Group 1 - The core viewpoint highlights the significant growth and low valuation of the green power ETF, indicating a potential investment opportunity in the renewable energy sector [3] - The green power ETF has seen a trading turnover of 3.91% and a transaction volume of 14.43 million yuan, with an average daily transaction of 24.55 million yuan over the past week [3] - The ETF's scale has increased by 131 million yuan over the past six months, ranking first among comparable funds, while its share count has grown by 10.6 million shares in the last three months, also leading in its category [3] Group 2 - The current price-to-earnings ratio (PE-TTM) of the index tracked by the green power ETF is 18.81, which is in the 15.99% percentile over the past three years, indicating a valuation lower than 84.01% of the historical period [3] - The top ten weighted stocks in the index account for 58.04% of the total, including major companies such as Yangtze Power, China Nuclear Power, and Three Gorges Energy [3] - The recent recognition of China's green certificate by the global renewable energy consumption initiative (RE100) marks a significant advancement in the country's renewable energy transition [3] Group 3 - The value of green electricity and energy storage is expected to be reassessed, with the intrinsic value of renewable energy adjusted for its volatility and enhanced by its green attributes [4] - Investors can access investment opportunities through the corresponding green power ETF linked fund (017057) [4]

Investment Rating - The investment rating for the utility sector is "Positive" (maintained) [4] Core Viewpoints - The new regulations for public funds are expected to lead to an increased allocation towards the utility sector, which is anticipated to benefit from a shift in investment strategies focusing on the "risk-return ratio" [6][4] - The utility sector, particularly hydropower, is projected to be one of the biggest beneficiaries of the new policies, as they are characterized by low covariance with the market, leading to potential valuation increases [6][4] - Historical data shows that major hydropower companies have consistently ranked in the top percentiles for risk-return ratios, indicating strong performance relative to market volatility [6][7] Summary by Sections Sector Performance - The report highlights the underallocation of public funds in the utility and environmental sectors compared to their index weights, suggesting a significant opportunity for investment [6][7] Investment Recommendations - The report recommends prioritizing investments in resilient hydropower companies and undervalued thermal power companies that benefit from declining coal prices [6] - Specific stock recommendations include: 1. Hydropower: Guotou Power, Changjiang Power, Chuanwei Energy 2. Wind Power: Longyuan Power (H), Xintian Green Energy, Datang Renewable, CGN New Energy 3. Thermal Power: Waneng Power, Shanghai Electric, China Resources Power, Huadian International, Sheneng Co [6]

Group 1 - The core index of the CSI Hong Kong-Shenzhen Connect Small Comprehensive Public Utilities Index closed at 3767.55 points, with a one-month increase of 5.35%, a three-month increase of 5.45%, and a year-to-date increase of 1.14% [1] - The index is categorized into 11 industries based on the classification standards of the CSI Hong Kong-Shenzhen Connect Index Series, which includes the CSI 500, CSI Hong Kong-Shenzhen Connect Small Comprehensive, and CSI Hong Kong-Shenzhen Connect Comprehensive Index [1] - The top ten holdings of the index include China General Nuclear Power (4.48%), Huaneng International Power (3.71%), Longyuan Power (3.46%), Beijing Enterprises Holdings (2.59%), and others [1] Group 2 - The market share of the index holdings is distributed as follows: Shanghai Stock Exchange 43.46%, Shenzhen Stock Exchange 31.88%, and Hong Kong Stock Exchange 24.66% [2] - The industry composition of the index holdings shows that electricity and grid account for 68.61%, gas 15.47%, water services 11.04%, heating and others 2.96%, and municipal sanitation 1.93% [2] - The index samples are adjusted biannually, with adjustments implemented on the next trading day after the second Friday of June and December [2]

