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: 2025年11月30日 狀態: 新提交 FF301 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: 2025年12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" investment rating for the utility sector [10]. Core Insights - The recent revision of the pricing methods for transmission and distribution aims to enhance the consumption of renewable energy, with a focus on establishing a fair cost-sharing mechanism among grid companies, power generation enterprises, and users [2][6]. - The new regulations are expected to lower transmission and distribution costs, thereby making electricity pricing more reasonable while promoting the utilization of renewable energy [12]. Summary by Sections Pricing Method Revisions - The National Development and Reform Commission has revised four pricing methods related to transmission and distribution, adapting to the new requirements of the power system and focusing on renewable energy consumption [6]. - Key changes include the introduction of a single capacity pricing system for grid companies serving renewable energy projects, enhancing regulatory oversight throughout the process [7]. Cost Monitoring - The new methods provide a more accurate reflection of financing costs for grid companies by establishing a loan interest rate based on the average financing rate of the group [6]. - Changes in cost parameters for materials and management fees aim to ensure that costs do not exceed previously established limits, thus improving the accuracy of cost monitoring [6][7]. Provincial and Cross-Regional Pricing - The revised methods allow for adjustments in the return on equity for provincial grid companies, ensuring a balance between reasonable returns and user affordability [7]. - For cross-regional projects, the report suggests exploring two-part or single capacity transmission pricing, which is expected to facilitate the consumption of renewable energy across provinces [8]. Investment Recommendations - The report recommends focusing on quality thermal power operators such as Huaneng International, Datang Power, and Guodian Power, as well as hydropower companies like Yangtze Power and State Investment Power [12]. - It also highlights opportunities in the renewable energy sector, suggesting investments in companies like Longyuan Power and China Nuclear Power, which are expected to benefit from favorable policy changes and market conditions [12].

Investment Rating - The report maintains a "Strong Buy" rating for the utility sector, indicating a positive outlook for investment opportunities in this industry [3]. Core Insights - The utility sector has shown significant performance differentiation among its sub-sectors in the first three quarters of 2025, with the environmental protection segment demonstrating notable cash flow improvements [1][37]. - The report highlights the transition of thermal power from a reliance on electricity volume to a focus on capacity and regulation, enhancing profitability stability [2]. - The environmental sector's cash flow has improved significantly, particularly in solid waste and water management, driven by macroeconomic policy support and operational efficiency [38]. Summary by Sections 1. Utility Sector Overview - The utility sector achieved total revenue of CNY 16,911.85 billion in the first three quarters of 2025, a year-on-year decrease of 1.99%. The power sector's revenue was CNY 14,562.73 billion, down 2.21%, while the gas sector's revenue was CNY 2,349.12 billion, down 0.64% [15]. - The sector's net profit attributable to shareholders reached CNY 1,858.70 billion, a year-on-year increase of 3.39%, with the power sector's net profit at CNY 1,756.23 billion, up 3.90% [15]. 1.1 Thermal Power - The thermal power sector's revenue for the first three quarters was CNY 9,064.68 billion, down 3.08%, but net profit increased by 15.83% to CNY 711.23 billion due to reduced fuel costs [19]. - In Q3 2025, thermal power revenue was CNY 3,333.75 billion, with a net profit of CNY 270.72 billion, reflecting a year-on-year increase of 35.59% [19]. 1.2 Hydropower - Hydropower revenue for the first three quarters was CNY 1,487.60 billion, up 1.56%, with net profit at CNY 513.22 billion, an increase of 3.30% [21]. - Q3 2025 saw hydropower revenue of CNY 608.51 billion, with net profit of CNY 250.84 billion, reflecting a year-on-year decrease of 3.41% [21]. 1.3 Nuclear Power - Nuclear power revenue reached CNY 616.35 billion, up 8.16%, but net profit fell by 10.42% to CNY 80.02 billion due to market pressures [24]. - The total net electricity generation from nuclear power increased by 6.06% in the first three quarters [24]. 1.4 Renewable Energy - The wind power sector generated revenue of CNY 1,080.90 billion, down 2.34%, with net profit decreasing by 11.85% to CNY 220.31 billion [28]. - The solar power sector's revenue was CNY 261.04 billion, down 16.55%, but net profit increased by 55.77% to CNY 29.04 billion [32]. 1.5 Gas Sector - The gas sector's revenue was CNY 2,349.12 billion, down 0.64%, with net profit decreasing by 4.61% to CNY 102.47 billion due to weak demand [34]. 2. Environmental Protection Sector Overview - The environmental protection sector achieved total revenue of CNY 2,677.92 billion, up 3.28%, but net profit fell by 5.47% to CNY 244.73 billion [37]. - Cash flow in the solid waste management sector improved significantly, with operating cash flow reaching CNY 198.72 billion, a year-on-year increase of 28.94% [38]. 2.1 Solid Waste Management - Solid waste management revenue was CNY 1,166.97 billion, up 4.52%, with net profit slightly increasing to CNY 118.89 billion [39]. 2.2 Water Management - Water management revenue was CNY 852.02 billion, up 1.39%, but net profit decreased by 10.81% to CNY 107.18 billion [39].

