Company News - China Mobile (00941.HK) reported a total operating revenue of 794.7 billion yuan for the first three quarters, a year-on-year increase of 0.4%, with a net profit of 115.4 billion yuan, up 4% [1] - As of September 30, communication service revenue was 683.1 billion yuan, a 0.8% increase year-on-year, while sales of products and others were 111.5 billion yuan, a decrease of 1.7% [1] - Mobile internet traffic increased by 8.3% year-on-year, with a mobile ARPU of 48.0 yuan [1] - Contemporary Amperex Technology Co., Ltd. (宁德时代) (03750.HK) achieved revenue of approximately 283.07 billion yuan from January to September, a year-on-year increase of 9.28%, with a net profit of approximately 49.03 billion yuan, up 36.2% [1] Financing and Buyback Dynamics - HSBC Holdings (00005.HK) repurchased 4.64 billion HKD worth of shares, totaling 4.5664 million shares, at prices ranging from 100.6 to 102.4 HKD [6] - Mengniu Dairy (02319.HK) repurchased shares worth 10.14 million HKD, totaling 700,000 shares, at prices between 14.37 and 14.52 HKD [6] - Lianyi Technology (09959.HK) repurchased shares worth 743.93 million HKD, totaling 2.45 million shares, at prices ranging from 2.97 to 3.07 HKD [7]

Core Viewpoint - Huadian International Power Co., Ltd. reported a decline in electricity generation and grid-connected electricity for the first three quarters of 2025, primarily due to the increasing installed capacity of renewable energy and reduced utilization hours of coal-fired units [1] Group 1: Financial Performance - As of September 30, 2025, the cumulative electricity generation was 201.33 million megawatt-hours, representing a decrease of approximately 5.87% compared to the adjusted figures from the previous year [1] - The total grid-connected electricity was 189.24 million megawatt-hours, showing a decline of about 5.94% from the adjusted figures of the same period last year [1] - The average grid-connected electricity price for the first three quarters of 2025 was approximately RMB 509.55 per megawatt-hour, which is a decrease of around 2.76% compared to the adjusted figures from the previous year [1] Group 2: Industry Trends - The primary reason for the decline in electricity generation and grid-connected electricity is the continuous increase in renewable energy installed capacity, leading to a reduction in the utilization hours of coal-fired power units [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，幷明確表示，概不對因本公告全部或任何部份內容而産生或因倚賴該等 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 二零二五年前三季度發電量及上網電價公告 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。 截至二零二五年九月三十日，華電國際電力股份有限公司（以下簡稱「本公司」）及其附属公司（以 下簡稱「本集團」）按照中國會計準則財務報告合併口徑計算的二零二五年前三季度累計完成發電 量 201.33 百萬兆瓦時，比追溯調整後的上年同期數據下降約 5.87%；完成上網電量 189.24 百萬兆 瓦時，比追溯调整后的上年同期数据下降约 5.94%。二零二五年前三季度發電量及上網電量下降的 主要原因是新能源裝機容量持續增加，煤電機組利用小時數下降。經初步核算，二零二五年前三 ...

Core Viewpoint - Huadian International (600027.SH) reported a decline in electricity generation and grid-connected electricity volume for the first three quarters of 2025, primarily due to the increasing installed capacity of renewable energy and reduced utilization hours of coal-fired units [1] Financial Performance - As of September 30, 2025, the cumulative electricity generation reached 201.329 billion kWh, a decrease of approximately 5.87% compared to the adjusted figures from the previous year [1] - The grid-connected electricity volume was 189.243 billion kWh, reflecting a decline of about 5.94% from the adjusted figures of the previous year [1] - The average grid-connected electricity price for the first three quarters of 2025 was approximately RMB 509.55 per MWh, down about 2.76% from the adjusted figures of the previous year [1]

