Investment Rating - The industry investment rating is maintained at "Overweight" [1][8] Core Views - The report highlights that high temperatures have led to record electricity loads, improving the power supply-demand balance [6] - The report recommends focusing on three main lines: hydropower stocks benefiting from the unified electricity market, thermal power stocks with improving performance due to cost reductions, and green energy projects transitioning smoothly [7][38] - Key companies recommended include Huaneng Hydropower, Huaneng International, Jingneng Power, and Funiu Co., Ltd. [8] Summary by Sections Industry Performance - The public utility sector (Shenwan) rose by 2.26% this week, outperforming the market by 0.72 percentage points [3] - Sub-sectors such as heating services, thermal power, and comprehensive electricity services saw significant increases [3] Key Data Tracking - Domestic natural gas prices slightly decreased, with the LNG ex-factory price at 4412 RMB/ton, a decrease of 0.09% [5] - The average inflow of the Three Gorges Reservoir increased by 18.81% week-on-week [5] Industry Dynamics - National electricity load reached a historical high of 1.465 billion kilowatts, with significant increases in several provinces due to high temperatures [6] Investment Recommendations - The report emphasizes the acceleration of the national unified electricity market construction and the potential for asset value reassessment in the electricity sector [7][38] - It suggests that strong operational capabilities and quality resource locations are key for investment [8]

Core Viewpoint - Huaneng International's stock price increased by 5.11% to 7.4 yuan as of July 4, 2025, with a total market capitalization of 116.166 billion yuan, ranking 8th in the power sector and 122nd in the A-share market [1] Company Announcements - Huaneng International announced a cash dividend of 0.27 yuan per share (before tax) for the 2024 annual profit distribution, with the record date set for July 9, 2025, and the ex-dividend date on July 10, 2025 [1] - The total cash dividend distribution amounts to approximately 4.238 billion yuan (before tax), based on the company's total share capital of 15,698,093,359 shares [1] - Different tax policies apply to various shareholder categories, including a 10% withholding tax for QFII shareholders and Hong Kong investors, while other non-resident corporate shareholders are responsible for their own tax payments [1]

Group 1 - The core report from Brand Finance indicates that the total brand value of Chinese utility companies in 2025 has increased by 23.1% compared to 2024, accounting for 46.2% of the global brand value, ranking first worldwide [1][3] - State Grid's brand value has grown by 20.4%, reaching $85.63 billion, maintaining its position as the most valuable utility brand globally for the eighth consecutive year [3][4] - China Southern Power Grid, with a brand value of $8.98 billion, ranks fifth globally, marking its first entry into the utility sector [3][4] Group 2 - State Grid has a brand strength index (BSI) score of 92.6, rated AAA+, making it the only utility brand to achieve this highest rating [3][4] - China Southern Power Grid is actively expanding its international business, including acquiring shares in Peru's largest distribution company and engaging in cross-border electricity trade with neighboring countries [3][4] - Other notable Chinese brands on the list include Guodian Power (brand value down 1% to $3.67 billion), Huaneng International (brand value up 9.1% to $3.64 billion), and Sungrow Power (brand value up 5.3% to $3.53 billion), ranking 11th, 12th, and 13th respectively [4]

华能国际电力江苏能源开发有限公司，成立于2020年，位于南京市，是一家以从事电力、热力生产和供 应业为主的企业。企业注册资本1555340万人民币。通过天眼查大数据分析，华能国际电力江苏能源开 发有限公司共对外投资了71家企业，参与招投标项目2830次，专利信息811条，此外企业还拥有行政许 可17个。 华能海上风电科学技术研究有限公司，成立于2020年，位于盐城市，是一家以从事研究和试验发展为主 的企业。企业注册资本5000万人民币。通过天眼查大数据分析，华能海上风电科学技术研究有限公司参 与招投标项目16次，专利信息550条，此外企业还拥有行政许可14个。 来源：金融界 金融界2025年7月4日消息，国家知识产权局信息显示，盛东如东海上风力发电有限责任公司、中国华能 集团清洁能源技术研究院有限公司、华能国际电力江苏能源开发有限公司、华能海上风电科学技术研究 有限公司取得一项名为"一种阻尼池漂浮式风机及其减摇装置"的专利，授权公告号CN113815798B，申 请日期为2021年10月。 天眼查资料显示，盛东如东海上风力发电有限责任公司，成立于2014年，位于南通市，是一家以从事电 力、热力生产和供应业为主 ...

