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。 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.cn。 本期債券發行不構成上市規則第14章 及14A章 的 交 易。 承董事會命 海外監管公告 關於超短期融資券發行的公告 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。 華 能國際電力股份有限公司（「公 司」）2024年年度股東大會於2025年6月24日 通 過 決 議，同 意 公 司 在 自2024年年度股東大會批准時起至2025年年度股東 大 會 結 束 時 止，在 中 國 境 內 或 境 外 一 次 或 分 次 滾 動 發 行 本 金 餘 額 不 超 過 等值於人民幣1, ...

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 于有效存续期内的境内外债务融资工具本金余额不超过1700亿元等值人民币）。 公司已于近日完成了华能国际电力股份有限公司2026年度第三期超短期融 资券（"本期债券"）的发行。本期债券发行额为30亿元人民币，期限为51天，单 位面值为100元人民币，发行利率为1.49%。 证券代码: 600011 证券简称: 华能国际 公告编号:2026-011 华能国际电力股份有限公司 关于超短期融资券发行的公告 特此公告。 华能国际电力股份有限公司董事会 2026 年 3 月 6 日 本期债券由招商银行股份有限公司和中国民生银行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 ...

本期债券由中信银行股份有限公司和北京银行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 期债券募集资金将用于补充公司营运资金、调整债务结构、偿还银行借款及即将 到期的债券。 证券代码: 600011 证券简称: 华能国际 公告编号:2026-012 华能国际电力股份有限公司 关于超短期融资券发行的公告 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 于有效存续期内的境内外债务融资工具本金余额不超过1700亿元等值人民币）。 公司已于近日完成了华能国际电力股份有限公司2026年度第四期超短期融 资券（"本期债券"）的发行。本期债券发行额为30亿元人民币，期限为55天，单 ...

FF301 致：香港交易及結算所有限公司 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 公司名稱: 華能國際電力股份有限公司 呈交日期: 2026年3月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00902 | 說明 | 香港聯交所上市 H 股 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 4,700,383,440 RMB | | | 1 RMB | | 4,700,383,440 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 4,700,383,440 RMB | | | 1 RMB | | 4,700,383,440 | | 2. 股份分類 ...

Core Insights - The report maintains a positive investment rating for the power industry, highlighting the sustained high demand for power equipment due to ongoing reforms in the electricity sector [1][3] - The overall electricity demand in China is projected to grow steadily, with a total consumption of 10.37 trillion kWh in 2025, reflecting a year-on-year increase of 5.0% [4][24] - The report emphasizes the need for investment in modern infrastructure, with the State Grid announcing a planned investment of 4 trillion yuan during the 14th Five-Year Plan period [9][39] Industry Review - The dividend style in the A-share market performed poorly in 2025, with the public utility sector lagging behind the CSI 300 index [4][18] - The electricity supply-demand balance is expected to show a "wide electricity volume, tight electricity power" pattern during the 14th Five-Year Plan, with comprehensive electricity prices stabilizing [4][32] - The total electricity generation in 2025 is estimated at 8.06 trillion kWh, with coal, hydro, nuclear, wind, and solar power contributing 64.8%, 13.5%, 5.0%, 10.8%, and 5.9% respectively [29][32] Thermal Power - The report notes that thermal power prices are under pressure, with long-term contract prices in Guangdong, Jiangsu, and Zhejiang expected to decline significantly in 2026 [5][43] - The unit profitability of thermal power in northern China is improving, while coastal regions face profitability challenges [5][43] - The capacity price is expected to cover fixed costs for coal-fired power plants, enhancing their profitability [5][43] Hydropower - Hydropower companies are reported to be operating steadily, with dividend yields widening in a low-interest-rate environment, indicating long-term investment value [6][39] - The average net interest margin for hydropower has increased by 71 basis points compared to the previous year [6][39] Nuclear Power - The nuclear power price in Guangdong has stabilized, with the cancellation of the variable cost compensation mechanism mitigating the impact of market price declines [7][39] - The report anticipates a reduction in net profits for nuclear power companies due to falling electricity prices in Jiangsu [7][39] Green Power - The report highlights uncertainties in revenue policies for green power, with market reforms entering a critical phase [8][39] - Wind power prices are generally higher than solar power, although there are indications of a policy bottoming out for wind energy [8][39] Power Grid Equipment - The State Grid's investment plan of 4 trillion yuan is expected to sustain high demand for power grid equipment during the 14th Five-Year Plan [9][39] - The report notes a significant increase in the procurement of transmission and transformation equipment, with a year-on-year growth of 25.2% [9][39] Investment Recommendations - The report suggests focusing on investment opportunities in thermal power, wind power, domestic ultra-high voltage projects, and equipment exports [10][39] - Beneficiary companies include major players in thermal, hydropower, nuclear, green power, and power grid equipment sectors [10][39]

