Investment Rating - The investment rating for the utility sector is "Positive" [2] Core Viewpoints - The report highlights a clear long-term low-carbon transition goal and deepening energy cooperation between China and Russia [1][5] - The utility sector has shown resilience, with the power sector experiencing a slight increase while the gas sector faced a decline [5][15] - The report anticipates improvements in profitability and value reassessment for the power sector due to ongoing supply-demand tensions and market reforms [5][6] Summary by Sections Market Performance - As of September 26, the utility sector rose by 0.3%, outperforming the broader market, with the power sector up by 0.37% and the gas sector down by 0.63% [5][13] - The report notes that the electricity market is expected to see a gradual increase in prices due to ongoing reforms and supply-demand dynamics [5][6] Power Industry Data Tracking - The price of thermal coal at Qinhuangdao Port (Q5500) increased to 703 CNY/ton, a weekly rise of 4 CNY/ton [5][23] - Coal inventory at Qinhuangdao Port decreased to 5.4 million tons, down 750,000 tons week-on-week [5][30] - Daily coal consumption in inland provinces was reported at 3.014 million tons, a decrease of 378,000 tons/day, with an available supply of 30.27 days [5][32] Natural Gas Industry Data Tracking - The LNG ex-factory price index in Shanghai was 4,016 CNY/ton, a year-on-year decrease of 20.66% [5][57] - The EU's natural gas supply for week 38 was 5.46 billion cubic meters, a year-on-year increase of 14.5% [5][63] - Domestic natural gas consumption in July was 36.17 billion cubic meters, a year-on-year increase of 2.9% [5][6] Key Industry News - The report mentions a significant energy supply contract between Russia and China, described as unprecedented, which is expected to enhance export potential and regional development [5][6] - The total electricity consumption in August grew by 5.0% year-on-year, with significant contributions from various sectors [5][6] Investment Recommendations - For the power sector, the report suggests focusing on leading coal power companies and those in regions with tight electricity supply [5][6] - In the natural gas sector, companies with low-cost long-term gas sources and receiving station assets are expected to benefit from market conditions [5][6]

Core Viewpoint - Morgan Stanley has turned cautious on Huaneng International Power, citing a 29% increase in the stock this year, outperforming peers whose performance remained flat year-on-year, indicating that the stock may have already priced in its fundamentals [1] Group 1: Financial Performance - The significant rise in Huaneng's stock is attributed to strong expectations for its coal-fired power business, but the bank sees limited room for further profit margin expansion due to rising coal prices, which have increased over 10% from their June lows [1] - The uncertainty surrounding electricity prices for the next year adds to the cautious outlook [1] Group 2: Dividend and Investment Outlook - There is uncertainty regarding dividend growth, as renewable energy investments may remain high during the 14th Five-Year Plan period, with last year's dividend payout ratio of 58% exceeding the company's commitment of 50% [1] - The combination of bottoming coal prices and long-term uncertainty in coal-fired power profitability makes the risk-reward profile less attractive [1] Group 3: Earnings Forecast and Rating Change - The bank has lowered its earnings forecasts for the company for the next year and the year after by 6% to 7% [1] - The target price remains at HKD 4.85, and the investment rating has been downgraded from "Overweight" to "Underweight" [1]

本期债券的募集资金扣除相关发行费用后，拟将用于生产性支出，包括偿还 有息债务、补充流动资金、项目投资及运营等符合法律法规要求的用途。 本期债券发行的有关文件已在上海证券交易所网站上公告，网址为 www.sse.com.cn。 特此公告。 华能国际电力股份有限公司 关于公司债券发行的公告 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法律责任。 华能国际电力股份有限公司（"公司"）面向专业投资者公开发行面值不超过 人民币400亿元（含400亿元）的公司债券已经上海证券交易所审核同意，并经中 国证券监督管理委员会同意注册（证监许可〔2025〕1335号）。 公司已于近日完成了华能国际电力股份有限公司2025年面向专业投资者公 开发行科技创新可续期公司债券（第四期）（"本期债券"）的发行。本期债券拟 发行不超过人民币15亿元（含15亿元），分为两个品种：品种一基础期限为5年， 以每5个计息年度为一个周期；品种二基础期限为10年，以每10个计息年度为一 个周期。在约定的基础期限末及每个续期的周期末，公司有权行使续期选择权， 按约定的基础期限延长 ...