Investment Rating - The report maintains a rating of "Add" for Huaneng International [3] Core Views - The company's Q1 2025 revenue was CNY 60.335 billion, a year-on-year decrease of 7.7%, while net profit attributable to shareholders was CNY 4.973 billion, an increase of 8.19% [1][6] - The recovery in thermal power profitability continues, supported by a decline in fuel costs, despite a decrease in electricity generation and average on-grid electricity prices [6] - The overall profitability has improved significantly, with investment income further supporting earnings growth [6] Financial Data and Valuation - Projected total revenue for 2025 is CNY 230.528 billion, with a year-on-year decline of 6% [2] - Expected net profit attributable to shareholders for 2025 is CNY 11.540 billion, reflecting a year-on-year growth of 14% [2] - The current stock price corresponds to a PE ratio of 10.0x for 2025, 9.2x for 2026, and 8.5x for 2027 [6][9] Operational Performance - In Q1 2025, the company achieved an on-grid electricity generation of 1,066.33 billion kWh, a decrease of 5.66% year-on-year, with a corresponding average on-grid electricity price of CNY 488.19 per MWh, down 1.96% [6] - The coal power segment's profit totaled CNY 3.982 billion, a year-on-year increase of 40.96%, with a profit per kWh of CNY 0.048, up CNY 0.017 year-on-year [6] - The photovoltaic segment saw a significant increase in generation, with 4.871 billion kWh, a year-on-year growth of 51.18% [6] Shareholder Information - The major shareholder is Huaneng International Power Development Company, holding a 32.28% stake [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The report highlights that the significant improvement in thermal power performance has led to a year-on-year increase in net profit attributable to shareholders of 8.19%, reaching 4.973 billion yuan in Q1 2025 [2][6]. - The report indicates that while the wind power segment faced challenges due to market pricing and reduced utilization hours, the solar power segment showed robust growth with a profit increase of 52.59% year-on-year [2][6]. Summary by Sections Financial Performance - In Q1 2025, the company achieved operating revenue of 60.335 billion yuan, a decrease of 7.70% year-on-year, while net profit attributable to shareholders was 4.973 billion yuan, an increase of 8.19% [6]. - The total profit from coal-fired power generation reached 39.82 billion yuan, up 40.96% year-on-year, with a profit per kilowatt-hour of 0.048 yuan, an increase of 0.017 yuan [12][13]. Segment Performance - Wind power profits totaled 2.252 billion yuan, down 6.7% year-on-year, while solar power profits reached 564 million yuan, up 52.59% year-on-year [12][13]. - The company added 903,700 kilowatts of wind power and 1,531,700 kilowatts of solar power in Q1 2025, bringing total renewable energy capacity to 40.38 million kilowatts, a year-on-year increase of 33.64% [12][13]. Market Conditions - The average on-grid electricity price for the company's domestic power plants was 488.19 yuan per megawatt-hour, a decrease of 9.78 yuan year-on-year, influenced by structural changes in the energy mix [12][13]. - The report notes that the decline in coal prices has positively impacted the cost structure, with the average price of Qinhuangdao Q5500 coal falling to 721.22 yuan per ton, down 180.52 yuan year-on-year [12][13]. Future Outlook - The report projects earnings per share (EPS) for 2025, 2026, and 2027 to be 0.74 yuan, 0.81 yuan, and 0.89 yuan respectively, with corresponding price-to-earnings (PE) ratios of 9.86, 9.01, and 8.12 [12][13].

Group 1 - The company, Huaneng International Power Co., Ltd., will participate in a collective performance briefing for the power generation sector of China Huaneng Group on May 16, 2025, from 2:30 PM to 5:00 PM [1][2] - The meeting will focus on the company's operational results and financial indicators for the year 2024 and the first quarter of 2025, allowing for interactive communication with investors [1][3] - Key personnel attending the meeting include Chairman Wang Kui, Independent Director Party Ying, Deputy General Manager and Board Secretary Huang Chaoquan, and Securities Affairs Representative Zhu Tao [1][2] Group 2 - Investors can access the performance briefing through the Shanghai Stock Exchange Roadshow Center website [3] - The meeting will be conducted via video live streaming and online interaction [1][2] - Contact information for inquiries includes Chen Zhelu, with a phone number and email provided for investor communication [2]

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。 重 要 內 容 提 示： 一. 會議內容 華 能 國 際 電 力 股 份 有 限 公 司（「公 司」或「華能國際」）已 於2025年3月25 日 和4月28日晚間分別披露公司2024年業績情況和2025年第一季度 業 績 情 況，詳 見 上 海 證 券 交 易 所 網 站(www.sse.com.cn)。為 便 於 廣 大 投 資 者 更 全 面 深 入 地 了 解 公 司 的 經 營 成 果 及 財 務 狀 況，公 司 將 於5 月16日參加中國華能集團有限公司2025年「發 電 板 塊 上 市 公 司」集 體 業 績 說 明 會，會 議 時 間 為 北京時間 下 午2點30分 至5點，會 上 公 司 將 針 對2024年 和2025年第一季度的經營成果及財務指標的具體情況與 投 資 者 進 行 互 動 交 流 和 溝 通，在 信 息 ...