Core Points - The 2025 Golden Bull Enterprise Sustainable Development Forum and the 3rd National New Cup ESG Golden Bull Award Ceremony were held in Suzhou, Jiangsu, focusing on sustainable development [1] - China Huadian International was awarded the "ESG Carbon Neutrality Golden Bull Award" at the event, highlighting its commitment to sustainability [4] Group 1 - The ESG Golden Bull Award is a brand established by China Securities Journal to evaluate corporate ESG performance [4] - The third edition of the National New Cup ESG Golden Bull Award follows principles of "openness, fairness, and justice," utilizing a rigorous evaluation system to identify leaders in ESG practices within the capital market [4] - The award categories include "Top 100 ESG Golden Bull Awards," "Outstanding Central Enterprise ESG Golden Bull Award," "ESG Carbon Neutrality Golden Bull Award," "ESG Technology Leading Golden Bull Award," "ESG Governance Golden Bull Award," "ESG Rural Revitalization Golden Bull Award," and "ESG New Star Golden Bull Award" [4] Group 2 - The evaluation committee utilized the China Guoxin ESG evaluation methodology and research outcomes from the State-owned Assets Supervision and Administration Commission, assessing companies based on financial significance and impact importance [4] - The assessment process included evaluations of ESG risk events, public sentiment, and the quality of ESG disclosures to systematically evaluate corporate ESG performance [4] - The awards were determined based on a combination of comprehensive judgments from the evaluation committee experts and a supplementary principle to ensure a fair selection process [4]

Core Viewpoint - Huadian International's stock price has shown fluctuations, with a recent increase of 2.15%, while the company has experienced a year-to-date decline of 3.15% [1] Financial Performance - For the period from January to September 2025, Huadian International achieved a revenue of 95.872 billion, representing a year-on-year growth of 13.04%, and a net profit attributable to shareholders of 6.437 billion, which is a 24.84% increase compared to the previous year [2] Shareholder Information - As of September 30, 2025, the number of shareholders for Huadian International reached 137,300, an increase of 9.79% from the previous period [2] - The company has distributed a total of 24.464 billion in dividends since its A-share listing, with 6.861 billion distributed over the last three years [3] Stock Market Activity - As of November 27, Huadian International's stock was trading at 5.22 per share, with a total market capitalization of 60.613 billion [1] - The stock has seen a net inflow of 48.5325 million in main funds, with significant buying activity from large orders [1] Business Overview - Huadian International, established on June 28, 1994, and listed on February 3, 2005, primarily engages in the construction and operation of power plants, with a revenue composition of 86.84% from power generation, 11.79% from heating, and minor contributions from coal sales and other activities [1]

Group 1 - The core point of the news is that Huadian International (600027) has seen significant financing activity, with a net financing purchase of 1.96 million yuan on November 26, 2025, and a total net purchase of 47.74 million yuan over the last three trading days [1] - The financing balance as of November 26, 2025, is 829 million yuan, which represents 1.91% of the circulating market value [2] - Over the past 20 trading days, there have been 14 days with net financing purchases, indicating a positive sentiment among investors [1] Group 2 - On the same day, the securities lending saw a net sell of 3.96 thousand shares, with a total remaining amount of 10.95 thousand shares [3] - The total margin financing and securities lending balance increased by 0.26% to 830 million yuan on November 26, 2025 [4] - The margin financing balance has shown a consistent upward trend, with notable increases in previous trading days as well [4]

