[Table_Page] 跟踪分析|公用事业 证券研究报告 [Table_Title] 公用事业行业深度跟踪 火电业绩表现出色，容量电价稳定盈利 [Table_Summary] 核心观点： | [Table_Grade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2026-02-08 | [Table_PicQuote] 相对市场表现 -10% -3% 4% 10% 17% 24% 02/25 04/25 07/25 09/25 11/25 02/26 公用事业 沪深300 | [分析师： Table_Author]郭鹏 | | --- | | SAC 执证号：S0260514030003 | | SFC CE No. BNX688 | | 021-38003655 | | guopeng@gf.com.cn | | 分析师： 郝兆升 | | SAC 执证号：S0260524070001 | | 0755-82557403 | | haozhaosheng@gf.com.cn | | 请注意，郝兆升并非香港证券及期货事务监察委员会的注 | | DocRe ...

每经AI快讯，2月6日，华电国际公告，本次上市流通的限售股总数为7.05亿股，上市流通日期为2026年 2月24日。 每经AI快讯，2月6日，华电国际公告，本次上市流通的限售股总数为7.05亿股，上市流通日期为2026年 2月24日。 ...

华泰联合证券有限责任公司 关于华电国际电力股份有限公司发行股份及支付现金购买资产 并募集配套资金暨关联交易 之部分限售股上市流通的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券"或"独立财务顾问"）作 为华电国际电力股份有限公司（以下简称"华电国际"、"上市公司"或"公司"）发 行股份及支付现金购买资产并募集配套资金暨关联交易（以下简称"本次重组"、"本 次交易"）的独立财务顾问。根据《上市公司重大资产重组管理办法》《上市公司并购 重组财务顾问业务管理办法》等有关法律、法规和规范性文件的规定，华泰联合证券就 华电国际本次部分限售股解禁并上市流通事项进行了专项核查，具体情况如下： 一、本次限售股上市类型 本次限售股上市类型为华电国际发行股份及支付现金购买资产并募集配套资金暨 关联交易中向特定对象发行股份募集配套资金的限售股，具体如下： （一）向特定对象发行股份注册情况 2025 年 5 月 16 日，华电国际收到中国证券监督管理委员会出具的《关于同意华电 国际电力股份有限公司发行股份购买资产并募集配套资金注册的批复》（证监许可〔2025〕 1033 号），同意华电国际发行股份募集配套资金不超过 34 ...

中国银河证券股份有限公司 关于华电国际电力股份有限公司发行股份及支付现金购买资产 并募集配套资金暨关联交易 之部分限售股上市流通的核查意见 中国银河证券股份有限公司（以下简称"中国银河证券"或"独立财务顾问"）作 为华电国际电力股份有限公司（以下简称"华电国际"、"上市公司"或"公司"）发 行股份及支付现金购买资产并募集配套资金暨关联交易（以下简称"本次重组"、"本 次交易"）的独立财务顾问。根据《上市公司重大资产重组管理办法》《上市公司并购 重组财务顾问业务管理办法》等有关法律、法规和规范性文件的规定，中国银河证券就 华电国际本次部分限售股解禁并上市流通事项进行了专项核查，具体情况如下： 一、本次限售股上市类型 本次限售股上市类型为华电国际发行股份及支付现金购买资产并募集配套资金暨 关联交易中向特定对象发行股份募集配套资金的限售股，具体如下： （一）向特定对象发行股份注册情况 2025 年 5 月 16 日，华电国际收到中国证券监督管理委员会出具的《关于同意华电 国际电力股份有限公司发行股份购买资产并募集配套资金注册的批复》（证监许可〔2025〕 1033 号），同意华电国际发行股份募集配套资金不超过 34 ...

证券代码：600027 证券简称：华电国际 公告编号：2026-002 华电国际电力股份有限公司 关于发行股份及支付现金购买资产并募集配套 资金暨关联交易之部分限售股上市流通公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 一、本次限售股上市类型 本次限售股上市类型为华电国际电力股份有限公司（以下简称"本公司"）发行股 份及支付现金购买资产并募集配套资金暨关联交易中向特定对象发行股份募集配套资 金的限售股，具体如下： （一）向特定对象发行股份注册情况 2025 年 5 月 16 日，本公司收到中国证券监督管理委员会出具的《关于同意华电国 际电力股份有限公司发行股份购买资产并募集配套资金注册的批复》（证监许可〔2025〕 1033 号），同意本公司发行股份募集配套资金不超过 342,800 万元。 （二）本次限售股股份登记时间 本次向特定对象发行股票新增股份 705,349,794 股。根据中国证券登记结算有限责 任公司上海分公司于 2025 年 8 月 22 日出具的《证券变更登记证明》，本次发行股份募 ...

