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"或"华能国际"）股东会已于2025年9月23日审议通过了关于修订 《公司章程》的相关议案。根据修订后的《公司章程》，公司董事会由18名董事组成，其中包括1名职 工代表董事。职工代表董事通过公司职工代表大会、职工大会或者其他形式民主选举产生，无需提交公 司股东会审议。 公司于近日召开第二届职工代表大会第六次会议，选举王钰先生为公司第十一届董事会职工代表董事， 任期自2026年1月26日起至公司第十一届董事会任期届满之日止。王钰先生简历请见本公告附件。 董事会 2026年1月27日 王钰，1972年7月出生。现任华能国际办公室（董事会办公室）主任、华能（浙江）能源开发有限公司 董事、华能石岛湾核电开发有限公司董事。曾任华能国际财务部资金结算中心副主任、主任，资金二处 处长，财务与预算部资金处处长，纪律检查与审计部副主任，法律合规部主任，职工代表监事。毕业于 中国海洋大学项目管理专业，工程硕士。 除上述简历披露的任职关系外，王钰先生与华能国际的董事、高 ...

华能国际（600011）电力股份(00902)发布公告，经职工代表大会民主选举，王钰先生获选为公司第十 一届董事会职工代表董事，任职自2026年1月26日起生效，并至公司第十一届董事会任期届满之日止。 ...

智通财经APP讯，华能国际电力股份(00902)发布公告，经职工代表大会民主选举，王钰先生获选为公司 第十一届董事会职工代表董事，任职自2026年1月26日起生效，并至公司第十一届董事会任期届满之日 止。 ...

董事名單與其角色和職能 杜大明 周 奕 李來龍 李 進 曹 欣 華 能 國 際 電 力 股 份 有 限 公 司 董 事 會（「董事會」）成 員 載 列 如 下： 執行董事 王 葵 （董 事 長） 劉安倉 非執行董 事 張羨崇 高國勤 王劍鋒 寇堯洲 獨立非執行董事 夏 清 賀 強 張麗英 張守文 黨 英 丁旭春 職工代表董事 王 鈺 – 1 – 中國‧北京 2026年1月27日 – 2 – 董事會設立4個 委 員 會。下 表 提 供 各 董 事 會 成 員 在 這 些 委 員 會 中 所 擔 任 的 職 位。 委員會 董 事 戰略委員會 審計委員會 提名委員會 薪酬與 考核委員會 王 葵 主任委員 劉安倉 委 員 委 員 杜大明 委 員 周 奕 李來龍 委 員 李 進 委 員 委 員 曹 欣 委 員 高國勤 委 員 丁旭春 委 員 王劍鋒 委 員 寇堯洲 夏 清 委 員 委 員 主任委員 賀 強 委 員 委 員 委 員 張麗英 委 員 委 員 委 員 張守文 委 員 委 員 主任委員 黨 英 主任委員 委 員 委 員 張羨崇 王 鈺 ...

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。 選舉職工代表董事 本 公 告 由 華 能 國 際 電 力 股 份 有 限 公 司（「本公司」或（「華能國際」）董 事 會（統 稱「董事會」，各 董 事 分 別 為「董 事」）根 據 香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則（「上市規則」）第13.51(2)條 作 出。 本公司股東會已於2025年9月23日 審 議 並 批 准 了 修 訂 公 司 章 程（「公司章程」） 的 議 案。根 據 新 修 訂 的 公 司 章 程，本 公 司 董 事 會 由18名 董 事 組 成，其 中 包 括1名 職 工 代 表 董 事。職 工 代 表 董 事 通 過 職 工 代 表 大 會、職 工 大 會 或 者 其 他 形 式 民 主 選 舉 產 生，無 需 提 交 股 東 會 審 議。 董 事 會 謹 此 宣 佈，經 職 工 代 ...

