证券代码：600027 证券简称：华电国际 公告编号：2025-060 华电国际电力股份有限公司 第十届监事会第十三次会议决议公告 华电国际电力股份有限公司（以下简称"本公司"）第十届监事会第十三次会议（以 下简称"本次会议"）于 2025 年 7 月 17 日以书面传签方式召开，本次会议通知已于 2025 年 7 月 7 日以电子邮件形式发出。本次会议应参与表决监事 3 名，实际参与表决监事 3 名。本次会议符合有关法律、法规及《公司章程》的规定，本次会议合法有效。 一、审议并批准了《关于设立募集资金账户的议案》。 二、审议并批准了《关于山东国惠拟参与公司募集配套资金之关联交易的议案》。 特此公告。 华电国际电力股份有限公司 2025 年 7 月 17 日 1 本公司监事会及全体监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。 ...

证券代码：600027 证券简称：华电国际 公告编号：2025-059 华电国际电力股份有限公司 第十届董事会第二十三次会议决议公告 一、审议并批准了《关于设立募集资金账户的议案》。本议案已经独立董事专门会 议、董事会审计委员会（以下简称"审计委员会"）分别审议通过。 本议案的表决情况：12 票同意、0 票反对、0 票弃权。 具体内容详见本公司同日于上海证券交易所网站（www.sse.com.cn）及指定媒体披 露的《关于开设募集资金专用账户并授权签署相关协议、办理开户事宜的公告》。 二、审议并批准了《关于山东国惠拟参与公司募集配套资金之关联交易的议案》。 本议案已经独立董事专门会议、审计委员会分别审议通过。 审议本议案时，相关的关联董事回避表决。 具体内容详见本公司同日于上海证券交易所网站（www.sse.com.cn）及指定媒体披 露的《关于山东国惠拟参与公司募集配套资金的关联交易公告》。 本议案的表决情况：10 票同意、0 票反对、0 票弃权。 三、审议并批准了《批准关于成立区域售电公司的议案》。 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、 ...

Core Insights - The national maximum electricity load in China has reached a historical high of 15.06 billion kilowatts, marking an increase of 0.55 billion kilowatts compared to last year's peak [1] - The rise in electricity load is attributed to higher temperatures and positive economic growth, with 16 provincial power grids breaking historical records multiple times [1] - The National Development and Reform Commission (NDRC) anticipates a year-on-year increase of approximately 1 billion kilowatts in peak summer electricity load by 2025 [2] Group 1: Electricity Supply and Demand - Various local power departments are implementing measures from the power source, grid, and consumption sides to meet electricity demand, including large-scale energy storage utilization [2] - The State Grid of Jiangsu has activated 64 grid-side and 29 power-side energy storage stations, achieving a maximum discharge capacity of 7.14 million kilowatts, sufficient to meet the hourly electricity needs of about 48 million households [2] - The overall electricity supply and demand balance is expected to be better than last year, with the National Energy Administration closely monitoring the situation [2] Group 2: Company Performance and Market Outlook - High temperatures are expected to boost thermal power generation, with companies like Huayin Power forecasting a net profit increase of 3600.70% to 4423.07% year-on-year for the first half of 2025 [3] - Jingneng Power anticipates a net profit increase of approximately 100.13% to 131.16% for the same period [3] - The electricity sector is expected to see profit improvement and value reassessment due to ongoing power supply-demand tensions and gradual electricity price increases [3] Group 3: Related Companies - China Resources Power reported a 3.8% year-on-year increase in electricity sales for the first half of 2025, with wind and solar power sales increasing by 15.5% and 31.3%, respectively [4] - Huadian International is in the process of acquiring 80% of Huadian Jiangsu Energy, with a restructuring plan approved by regulators [4] - Datang Renewable Energy announced a 10.22% year-on-year increase in electricity generation for the first half of 2025 [4]