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法律责任。 截至 2025 年 9 月 30 日，华电国际电力股份有限公司（以下简称"本公司"）及其 子公司（以下简称"本集团"）按照中国会计准则财务报告合并口径计算的 2025 年前 三季度累计完成发电量 2,013.29 亿千瓦时，比追溯调整后的上年同期数据下降约 5.87%； 完成上网电量 1,892.43 亿千瓦时，比追溯调整后的上年同期数据下降约 5.94%。2025 年 前三季度发电量及上网电量下降的主要原因是新能源装机容量持续增加，煤电机组利用 小时数下降。经初步核算，2025 年前三季度，本集团的平均上网电价约为人民币 509.55 元/兆瓦时，比追溯调整后的上年同期数据下降约 2.76%。 | 类型 | 发电厂/公司名称 | 2025 年 7-9 月 | 2025 年 7-9 月 | 2025 年 1-9 | 月 | 2025 年 1-9 | 月 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 发电量 （亿 ...

Core Viewpoint - China Huadian International (600027.SH) reported its cumulative power generation for the first three quarters of 2025, indicating significant operational performance [1] Financial Performance - The company and its subsidiaries achieved a cumulative power generation of 2.0 billion kWh by September 30, 2025, according to the financial report prepared under Chinese accounting standards [1]

华电国际公告，截至2025年9月30日，公司及其子公司2025年前三季度累计完成发电量2013.29亿千瓦 时，比追溯调整后的上年同期数据下降约5.87%；完成上网电量1892.43亿千瓦时，比追溯调整后的上年 同期数据下降约5.94%。本集团的平均上网电价约为人民币509.55元/兆瓦时，比追溯调整后的上年同期 数据下降约2.76%。 ...

记者从中国华电获悉，近日，随着载有满电电池的平板拖车驶离华电湖北阳逻车船两用（V2G）充换电示范站前往码头，标志着中国华电阳逻充换电站投入 试运行。 图为华电湖北阳逻车船两用（V2G）充换电示范站俯瞰图 华电长江智慧能源公司创新采用"船电分离"的模式，提前将满电电池通过平板拖车送到港口，船舶靠港后卸下亏电电池，换上满电电池，同时将亏电电池送 往充换电站充电。单个电池换电过程仅需5分钟，效率比直接充电提升20倍以上。 中国华电相关负责人介绍，近年来，中国华电主动融入国家战略，紧紧围绕市场所需、产业所趋，在推动长江经济带高质量发展中担当竞进，发挥能源央 企"压舱石"作用，与船舶运营、港口、电池制造等上下游企业紧密合作，聚合船舶充换电产业链上下游资源，积极打造链主型企业，为湖北加快建成中部地 区崛起的重要战略支点贡献力量。 （文章来源：新华财经） 图为华电湖北阳逻车船两用（V2G）充换电示范站远景图 图为载有满电电池的平板拖车驶离华电湖北阳逻车船两用（V2G）充换电示范站前往码头 据介绍，中国华电阳逻充换电站是国家首批"车船网互动（V2G）规模化应用试点"示范项目。中国华电与湖北港口集团、中船712所合作，推进"电 ...

