Core Viewpoint - Huaneng International Power Co., Ltd. plans to issue a technology innovation corporate bond with a total scale of up to RMB 2.5 billion, targeting professional investors [1] Summary by Categories Bond Issuance Details - The bond issuance will consist of two varieties, with the first variety having a maturity of 5 years and the second variety having a maturity of 10 years [1] - The face value of each bond is set at RMB 100, with an issuance price of RMB 100 per bond [1] Interest Rate Information - The interest rate inquiry range for the first variety of bonds is between 1.45% and 2.45% [1] - The interest rate inquiry range for the second variety of bonds is between 1.75% and 2.75% [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 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 2025年11月12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） | 注 ...

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 2025年11月12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） 华能国 ...

Core Viewpoint - Huaneng (Morin Dama) Clean Energy Co., Ltd. has been established with a registered capital of 2 billion yuan, indicating a significant investment in the clean energy sector [1]. Company Information - The legal representative of the company is Chen Xiangjun [1]. - The company was registered on October 22, 2025, and is set to operate until December 31, 2099 [1]. - The company is fully owned by Huaneng International, showcasing a strong backing from a major player in the energy industry [1]. Business Scope - The company's business activities include wind power generation technology services, solar power generation technology services, photovoltaic equipment leasing, energy storage technology services, and other related power generation technology services [1].

Core Insights - Huaneng (Molidawa) Clean Energy Co., Ltd. has been established with a registered capital of 2 billion yuan [1] - The company is wholly owned by Huaneng International (600011) through indirect shareholding [1] - The business scope includes wind power generation technology services, solar power generation technology services, photovoltaic equipment leasing, energy storage technology services, and power generation technology services [1]

Core Insights - The recent policy guidance from the National Development and Reform Commission and the National Energy Administration aims to promote high-quality development of renewable energy in China, establishing a clear implementation path for the sector [1] Group 1: Policy and Industry Impact - The "Guiding Opinions" outline key tasks such as enhancing the adaptability of new power systems to renewable energy and improving the national unified electricity market system [1] - By 2030, a multi-level renewable energy consumption and regulation system is expected to be established, ensuring the integration and efficient operation of renewable energy sources [1] - The policy is anticipated to benefit sectors like offshore wind, solar, hydropower, energy storage, and ultra-high voltage technology [1] Group 2: Offshore Wind and Hydropower - The guidance emphasizes the orderly development and consumption of offshore wind energy, including the construction of deep-sea wind power bases and trial projects for ultra-large deep-sea wind turbines [2] - The report from the Central Financial Committee highlights the strategic importance of the marine economy, projecting that China's marine production value will exceed 10 trillion yuan in 2024, a year-on-year increase of 5.9% [2] - The guidance also focuses on optimizing hydropower configurations and enhancing the utilization of existing hydropower transmission channels [2] Group 3: Energy Storage and Technological Development - The policy stresses the need for advanced and safe energy storage technologies, promoting the development of various storage methods such as flow batteries and compressed air storage [2] - The emphasis on innovative energy storage solutions aims to enhance the adaptability of new power systems to renewable energy [2] Group 4: Company Performance - Huadian International Power's revenue for the first half of 2025 was 59.953 billion yuan, a decrease of 8.98% year-on-year, while net profit increased by 13.15% to 3.904 billion yuan [4] - Datang Power's revenue for the first three quarters of 2025 was 89.345 billion yuan, down 1.82% year-on-year, but net profit rose by 51.48% to 6.712 billion yuan [5] - Huaneng International Power reported a revenue of 60.94 billion yuan in Q3, a year-on-year decline of 7.1%, while net profit surged by 89% to 5.58 billion yuan, significantly exceeding expectations [5] - Xinyi Energy's revenue for the first half of 2025 was 1.21 billion yuan, a year-on-year increase of 7.67%, with net profit rising by 23.43% to 450 million yuan [6]

