greenland have increased geopolitical risks, supporting gold prices [14] - Zheshang Securities suggested that the humanoid robot sector has formed an ecological closed loop, recommending attention to component suppliers and undervalued transformation targets [14] - CITIC Securities indicated that new policies from the National Medical Insurance Administration will accelerate the promotion of surgical robots in China [14]

关于中期票据发行的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担个别及连带责任。 证券代码: 600011 证券简称: 华能国际 公告编号:2026-004 华能国际电力股份有限公司 本期债券由招商银行股份有限公司、中信建投证券股份有限公司和中信证券股份有限公司为主承销商组 织承销团，通过簿记建档、集中配售的方式在全国银行间债券市场公开发行。本期债券募集资金穿透将 全部用于偿还能源保供特别债。 本期债券发行的有关文件已在中国货币网和上海清算所网站上公告，网址分别为 www.chinamoney.com.cn和www.shclearing.com.cn。 特此公告。 华能国际电力股份有限公司董事会 2026年1月22日 华能国际电力股份有限公司（"公司"）2024年年度股东大会于2025年6月24日通过决议，同意公司自 2024年年度股东大会批准时起至2025年年度股东大会结束时止，在中国境内或境外一次或分次滚动发行 本金余额不超过等值于1700亿元人民币的境内外债务融资工具（即在前述授权期限内的任一时点，公司 发行的处于有效存续期 ...

格隆汇1月21日丨华能国际(600011.SH)公布，公司已于近日完成了华能国际电力股份有限公司2026年度 第一期中期票据（能源保供特别债）的发行。本期债券发行额为20亿元人民币，期限为2+N年，单位面 值为100元人民币，发行利率为1.91%。 本期债券由招商银行股份有限公司、中信建投证券股份有限公司和中信证券股份有限公司为主承销商组 织承销团，通过簿记建档、集中配售的方式在全国银行间债券市场公开发行。本期债券募集资金穿透将 全部用于偿还能源保供特别债。 ...

格隆汇1月21日丨华能国际(600011.SH)公布，公司已于近日完成了华能国际电力股份有限公司2026年度 第一期中期票据（能源保供特别债）的发行。本期债券发行额为20亿元人民币，期限为2+N年，单位面 值为100元人民币，发行利率为1.91%。 本期债券由招商银行股份有限公司、中信建投证券股份有限公司和中信证券股份有限公司为主承销商组 织承销团，通过簿记建档、集中配售的方式在全国银行间债券市场公开发行。本期债券募集资金穿透将 全部用于偿还能源保供特别债。 ...

证券代码: 600011 证券简称: 华能国际 公告编号:2026-004 公司已于近日完成了华能国际电力股份有限公司2026年度第一期中期票据 （能源保供特别债）（"本期债券"）的发行。本期债券发行额为20亿元人民币， 期限为2+N年，单位面值为100元人民币，发行利率为1.91%。 本期债券由招商银行股份有限公司、中信建投证券股份有限公司和中信证券 股份有限公司为主承销商组织承销团，通过簿记建档、集中配售的方式在全国银 行间债券市场公开发行。本期债券募集资金穿透将全部用于偿还能源保供特别债。 本期债券发行的有关文件已在中国货币网和上海清算所网站上公告，网址分 别为www.chinamoney.com.cn和www.shclearing.com.cn。 特此公告。 华能国际电力股份有限公司董事会 2026 年 1 月 22 日 华能国际电力股份有限公司 关于中期票据发行的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 华能国际电力股份有限公司（"公司"）2024年年度股东大会于2025年6月24 日通过决议，同意 ...

公司已于近日完成了华能国际电力股份有限公司2026年度第一期中期票据(能源保供特别债)(「本期债 券」)的发行。本期债券发行额为人民币20亿元，期限为2+N年，单位面值为人民币100元，发行利率为 1.91%。 格隆汇1月21日丨华能国际电力股份(00902.HK)公告，华能国际电力股份有限公司2024年年度股东大会 于2025年6月24日通过决议，同意公司自2024年年度股东大会批准时起至2025年年度股东大会结束时 止，在中国境内或境外一次或分次滚动发行本金余额不超过等值于人民币1,700亿元的境内外债务融资 工具(即在前述授权期限内的任一时点，公司发行的处于有效存续期内的境内外债务融资工具本金余额 不超过1,700亿元等值人民币)。 ...

公司已于近日完成了华能国际电力股份有限公司2026年度第一期中期票据(能源保供特别债)(「本期债 券」)的发行。本期债券发行额为人民币20亿元，期限为2+N年，单位面值为人民币100元，发行利率为 1.91%。 格隆汇1月21日丨华能国际电力股份(00902.HK)公告，华能国际电力股份有限公司2024年年度股东大会 于2025年6月24日通过决议，同意公司自2024年年度股东大会批准时起至2025年年度股东大会结束时 止，在中国境内或境外一次或分次滚动发行本金余额不超过等值于人民币1,700亿元的境内外债务融资 工具(即在前述授权期限内的任一时点，公司发行的处于有效存续期内的境内外债务融资工具本金余额 不超过1,700亿元等值人民币)。 ...

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。 海外監管公告 關於中期票據發行的公告 本公告乃根據香港聯合交易所有限公司證券上市規則（「上市規則」）第 13.10B條 而 作 出。 本 期 債 券 由 招 商 銀 行 股 份 有 限 公 司、中 信 建 投 證 券 股 份 有 限 公 司 和 中 信證券股份有限公司 作 為 主 承 銷 商 組 織 承 銷 團，通 過 簿 記 建 檔、集 中 配 售 的 方 式 在 全 國 銀 行 間 債 券 市 場 公 開 發 行。本 期 債 券 募 集 資 金 穿 透 將 全 部 用 於 償 還 能 源 保 供 特 別 債。 – 1 – 本 期 債 券 發 行 的 有 關 文 件 已 在 中 國 貨 幣 網 和 上 海 清 算 所 網 站 上 公 告， 網址分別 為www.chinamoney.com.cn和www.shclearing.com. ...