Core Viewpoint - Huaneng International Power Co., Ltd. announced the issuance of a new series of corporate bonds aimed at professional investors, with a total issuance amount of up to 1.5 billion yuan [1] Group 1: Bond Issuance Details - The company plans to issue a total of 1.5 billion yuan in technology innovation perpetual corporate bonds, divided into two varieties [1] - The first variety has a basic term of 5 years, with interest calculated every 5 years; the second variety has a basic term of 10 years, with interest calculated every 10 years [1] - The issuance work for this bond series was completed on September 25, 2025, with the first variety (bond name: 25HPI5YK, code: 243873) successfully issuing 1.5 billion yuan at a final coupon rate of 2.33% and a subscription multiple of 2.59 [1] Group 2: Cancellation of Second Variety - The second variety of bonds was canceled and not issued [1]

Core Viewpoint - Huaneng International Power Co., Ltd. announced the issuance of technology innovation perpetual corporate bonds, aiming to raise up to 1.5 billion yuan, with two types of bonds offered [1] Group 1: Bond Issuance Details - The company plans to issue a total of 1.5 billion yuan (including 1.5 billion yuan) in the fourth phase of its technology innovation perpetual corporate bonds [1] - The first type of bond has a basic term of 5 years, with interest calculated every 5 years, while the second type has a basic term of 10 years, with interest calculated every 10 years [1] - The issuance work for this bond series was completed on September 25, 2025, with the first type (bond abbreviation: 25HPI5YK, code: 243873) successfully raising 1.5 billion yuan at a final coupon rate of 2.33% and a subscription multiple of 2.59; the second type was canceled [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 王 葵 （執 行 董 事） 劉安倉 （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9月26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） 证券代码: 600011 证券简称: 华能国际 公告编号:202 ...

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） 劉安倉 （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 华能国际电力股份有限公司（以下简称"发行人"）面向专业投资者公开发 行面值不超过400亿元（含400亿元）的公司债券（以下简称"本次债券"）已经 上海证券交易所审核通过，并经中国证券监督管理委员会同意注册（证监许可 〔2025〕1 ...

Core Points - The largest bulb-type run-of-river hydropower unit in Asia has officially commenced construction in Shichuan Province, specifically in the Shimen County of Ya'an City [1][2] - The hydropower station, named the Eagle Rock Level 1 Hydropower Station, is the 17th station in the 28-level development plan of the Dadu River hydropower project and is a key construction project during the 14th Five-Year Plan in Sichuan Province [2][4] Group 1 - The total installed capacity of the Eagle Rock Level 1 Hydropower Station is 300,000 kilowatts, featuring four of the largest single-unit 75,000-kilowatt bulb-type run-of-river turbine generator sets in Asia [2] - Upon completion, the station is expected to generate an average annual electricity output of 1.37 billion kilowatt-hours, saving approximately 450,000 tons of standard coal and reducing carbon dioxide emissions by over 1.1 million tons annually [2] Group 2 - The project received approval from the National Development and Reform Commission at the end of 2024 and is planned to be developed in conjunction with the downstream Eagle Rock Level 2 Hydropower Station [4] - Once operational, the hydropower station will provide energy support for the Chengdu-Chongqing economic circle [4]

证券之星消息，根据天眼查APP-财产线索数据整理，华能国际电力股份有限公司9月21日发布《[华能国际电力股份有限公司存储备份运维服务项 目]中标结果公示》，详情如下： 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。 采购方：华能国际电力股份有限公司 供应商：北京世润达科技有限公司 中标金额：656500.0 地区：北京市 发布日期：2025-09-21 标题：[华能国际电力股份有限公司存储备份运维服务项目]中标结果公示 通过天眼查大数据分析，华能国际电力股份有限公司共对外投资了208家企业，参与招投标项目4564次；财产线索方面有商标信息49条，专利信息 1617条，著作权信息14条；此外企业还拥有行政许可27个。 数据来源：天眼查APP ...

Group 1: Investment and Development Plans - The State Grid has invested an average of 574 billion yuan annually over the past five years, with expected investment reaching 677 billion yuan by 2025 [5] - The "14th Five-Year Plan" period is identified as a critical five years for the construction of a new power system [1] - The National Energy Administration has outlined a plan for the "14th Five-Year Plan" focusing on high-quality development in the power industry [1][2] Group 2: Renewable Energy and System Structure - As of July 2023, renewable energy installed capacity has surpassed 2 billion kilowatts, accounting for approximately 60% of total installed capacity, with wind and solar power exceeding thermal power for the first time [4] - The new power system is expected to play a central role in the new energy system, promoting the clean and efficient use of various energy types [2] - The energy structure is continuously optimizing, with significant achievements in the construction of a resilient power infrastructure [3][4] Group 3: Technological Innovation and Challenges - Technological innovation is deemed crucial for constructing the new power system, with a focus on advanced materials, high-end equipment, and digital operations [6] - The need for independent innovation in the power industry is emphasized, with a call for collaboration between academia and industry to tackle key technologies [6] - The current market environment poses challenges for investment in renewable energy projects, necessitating a comprehensive approach to ensure sustainable development [6]