Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The transition towards cleaner electricity generation is accelerating, highlighting the value of sector dividends [1] - The overall electricity consumption in 2025 is projected to grow by 5.0%, with significant contributions from the tertiary sector and urban-rural residents [3][15] - The generation capacity is shifting towards wind and solar, with these sources contributing 90.1% of the total generation increase in 2025 [3][15] - The annual long-term electricity prices are stabilizing, with expectations for improved pricing dynamics in 2026 [3][15] - Investment opportunities are emerging in thermal and hydropower sectors, emphasizing the defensive attributes of the sector [3][15] Summary by Sections Electricity Consumption - In 2025, total electricity consumption is expected to reach 10.37 trillion kWh, reflecting a year-on-year increase of 5.0% [15] - The contribution from the tertiary sector and urban-rural residents is projected to rise, accounting for 50.2% of the total increase in electricity consumption by 2025 [3][15] - The growth rates for different sectors in 2025 are as follows: primary industry +9.9%, secondary industry +3.7%, tertiary industry +8.2%, and urban-rural residents +6.3% [15][27] Generation Capacity - The total installed capacity of wind and solar is expected to increase by 360 GW, while the share of thermal power is projected to decrease to 40% [3][15] - In 2025, the generation increase from wind and solar is expected to dominate, with a significant contribution to the overall power generation structure [3][15] Electricity Pricing - The report indicates a downward trend in electricity prices in several provinces, with expectations for stabilization as the market matures [3][15] - The market share of electricity traded through market mechanisms is projected to reach 64.0% in 2025, with a notable increase in green electricity transactions [3][15] Investment Opportunities - The report highlights several companies with strong dividend yields and market management strategies, including Huaneng International Power and Huadian International Power [3][15] - There are also opportunities in hydropower, particularly for companies like Yangtze Power and Guigang Power, which are expected to see profit growth in the coming quarters [3][15]

Investment Rating - The investment rating for the electricity sector is "Maintain Buy" [5] Core Insights - The electricity sector's holdings by active funds have slightly decreased, while index funds have seen a slight increase. The overall holding ratio for both types of funds is at a low point, indicating potential for future increases [11][4] - Southern Power Grid plans to invest CNY 180 billion in fixed assets for 2026, marking a historical high for five consecutive years, with an average annual growth rate of 9.5% over the past five years [3][11] - The investment will focus on three areas: new power system construction, strategic emerging industry development, and enhancement of quality power supply services [3][11] Summary by Sections 1. Industry Overview - The Shanghai Composite Index closed at 4136.16 points, up 0.84%, while the CSI 300 Index closed at 4702.5 points, down 0.62%. The CITIC Power and Utilities Index closed at 3177.58 points, up 2.24%, outperforming the CSI 300 Index by 2.86 percentage points [65][66] - Active funds' holdings in the power and utilities sector decreased to 0.61% by the end of Q4 2025, down 1.31 percentage points year-on-year and 0.03 percentage points quarter-on-quarter [11][12] 2. Fund Allocation Changes - The top five stocks with increased allocation by active funds in Q4 2025 include: - Jiantou Energy (+1.00 percentage points) - Zhongmin Energy (+0.35 percentage points) - Jingneng Power (+0.29 percentage points) - Inner Mongolia Huadian (+0.25 percentage points) - Huaneng International (+0.20 percentage points) [12] - The top five stocks with decreased allocation include: - Xinnatural Gas (-0.46 percentage points) - Datang New Energy (-0.39 percentage points) - Huadian International Power (-0.35 percentage points) - Funiu Co. (-0.33 percentage points) - Huadian International (-0.28 percentage points) [12] 3. Investment Plans - Southern Power Grid's investment plan for 2026 includes CNY 180 billion, focusing on new power systems and supporting the integration of 40 million kilowatts of new energy installations [3][11] - The investment will also support the construction of cross-regional projects, such as the Yangjiang Sanshan Island offshore wind power project and the Cangyu DC project, which aims to optimize energy allocation [15][11] 4. Market Trends - The coal price for thermal power has decreased to CNY 691 per ton [16] - The carbon market saw a price increase of 3.18% week-on-week, with a trading volume of 2.4252 million tons and a total transaction value of CNY 176 million [60][61] 5. Key Stocks - Recommended stocks include: - Huaneng International (Buy) - Huadian International (Buy) - Guodian Power (Buy) - Datang Power (Buy) - Inner Mongolia Huadian (Buy) - Shaanxi Energy (Buy) [4][8]

