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].

Core Insights - The report indicates that mainstream thermal power operators have significantly increased profits in the first three quarters of 2025, primarily benefiting from the decline in coal prices and effective cost control by some companies [1][3]. Group 1: Green Energy Performance - In Q3 2025, except for Xintian Green Energy, Jinko Technology, and Yinxing Energy, the net profits of other companies in the green energy sector declined, with the profit increases for Xintian Green Energy and Jinko Technology attributed to unexpected cost reductions and improved investment returns [2]. - The decline in profitability for new energy companies is mainly due to reduced utilization hours and falling electricity prices, with wind power generation dropping by 12.1% for Longyuan Power and 21.3% for Xintian Green Energy in October [2]. - Despite the profit declines, the operating cash flow for green energy companies improved significantly due to a substantial increase in subsidy payments received [2]. Group 2: Thermal and Hydropower Performance - Mainstream thermal power operators saw a notable increase in profits in the first three quarters, benefiting from a decrease in coal prices, with the average spot price of Qinhuangdao down by 191 yuan/ton [3]. - Although thermal power operators face revenue pressure due to declining electricity volume and prices, the reduction in coal prices and other costs has contributed to profit growth [3][4]. - Hydropower performance varied due to water supply conditions, with overall profits remaining stable, similar to thermal power, as financial cost reductions continued to enhance profits [4]. Group 3: Nuclear Power Performance - In Q3 2025, nuclear power companies experienced a decline in net profits, with China Nuclear Power's profits dropping significantly due to the drag from its new energy segment [5]. - The decline in electricity prices is a common challenge for nuclear power companies, with China Guangdong Nuclear Power managing to offset some impacts through cost reductions and increased other income [5]. - Recommendations include focusing on quality hydropower companies and undervalued wind power firms, as well as strong leaders capable of navigating through cycles [5].

Core Viewpoint - The 2025 Offshore Wind Power Modern Industrial Chain Collaborative Action Conference was held in Dalian, focusing on high-quality development of China's offshore wind power industry chain [1] Group 1: Conference Highlights - The conference was co-hosted by China Three Gorges Corporation, China Industrial Economic Federation, and Dalian Municipal Government [1] - The theme of the conference was "Sailing in Blue Oceans, Empowering Integration, and Building a New Chapter for High-Quality Development of China's Offshore Wind Power Industry Chain" [1] - The Offshore Wind Power Modern Industrial Chain Alliance was announced, aiming to address common challenges such as technical bottlenecks and supply chain risks through joint research and standard formulation [1] Group 2: Strategic Collaborations - Dalian City and China Three Gorges Corporation signed a strategic cooperation agreement [1] - A total of 26 enterprises and research institutions, including China Three Gorges Research Institute, China Three Gorges Energy, Dalian University of Technology, and Dongfang Electric, signed cooperation agreements regarding the offshore wind power modern industrial chain [1] - China Three Gorges Corporation also signed cooperation agreements with 18 specialized enterprises in the industry chain [1] Group 3: Industry Development Strategy - In recent years, China Three Gorges Corporation has implemented a leading strategy in offshore wind power, focusing on scale development to enhance industry leadership, technological breakthroughs to boost innovation, and integrated development to increase industry driving force [1] - The corporation aims to lead and drive upstream and downstream enterprises to build new mechanisms, establish new foundations, share new achievements, create new ecosystems, and seek new development [1]

Major Events - LeShuShi (02698) received a subscription rate of 1813.77 times for its public offering in Hong Kong, with an expected listing date of November 10 [1] - Zhongwei New Materials (02579) is in the process of an IPO from November 7 to November 12, with an expected listing on November 17 [1] - Baili Tianheng (02615) is also conducting an IPO from November 7 to November 12, with a listing expected on November 17 [1] - Haohai Biological Technology (06826) plans to acquire the remaining 20% stake in Shenzhen New Industry Ophthalmic Technology Co., Ltd. for 74 million yuan [1] - Weili Zhibo-B (09887) has been included in the MSCI Global Small Cap Index [1] - Heng Rui Medicine (01276) has received clinical trial approval notifications for HRS-2430 injection and SHR-4610 injection [1] Financial Data - Fuzhikang Group (02038) anticipates a year-on-year revenue growth of approximately 15% and significant improvement in financial performance [1] - Boya Interactive (00434) expects a year-on-year increase of approximately 105% to 115% in profit attributable to owners for the first nine months [1] - Longfor Group (00960) reported a total contract sales amount of 55.75 billion yuan for the first ten months [1] - Longyuan Power (00916) completed a total power generation of 62.1519 million megawatt-hours in the first ten months, representing a year-on-year decrease of 0.94% [1]