Core Viewpoint - The recent issuance of the "Implementation Opinions on Improving the National Unified Electricity Market System" by the State Council is expected to lead to profitability improvements and value reassessment in the electricity sector [1] Group 1: Stock Performance - Huaneng International (00902) increased by 6.54%, trading at HKD 6.03 - Datang Power (00991) rose by 5.22%, trading at HKD 2.62 - Huadian International (01071) decreased by 4.46%, trading at HKD 4.45 - China Resources Power (00836) increased by 1.81%, trading at HKD 18.59 [1] Group 2: Market Insights - Guosheng Securities reported that the top-level design of the national unified electricity market will allow for a comprehensive market reflection of the multi-dimensional values of electricity resources, including energy, regulation, environment, and capacity [1] - Dongfang Securities noted that by 2026, the compensation ratio for coal-fired power capacity prices across provinces is expected to continue to rise, and the wholesale market will be fully rolled out nationwide, leading to a transition of thermal power from a base-load power source to a regulatory power source [1] - The commercial model of thermal power is showing signs of improvement, with expectations for increased dividend capacity and willingness in the thermal power industry by 2026 [1]

Group 1 - The core viewpoint of the article highlights the significant increase in stock prices of power companies following the release of the State Council's implementation opinions on improving the national unified electricity market system [1] - Huaneng International's stock rose by 6.54% to HKD 6.03, Datang Power's stock increased by 5.22% to HKD 2.62, while Huadian International's stock fell by 4.46% to HKD 4.45, and China Resources Power's stock rose by 1.81% to HKD 18.59 [1] - Guosheng Securities reports that the top-level design of the national unified electricity market will allow for a comprehensive reflection of the multi-dimensional value of electricity resources, indicating potential profit improvement and value reassessment in the electricity sector [1] Group 2 - Dongfang Securities indicates that by 2026, the compensation ratio for coal-fired power capacity prices across provinces in China will continue to rise, and the full rollout of the spot market nationwide will lead to a transition of thermal power from a base-load power source to a regulating power source [1] - The commercial model of thermal power is showing early signs of improvement, with expectations that the dividend capacity and willingness of the thermal power industry will continue to increase by 2026 [1]

Core Viewpoint - BlackRock, Inc. has reduced its stake in Huaneng International Power Co., Ltd. by selling 3.876 million shares at an average price of HKD 5.5336 per share, resulting in a decrease in its ownership percentage from 6.07% to 5.99% [1][2]. Group 1 - On February 20, 2026, BlackRock, Inc. sold 3.876 million shares of Huaneng International Power at a total value of approximately HKD 21.4482 million [1]. - Following the sale, BlackRock's total holdings in Huaneng International Power are now 281,555,813 shares [1][2]. - The reduction in ownership percentage indicates a strategic shift or reallocation of investment by BlackRock, as its stake decreased from 6.07% to 5.99% [1].

Group 1 - BlackRock reduced its stake in Huaneng International Power (00902) by 3.876 million shares at an average price of HKD 5.5336 per share, totaling approximately HKD 21.4482 million [2] - After the reduction, BlackRock's latest holding is approximately 282 million shares, representing a stake of 5.99% [2]

Group 1 - BlackRock reduced its stake in Huaneng International Power (00902) by 3.876 million shares at an average price of HKD 5.5336 per share, totaling approximately HKD 21.4482 million [1] - After the reduction, BlackRock's latest holding is approximately 282 million shares, representing a stake of 5.99% [1]