Market Overview - The Hong Kong stock market opened higher on January 22, with the Hang Seng Index rising by 0.62% to 26,750.51 points, the Hang Seng Tech Index increasing by 0.85% to 5,795 points, and the National Enterprises Index up by 0.55% to 9,173.54 points [1] - Major tech stocks mostly rose, with Alibaba up 1.72%, Tencent Holdings up 0.33%, JD Group up 0.98%, and Xiaomi Group up 0.9% [1] - Chip stocks opened high, with Zhaoyi Innovation rising over 7% [1] - The innovative drug concept was active, with WuXi Biologics rising over 1% [1] - Gold stocks generally fell, with Shandong Gold down over 2% [1] - Longqi Technology's IPO on the Hong Kong stock market saw a nearly 13% increase on its first day [1] Company News - Shanghai Electric (02727.HK) expects a net profit of RMB 1.1 billion to RMB 1.32 billion for 2025, an increase of approximately 47% to 76% year-on-year [2] - Kingdee International (00268.HK) anticipates total revenue of approximately RMB 6.95 billion to RMB 7.05 billion for 2025, a year-on-year growth of about 11.1% to 12.7% [2] - Beijing Machinery Electric (00187.HK) expects a net loss of RMB 46 million to RMB 55.2 million for 2025, primarily due to intensified international trade frictions affecting its gas storage and transportation export business [2] - Chow Tai Fook (01929.HK) reported a retail value growth of 17.8% for the three months ending December 31, 2025, with mainland China retail value increasing by 16.9% [2] - Zai Lab (09911.HK) anticipates a cumulative download of approximately 970 million for its social business by 2025, a year-on-year increase of about 5.9% [2] Strategic Developments - Ruiri Medical Technology (01696.HK) signed a letter of intent for cooperation with Stryker Medical to establish localized production in China [3] - Cathay Pacific (00293.HK) and Hong Kong Express expect to carry over 36 million passengers in 2025, a year-on-year increase of 27% [4] - Shenyang Public Development (00747.HK) has initiated edge computing infrastructure and service business [5] - Flat Glass Group (06865.HK) plans to absorb and merge with Zhongda Quartz Development [6] Share Buybacks - Xiaomi Group (01810.HK) repurchased 7 million shares for HKD 248 million at prices between HKD 35.22 and HKD 35.48 [7] - Pop Mart (09992.HK) repurchased 500,000 shares for HKD 96.49 million at prices between HKD 191.1 and HKD 194.9 [8] - Sunny Optical Technology (02382.HK) repurchased 970,000 shares for HKD 61.39 million at prices between HKD 62.30 and HKD 63.95 [9] - Geely Automobile (00175.HK) repurchased 2.376 million shares for HKD 39.62 million at prices between HKD 16.62 and HKD 16.81 [10] Financial Instruments - Huaneng International Power (00902.HK) completed the issuance of RMB 2 billion medium-term notes [11] - CICC (03908.HK) plans to issue up to RMB 5 billion in bonds for technology innovation companies [12] Institutional Insights - Dongwu Securities noted that despite a general reduction in the Fed's interest rate cut expectations in overseas markets, domestic investors remain optimistic [13] - Orient Securities highlighted that recent U.S. measures against Venezuela and Greenland have increased geopolitical risks, supporting gold prices [14] - Zheshang Securities suggested that the humanoid robot sector has formed an ecological closed loop, recommending attention to component suppliers and undervalued transformation targets [14] - CITIC Securities indicated that new policies from the National Medical Insurance Administration will accelerate the promotion of surgical robots in China [14]

Core Viewpoint - Huaneng International Power Co., Ltd. has announced the issuance of medium-term notes, with a total principal amount not exceeding 170 billion RMB, aimed at financing energy supply security [1][2]. Group 1: Issuance Details - The company has completed the issuance of the first phase of medium-term notes for 2026, amounting to 2 billion RMB, with a term of 2+N years and an interest rate of 1.91% [1][2]. - The bonds were underwritten by a consortium led by China Merchants Bank, CITIC Securities, and CITIC Construction Investment Securities, and were publicly issued in the national interbank bond market [2]. Group 2: Fund Utilization - The funds raised from this bond issuance will be used entirely for repaying special bonds related to energy supply security [2].

