证券代码: 600011 证券简称: 华能国际 公告编号: 2025-029 华能国际电力股份有限公司 关于开展基础设施公募 REITs 申报工作 暨关联交易公告 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。 重要内容提示： 1、 "本公司"或"华能国际"指华能国际电力股份有限公司。 2、 "华能集团"指中国华能集团有限公司。 3、 "华能开发"指华能国际电力开发公司。 4、 "华能香港"指中国华能集团香港有限公司。 5、 "香港财资公司"指中国华能集团香港财资管理有限公司。 6、 "华能资本"指华能资本服务有限公司。 7、 "深圳能源"指深圳能源集团股份有限公司。 8、 "青岛热电"指华能青岛热电有限公司。 9、 "项目公司"指华能董家口（青岛）热电有限公司（暂定名），拟由青岛热电设立。 10、 "华能青岛煤电项目"指位于青岛西海岸新区泊里镇董家口港区的华能董家口2×35 万千瓦热电联产项目（2台35万千瓦热电联产机组及其附属配套设施）。 11、 "华能青岛锅炉项目"指位于青岛西海岸新区泊里镇董家口港区的新上锅炉项目（2 ...

证券代码: 600011 证券简称: 华能国际 公告编号: 2025-028 华能国际电力股份有限公司 第十一届董事会第十二次会议决议公告 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"）董事会，于2025年5月27日在公司本部召开第 十一届董事会第十二次会议（"会议"或"本次会议"），会议通知于2025年5月19日以书面 形式发出。会议应出席董事13人，亲自出席和委托出席的董事13人。周奕董事因其他事 务未能亲自出席会议，委托王葵董事长代为表决。曹欣、丁旭春董事因其他事务未能亲 自出席会议，委托王剑锋董事代为表决。张守文独立董事因其他事务未能亲自出席会议， 委托夏清独立董事代为表决。公司监事、高级管理人员和董事会秘书列席会议。本次会 议的召开符合《中华人民共和国公司法》和公司章程的有关规定。王葵董事长主持了本 次会议。会议审议并一致通过了以下决议： 一、关于华能煤电REIT所涉关联交易和分拆上市的议案 公司拟以下属华能青岛热电有限公司所持有的位于青岛西海岸新区泊里镇董家口 港区的华能董家口 ...

自2015年12月以来，中央生态环保督察已完成两轮督察全覆盖，第三轮已完成3个批次的督察任务，查处了一批破 坏生态环境的重大典型案件、解决了一批人民群众反映强烈的突出生态环境问题。 并且，此次督察也是5月12日中共中央、国务院印发《生态环境保护督察工作条例》后的首次督察。生态环境部新 闻发言人裴晓菲介绍，该条例共八章、四十四条，对督察定位、督察组织、督察整改、成果运用、纪律责任等进 行了系统规范。在督察内容上，中央生态环保督察紧紧围绕区域重大战略实施、美丽中国建设等重大任务，围绕 督察反馈问题整改及长效机制建设、人民群众反映强烈的突出生态环境问题及处理情况等开展督察，推动地方党 政领导干部、相关部门和单位落实生态文明建设和生态环境保护责任。在督察整改方面，设立督察整改和督察成 果运用专章，规范整改责任主体、推进落实、整改情况报告、调度督促等方面内容，明确将督察结果和督察整改 工作有关情况作为党政领导班子和有关领导干部考核评价、选拔任用、管理监督、表彰奖励的重要依据，加强督 察结果在干部管理工作中的运用。 记者注意到，日前中央生态环境保护督察工作领导小组办公室致函上述被督察对象，要求坚决贯彻落实中央决策 部署， ...