Investment Rating - Industry Investment Rating: Overweight [1] Core Views - The price of large storage battery cells continues to rise, indicating strong demand in the energy storage sector. The domestic independent energy storage market is expected to grow due to supportive policies [5][30]. - The domestic offshore wind power sector remains in a high-growth phase, with significant projects such as the 500MW offshore wind project in Hainan officially starting construction [4][21]. - The photovoltaic industry shows stable pricing across the supply chain, with strong overseas demand supporting battery prices [3][14]. Summary by Sections Photovoltaics - The price of silicon wafers and battery cells continues to rise, while module prices remain stable. Strong overseas market demand is a key driver for the price trends [3][14]. - The Qinghai 136 document has initiated bidding for renewable energy projects, with a total mechanism electricity scale of 22.41 billion kWh [14][15]. - GCL-Poly's third-quarter profit reached 960 million yuan, showcasing resilience in a competitive environment [16]. Wind Power - The domestic offshore wind power sector is experiencing high growth, with significant projects like the 500MW offshore wind project in Yangjiang receiving preliminary approval [4][20]. - The Zhejiang offshore wind project has awarded contracts for ±500kV DC submarine and land cables, indicating ongoing investment in infrastructure [20]. Energy Storage - The average price of large storage battery cells has risen to 0.308 yuan/Wh, reflecting strong demand and supply dynamics [25][30]. - In September, the domestic energy storage market saw a significant increase in new installations, with a total of 3.08GW/9.17GWh added, marking a year-on-year growth of 205% in power and 171% in capacity [26]. - The PJM region in the U.S. faces urgent energy storage needs, requiring the deployment of 16-23GW of storage systems over the next 7 to 15 years to meet increasing load demands [27][29]. Hydrogen Energy - The green methanol project is set to receive national subsidies, with companies like Fuan Energy investing in significant production capacity [31][39]. - The hydrogen energy sector is experiencing favorable development trends, with national support for new technologies and financing becoming more accessible [39]. Electric Grid Equipment - NVIDIA's release of the 800V DC white paper highlights the need for high-voltage direct current solutions in data centers, driven by increased power density and load variability [40]. - Investment opportunities in the electric grid sector include companies involved in high-voltage direct current technology and related equipment [41]. Electric Vehicles - The government has launched a three-year plan to double charging facilities, aiming for 28 million nationwide by the end of 2027 [42][45]. - The heavy-duty truck market has seen a nearly 80% year-on-year increase in sales, indicating strong demand and market recovery [45]. Humanoid Robots - A strategic partnership between Zhaofeng and German company Neura has been established, focusing on humanoid robot technology and significant order potential [47][49]. - The humanoid robot sector is entering a phase of small-batch production, with investment opportunities in companies with new technologies and strong order visibility [50].

Market Review - The Shanghai Composite Index decreased by 1.47% and the ChiNext Index fell by 5.71% during the week of October 13-17, 2025. The coal sector increased by 5.66%, while the public utility sector rose by 0.05%. The environmental protection sector declined by 0.97%, and the carbon neutrality sector dropped by 3.14% [1][12]. Industry Insights - The coal price is expected to rise due to continuous abnormal autumn rain affecting production, along with safety and environmental inspections limiting supply. Despite October being a traditional off-peak season, traders are preparing for winter storage needs, leading to accelerated coal price increases post-National Day [4][31]. - The electricity demand is anticipated to increase as the peak winter season approaches, with NOAA predicting a 71% chance of La Niña occurring from October to December, which may lead to a colder winter [4][33]. - The annual long-term electricity price for 2025 has been locked in, and the capacity price mechanism is expected to stabilize electricity prices in the coming months [4][33]. Investment Recommendations - For the thermal power sector, it is recommended to focus on companies with power generation assets located in regions with tight supply-demand dynamics and favorable competition, such as Anhui Energy and Huadian International [4][65]. - In the hydropower sector, attention is drawn to leading operators like Yangtze Power, which is expected to benefit from stable electricity prices and regional supply-demand tightness [4][65]. - In the nuclear power sector, China National Nuclear Power is highlighted as a key player due to the expected increase in electricity generation and stable pricing [4][65]. - For renewable energy, the focus is on leading wind power operator Longyuan Power [4][65]. - In the environmental protection sector, the recommendation is to pay attention to urban comprehensive operation management service providers like Yuhua Tian [4][65]. Industry News - On October 15, 2025, Weiqiao Group announced the integration of its self-built power plant into the national grid, marking a significant shift towards collaboration and green transformation [4][59]. - The Gansu Electric Power Investment Company completed the commissioning of the largest million-kilowatt coal-fired power plant in the country, with a total installed capacity of 6 million kilowatts and an expected annual electricity generation of 33 billion kilowatt-hours [4][59]. - The National Development and Reform Commission issued a management method to support energy-saving and carbon reduction projects, including green methanol and sustainable aviation fuel production [4][60].