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之任何損失承擔 任 何 責 任。 00991 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第 13.10B 條 而 作 出。 茲 載 列 大 唐 國 際 發 電 股 份 有 限 公 司（「本公司」）在 上 海 證 券 交 易 所 網 站 ( http://www.sse.com.cn ) 刊 登 的《大 唐 國 際 發 電 股 份 有 限 公 司 關 於 中 期 票 據 發 行 的 公 告》，僅 供 參 閱。 承董事會命 孫延文 聯席公司秘書 中 國，北 京，2026 年 2 月 5 日 於 本 公 告 日，本 公 司 董 事 為： 李霄飛、蔣建華、龐曉晉、馬繼憲、朱梅、王劍峰、趙獻國、李忠猛、韓放、金生祥、 宗文龍 *、趙 毅 *、尤 勇 *、潘 坤 華 *、謝 秋 野 *。 * 獨立非執行董事 证券代码：601991 证券简称：大唐发 ...

特别提示 证券代码：601991 证券简称：大唐发电 公告编号：2026-006 大唐国际发电股份有限公司 关于中期票据发行的公告 公司于近日完成了"大唐国际发电股份有限公司 2026 年度第二期中期票据 （能源保供特别债）"（"本期中期票据"）的发行。本期中期票据的发行额为 人民币30亿元，期限为2+N年，单位面值为人民币 100元，发行票面利率为1.89%， 起息日为 2026 年 2 月 5 日。 本期中期票据由中国国际金融股份有限公司作为主承销商及簿记管理人，中 信证券股份有限公司、中国邮政储蓄银行股份有限公司作为联席主承销商，募集 资金全部用于偿还债务。 特此公告。 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。 大唐国际发电股份有限公司("公司")于 2025 年 12 月 30 日召开的 2025 年 第三次临时股东会通过决议，同意公司 2026 年开展境内外权益融资及债务融资 合计不超过人民币 900 亿元。 2025 年 10 月 22 日，公司收到中国银行间市场交易商协会的《接受注册通 知书》（中市协 ...

本期中期票据由中国国际金融股份有限公司作为主承销商及簿记管理人，中信证券股份有限公司、中国 邮政储蓄银行股份有限公司作为联席主承销商，募集资金全部用于偿还债务。 格隆汇2月5日丨大唐发电(601991.SH)公布，公司于近日完成了"大唐国际发电股份有限公司2026年度第 二期中期票据（能源保供特别债）"（"本期中期票据"）的发行。本期中期票据的发行额为人民币30亿 元，期限为2+N年，单位面值为人民币100元，发行票面利率为1.89%，起息日为2026年2月5日。 ...

整体来看，四季度公司电量基本平稳、电价延续同比回落，预计四季度及全年公司主业营收延续小幅承 压。 燃料成本延续改善，全年业绩表现优异。成本方面，四季度煤炭价格有所回暖，但同比仍保持一定降 幅，四季度秦港Q5500 大卡煤价中枢765.44 元/吨，同比降低57.15 元/吨，燃料成本的优化将为公司火 电经营提供有力支撑，但整体来看四季度煤价降幅环比收窄118.47 元/吨，公司四季度燃料成本改善幅 度预计也将有所收窄。整体来看，在燃料成本仍保持同比回落的带动下，四季度公司主业经营延续改善 趋势，同时考虑前三季度公司业绩的优异表现，全年业绩保持高速增长，公司预计2025 年实现归母净 利润68 亿元到78亿元，同比增加51%到73%；据此计算，四季度公司预计实现归母净利润0.88 亿元到 10.88 亿元，同比增加14%到1317%。 装机规模有序扩张，保障长期成长空间。2025 年公司新增装机容量712.59 万千瓦，截至2025 年底公司 装机容量达到8619.21 万千瓦，同比增加9.01%；新增装机中包括火电煤机196 万千瓦、火电燃机284.66 万千瓦、风电113.82 万千瓦、光伏118.11 万 ...