华能国际电力股份有限公司董事会 2026年1月27日 华能国际电力股份有限公司 关于选举职工代表董事的公告 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"或"华能国际"）股东会已于2025年9月23日审议 通过了关于修订《公司章程》的相关议案。根据修订后的《公司章程》，公司董事会由 18名董事组成，其中包括1名职工代表董事。职工代表董事通过公司职工代表大会、职 工大会或者其他形式民主选举产生，无需提交公司股东会审议。 公司于近日召开第二届职工代表大会第六次会议，选举王钰先生为公司第十一届董 事会职工代表董事，任期自2026年1月26日起至公司第十一届董事会任期届满之日止。 王钰先生简历请见本公告附件。 本次职工代表董事选举完成后，公司第十一届董事会中兼任公司高级管理人员职务 的董事以及由职工代表担任的董事人数总计不超过公司董事总数的二分之一，符合有关 法律法规、规范性文件及《公司章程》的规定。 特此公告。 证券代码: 600011 证券简称: 华能国际 公告编号: 2026-005 1 附件 ...

Investment Rating - The report maintains a "Buy" rating for the public utility sector, indicating an expected investment return exceeding 15% over the next 6-12 months [5]. Core Insights - The public utility sector saw a 2.27% increase this week, ranking 15th among 31 sectors, while the Shanghai Composite Index rose by 0.84% [21]. - The total electricity market transaction volume for 2025 reached 66,394 billion kilowatt-hours, a year-on-year increase of 7.4%, accounting for 64.0% of total social electricity consumption [2][15]. - The peak electricity load in the country surpassed 1.4 billion kilowatts for the first time in winter, reaching 1.417 billion kilowatts due to a cold wave [2][15]. - The report highlights significant profit growth for companies like Qianyuan Power, which expects a net profit of 567-633 million yuan, a year-on-year increase of 160%-190% [10]. Summary by Sections Market Overview - The public utility sector's performance this week included a 2.71% increase in thermal power, a 7.21% increase in photovoltaic power, and a 4.56% increase in energy comprehensive services [21]. - Domestic and imported coal prices have decreased, with domestic coal prices dropping to below 700 yuan per ton [2][12]. Key Events - The report notes that the annual long-term contract bidding results are being disclosed, with expectations of reasonable outcomes due to the decline in coal prices [3]. - The average on-grid electricity price for 2025 is projected to be around 513.29 yuan per megawatt-hour, reflecting a slight increase compared to the previous year [11]. Company Performance - Companies like Longxin Technology and Guangdong Power A are expected to see significant profit growth, while Guangdong Power A anticipates a decline in profits by 21.45%-40.12% [10][11]. - The report suggests focusing on national thermal power operators such as Huaneng International and Guodian Power, which are expected to maintain stable dividends [3].

Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating a favorable investment environment for renewable energy and gas companies [2][3]. Core Insights - The report highlights a slight increase in overall power generation in 2025, primarily driven by wind and solar energy contributions, while traditional coal power generation shows a decline [8][9]. - The extreme cold weather in the U.S. has led to a significant spike in natural gas prices due to increased demand and supply constraints [18][22]. - The report suggests various investment opportunities across different segments of the energy sector, including coal power, hydropower, nuclear power, renewable energy, and gas companies [18][43]. Summary by Sections 1. Power Generation - In December 2025, total power generation was 858.6 billion kWh, a year-on-year increase of 0.1%. Coal power generation decreased by 3.2%, while renewable sources like wind and solar saw significant growth [10][11]. - For the entire year of 2025, total power generation reached 9715.9 billion kWh, up 2.2% from the previous year, with coal power down by 1.0% and solar power up by 24.4% [15][19]. 2. Natural Gas - As of January 23, 2026, the Henry Hub spot price surged to $30.72/mmBtu, reflecting a week-on-week increase of 903.53%. European gas prices also rose significantly due to low inventory levels and increased demand [20][28]. - The report notes that the extreme cold weather has tightened supply and demand dynamics, leading to higher global gas prices, particularly in Europe and Northeast Asia [22][37]. 3. Investment Recommendations - For coal power, companies like Guodian Power and Inner Mongolia Huadian are recommended due to their integrated coal and power operations [18]. - Hydropower companies such as Yangtze Power and State Power Investment Corporation are favored due to favorable conditions for energy storage and reduced capital expenditures [19]. - Nuclear power companies like China National Nuclear Power and China General Nuclear Power are highlighted for their stable cost structures and growth potential [18]. - Renewable energy operators such as Xinte Energy and Longyuan Power are recommended as new market rules enhance the stability of returns [18]. - Gas companies like Kunlun Energy and New Hope Liuhe are suggested for their potential recovery in profitability due to cost reductions and improved pricing mechanisms [43].

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]