Core Insights - As of November 25, a total of 136 stocks in the Shanghai and Shenzhen markets have experienced net buying from major funds for five consecutive days or more [1] - The stocks with the longest streak of net buying are Datang Power and Shimao Energy, both having received net buying for 13 consecutive trading days [1] - Other notable stocks with significant net buying days include Chuan Yi Co., Aucma, Beijing-Shanghai High-Speed Railway, Zhenjiang Co., Yuanfei Pet, New Wind Light, Zhongyuan Expressway, and Huadian International [1]

Core Insights - As of November 25, a total of 69 stocks in the Shanghai and Shenzhen markets have experienced net financing inflows for five consecutive days or more [1] - The stocks with the longest streak of net financing inflows, at nine consecutive trading days, include Shanghai Pharmaceuticals, Lutai A, Guokai Military Industry, Gongda High-Tech, Shuangle Co., and Huadian International [1] - Other notable stocks with significant net financing inflows include Qibin Group, Zhuoyue Technology, Changyuan Electric Power, Dongcai Technology, Bailong Oriental, Zhongchen Technology, Hongchuan Wisdom, and Tongbao Energy [1]

Investment Rating - The report maintains a "Positive" investment rating for the utility sector [8] Core Insights - Guangdong has proposed a mechanism for sharing excess profits among electricity sales companies, which is expected to rationalize pricing behavior and reduce speculative pricing in the market [2][11] - The new policies aim to guide electricity sales companies to shift from a speculative pricing model to a service-oriented model, thereby stabilizing electricity prices and ensuring reasonable returns [11] - The report highlights that the profitability of independent electricity sales companies in Guangdong has increased, leading to a significant rise in the number of companies participating in the electricity market [11] Summary by Sections Electricity Sales Companies - Guangdong's new policy will share excess profits from electricity sales companies with retail users, compressing the arbitrage space and promoting rational pricing [2][11] - The shift in business model from arbitrage to providing value-added services is expected to stabilize market pricing and reduce irrational competition [11] Market Trends - The report notes that the average profit per kilowatt-hour for independent electricity sales companies in Guangdong reached 3.22 cents in the first half of 2025, an increase from 3.1 cents in 2024 [11] - The number of electricity sales companies in Guangdong rose from 257 in 2024 to 350 in 2025, a 36% increase, indicating strong market interest [11] Investment Recommendations - The report recommends focusing on quality coal-fired power operators such as Huaneng International, Datang Power, and Guodian Power, as well as hydropower companies like Yangtze Power and State Power Investment [11] - It also suggests investing in renewable energy companies like Longyuan Power and China Nuclear Power, which are expected to benefit from favorable policy changes [11]

Investment Rating - The report maintains an "Accumulate" rating for the electricity sector [5] Core Insights - In October, the national electricity consumption increased by 10.4% year-on-year, with a cumulative electricity consumption of 86,246 billion kWh from January to October, representing a 5.1% year-on-year growth [1][10] - The first industry saw a significant increase in electricity demand, with a monthly growth rate of 13.2% in October, while the second industry improved to a 6.2% year-on-year growth in the same month [2][16] - The third industry experienced a notable increase in electricity consumption, with a monthly growth rate of 17.1% in October, driven by rapid growth in the charging and information technology service sectors [2][12] - Residential electricity consumption surged to a monthly growth rate of 23.9% in October, influenced by cold weather [2][12] Summary by Sections Electricity Consumption - In October, the total electricity consumption reached 8,572 billion kWh, marking a 10.4% increase year-on-year [1][10] - From January to October, the cumulative electricity consumption was 86,246 billion kWh, with the industrial electricity generation amounting to 80,625 billion kWh [1][10] Electricity Generation - In October, the industrial electricity generation was 8,002 billion kWh, reflecting a year-on-year growth of 7.9% [2][27] - The report highlights a shift in electricity generation types, with industrial thermal power increasing by 7.3% in October, while hydroelectric and solar power growth rates slowed down [3][32] Investment Recommendations - The report emphasizes the importance of developing renewable energy and suggests focusing on green electricity operators with advantageous resource locations and low financing costs [4][50] - Specific companies recommended for investment include Huaneng International, Huadian International, and China Nuclear Power, among others [4][50]