Core Viewpoint - Huadian International Power Co., Ltd. reported a year-on-year increase in electricity generation and on-grid electricity volume for the year ending December 31, 2025, despite a decline when adjusted for previous year data, primarily due to the increasing capacity of renewable energy and reduced utilization hours of coal-fired units [1] Group 1: Financial Performance - The total electricity generation for 2025 is projected to be 262 million megawatt-hours, an increase of 17.81% compared to the previous year's announcement, but a decrease of approximately 6.99% when adjusted for the previous year's data [1] - The on-grid electricity volume is expected to reach 246 million megawatt-hours, reflecting an 18.22% increase from the previous year's announcement, while showing a decline of about 7.09% when adjusted for the previous year's data [1] - The average on-grid electricity price for 2025 is estimated to be RMB 513.29 per megawatt-hour, which is a 0.27% increase from the previous year's announcement, but a decrease of approximately 2.34% when adjusted for the previous year's data [1] Group 2: Operational Developments - A 494.6 megawatt gas-fired generator unit, owned by a subsidiary of Huadian Jiangsu Energy Co., Ltd. (80% owned by the company), has recently commenced commercial operations [1]

Core Viewpoint - China Huadian International Power Co., Ltd. reported a year-on-year increase in electricity generation and on-grid electricity volume for 2025, despite a decline when adjusted for previous year data, primarily due to the rise in renewable energy capacity and reduced utilization of coal-fired units [1] Group 1: Financial Performance - The total electricity generation for 2025 is projected to be 262.27 billion kWh, an increase of 17.81% compared to the previous year's announced data, but a decrease of approximately 6.99% when adjusted for previous year data [1] - The on-grid electricity volume is expected to reach 246.44 billion kWh, reflecting an 18.22% increase from the previous year's announced data, while showing a decline of about 7.09% when adjusted for previous year data [1] - The average on-grid electricity price for 2025 is estimated to be RMB 513.29 per MWh, which is a 0.27% increase from the previous year's announced data, but a decrease of approximately 2.34% when adjusted for previous year data [1] Group 2: Operational Developments - A subsidiary of Huadian Jiangsu Energy Co., Ltd., in which the company holds an 80% stake, has recently commenced commercial operations of a 494.6 MW gas-fired power generation unit [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 海外監管公告 二零二五年發電量、上網電價及機組投產公告 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。 截至二零二五年十二月三十一日，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全年累計完成發 電量 262.27 百萬兆瓦時，較上年同期公告數據上漲 17.81%，較追溯調整後的上年同期數據下降約 6.99%；完成上網電量 246.44 百萬兆瓦時，較上年同期公告數據上漲 18.22%，較追溯调整后的上 年同期数据下降约 7.09%。二零二五年全年發電量及上網電量追溯調整後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，二零二五年全年，本集團的平均上網 電價約為人民幣 513.29 元/兆瓦時，較上年同期公告數據上漲 0.27%，較追 ...

证券代码：600027 证券简称：华电国际 公告编号：2026-001 华电国际电力股份有限公司 2025 年发电量、上网电价及机组投产公告 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法律责任。 截至 2025 年 12 月 31 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 全年累计完成发电量 2,622.70 亿千瓦时，较上年同期公告数据上涨 17.81%，较追溯调 整后的上年同期数据下降约 6.99%；完成上网电量 2,464.43 亿千瓦时，较上年同期公告 数据上涨 18.22%，较追溯调整后的上年同期数据下降约 7.09%。2025 年全年发电量及 上网电量追溯调整后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 年全年，本集团的平均上网电价约为人民币 513.29 元/兆瓦时， 较上年同期公告数据上涨 0.27%，较追溯调整后的上年同期数据下降约 2.34%。 | | | 2025 年 月 ...