Core Points - The company reported a total power generation of 5,605,173 MWh in October 2025, representing a year-on-year decrease of 4.95% compared to October 2024 [1] - Wind power generation decreased by 12.14% year-on-year, while solar power generation increased by 52.86% in October 2025 [1] - Cumulatively, the company achieved a total power generation of 62,151,880 MWh from January to October 2025, which is a 0.94% decrease compared to the same period in 2024. Excluding the impact of thermal power, there was an 11.82% year-on-year increase, with wind power up by 3.44% and solar power up by 75.45% [1] Monthly Power Generation Details - The company no longer holds thermal power generation capacity since October 2024 [1] - The reported figures are rounded, which may lead to discrepancies in totals due to integer adjustments [1]

Core Viewpoint - Longyuan Power (00916) announced a projected decrease in power generation for October 2025, with a total of 5.6052 million MWh, representing a year-on-year decline of 4.95% compared to the same period in 2024 [1] Group 1: Power Generation Performance - In October 2025, the company's cumulative power generation reached 62.1519 million MWh, a year-on-year decrease of 0.94% compared to 2024 [1] - Excluding the impact of thermal power, the year-on-year growth in power generation was 11.82%, with wind power increasing by 3.44% and solar power surging by 75.45% [1] Group 2: Monthly Performance - The wind power generation for the month saw a year-on-year decline of 12.14% [1] - In contrast, solar power generation experienced a significant year-on-year increase of 52.86% [1]

Core Insights - Longyuan Power (001289)(00916) announced that it completed a total power generation of 5.6052 million MWh in October 2025, representing a year-on-year decrease of 4.95% compared to the same period in 2024 [1] - The company's wind power generation decreased by 12.14% year-on-year this month, while solar power generation increased by 52.86% [1] - As of October 31, 2025, the cumulative power generation reached 62.1519 million MWh, a year-on-year decline of 0.94% compared to 2024, but excluding the impact of thermal power, there was an increase of 11.82%, with wind power up by 3.44% and solar power up by 75.45% [1]

Core Insights - Longyuan Power Group Co., Ltd. reported a total electricity generation of 5,605,173 MWh for October 2025, representing a year-on-year decrease of 4.95% compared to the same month in 2024 [1] - The company's wind power generation saw a year-on-year decline of 12.14%, while solar power generation increased by 52.86% [1] - Cumulatively, as of October 31, 2025, the company achieved a total electricity generation of 62,151,880 MWh, which is a 0.94% decrease compared to the same period in 2024. Excluding the impact of thermal power, there was an 11.82% year-on-year increase, with wind power growing by 3.44% and solar power by 75.45% [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份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。 截 至2025年10月31日，本 公 司2025年累計完成發電量62,151,880兆 瓦 時， 較2024年同期同比下降0.94%，剔除火電影響同比增長11.82%，其 中 風 電 同 比 增 長3.44%，光 伏 同 比 增 長75.45%。 – 1 – 2025年10月 本 集 團 發 電 量 詳 情 如 下： 業務板塊及地區分佈 2025年10月 發電量 2024年10月 發電量 10月同比 變化率 2025年 累計發電量 2024年 累計發電量 年累計發 電 量 同比變化率 （兆 瓦 時） （兆 瓦 時） (%) （兆 瓦 時） （兆 瓦 時） (%) 風電業務 4,607,716 5,244,503 -12.14 50,795,660 49,106,039 3.44 其 中：黑 龍 江 225,430 317,815 -29 ...