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。 華電國際電力股份有限公司 Huadian Power International Corporation Limited* （在中華人民共和國（「中國」）註冊成立之中外合資股份有限公司） （股份代碼：1071） 海外監管公告 本公告乃華電國際電力股份有限公司（「本公司」）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。 茲載列本公司在上海證券交易所網站刊登之《關於發行股份及支付現金購買資產並募集 配套資金暨關聯交易之部分限售股上市流通公告》《華泰聯合證券有限責任公司關於華 電國際電力股份有限公司發行股份及支付現金購買資產並募集配套資金暨關聯交易之 部分限售股上市流通的核查意見》《中國銀河證券股份有限公司關於華電國際電力股份 有限公司發行股份及支付現金購買資產並募集配套資金暨關聯交易之部分限售股上市 流通的核查意見》，僅供參閱。 承董事會命 華電國際電力股份有限公司 秦介海 董事會 ...

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].

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: 華電國際電力股份有限公司 呈交日期: 2026年2月2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) | 01071 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,717,233,600 | RMB | | 1 | RMB | | 1,717,233,600 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 1,717,233,600 | RMB | | 1 | RMB | | 1,717,233,600 | ...

Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating a favorable investment environment due to policy improvements and market dynamics [1]. Core Insights - The report highlights the recent improvements in the capacity pricing mechanism for power generation, which aims to stabilize revenue and enhance the profitability of various power sources [6][10]. - It notes a slight increase in natural gas consumption in 2025, with a projected growth of 0.1% year-on-year, indicating a stable demand outlook for the gas sector [32]. Summary by Sections 1. Power Sector: Capacity Pricing Mechanism Improvement - The National Development and Reform Commission and the National Energy Administration have issued a notification to enhance the capacity pricing mechanism for power generation, addressing mismatches in supply and demand within the new energy system [6]. - The new mechanism introduces differentiated pricing for various types of regulatory power sources, ensuring that their capacity value is adequately compensated [7]. - A unified compensation standard for peak capacity across different power sources is established, promoting rational investment and resource allocation in the power sector [8][10]. 2. Gas Sector: Continued Growth in Natural Gas Consumption - Natural gas consumption in China is expected to reach 385.7 billion cubic meters by December 2025, reflecting a year-on-year increase of 1.9% [32]. - The report emphasizes the impact of cold weather on gas prices, with global prices remaining high, particularly in the U.S. and Europe, which supports the profitability of gas companies [13][19]. - The report suggests that the gas sector will benefit from a combination of lower costs and improved demand, particularly for city gas companies, with recommendations for several key players in the market [34]. 3. Weekly Market Review - The report notes that the public utility, power, gas, and environmental sectors underperformed relative to the Shanghai and Shenzhen 300 index during the week of January 24 to January 30, 2026 [36]. 4. Company and Industry Dynamics - As of the end of 2025, the total installed power generation capacity in China reached 3.89 billion kilowatts, a year-on-year increase of 16.1%, with significant growth in solar and wind power installations [43]. - The report includes various company announcements, highlighting performance forecasts and operational updates from key players in the energy sector [44].

Group 1 - The core viewpoint of the article indicates a significant decline in power stocks, with Huaneng International (00902) down 5.26% to HKD 5.4, China Resources Power (00836) down 3.48% to HKD 17.18, and Huadian International (01071) down 2.91% to HKD 4.01 [1][1][1] Group 2 - On January 30, the National Development and Reform Commission and the National Energy Administration jointly issued a notice to improve the capacity pricing mechanism for power generation, which includes optimizing the electricity market mechanism [1] - According to CITIC Securities, the notice clarifies that after the improvement of the coal power capacity pricing mechanism, local areas can adjust the lower limit of medium- and long-term market trading prices for coal power based on supply and demand and the variable costs of all participating units [1] - The notice encourages flexible pricing mechanisms between supply and demand parties, which may lead to a further decline in the price center of electricity in some provinces [1]