华能国际电力股份有限公司 关于参加 2025 年中国华能集团有限公司 "发电板块上市公司"集体业绩说明会的公告 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。 重要内容提示： 证券代码：600011 证券简称：华能国际 公告编号：2025-025 一、会议内容 华能国际电力股份有限公司（"公司"或"华能国际"）已于 2025 年 3 月 25 日 和 4 月 28 日晚间分别披露公司 2024 年业绩情况和 2025 年第一季度业绩情况， 详见上海证券交易所网站（www.sse.com.cn）。为便于广大投资者更全面深入地 了解公司的经营成果及财务状况，公司将于 5 月 16 日参加中国华能集团有限公 司 2025 年"发电板块上市公司"集体业绩说明会，会议时间为下午 2 点 30 分至 5 点，会上公司将针对 2024 年和 2025 年第一季度的经营成果及财务指标的具体 情况与投资者进行互动交流和沟通，在信息披露允许的范围内就投资者普遍关注 的问题进行回答。 二、会议召开时间与地点 日期：2025 年 5 月 16 ...

Investment Rating - Maintain "Buy" rating for the industry [10] Core Viewpoints - The report highlights a mixed performance across various sectors within the public utility and environmental protection industry, with coal prices declining and water supply improving, reshaping the defensive value of water and coal [3] - The overall electricity consumption growth slowed down due to a warm winter and high base effects from the previous year, impacting thermal power generation negatively [4][29] - The renewable energy sector faces profit pressure due to declining utilization rates and electricity prices, despite significant installed capacity growth [4][52] - Hydropower benefits from improved water supply and reservoir management, leading to increased revenue and profit in early 2025 [5][7] - The environmental sector shows stable performance in water and solid waste operations, with a recovery in water profitability in early 2025 [5][6] Summary by Sections 1. Overview of 2024 Reports and 2025 Q1 - The electricity industry saw a 6.7% growth in consumption in 2024, driven by structural optimization and rising demand for new energy sources [16] - The environmental sector experienced a revenue decline of 2.7% and a net profit drop of 31% in 2024, with operational efficiency improvements in existing assets [16] 2. Sector Performance from 2024 to Q1 2025 2.1 Thermal Power - Thermal power generation faced pressure from electricity prices and demand, but benefited from lower coal prices, leading to a net profit increase of 6.5% in Q1 2025 [4][36][37] 2.2 Renewable Energy - The renewable energy sector's profit was under pressure due to declining utilization rates and electricity prices, despite a 15.7% increase in wind power generation in 2024 [4][52] 2.3 Hydropower - Hydropower generation increased by 11.7% in 2024, with a significant profit increase in Q1 2025 due to improved water supply [5][7] 2.4 Environmental Protection - The environmental sector showed stable performance in water and solid waste operations, with a recovery in profitability in early 2025 [5][6] 3. Key Companies in the Sector - Focus on leading companies in thermal power, hydropower, and nuclear power, such as Huadian International, Yangtze Power, and China Nuclear Power, respectively [8]

Group 1 - The total installed power generation capacity in the country reached 3.43 billion kilowatts, with a year-on-year increase of 14.6% [1] - By March 2025, the total electricity consumption was 828.2 billion kilowatt-hours, reflecting a year-on-year growth of 4.8% [1] - The Central Committee and the State Council issued opinions on improving the pricing governance mechanism, emphasizing the establishment of pricing policies to promote green and low-carbon transitions [1] Group 2 - According to a report by Galaxy Securities, the energy consumption target assessment for the end of the 14th Five-Year Plan is expected to catalyze the demand for green electricity, with clearer future revenue expectations following the establishment of a sustainable pricing settlement mechanism for renewable energy [1] - The recent sharp decline in coal prices is expected to reverse the market's pessimistic outlook on thermal power for 2025, suggesting a focus on companies with significant market coal exposure and smaller reductions in annual long-term contract electricity prices [1] - In a declining interest rate cycle, hydropower and nuclear power, which have strong dividend attributes, possess long-term investment value, with nuclear power also having high growth potential [1] Group 3 - A report from Guotai Junan indicates that the electricity price for thermal power is better in the northern regions, where the proportion of renewable energy is high, and the scarcity of thermal power is evident [2] - The annual long-term contract electricity price in the southern regions has decreased this year, putting pressure on thermal power plants, which are shifting focus from quantity to price and efficiency [2] - There is a strong possibility of witnessing two historical firsts: an increase in spot electricity prices in 2025 and an increase in annual long-term contracts in 2026 [2] Group 4 - Related Hong Kong-listed companies in the power and electricity grid sector include Huadian International (600027), Huaneng International (600011), China Power International Development (02380), China Resources Power (00836), Datang Power (601991), and CGN Power (01816) [3]