丨证券研究报告丨 张韦华 司旗 宋尚骞 刘亚辉 张子淳 [Table_scodeMsg1] 公司研究丨点评报告丨大唐发电（601991.SH） [Table_Title] 单季经营延续改善，全年业绩弹性释放 报告要点 [Table_Summary] 2025 年公司实现上网电量 2731.09 亿千瓦时，同比增长 1.41%，其中第四季度公司完成上网 电量 668.68 亿千瓦时，同比微降 0.50%。电价方面，2025 年公司平均上网电价约为 0.435 元 /千瓦时，同比降低约 0.017 元/千瓦时。在燃料成本仍同比改善的带动下，四季度公司主业经营 延续改善趋势，公司预计 2025 年实现归母净利润 68 亿元到 78 亿元，同比增加 51%到 73%； 四季度公司预计实现归母净利润 0.88 亿元到 10.88 亿元，同比增加 14%到 1317%。 分析师及联系人 [Table_Author] SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SAC：S0490523080003 SFC：BQT627 请阅读最后评级说明和重要声明 %% ...

公司点评 · 公用事业行业 煤价下行推动盈利提升,装机清洁化持续 大唐发电 2025年业绩预告点评 2026年02月03日 核心观点 | 主要财务指标预测 | | --- | | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入(百万元) | 123,474 | 120,736 | 125,337 | 126,754 | | 收入增长率 | 0.9% | -2.2% | 3.8% | 1.1% | | 归母净利润(百万元) | 4,506 | 7,267 | 7,452 | 7,601 | | 利润增长率 | 229.7% | 61.3% | 2.5% | 2.0% | | 分红率 | 25.5% | -32.0% | 1.2% | -1.8% | | 毛利率 | 14.9% | 18.8% | 18.4% | 18.4% | | 摊薄 EPS(元) | 0.24 | 0.39 | 0.40 | 0.41 | | PE | 15.52 | 9.63 | 9.39 | 9.20 | | PB | 0.91 | 0.8 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 大唐國際發電股份有限公司 呈交日期: 2026年2月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00991 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 6,110,621,398 | RMB | | 1 RMB | | 6,110,621,398 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 6,110,621,398 | RMB | | 1 RMB | | 6,110,621,398 | II. 已發行股份及/或庫存股份變動及 ...

Investment Rating - The report provides a positive outlook on the electricity and natural gas sectors, highlighting stable revenue mechanisms and growth potential in consumption and pricing [1][10]. Core Insights - The report emphasizes the importance of a refined capacity pricing mechanism for electricity generation, which aims to stabilize revenue and ensure fair compensation for various power sources [4][6]. - It notes that natural gas consumption is expected to grow, supported by favorable weather conditions and improved economic indicators, despite short-term price fluctuations [10][29]. Summary by Sections 1. Electricity: Improved Capacity Pricing Mechanism - The National Development and Reform Commission and the National Energy Administration have issued a notification to enhance the capacity pricing mechanism for electricity generation, addressing mismatches in supply and demand within the new power system [4]. - The new mechanism aims to ensure that different types of power generation, including coal, gas, and new energy sources, receive fair compensation based on their peak supply capabilities [6][7]. - The report highlights that the refined pricing structure will lead to more predictable revenue for power generation companies, reducing volatility in earnings [7]. 2. Natural Gas: Continued Growth in Consumption - The report indicates that the apparent consumption of natural gas in China is projected to grow by 0.1% in 2025, with December consumption reaching 38.57 billion cubic meters, a year-on-year increase of 1.9% [29]. - It notes that the recent cold weather has supported high natural gas prices, with the U.S. Henry Hub spot price at $7.18/mmBtu, while European prices remain elevated due to low inventory levels and geopolitical tensions [10][12]. - The report suggests that the natural gas sector will benefit from a combination of lower costs and improved pricing mechanisms, leading to a recovery in profitability for city gas companies [31]. 3. Investment Recommendations - For coal-fired power, companies like Guodian Power and Inner Mongolia Huadian are recommended due to their stable revenue sources [8]. - Hydropower companies such as Yangtze Power and State Power Investment Corporation are highlighted for their potential to improve profit margins through reduced capital expenditures [8]. - In the nuclear sector, China National Nuclear Power and China General Nuclear Power are suggested for their growth potential as new units are approved [8]. - The report also recommends focusing on integrated natural gas companies like ENN Energy and China Gas Holdings, which are expected to benefit from lower costs and increased sales [31].

