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]

Core Viewpoint - Power stocks are experiencing a decline, with major companies like Huaneng International, China Resources Power, and Huadian International seeing significant drops in their stock prices due to regulatory changes in the electricity pricing mechanism [1] Group 1: Stock Performance - Huaneng International (600011)(00902) fell by 5.26%, trading at 5.4 HKD [1] - China Resources Power (00836) decreased by 3.48%, trading at 17.18 HKD [1] - Huadian International (600027)(01071) dropped by 2.91%, trading at 4.01 HKD [1] Group 2: Regulatory Changes - On January 30, the National Development and Reform Commission and the National Energy Administration issued a notice to improve the capacity pricing mechanism for power generation [1] - The notice specifies that the coal power capacity pricing mechanism will be refined, allowing local adjustments to the long-term market trading price floor based on supply and demand and operational costs [1] - The notice encourages flexible pricing mechanisms between supply and demand parties, which may lead to a further decrease in electricity price levels in some provinces [1]

Core Viewpoint - The power sector is experiencing a decline, with major companies like Huaneng International, China Resources Power, and Huadian International seeing significant drops in their stock prices following the announcement of a new pricing mechanism for power generation capacity by the National Development and Reform Commission and the National Energy Administration [1] Group 1: Stock Performance - Huaneng International (00902) fell by 5.26%, trading at 5.4 HKD [1] - China Resources Power (00836) decreased by 3.48%, trading at 17.18 HKD [1] - Huadian International (01071) dropped by 2.91%, trading at 4.01 HKD [1] Group 2: Regulatory Changes - On January 30, the National Development and Reform Commission and the National Energy Administration issued a notice to improve the capacity pricing mechanism for power generation [1] - The notice includes provisions for optimizing the pricing mechanisms for coal, natural gas, pumped storage, and new energy storage [1] Group 3: Market Implications - According to CITIC Securities, the notice allows localities to adjust the lower limit of 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 for coal power in some provinces [1]

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]

Investment Rating - The report maintains an "Overweight" rating for the industry, indicating a positive outlook for investment opportunities in the sector [2]. Core Insights - The report discusses the recent issuance of the "Notice on Improving the Capacity Price Mechanism on the Generation Side" by the National Development and Reform Commission and the National Energy Administration, aimed at addressing the challenges in the development of adjustable power sources amid the transition to a new energy system [2]. - The report highlights the need for a refined capacity pricing mechanism to ensure the economic viability of coal, gas, pumped storage, and new energy storage sources, which are essential for balancing the supply and demand of renewable energy [2]. - The report emphasizes the differentiation in capacity pricing for four types of adjustable power sources, aiming to optimize revenue logic and ensure fair competition across regions [2]. - A key breakthrough is the establishment of a unified compensation mechanism for reliable capacity, which standardizes compensation across different types of power generation units based on their peak supply capabilities [2]. - The report suggests that the improved pricing mechanism will stabilize investment expectations in the power sector, ensuring a balance between energy security and the integration of renewable energy [2]. Summary by Sections Capacity Pricing Mechanism - The report outlines the necessity of improving the capacity pricing mechanism to address the issues of supply-demand mismatch and insufficient adaptation of existing mechanisms [2]. - It identifies three major problems with the current system, including declining utilization hours for coal power and the lack of cost constraints for pumped storage pricing [2]. Differentiated Pricing Strategy - The report details the differentiated optimization of capacity pricing for adjustable power sources, allowing local authorities to set prices based on specific factors such as discharge duration and peak contribution [2]. - It introduces a "new and old distinction" strategy for pumped storage, maintaining existing pricing for older plants while implementing a unified pricing mechanism for new projects [2]. Unified Compensation Mechanism - The report introduces a reliable capacity compensation mechanism that standardizes compensation across different generation units, promoting rational investment and resource allocation in the power sector [2]. - This mechanism aims to link revenue to the actual contribution of each type of power generation unit, encouraging efficiency and technological improvements [2]. Investment Recommendations - The report recommends several companies for investment, including coal power companies like Guodian Power and Inner Mongolia Huadian, as well as hydropower companies such as Yangtze Power and State Power Investment [2][3].

Investment Rating - The report maintains a "Buy" rating for the public utility sector, indicating an expected investment return exceeding 15% over the next 6-12 months [5]. Core Insights - The public utility sector saw a 2.27% increase this week, ranking 15th among 31 sectors, while the Shanghai Composite Index rose by 0.84% [21]. - The total electricity market transaction volume for 2025 reached 66,394 billion kilowatt-hours, a year-on-year increase of 7.4%, accounting for 64.0% of total social electricity consumption [2][15]. - The peak electricity load in the country surpassed 1.4 billion kilowatts for the first time in winter, reaching 1.417 billion kilowatts due to a cold wave [2][15]. - The report highlights significant profit growth for companies like Qianyuan Power, which expects a net profit of 567-633 million yuan, a year-on-year increase of 160%-190% [10]. Summary by Sections Market Overview - The public utility sector's performance this week included a 2.71% increase in thermal power, a 7.21% increase in photovoltaic power, and a 4.56% increase in energy comprehensive services [21]. - Domestic and imported coal prices have decreased, with domestic coal prices dropping to below 700 yuan per ton [2][12]. Key Events - The report notes that the annual long-term contract bidding results are being disclosed, with expectations of reasonable outcomes due to the decline in coal prices [3]. - The average on-grid electricity price for 2025 is projected to be around 513.29 yuan per megawatt-hour, reflecting a slight increase compared to the previous year [11]. Company Performance - Companies like Longxin Technology and Guangdong Power A are expected to see significant profit growth, while Guangdong Power A anticipates a decline in profits by 21.45%-40.12% [10][11]. - The report suggests focusing on national thermal power operators such as Huaneng International and Guodian Power, which are expected to maintain stable dividends [3].