Core Insights - The recent policy guidance from the National Development and Reform Commission and the National Energy Administration aims to promote high-quality development in the renewable energy sector in China [1][2] - The guidance outlines key tasks such as enhancing the adaptability of new power systems to renewable energy and improving the national unified electricity market system [1][2] - By 2030, a multi-level renewable energy consumption and regulation system is expected to be established, with a focus on meeting the annual demand for 200 million kilowatts of new renewable energy [1][3] Offshore Wind Power - The guidance emphasizes the orderly development and consumption of offshore wind power, including the construction of deep-sea wind power bases and pilot projects for ultra-large deep-sea wind turbines [2] - The central government has elevated the marine economy to a strategic level, with expectations for China's marine production value to exceed 10 trillion yuan in 2024, reflecting a year-on-year growth of 5.9% [2] Solar and Hydropower - Solar and hydropower are highlighted as the most mature forms of renewable energy, with a focus on enhancing efficient and low-cost technology development [2] - The guidance suggests optimizing the configuration of renewable energy based on the characteristics of hydropower, particularly in the southwestern regions [2] Energy Storage Technology - The guidance stresses the importance of advancing new energy storage technologies, including liquid flow batteries and compressed air storage, to enhance the adaptability of new power systems [2] - There is a push to explore the potential of energy storage in conjunction with renewable energy generation [2] Market Outlook - The increasing pressure for renewable energy consumption is noted, with a shift in focus from insufficient installed capacity to systemic consumption and market survival capabilities [3] - Analysts express optimism about the steady increase in China's electrification rate, which is expected to drive demand for new power systems and related infrastructure [3] Related Companies - Huadian International Power (01071) reported a total revenue of 59.953 billion yuan for the first half of 2025, a decrease of 8.98% year-on-year, while net profit increased by 13.15% to 3.904 billion yuan [4] - Datang Power (00991) reported a revenue of 89.345 billion yuan for the first three quarters of 2025, a decline of 1.82%, but net profit rose by 51.48% to 6.712 billion yuan [5] - Huaneng International Power (00902) maintained a "outperform" rating, with a third-quarter revenue of 60.94 billion yuan, down 7.1%, but net profit surged by 89% to 5.58 billion yuan [5] - Xinyi Energy (00968) achieved a revenue of 1.21 billion yuan in the first half of 2025, a year-on-year increase of 7.67%, with net profit rising by 23.43% to 450 million yuan [6]

Core Insights - The recent policy guidance from the National Development and Reform Commission and the National Energy Administration aims to promote high-quality development in the renewable energy sector, establishing a clear implementation path for the industry [1] Group 1: Policy Implications - The "Guiding Opinions" outlines key tasks such as enhancing the adaptability of new power systems to renewable energy, improving the national unified electricity market system, and strengthening technological innovation for renewable energy consumption [1][2] - By 2030, a multi-level renewable energy consumption and regulation system is expected to be established, ensuring that new electricity demand is primarily met by renewable energy sources [1][2] - The policy is anticipated to benefit sectors like offshore wind power, solar energy, hydropower, energy storage, and ultra-high voltage technology [2] Group 2: Sector Developments - The guidance emphasizes the need for advanced and efficient new energy storage systems, promoting various technologies such as flow batteries and compressed air storage to enhance energy utilization [3] - The focus on renewable energy consumption has intensified, with recent discussions highlighting the shift from insufficient installed capacity to challenges in systematic consumption and market survival capabilities [3] Group 3: Market Outlook - Analysts express optimism regarding the steady increase in China's electrification rate, which is expected to drive demand for new power systems and related infrastructure [4] - The construction of new power systems is seen as essential for ensuring electricity safety and clean supply, leading to increased demand for source networks and supply chain equipment [4] Group 4: Company Performance - Huadian International Power (01071) reported a total revenue of RMB 59.953 billion for the six months ending June 30, 2025, a decrease of 8.98% year-on-year, while net profit increased by 13.15% to RMB 3.904 billion [5] - Datang Power (00991) announced a revenue of RMB 89.345 billion for the first three quarters of 2025, a decline of 1.82%, but net profit rose by 51.48% to RMB 6.712 billion [6] - Huaneng International Power (00902) reported a third-quarter revenue of RMB 60.94 billion, down 7.1% year-on-year, but net profit surged by 89% to RMB 5.58 billion, exceeding expectations [6] - Xinyi Energy (00968) achieved a revenue of HKD 1.21 billion for the first half of 2025, a growth of 7.67%, with net profit increasing by 23.43% to HKD 450 million [7]