Core Viewpoint - Huaneng International has successfully issued the first phase of its medium-term notes for 2026, specifically designated for energy supply security, amounting to 2 billion RMB with a maturity of 2+N years and an interest rate of 1.91% [1] Group 1: Bond Issuance Details - The total issuance amount for the bonds is 2 billion RMB [1] - The bonds have a maturity structure of 2+N years [1] - The face value of each bond is set at 100 RMB [1] - The issuance interest rate is fixed at 1.91% [1] Group 2: Underwriters and Issuance Method - The main underwriters for this bond issuance include China Merchants Bank, CITIC Construction Investment Securities, and CITIC Securities [1] - The bonds were issued through a book-building and centralized placement method in the national interbank bond market [1] Group 3: Use of Proceeds - The funds raised from this bond issuance will be entirely used to repay the energy supply security special bonds [1]

Core Viewpoint - Huaneng International has successfully issued its first phase of medium-term notes for 2026, specifically designated for energy supply security, amounting to 2 billion RMB with a maturity of 2+N years and an interest rate of 1.91% [1] Group 1: Bond Issuance Details - The total issuance amount for the bonds is 2 billion RMB [1] - The bonds have a maturity structure of 2+N years [1] - The face value of each bond is set at 100 RMB [1] - The interest rate for the bonds is fixed at 1.91% [1] Group 2: Underwriting and Distribution - The bond issuance was organized by a consortium of underwriters led by China Merchants Bank, CITIC Construction Investment Securities, and CITIC Securities [1] - The bonds were publicly issued in the national interbank bond market through a book-building and centralized placement method [1] Group 3: Use of Proceeds - The funds raised from this bond issuance will be entirely used to repay the special bonds for energy supply security [1]

证券代码: 600011 证券简称: 华能国际 公告编号:2026-004 公司已于近日完成了华能国际电力股份有限公司2026年度第一期中期票据 （能源保供特别债）（"本期债券"）的发行。本期债券发行额为20亿元人民币， 期限为2+N年，单位面值为100元人民币，发行利率为1.91%。 本期债券由招商银行股份有限公司、中信建投证券股份有限公司和中信证券 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。本期债券募集资金穿透将全部用于偿还能源保供特别债。 本期债券发行的有关文件已在中国货币网和上海清算所网站上公告，网址分 别为www.chinamoney.com.cn和www.shclearing.com.cn。 特此公告。 华能国际电力股份有限公司董事会 2026 年 1 月 22 日 华能国际电力股份有限公司 关于中期票据发行的公告 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 ...

Core Viewpoint - Huaneng International Power Co., Ltd. plans to issue debt financing instruments up to the equivalent of RMB 170 billion from the approval of the 2024 annual general meeting until the end of the 2025 annual general meeting [1] Group 1: Debt Financing Plans - The company has received approval to issue debt financing instruments in China and abroad, with a total principal amount not exceeding RMB 170 billion [1] - The issuance can occur in one or multiple tranches during the authorized period [1] Group 2: Recent Bond Issuance - The company has successfully completed the issuance of its first phase of medium-term notes for 2026, amounting to RMB 2 billion [1] - The notes have a term of 2+N years, with a face value of RMB 100 and an issuance interest rate of 1.91% [1]

公司已于近日完成了华能国际电力股份有限公司2026年度第一期中期票据(能源保供特别债)(「本期债 券」)的发行。本期债券发行额为人民币20亿元，期限为2+N年，单位面值为人民币100元，发行利率为 1.91%。 格隆汇1月21日丨华能国际电力股份(00902.HK)公告，华能国际电力股份有限公司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人民币1,700亿元的境内外债务融资 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1,700亿元等值人民币)。 ...

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 關於中期票據發行的公告 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。 本 期 債 券 由 招 商 銀 行 股 份 有 限 公 司、中 信 建 投 證 券 股 份 有 限 公 司 和 中 信證券股份有限公司 作 為 主 承 銷 商 組 織 承 銷 團，通 過 簿 記 建 檔、集 中 配 售 的 方 式 在 全 國 銀 行 間 債 券 市 場 公 開 發 行。本 期 債 券 募 集 資 金 穿 透 將 全 部 用 於 償 還 能 源 保 供 特 別 債。 – 1 – 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. ...