Group 1 - China Huadian Group Co., Ltd. announced a tender for 2026 photovoltaic modules and lithium iron phosphate electrochemical energy storage systems on January 21 [39][40] - The tender includes two segments: N-type high-efficiency modules with an estimated procurement scale of 6GW and N-type conventional modules with an estimated scale of 2GW, totaling 8GW [40][41] - The procurement is for N-type high-efficiency and conventional monocrystalline bifacial double-glass modules required for Huadian Group's renewable energy projects [40][41] Group 2 - The tender for the lithium iron phosphate electrochemical energy storage system has a project scale of 12GWh, covering the supply and installation guidance for 0.5C and 0.25C systems, with a battery single-cell capacity of ≥314Ah and a warranty of 5 years [40][41] - The actual procurement quantity may vary and is not guaranteed to match the estimated scale, with a maximum deviation of 20% [41][42] - The deadline for submitting tender documents is February 11, 2026 [41][42] Group 3 - The qualification requirements for bidders include being a legally registered independent entity in China, not being under bankruptcy or administrative penalties, and having no conflicts of interest with the tendering party [47][50] - Bidders must have a cumulative contract performance of at least 1000MW for N-type monocrystalline silicon photovoltaic modules since January 1, 2025 [48][51] - Joint bids and bids from agents are not accepted for this project [49][53] Group 4 - The tender documents can be obtained from January 21 to January 28, 2026, through the China Huadian Group's electronic commerce platform [54][55] - Bidders must register on the platform and follow specific steps to download the tender documents [54][55] - The opening of bids will also take place on February 11, 2026, via electronic means [57][58]

Investment Rating - The report maintains a positive outlook on the power and gas sectors, recommending various companies within these industries for investment opportunities [1]. Core Insights - The report highlights that China's total electricity consumption is projected to exceed 10 trillion kWh in 2025, reaching 10.4 trillion kWh, with a year-on-year growth of 5% [7][8]. - The growth in electricity consumption is driven primarily by the secondary and tertiary industries, which together contribute nearly 80% of the total increase in electricity demand [8]. - The report notes significant growth in electricity consumption from high-end manufacturing, digital economy, and new infrastructure projects, such as charging stations and 5G base stations, which are expected to see growth rates exceeding 30% [8]. Summary by Sections 1. Electricity Sector - In 2025, the total electricity consumption is expected to reach 10.4 trillion kWh, with a 5% year-on-year increase. The first, second, and third industries, along with urban and rural residential electricity consumption, are projected to grow by 9.9%, 3.7%, 8.2%, and 6.3% respectively [7][9]. - The second industry remains the largest consumer of electricity, contributing 48% to the growth, while the third industry contributes 31% [9][13]. - The report recommends investments in coal-fired power companies like Guodian Power and Inner Mongolia Huadian, as well as large hydropower companies such as Yangtze Power and State Power Investment [15][16]. 2. Gas Sector - The report indicates that colder temperatures are expected to increase heating demand, leading to a rebound in gas prices across Europe and Asia. As of January 16, the Henry Hub spot price was $3.06/mmBtu, with a weekly increase of 6.77% [17][24]. - The report highlights that European gas prices have surged due to low inventory levels and increased heating demand, with the TTF spot price reaching €38.10/MWh, up 31.38% week-on-week [17][24]. - Recommendations include investing in integrated gas companies like Kunlun Energy and New Hope Energy, as well as gas trading companies like New Hope and New Energy [38]. 3. Market Performance - The report notes that the public utility, power, and environmental sectors outperformed the Shanghai and Shenzhen 300 index during the week of January 12 to January 16, 2026 [40]. 4. Company and Industry Dynamics - Recent initiatives in various provinces aim to enhance green energy and environmental standards, including the establishment of green mining standards in Guangxi and guidelines for industrial microgrid construction [46][47]. - The report also mentions significant corporate announcements, including mergers and acquisitions in the energy sector, which may impact market dynamics [50].

