Investment Rating - The report maintains a "Recommendation" rating for the industry [2] Core Insights - The environmental and public utility sectors have seen an increase, with the environmental industry index rising by 1.92% and the public utility index by 0.83%, which is relatively lower than the overall market increase [6] - The total transaction volume for electricity in Guangdong for 2026 is 359.44 billion kWh, a year-on-year increase of 5.4%, with an average transaction price of 372.14 cents/kWh, down 5.0% year-on-year [6] - The report suggests focusing on investment opportunities in the power sector, particularly recommending Guodian Power and Huaneng International for their strong dividends and performance safety [6] Summary by Sections Key Event Analysis - In November, the growth rate of total electricity consumption slowed, with a year-on-year increase of 6.2%, down 4.2 percentage points from October [10] - The National Development and Reform Commission and the National Energy Administration have issued guidelines to promote the large-scale development of solar thermal power [20] Market Review - The environmental and public utility sectors have shown positive performance, with the environmental sector leading with an 18.58% increase since the beginning of 2025 [22] - The power sector has seen a cumulative increase of 2.71% in the same period [22] Key Data Tracking - The price of Qinhuangdao 5500 kcal thermal coal has decreased to 685 RMB/ton, down 4.86% from December 19, 2025, and down 11.0% year-on-year [36] - The average electricity price in Guangdong reached a peak of 346.72 RMB/MWh on December 24, 2025, an increase of 10.9% week-on-week [52] - The LNG import price has risen to 9.62 RMB/million BTU, up 1.02% from December 19, 2025, while the domestic LNG ex-factory price has decreased to 3915 RMB/ton [50] Industry Key Events - The report highlights several key events in the electricity market, including the construction of charging infrastructure for electric heavy trucks in Chongqing and the implementation of green electricity direct connection projects in Ningxia [63][64]

每经AI快讯，港股电力股集体走低，截至发稿，华能国际(00902.HK)跌7.13%，报5.73港元；大唐发电 (00991.HK)跌4.27%，报2.24港元；华电国际(01071.HK)跌2.88%，报4.05港元；华润电力(00836.HK)跌 2.19%，报17.39港元。 ...

Group 1 - Power stocks collectively declined, with Huaneng International down 7.13% at HKD 5.73, Datang Power down 4.27% at HKD 2.24, Huadian International down 2.88% at HKD 4.05, and China Resources Power down 2.19% at HKD 17.39 [1] - The announcement of long-term electricity prices for 2026 in Guangdong and other regions indicates a significant drop, with Guangdong's average trading price at 372.14 cents/kWh, a decrease of 19.72 cents/kWh year-on-year, approaching the lower limit of the benchmark price [1] - Jiangsu's average centralized bidding price for January 2026 is 324.71 yuan/MWh, reflecting a 17% decrease from the benchmark price, suggesting a potential easing of electricity price expectations in coastal provinces [1] Group 2 - The National Energy Administration reported that the total electricity consumption in November 2025 reached 835.6 billion kWh, a year-on-year increase of 6.2% [2] - The power generation in November 2025 was 779.2 billion kWh, with a year-on-year growth of 2.7%, averaging 25.97 billion kWh per day [2] - Breakdown of power generation shows thermal power at 496.95 billion kWh (down 4.20%), hydropower at 96.68 billion kWh (up 17.10%), wind power at 104.55 billion kWh (up 22.00%), and nuclear power at 39.81 billion kWh (up 4.70%) [2]

Group 1 - The core viewpoint of the article indicates a collective decline in power stocks, with notable drops in companies such as Huaneng International, Datang Power, Huadian International, and China Resources Power [1] - Guangdong's long-term electricity price for 2026 has been set at 372.14 cents per kilowatt-hour, a decrease of 19.72 cents year-on-year, approaching the lower limit of the benchmark price [1] - Jiangsu's centralized bidding average price for January 2026 is 324.71 yuan per megawatt-hour, reflecting a 17% drop from the benchmark price [1] Group 2 - The announcement of Guangdong's long-term electricity price signifies the realization of previously pessimistic market expectations, marking the beginning of a new round of national electricity price negotiations [1] - The National Energy Administration reported that the total electricity consumption in November 2025 reached 835.6 billion kilowatt-hours, a year-on-year increase of 6.2% [1] - In November, the power generation volume was 779.2 billion kilowatt-hours, with a year-on-year growth of 2.7%, and the daily average power generation was 25.97 billion kilowatt-hours [1] - The generation volumes for thermal, hydro, wind, and nuclear power were 496.95 billion, 96.68 billion, 104.55 billion, and 39.81 billion kilowatt-hours respectively, with year-on-year changes of -4.20%, +17.10%, +22.00%, and +4.70% [1]