Investment Rating - The industry investment rating is "Positive" and maintained [11] Core Insights - The increase in renewable energy consumption responsibility weight is expected to generate an additional demand of approximately 510 billion kilowatt-hours of new energy by 2025 [2][6][19] - The transition of the aluminum electrolysis industry from monitoring to assessment will significantly boost the demand for non-hydropower green certificates, estimated at around 150 million certificates [7][26] - The inclusion of four major energy-consuming industries (steel, cement, polysilicon, and data centers) into monitoring is projected to create a potential demand for approximately 800 million non-hydropower green certificates [8][29] Summary by Sections Renewable Energy Consumption Responsibility Weight - The responsibility weight for renewable energy consumption will significantly increase in 2025, with unfulfilled portions not carried over to the next year. The new policy mandates that the responsibility weight must be completed within the year [6][17] - The "Three North" regions have a higher responsibility weight, with provinces like Inner Mongolia, Gansu, Jilin, Heilongjiang, and Qinghai set at 30%, while regions like Shanghai and Guangdong remain below 15% [18] Electrolytic Aluminum Green Power Consumption - The green power consumption ratio for the electrolytic aluminum industry will shift from monitoring to assessment in 2025, leading to a significant increase in demand for non-hydropower green certificates [7][26] - The estimated demand for non-hydropower green certificates from the electrolytic aluminum sector is about 150 million certificates due to the new assessment requirements [26] Expansion of Monitoring to Other Industries - The addition of steel, cement, polysilicon, and data centers into the monitoring framework is expected to create a substantial potential demand for green certificates, estimated at around 800 million certificates [8][29] - The projected total demand from these sectors could reach approximately 980 billion kilowatt-hours of new energy, accounting for about 53% of the 2024 new energy volume [34] Supply and Demand Dynamics - The demand side is expected to expand significantly due to the assessment of the electrolytic aluminum industry and the inclusion of new energy-consuming sectors, while the supply side will see a reduction in the issuance of green certificates due to policy changes [8][34] - The overall market dynamics are anticipated to shift from a surplus supply to a more balanced state, providing long-term support for green certificate prices [8][34]

Investment Rating - The report suggests focusing on power generation assets in regions with tight supply-demand balance and favorable competition dynamics, particularly recommending companies like Anhui Energy and Huadian International in the thermal power sector [4]. Core Insights - The report highlights the performance of various sectors, with the carbon neutrality sector rising by 3.52% and the environmental protection sector increasing by 3.07% during the week [12]. - It emphasizes the importance of market dynamics and regulatory changes, such as the approval of the cross-grid electricity trading mechanism by the National Development and Reform Commission and the National Energy Administration [75]. Summary by Sections Market Review - The Shanghai Composite Index rose by 1.09% and the ChiNext Index increased by 2.36% during the week [12]. - The thermal power sector is recommended for investment due to its potential for asset value reassessment in regions with tight electricity supply [4]. Industry News - The report discusses the recent regulatory developments aimed at enhancing the electricity market's efficiency and interconnectivity, including the implementation of a market mechanism for cross-grid electricity trading [75]. - It also notes the ongoing reforms in the renewable energy sector, particularly in Hainan Province, to correct market interventions and ensure fair pricing for new energy projects [75]. Investment Recommendations - For thermal power, the report recommends Anhui Energy and Huadian International due to their strategic positioning in competitive markets [4]. - In the hydropower sector, it suggests focusing on Yangtze Power, while for nuclear power, China National Nuclear Power is highlighted as a key player [4]. - In the renewable energy segment, Longyuan Power is identified as a leading wind power operator worth monitoring [4].

Core Viewpoint - Huadian International has recently completed the issuance of short-term financing bonds and medium-term notes, which are aimed at repaying maturing debts and supplementing working capital [1][2][6]. Group 1: Financial Performance - As of July 11, 2025, Huadian International's stock closed at 5.55 yuan, down 1.25% from the previous week [1]. - The company's total market capitalization is 60.531 billion yuan, ranking 13th in the power sector and 232nd among all A-shares [1]. Group 2: Financing Activities - The company issued 20 billion yuan in short-term financing bonds with a maturity of 85 days and a coupon rate of 1.64% [1]. - Additionally, Huadian International completed the issuance of 20 billion yuan in medium-term notes with a maturity of 3+N years and a coupon rate of 1.89% [2]. Group 3: Corporate Governance - The independent financial advisor for Huadian International has changed, with Mr. Shen Di stepping down and Mr. Wu Sihang taking over [3]. Group 4: Asset Acquisition - Huadian International has completed the transfer of multiple companies' equity through a combination of share issuance and cash payment, with all target assets registered under the company [4].