Core Viewpoint - Huaneng International Power Co., Ltd. has announced the issuance of short-term financing bonds totaling up to 30 billion RMB, with the first issuance of 3 billion RMB completed at an interest rate of 1.47% for a term of 62 days [1][2]. Group 1: Bond Issuance Details - The company’s annual general meeting approved the issuance of short-term financing bonds with a principal balance not exceeding 30 billion RMB from the date of approval until the next annual general meeting [1]. - The recently issued bonds amount to 3 billion RMB, with a maturity of 62 days and a face value of 100 RMB per unit [1]. - The bonds were underwritten by Hangzhou Bank Co., Ltd. and were publicly issued through a book-building and centralized placement method in the national interbank bond market [1]. Group 2: Use of Proceeds - The funds raised from the bond issuance will be used to supplement the company's working capital, adjust its debt structure, and repay bank loans and upcoming maturing bonds [1].

证券代码: 600011 证券简称: 华能国际 公告编号:2025-027 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"）2023年年度股东大会于2024年6月25 日通过决议，同意公司自2023年年度股东大会批准时起至2024年年度股东大会结 束时止，一次或分次滚动发行本金余额不超过300亿元人民币的超短期融资券（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超短期融资券本 金余额不超过300亿元人民币）。 公司已于近日完成了华能国际电力股份有限公司2025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62天，单 位面值为100元人民币，发行利率为1.47%。 本期债券由杭州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。 本期债券发行的有关 ...

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 關於超短期融資券發行的公告 華能國際電力股份有限公司 黃朝全 公司秘書 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」）2023年年度股東大會於2024年6月 25日 通 過 決 議，同 意 公 司 在 自2023年年度股東大會批准時起至2024年 年 度 股 東 大 會 結 束 時 止，一 次 或 分 次 滾 動 發 行 本 金 餘 額 不 超 過 人 民 幣300 億 元 的 超 短 期 融 資 券（即 在 前 述 授 權 期 限 內 的 任 一 時 點，公 司 發 行 的 處 於有效存續期內的超短期融資券本金餘額不超過人民幣300億 元）。 公司已於近日完成了華能國際 ...

Core Viewpoint - The launch of the world's first fleet of 100 unmanned electric mining trucks, "Huaneng Ruichi," in Inner Mongolia marks a significant advancement in the coal mining industry, showcasing the integration of 5G-A technology for enhanced safety and efficiency in mining operations [1][2] Group 1: Technological Advancements - The "Huaneng Ruichi" project represents the first unmanned mining truck initiative in China that eliminates the driver's cabin, prioritizing personnel safety by isolating workers from equipment and harsh environments [2] - The electric mining trucks have a load capacity of 90 tons and achieve a transportation efficiency that is 120% of that of human-operated vehicles, capable of operating continuously in extreme cold conditions down to -40°C [1] - The deployment of a 5G-A network in the Yimin mining area enables precise coverage for unmanned driving routes, supporting data transmission speeds of 500 Mbps and low latency of 20 milliseconds, essential for real-time video feedback and cloud coordination [2] Group 2: Industry Collaboration and Goals - China Huaneng Group, in collaboration with Xuzhou Construction Machinery Group, Huawei Technologies, and State Grid Intelligent Vehicle Networking, aims to create a zero-carbon, unmanned, and intelligent open-pit mining transportation system to lead high-quality development in the industry [1] - The initiative aligns with national energy security strategies, promoting a shift from oil to electricity in mining operations, thereby enhancing safety, intelligence, and environmental sustainability in mining practices [1]