Investment Rating - The industry is rated as "Maintain Buy" [3] Core Insights - The new long-term electricity trading regulations, revised for the first time in five years, aim to promote market pricing and the entry of new entities. The National Development and Reform Commission and the National Energy Administration have issued the "Basic Rules for Long-term Electricity Market," with local implementation details required by March 1, 2026. Long-term trading volume accounted for 95.9% of total market trading volume in the first three quarters of 2025, indicating the importance of this regulation in adapting to the full market entry of renewable energy and establishing a unified national electricity market [2][14] - The new regulations are expected to enhance revenue certainty for thermal and renewable energy companies. They allow for flexible pricing mechanisms linked to monthly coal price indices and spot market averages, reducing the impact of coal price fluctuations on thermal power profits. Green electricity trading is now integrated as a primary trading category, with clear pricing structures established [2][14] - The regulations expand the scope of trading participants to include new entities like virtual power plants and independent storage, defining their rights and obligations. They also eliminate the previously mandated time-of-use pricing for direct market participants, allowing for a more market-driven pricing mechanism [2][15] Summary by Sections Industry Overview - The electricity market is undergoing significant regulatory changes aimed at enhancing market efficiency and stability. The new rules are designed to accommodate the increasing integration of renewable energy sources and to create a more flexible and responsive pricing environment [2][14] Market Performance - The Shanghai Composite Index closed at 3963.68 points, up 1.88%, while the CSI 300 Index closed at 4657.24 points, up 1.95%. The CITIC Power and Utilities Index closed at 3115.63 points, up 0.67%, underperforming the CSI 300 Index by 1.28 percentage points [62][63] Key Trading Data - In Jiangsu, the average price for centralized bidding in January 2026 was 324.71 yuan per megawatt-hour, down 19.9% year-on-year and 17% below the coal power benchmark price of 391 yuan per megawatt-hour. The total transaction volume was 60.92 billion kilowatt-hours, a decrease of 7.1% from January of the previous year [7][15][16] - In Guangdong, the average transaction price for 2026 was 372.14 cents per kilowatt-hour, reflecting a 5% decrease from the previous year and a 17.8% drop from the coal benchmark price of 453 cents per kilowatt-hour. The total transaction volume increased by 5.4% to 3594.37 billion kilowatt-hours [11][15]

为了保障冬季进口能源供应链稳定，鲅鱼圈海关制定"一船一策"监管方案，实施进口货物"一站式"查 验；依托科技手段，不断创新优化进口煤炭检测流程，压缩实验室检测周期，实现进口煤炭"随到随 检、快检快放"，为冬季能源保供提供了有力支持。 前不久，在大连海关所属鲅鱼圈海关监管下，华能国际电力股份有限公司申报进口的7.07万吨进口煤炭 快速通关放行，尽享这一便利。 本报讯 记者佟利德报道 寒潮天气频频来袭，进口煤炭迅速通关到企迫在眉睫。为此，大连海关所属鲅 鱼圈海关开通了通关"绿色通道"，煤炭抵港后第一时间办理手续，迅速放行。 ...

Investment Rating - The investment rating for the industry is "Positive" and is maintained [9]. Core Insights - The average transaction price for Guangdong Province in 2026 is projected to be 372.14 RMB/MWh, reaching the lower limit of the medium to long-term trading price, which represents a year-on-year decrease of 19.72 RMB/MWh. If the impact of the coal power capacity price increase in 2026 is considered, the comprehensive average electricity price will remain roughly the same as in 2025 [2][13]. - The total transaction volume for Guangdong Province in 2026 is expected to reach 359.437 billion kWh, reflecting a year-on-year growth of 5.38% [6][13]. - The Southern Energy Regulatory Bureau has emphasized the prohibition of signing "yin-yang contracts" and will strictly investigate violations in medium to long-term electricity trading. This indicates a focus on maintaining market order and rational trading [2][13]. - The report suggests that if electricity prices experience irrational declines, a new round of mechanism reforms may be initiated. The publication of the long-term electricity price in Guangdong marks the beginning of a new phase in the national electricity price negotiations [13]. Summary by Sections Section: Price Trends - The long-term electricity price has reached its lower limit, indicating potential volatility in prices if not constrained. The regulatory body has issued guidelines to ensure compliance and market stability [2][13]. - The coal power capacity price is set to increase from 100 RMB/year·kW to 165 RMB/year·kW in 2026, which, combined with a decrease in coal power utilization hours, will affect the average price for coal power units, keeping it stable compared to 2025 [2][13]. Section: Market Dynamics - The report highlights that the supply-demand relationship is becoming more relaxed, with an increase in new coal power installations, which may exert downward pressure on electricity prices. The dual-track pricing system of medium to long-term and spot markets is also contributing to this dynamic [13]. - The report recommends focusing on quality coal power operators such as Huaneng International, Datang Power, and others, as well as hydropower companies like Yangtze Power and Guotou Power, and new energy firms like Longyuan Power and China Nuclear Power [13].

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。 中國‧北京 2025年12月23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） 張羨崇 （獨 立 非 執 行 董 事） 北京市海间律师事务所关于华能国际电力股份有限公司 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 ...

董事名單與其角色和職能 李來龍 高國勤 丁旭春 王劍鋒 寇堯洲 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 杜大明 周 奕 黨 英 張羨崇 – 1 – 獨立非執行董事 夏 清 賀 強 張麗英 張守文 李 進 曹 欣 中國‧北京 2025年12月24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 ...

2025年第二次臨時股東會決議 及 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。 董事會 成員變動 董事會欣然宣佈提呈至本公司於2025年12月23日召開的臨時股東會 上 的 所 有 決 議 案 均 已 獲 通 過。 茲提述(1)華 能 國 際 電 力 股 份 有 限 公 司（「本公司」或「公 司」）日 期 為2025年 11月28日 的 通 函（「通 函」）；(2)本公司日期為2025年11月28日 的2025年 第 二 次 臨 時 股 東 會（「臨時股東會」或「會 議」）通 知（「通 知」）。除另有界定者外， 本 公 告 所 用 詞 彙 與 通 函 及 通 知 所 界 定 者 具 有 相 同 涵 義。 本 公 司 董 事（「董 事」）會（「董事會」）欣 然 宣 佈，會 議 已 於2025年12月23日 在 中國北京市西城區復興門內大街6號華能大廈公司本部A102會 議 室 舉 ...