Group 1 - The core point of the announcement is the change in the independent financial advisor for Huadian International Power Co., Ltd.'s restructuring project, with Wu Sihang replacing Shen Di due to personal work changes [1] - Huatai United Securities has appointed Wu Sihang and Luo Yiping as the new independent financial advisors for the restructuring project [1] - The company expresses gratitude to Shen Di for his contributions during the restructuring process [1] Group 2 - Wu Sihang holds a master's degree and is a deputy director at Huatai United Securities, with experience in several IPO projects [2]

Core Viewpoint - The report outlines the completion of the share issuance and asset acquisition by China Huadian International Power Co., Ltd, including the transfer of ownership for various assets from related parties [1][4]. Group 1: Transaction Implementation - The company has completed the issuance of shares for asset acquisition and the registration of these shares, with the transfer of the targeted assets finalized [1][4]. - The targeted assets include an 80% stake in Jiangsu Company from China Huadian, a 51% stake in Shanghai Fuxin from Huadian Furi, and other stakes in various subsidiaries [4][6]. - As of the report date, all necessary approvals and registrations for the transaction have been completed without any significant discrepancies from previously disclosed information [4][5]. Group 2: Changes in Management - There have been changes in the board of directors and management personnel of the targeted companies following the completion of the asset transfer, which are necessary for governance and control [6]. - The changes in management have not adversely affected the operations of the targeted companies [6]. Group 3: Financial and Legal Compliance - The independent financial advisors have confirmed that the transaction complies with all relevant laws and regulations, and the process has been executed legally and effectively [7]. - There have been no instances of non-operational asset occupation or guarantees provided to related parties during the transaction period [6][7].

股票代码：600027.SH 股票简称：华电国际 上市地点：上海证券交易所 特别提示 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 实施情况报告书 独立财务顾问 二〇二五年七月 一、截至本报告书出具日，公司已完成发行股份购买资产部分的股份发行和 登记，并已完成标的资产过户。 二、公司尚需在中国证监会批复的有效期内发行股份募集配套资金，并按照 有关规定办理发行股份募集配套资金涉及新增股份的相关登记、上市手续。 1 上市公司声明 本部分所述词语或简称与本报告书"释义"所述词语或简称具有相同含义。 1、本公司及全体董事、监事、高级管理人员保证本报告书内容的真实、准 确、完整，并对其虚假记载、误导性陈述或者重大遗漏承担法律责任。 2、本公司负责人和主管会计工作的负责人、会计机构负责人保证本报告书 中所引用的相关数据真实、准确、完整。 3、本次交易完成后，本公司经营与收益的变化，由本公司自行负责；由此 变化所引致的投资风险，由投资者自行负责。投资者在评价本次交易时，除本报 告书内容以及与其同时披露的相关文件外，还应认真考虑本次交易的其他全部信 息披露文件。投资者若对本报告书存在任何疑问 ...

为本次交易，本所已于 2024 年 11 月 29 日出具《北京市金杜律师事务所关于 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 交易的法律意见书》（以下简称《法律意见书》），于 2025 年 3 月 13 日出具 北京市金杜律师事务所 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 之标的资产过户的法律意见书（二） 致：华电国际电力股份有限公司 北京市金杜律师事务所（以下简称本所）接受华电国际电力股份有限公司 （以下简称上市公司、公司或华电国际）委托，担任华电国际通过发行股份及支 付现金的方式向中国华电集团有限公司购买其持有的华电江苏能源有限公司 80% 股权，向福建华电福瑞能源发展有限公司购买其持有的上海华电福新能源有限公 司 51%股权、上海华电闵行能源有限公司 100%股权、广州大学城华电新能源有 限公司 55.0007%股权、华电福新广州能源有限公司 55%股权、华电福新江门能源 有限公司 70%股权、华电福新清远能源有限公司 100%股权，向中国华电集团北 京能源有限公司（原名中国华电集团发电运营有限公司，现更名为中国华电集团 北京能源 ...