Group 1 - The 2025 Hydrogen Innovation and Entrepreneurship Competition will be held in Jiangsu, Shaanxi, and Inner Mongolia, aiming to integrate resources in the hydrogen energy sector and promote innovation [1] - The competition has gathered significant participation from experts, regional organizations, and investment institutions, becoming a key platform for technological breakthroughs and international cooperation in the hydrogen industry [2] - The competition has evolved to include dual tracks of "innovation and entrepreneurship" and "technical challenges," creating a comprehensive support system for the hydrogen energy industry [3] Group 2 - The Hydrogen Leader Action was launched to enhance the quality of hydrogen technology and promote independent innovation, with 50 evaluation standards initiated and 20 published [3][4] - The wind-solar-hydrogen-storage integrated projects are emerging as a mainstream model in the hydrogen industry, significantly reducing costs by eliminating intermediate steps [5] - National Energy Group is actively promoting the development of a green hydrogen industry chain, with successful commercial applications of green hydrogen in various regions [6]

Core Points - The company announced a cash dividend of 0.27 RMB per share (before tax) for its A shares [1][2] - The total cash dividend distribution amounts to approximately 4.24 billion RMB (before tax) based on a total share capital of 15,698,093,359 shares [1] - The dividend distribution plan was approved at the annual general meeting held on June 24, 2025 [1] Dividend Distribution Details - The record date for the dividend is July 9, 2025, with the ex-dividend date and payment date both set for July 10, 2025 [1] - The company will directly distribute cash dividends to its major shareholders, including China Huaneng Group [1][2] - For individual shareholders and securities investment funds, the tax treatment varies based on the holding period of the shares, with specific tax rates applied [1] Taxation Information - For individual shareholders holding shares for less than one year, no personal income tax will be withheld at the time of dividend distribution, but tax will be calculated upon the sale of shares [1] - Qualified Foreign Institutional Investors (QFII) will have a withholding tax of 10%, resulting in a net dividend of 0.243 RMB per share [1] - Hong Kong investors will also face a 10% withholding tax, with similar provisions for tax treaty benefits applicable [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 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 承董事會命 華能國際電力股份有限公司 黃朝全 公司秘書 於 本 公 告 日，本 公 司 董 事 為： 王 葵 （執 行 董 事） 黃歷新 （執 行 董 事） 杜大明 （非 執 行 董 事） 周 奕 （非 執 行 董 事） 李來龍 （非 執 行 董 事） 李 進 （非 執 行 董 事） 曹 欣 （非 執 行 董 事） 高國勤 （非 執 行 董 事） 丁旭春 （非 執 行 董 事） 王劍鋒 （非 執 行 董 事） 中 國 • 北 京 2025年7月2日 夏 清 （獨 立 非 執 行 董 事） 賀 強 （獨 立 非 執 行 董 事） 張麗英 （獨 立 非 執 行 董 事） 張守文 （獨 立 非 執 行 董 事） 黨 英 （獨 立 非 執 行 董 事） 证 ...

华能国际电力股份有限公司 2024年年度权益分派实施公告 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法律责任。 重要内容提示： 每股分配比例 A 股每股现金红利0.27元人民币（含税） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/7/9 | － | 2025/7/10 | 2025/7/10 | 证券代码：600011 证券简称：华能国际 公告编号：2025-036 三、 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/7/9 | － | 2025/7/10 | 2025/7/10 | 四、 分配实施办法 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 6 月 24 日的2024年年度股东大会审议通过。 二、 ...

Short Selling Ratios - Great Wall Motor-R (82333) and JD Health-R (86618) have the highest short selling ratios at 100.00% [1][2] - BYD Company-R (81211) follows with a short selling ratio of 86.11% [1][2] Short Selling Amounts - Xiaomi Group-W (01810) leads in short selling amount with 1.733 billion [2] - Meituan-W (03690) and Alibaba-SW (09988) follow with 901 million and 803 million respectively [1][2] Deviation Values - JD Health-R (86618) has the highest deviation value at 48.31% [1][2] - SF Holding (N23067) and Xiaomi Group-W (01810) also show significant deviation values of 47.35% and 36.04% respectively [1][2]

本周关注点 公司公告汇总 华能国际电力股份有限公司章程主要内容如下：公司依据相关法律法规设立，注册名称为华能国际电力股份有限公司，住所位于河北雄安新区。 公司法定代表人为董事长，为永久存续的股份有限公司。公司经营宗旨为吸收国内外资金，发展电力事业，促进国民经济发展。 截至2025年6月27日收盘，华能国际（600011）报收于7.04元，较上周的7.38元下跌4.61%。本周，华能国际6月23日盘中最高价报7.39元。6月27日 盘中最低价报7.04元。华能国际当前最新总市值1105.15亿元，在电力板块市值排名8/102，在两市A股市值排名125/5151。 公司财务会计制度规定，公司应依法编制财务报告，并经会计师事务所审计。公司利润分配原则为先弥补亏损，再提取法定盈余公积金，最后支 付普通股股利。公司解散情形包括营业期限届满、股东大会决议解散等，解散后依法进行清算。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 【公司公告汇总】华能国际电力股份有限公司章程详细规定了公司的基本架构和运营规则 【公司公告汇总】公司目前普通股总数为1 ...