Investment Rating - The report maintains an "Overweight" rating for the electricity sector [1]. Core Viewpoints - In April, the national electricity consumption increased by 4.7%, with a cumulative growth of 3.1% from January to April [8][14]. - The electricity demand from the first and third industries shows resilience, while the second industry experiences weakness [14]. - The supply side saw a 0.9% year-on-year increase in electricity generation in April, with significant growth in renewable energy sources [30][33]. Summary by Sections Demand Side - From January to April, the total electricity consumption reached 31,566 billion kWh, with April alone accounting for 7,721 billion kWh [8]. - The first industry saw a 10.0% increase in electricity consumption, the second industry grew by 2.3%, and the third industry increased by 6.0% [14][13]. - In April, the first, second, and third industries' electricity consumption growth rates were 13.8%, 3.0%, and 9.0%, respectively, while residential electricity consumption grew by 7.0% [14]. Supply Side - In April, the total electricity generation was 7,111 billion kWh, marking a 0.9% year-on-year increase [30]. - The growth rates for different energy sources in April were as follows: wind power increased by 12.7%, solar power by 16.7%, nuclear power by 12.4%, while hydropower decreased by 6.5% and thermal power fell by 2.3% [33]. Investment Recommendations - The report suggests increasing allocation to the electricity sector due to favorable fundamentals and market catalysts as summer approaches [53]. - For thermal power, the report highlights the potential for improved profitability due to falling coal prices, recommending companies like Huadian International and Huaneng International [55]. - In the green energy sector, the report recommends focusing on wind power operators and undervalued green energy stocks, such as Xintian Green Energy and Longyuan Power [55]. - For hydropower and nuclear power, the report suggests monitoring companies like China National Nuclear Power and China General Nuclear Power [55].

Group 1 - The core viewpoint of the articles highlights Huaneng International's current stock performance, with a closing price of 7.4 yuan and a rolling PE ratio of 11.05 times, significantly lower than the industry average of 23.46 times [1][2] - Huaneng International's total market capitalization is reported at 116.166 billion yuan, ranking 14th in the electricity sector based on PE ratio [1][2] - The company has a total of 106,310 shareholders as of March 31, 2016, with an average holding value of 352,800 yuan and an average shareholding of 27,600 shares [1] Group 2 - Huaneng International's main business involves power generation and sales, with additional services in port and transportation [1] - The latest quarterly report for Q1 2025 shows a revenue of 60.335 billion yuan, a year-on-year decrease of 7.70%, while net profit increased by 8.19% to 4.973 billion yuan, with a gross margin of 19.05% [1] - The company holds a total of 2,021 patents, including 1,021 invention patents, 746 utility model patents, and 316 international patents [1]

Core Viewpoint - The article highlights the unprecedented high temperatures across various regions in China, leading to increased electricity demand and a positive outlook for the power sector, particularly thermal power companies, amid the ongoing El Niño phenomenon [1][5][8]. Group 1: Weather and Climate Impact - Since mid-June, regions such as Beijing, Tianjin, and Hebei have experienced record-high temperatures ranging from 38°C to 41°C, with 14 national stations breaking historical extremes [1]. - The National Climate Center predicts that most areas in China will see temperatures close to or above normal for the summer, with certain regions experiencing significantly more days of high temperatures [1][6]. - The arrival of El Niño is expected to contribute to 2023 potentially being the hottest year on record, with implications for electricity consumption and demand [1][8]. Group 2: Electricity Demand and Load Growth - The ongoing high temperatures have led to a rapid increase in electricity load, with peak electricity demand occurring earlier than usual [1]. - National grid peak electricity load has risen from 596 million kW in 2010 to 1.29 billion kW in 2022, reflecting a compound annual growth rate (CAGR) of 6.6% [12]. - On June 18, 2023, the Guangdong power grid reached a historical peak load of 128 million kW, with the southern grid surpassing 200 million kW for the first time [14]. Group 3: Power Sector Performance - In the Hong Kong stock market, companies like Huadian International Power, Huaneng International Power, and Datang Power have seen significant stock price increases of 31.3%, 26.83%, and 14.17% respectively this year [1]. - In the A-share market, companies such as Hangzhou Thermal Power and Guizhou Power have reported remarkable gains of 177.89% and 76.27% respectively since the beginning of the year [3][4]. - The thermal power sector is expected to see improved profitability due to lower coal prices and increased electricity demand, with a projected growth in electricity consumption of 4% in the third quarter of 2023 [16][20].