Core Viewpoint - The "14th Five-Year Plan" period is crucial for China's energy industry to implement the new energy security strategy, focusing on both energy security and green low-carbon transformation, with China Huaneng playing a leading role in this transition [1][3]. Group 1: Energy Security and Supply Assurance - China Huaneng prioritizes energy security and stability in supply as essential for national development, addressing challenges through diversified energy supply methods and enhancing emergency response mechanisms [4][3]. - The company has achieved significant growth in capacity, with total installed power generation capacity exceeding 300 million kilowatts by 2025, a 53.4% increase from the end of the "13th Five-Year Plan," and a 21.8% increase in power generation [7][4]. - The company has also increased its coal production capacity by approximately 50%, maintaining an annual output of over 100 million tons for four consecutive years [7]. Group 2: Green Development and Transformation - China Huaneng is accelerating its green low-carbon development, with a focus on renewable energy, hydropower, and nuclear power, achieving a 3.8 times increase in installed renewable energy capacity compared to the end of the "13th Five-Year Plan" [11][13]. - The company has launched several landmark clean energy projects, including large-scale wind and solar bases, contributing to a low-carbon energy structure where low-carbon clean energy accounts for 56.6% of total installed capacity [13][11]. Group 3: Technological Innovation - Technological innovation is a core driver for China Huaneng, with breakthroughs in key technologies and major equipment development enhancing the company's capabilities [15][19]. - The company has established national-level innovation platforms, significantly increasing its number of effective patents to 15 times that of the end of the "13th Five-Year Plan" [19][15]. - Notable achievements include the successful operation of the world's first fourth-generation nuclear power plant and advancements in distributed control systems, showcasing China's technological leadership [19][16]. Group 4: Future Outlook - Looking ahead to the "15th Five-Year Plan," China Huaneng aims to solidify its role in energy security, accelerate green development, enhance operational efficiency, and deepen reforms while strengthening party building [21][22]. - The company has outlined six key focus areas for 2026 to ensure a strong start to the "15th Five-Year Plan," including safety, green development, operational efficiency, technological innovation, reform, and party building [22][21].

Core Viewpoint - The "14th Five-Year Plan" period is crucial for China's energy industry to implement the new energy security strategy, with China Huaneng focusing on energy security and green low-carbon transformation through technological innovation [1][2]. Group 1: Energy Security and Supply Assurance - China Huaneng prioritizes energy security and the well-being of the public, ensuring stable energy supply amid extreme weather and market fluctuations [2][3]. - By 2025, China Huaneng's total installed power generation capacity is expected to exceed 300 million kilowatts, marking a 53.4% increase from the end of the "13th Five-Year Plan" [3]. - The company has achieved a 21.8% increase in power generation and a 33.9% increase in heating supply area compared to the end of the "13th Five-Year Plan" [3]. Group 2: Technological Innovation and Efficiency - China Huaneng is transitioning energy supply management from traditional methods to intelligent, efficient systems, enhancing precision in energy supply management [4]. - The company has implemented various smart technologies, such as the "Huaneng Ruichi" unmanned electric mining trucks and integrated coal management platforms, improving efficiency and safety in coal mining [4]. Group 3: Green Development and Transformation - China Huaneng is accelerating its green low-carbon transformation, focusing on the development of renewable energy, hydropower, and nuclear power as key supports [5][6]. - By 2025, several significant clean energy projects are set to be operational, including large-scale wind and solar bases, contributing to a substantial increase in renewable energy capacity [6]. - The proportion of low-carbon clean energy installations has reached 56.6%, indicating a significant shift towards green energy [6]. Group 4: Strategic Goals for the Future - Looking ahead to the "15th Five-Year Plan," China Huaneng aims to enhance its core functions and competitiveness while ensuring energy security and promoting technological innovation [10][11]. - The company plans to focus on six key areas in 2026, including safety, green development, operational efficiency, technological breakthroughs, deepening reforms, and strengthening party building [11].