Group 1 - The core view of the report emphasizes the acceleration of utility sector transformation, highlighting the increasing value of dividends [1] - The report maintains a "Buy" rating for the utility sector, consistent with previous ratings [3] - The report indicates that the utility sector has outperformed the market, with a relative performance increase of 30% from January 2025 to January 2026 [4] Group 2 - Electricity demand growth is expected to continue, driven by industrial transformation, with significant contributions from wind and solar power [17] - The report notes that from January to November 2025, wind and solar power accounted for 86.2% of the total electricity generation increase, indicating a strong shift towards renewable energy sources [17][18] - The structure of electricity consumption is shifting from secondary industry to tertiary industry and residential use, with the tertiary sector expected to account for 50.2% of the total electricity consumption increase by 2025 [17] Group 3 - The report highlights that the cash flow of thermal power companies is improving, with a potential increase in dividend payouts [17] - It suggests that the transition towards utility-like operations in thermal power is accelerating, with companies like Huaneng International Power and Huadian International Power showing strong performance and dividend management [17] - The report indicates that the capacity price for coal-fired power is expected to rise in 2026, which could enhance profitability [17] Group 4 - Hydropower is expected to benefit from high reservoir levels, ensuring stable electricity generation during dry seasons, with companies like Changjiang Electric Power showing promising performance [17] - The report emphasizes the importance of asset securitization in hydropower, with ongoing projects expected to enhance growth potential [17] - The report also notes that long-term interest rates remain low, which could further enhance the attractiveness of hydropower investments [17] Group 5 - The report discusses the challenges faced by green energy, particularly in terms of pricing and profitability, but anticipates improvements driven by policy changes [17] - Nuclear power is expected to see accelerated approvals and market-driven pricing, which could enhance its competitiveness [17] - The report highlights the need for a focus on demand recovery in the gas sector, with companies like Jiufeng Energy positioned to benefit from cost improvements [17] Group 6 - The report recommends specific stocks within the utility sector, including Huaneng International Power, Huadian International Power, and Changjiang Electric Power, based on their strong performance and dividend potential [17] - It also highlights the potential of gas companies like Jiufeng Energy and renewable energy firms like Longyuan Power and Fuyuan Co., which are expected to benefit from favorable market conditions [17] - The report suggests that the utility sector is entering a phase of increased dividend value, making it an attractive investment opportunity [17]

Investment Rating - The report maintains an "Overweight" rating for the utility sector [1] Core Insights - The commercial operation of the Zhangzhou Nuclear Power Unit 2 commenced on January 1, 2026, completing the first phase of the Zhangzhou Nuclear Power project, which is expected to provide approximately 60 billion kWh of clean electricity annually [4] - The first green electricity direct connection project in Shandong and Hubei has been approved, with a total scale of 345 MW of new energy facilities, including 75 MW of wind power and 270 MW of photovoltaic power [4] - The average national grid purchase price of electricity in January 2026 decreased by 8% year-on-year [4] - The price of thermal coal at Qinhuangdao port increased by 17 RMB per ton week-on-week, reaching 699 RMB per ton as of January 9, 2026, a year-on-year decrease of 8.98% [4][43] - The inflow and outflow of the Three Gorges Reservoir showed a decrease in inflow by 6.3% and an increase in outflow by 7.2% as of January 9, 2026 [4][50] Industry Data Tracking - Electricity Consumption: In the first eleven months of 2025, total electricity consumption reached 9.46 trillion kWh, a year-on-year increase of 5.2% [12] - Power Generation: Cumulative power generation in the first eleven months of 2025 was 8.86 trillion kWh, with a year-on-year increase of 2.4% [22] - Installed Capacity: As of November 30, 2025, the cumulative installed capacity of thermal power reached 1.52 billion kW, with a year-on-year increase of 5.9% [44] - Hydropower: The cumulative installed capacity of hydropower reached 440 million kW, with a year-on-year increase of 3.0% [54]