Investment Rating - The report provides a positive investment outlook for various sectors within the energy industry, particularly highlighting opportunities in hydropower, green energy, nuclear power, thermal power, and gas sectors [10][30]. Core Insights - The electricity market in the State Grid operating area has achieved near-complete coverage of the electricity spot market, with significant developments in provinces such as Shanxi, which has seen a 128.75% increase in new energy and clean energy installed capacity since the 14th Five-Year Plan [4][9]. - Natural gas prices have shown a divergent trend globally, with increases in Europe and the US, while prices in Asia remain stable due to ample supply [11][30]. Summary by Sections 1. Electricity - The State Grid has implemented a continuous settlement trial for the electricity spot market in Sichuan and Chongqing, marking a significant step towards full coverage [4][7]. - Shanxi's electricity spot market has recorded a total clearing volume of 156.23 billion kWh in the first half of 2025, with real-time average prices reflecting a "two peaks and one valley" pattern [9][10]. 2. Natural Gas - As of November 7, 2025, the Henry Hub spot price in the US reached $3.76/mmBtu, reflecting a weekly increase of 5.52%, while European prices also saw upward trends [11][12]. - The report notes that the LNG national ex-factory price in China is 4382 yuan/ton, with a slight weekly decrease of 0.57% [28][30]. 3. Investment Recommendations - Hydropower: Favorable conditions for winter and spring generation, recommending companies like Guotou Power and Chuan Investment Energy [10]. - Green Energy: Increased stability in returns for existing projects, suggesting attention to companies like New Energy and Longyuan Power [10]. - Nuclear Power: Long-term growth potential remains strong, with recommendations for China Nuclear Power and China General Nuclear Power [10]. - Thermal Power: Improved profitability due to lower fuel costs, recommending companies like Guodian Power and Huaneng International [10]. - Gas Sector: Favorable conditions for city gas companies, recommending Kunlun Energy and New Energy [30]. 4. Company and Industry Dynamics - As of September 2025, China's new energy storage capacity exceeded 100 million kW, accounting for over 40% of the global total [39]. - The report highlights the steady growth in electricity market transactions, with a total of 4.92 trillion kWh traded by September 2025, marking a 7.2% year-on-year increase [39].

Investment Rating - The report maintains a "Positive" outlook on the power and gas sectors, highlighting the full coverage of the electricity spot market in the State Grid operating area and the seasonal rise in gas prices in Europe and the US [1]. Core Insights - The electricity spot market in the State Grid operating area has achieved near-complete coverage, with 18 provincial-level markets in continuous settlement trial operation as of November 1, 2025. This includes the formal operation of inter-provincial markets and five provincial-level markets [4][8]. - In the gas sector, US Henry Hub spot prices rose to $3.76/mmBtu, reflecting a weekly increase of 5.52%, while European gas prices also saw increases due to seasonal demand [13][19]. Summary by Sections 1. Electricity - The State Grid operating area has nearly achieved full coverage of the electricity spot market, with significant developments in various provinces. As of November 1, 2025, the market has transitioned to continuous settlement trials in Sichuan and Chongqing [4][8]. - In Shanxi, the first province to fully implement the electricity spot market, the average spot price for electricity was recorded at 0.283 yuan/kWh, with a total of 156.23 billion kWh cleared in the first half of 2025 [10]. - The growth of renewable energy capacity in Shanxi has been substantial, with an increase of 128.75% since the 14th Five-Year Plan, leading to a significant impact on electricity pricing and market dynamics [10]. 2. Gas - The report notes a divergence in global gas prices, with US prices rising while Asian LNG prices remain stable due to ample supply. As of November 7, 2025, the Northeast Asia LNG spot price was $11.10/mmBtu, unchanged from the previous week [13][27]. - The report highlights the increase in US natural gas production and demand, with the Henry Hub futures price reaching $4.32/mmBtu, marking a 4.63% increase [14][19]. - Recommendations for investment in gas-related companies include those with integrated natural gas trading capabilities, such as Kunlun Energy and New Hope Energy, as well as city gas companies benefiting from cost reductions [31]. 3. Weekly Market Review - The report indicates that the electricity equipment, public utilities, environmental protection, and gas sectors outperformed the Shanghai and Shenzhen 300 index during the week of November 2 to November 9, 2025 [35]. 4. Company and Industry Dynamics - As of September 2025, China's new energy storage capacity exceeded 100 million kW, representing over 40% of the global total, with significant contributions from various regions [41]. - The report also notes that the National Energy Administration is actively promoting the construction of a unified national electricity market, with trading volumes and participants steadily increasing [41].