Market Performance - The Hong Kong stock market experienced a decline, with the Hang Seng Index falling by 2.23% to 26,775.57 points, and the Hang Seng Tech Index dropping by 3.36% to 5,526.31 points [1] - Major technology stocks saw significant losses, including Alibaba down 3.49%, Tencent down 1.24%, and JD.com down 1.69% [1] - Gold and silver prices fell sharply, with Shandong Gold and Chifeng Gold both dropping over 12% [1] Company Earnings Forecasts - Haiprime (09989.HK) expects a net profit of 284 million to 377 million yuan for 2025, a decrease of 41.71% to 56.09% year-on-year [2] - Datang Power (00991.HK) anticipates a net profit of approximately 6.8 billion to 7.8 billion yuan for 2025, an increase of about 51% to 73% year-on-year [6] - Longhua Automobile (02333.HK) projects total revenue of 222.79 billion yuan for 2025, a year-on-year growth of 10.19% [4] - CICC (03908.HK) forecasts a net profit of 8.542 billion to 10.535 billion yuan for 2025, an increase of 50% to 85% year-on-year [5] Company Warnings - Kaisa New Energy (01108.HK) issued a profit warning, expecting a net loss increase of approximately 90.07 million to 290 million yuan for 2025 [7] - Xinyi Alloy (00505.HK) also issued a profit warning, anticipating a 50% decrease in profit attributable to equity shareholders for 2025 [8] - Fudan Zhangjiang (01349.HK) expects a net loss of approximately 120 million to 180 million yuan for 2025 [9] Strategic Developments - Innovation Intelligence (02121.HK) signed a strategic cooperation agreement with Shanghai Jiao Tong University Hainan Research Institute [11] - Zhonghui Biotech-B (02627.HK) received approval from the National Medical Products Administration for its trivalent influenza virus subunit vaccine [12]

Investment Rating - The report suggests a positive outlook for the utility sector, particularly for coal-fired power operators, with a recommendation to focus on quality transformation operators such as Huaneng International, Datang Power, Guodian Power, Huadian International, China Power, China Resources Power, and Funiu Co., Ltd. [7] Core Insights - The report highlights the importance of the capacity compensation mechanism in addressing the long-standing issue of fixed cost recovery in the coal-fired power sector. The implementation of a reliable capacity compensation mechanism is expected to resolve the dual pricing system between long-term contracts and spot market prices, leading to a more balanced electricity market. [2][5][7] - The report anticipates that by 2026, the national capacity supply-demand ratio will reach 84%-96%, with capacity prices ranging from 276 to 316 RMB/year·kW. This is expected to alleviate the downward pressure on long-term contract prices significantly. [7] - The report emphasizes that the introduction of the capacity compensation mechanism will decouple the fixed cost recovery from long-term contract pricing, thus allowing coal-fired power to return to being a public utility. [7] Summary by Sections Introduction - The report discusses the recent announcement by the National Development and Reform Commission regarding the improvement of the capacity price mechanism, which aims to unify various types of regulatory power sources under a new reform initiative. [18] Importance of Capacity Compensation Mechanism - The capacity price is designed to compensate for fixed costs associated with power plants, which include capital costs, fixed operating and maintenance costs, and taxes. This mechanism is crucial for ensuring that power companies can recover their fixed costs effectively. [21][22] International Examples and Domestic Innovations - The report references the PJM capacity market mechanism in the U.S. and the innovative capacity compensation mechanism trialed in Gansu Province, which aims to achieve near-full recovery of fixed costs. [6] Breaking the Profitability Dilemma - The report concludes that if the reliable capacity compensation mechanism is implemented nationwide, it will significantly reduce the profitability challenges faced by coal-fired power plants under the current dual pricing system. [7]