Core Insights - The report provides a comprehensive analysis of the Chinese electricity market from 2026 to 2032, focusing on industry trends, market dynamics, and investment opportunities [2][3][11]. Chapter Summaries Chapter 1: Overview of the Electricity Industry - Defines the electricity industry and its classifications, including regulatory frameworks and data sources used in the report [2][3]. Chapter 2: Global Electricity Industry Development - Analyzes the political and legal environment, historical development, market conditions, and competitive landscape of the global electricity sector [3][4]. - Discusses market size and forecasts, highlighting consumption and supply dynamics [3][4]. Chapter 3: Current State of the Chinese Electricity Industry - Examines technological advancements, historical development, and import/export conditions of the Chinese electricity sector [4][5]. - Analyzes market participants, supply and demand conditions, and identifies market pain points [4][5]. Chapter 4: Market Competition and Investment in China - Details the competitive landscape, including major players and their strategic positioning within the market [5][6]. - Discusses investment trends, mergers, and acquisitions in the electricity sector [5][6]. Chapter 5: Industry Chain and Supporting Layout - Provides an overview of the electricity industry chain, including resource distribution and supply conditions for various energy sources [6][7]. - Analyzes the market for upstream generation, transmission, and distribution equipment [6][7]. Chapter 6: Development of Sub-markets - Reviews the current state of various sub-markets, including thermal, hydro, wind, solar, nuclear, and biomass power generation [7][8]. Chapter 7: Regional Market Development - Analyzes the development patterns of the electricity market in key regions, focusing on generation and consumption metrics [8][9]. Chapter 8: Case Studies of Global and Chinese Enterprises - Compares the strategic positioning and operational performance of major electricity companies in China and globally [9][10]. Chapter 9: Environmental Insights and SWOT Analysis - Evaluates the economic, social, and policy environments affecting the electricity industry in China, along with a SWOT analysis [11][12]. Chapter 10: Market Prospects and Trends - Assesses the potential for growth in the Chinese electricity market and forecasts future trends [11][12]. Chapter 11: Investment Strategies and Recommendations - Discusses barriers to entry and exit, investment risks, opportunities, and strategic recommendations for investors in the electricity sector [11][12].

Core Viewpoint - Citigroup's research report indicates that China Huadian International Power is benefiting from a decrease in unit fuel costs and a reduction in the extent of on-grid power generation cuts, which offsets the impact of lower on-grid electricity prices. As a result, the company is expected to see a year-on-year net profit growth of 40.7% to 2.4 billion yuan in the third quarter [1] Summary by Category - **Profit Forecast** - The company is projected to achieve a net profit of 6.4 billion yuan for the first three quarters of the year, representing a year-on-year growth of 22%, exceeding market expectations [1] - **Market Positioning** - Citigroup has initiated a 30-day positive catalyst observation for the company, maintaining a "Buy" rating with a target price set at 5.25 HKD [1]

Core Viewpoint - Huadian International announced a decline in power generation and on-grid electricity for the first three quarters of 2025 compared to the same period last year, indicating potential challenges in operational performance [1] Financial Performance - As of September 30, 2025, the cumulative power generation reached 201.329 billion kilowatt-hours, representing a decrease of approximately 5.87% compared to the adjusted figures from the previous year [1] - The on-grid electricity amounted to 189.243 billion kilowatt-hours, showing a decline of about 5.94% from the adjusted figures of the same period last year [1]

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%。 ...