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: 2025年10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: 哈爾濱電氣股份有限公司 呈交日期: 2025年11月3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) | 01133 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 675,571,000 | RMB | | 1 RMB | | | 675,571,000 | | 增加 / 減少 (-) | | | | | | RMB | | | | | 本月底結存 | | | 675,571,000 | RMB | | 1 RMB | | | 675,571,000 | | 1. 股份分類 | ...

Investment Rating - The report maintains a "Buy" rating for various sectors including hydropower, green electricity, nuclear power, thermal power, and gas power [4][9][44]. Core Insights - The green certificate market is experiencing a significant increase in both volume and price, with a 210% rise in average trading price in Q3 compared to Q1 [8]. - Global natural gas prices are fluctuating, with the US Henry Hub spot price reaching a near six-month high of $3.57/mmBtu, while European prices are showing mixed trends [11][12]. - The report anticipates a potential increase in gas consumption growth in Q4 2025 due to low base effects and high demand expectations, despite a 1.6% year-on-year decline in September gas consumption [32][33]. Summary by Sections 1. Electricity - In September 2025, 229 million green electricity certificates were issued, with 68.86% being tradable [4][8]. - The report highlights the improvement in market mechanisms and the growing demand for renewable energy consumption [8]. 2. Natural Gas - As of October 31, 2025, the US Henry Hub spot price increased by 11.16% week-on-week, while European prices showed a decline [11][12]. - The report notes a 1.6% year-on-year decrease in national gas consumption in September, with expectations for growth in Q4 2025 due to favorable weather conditions [32][33]. 3. Investment Recommendations - Recommendations include hydropower companies such as Guotou Power and Chuanwei Energy, green electricity firms like Xintian Green Energy and Longyuan Power, and gas companies including Kunlun Energy and New Hope Energy [9][44]. - The report emphasizes the potential for improved profitability in the gas sector due to declining costs and rising demand [33][44].

Core Points - The company and its board members guarantee the authenticity, accuracy, and completeness of the quarterly report, taking legal responsibility for any misrepresentation or omissions [2][3]. Financial Data - The third-quarter financial report has not been audited [3][6]. - There are no adjustments or restatements of previous accounting data required [3]. - The company does not have any non-recurring profit and loss items applicable for this quarter [3][4]. Shareholder Information - The report includes details on the total number of common shareholders and the top ten shareholders' holdings [5]. - There are no changes in the top ten shareholders due to securities lending activities [5]. Other Important Matters - There are no other significant matters to report for this quarter [5].

Core Viewpoint - Harbin Electric (01133) announced the appointment of Chen Hui as Senior Vice President, effective from the date of the announcement, October 27, 2025 [1] Company Summary - The board meeting of Harbin Electric was held to make the decision regarding the appointment [1]

Core Viewpoint - Harbin Electric (01133) announced the appointment of Chen Hui as the Senior Vice President, effective from the date of the announcement, October 27, 2025 [1] Company Summary - The board meeting of Harbin Electric is scheduled for October 27, 2025, to formalize the appointment of Chen Hui [1]

Core Viewpoint - Harbin Electric (01133.HK) announced the appointment of Chen Hui as Senior Vice President, effective from the date of the announcement [1] Group 1 - The board meeting was held on October 27, 2025, to make the decision regarding the appointment [1]

（於中華人民共和國註冊成立的股份有限公司） （股份代號：1133） 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分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。 委任高級副總裁 中 國，哈 爾 濱 二零二五年十月二十七日 哈 爾 濱 電 氣 股 份 有 限 公 司（「本公司」）董 事 會（「董事會」）謹 此 公 告，於 二 零 二 五 年 十 月 二 十 七 日，本 公 司 召 開 董 事 會 會 議，決 定 委 任 陳 輝 先 生 為 本 公 司 高 級 副 總 裁，有 關 任 職 自 本 公 告 發 佈 之 日 正 式 生 效。 陳 輝 先 生 簡 歷 如 下： 陳輝先生（「陳先生」），一九七五年出生，五十歲，大學學歷，工程碩士學位， 正 高 級 工 程 師 職 稱，現 任 本 公 司 黨 委 常 委，哈 爾 濱 電 氣 集 團 有 限 公 司（「哈 電集團」）副 總 經 理、黨 委 常 委。陳 先 生 畢 業 於 葛 洲 ...

Group 1 - Some electric equipment stocks have strengthened, with Harbin Electric (01133.HK) rising by 13.79% to HKD 13.53 [1] - Dongfang Electric (01072.HK) increased by 11.24% to HKD 20.38 [1] - Shanghai Electric (02727.HK) saw a rise of 5.54% to HKD 4.95 [1]

Core Viewpoint - The Hong Kong nuclear power sector is experiencing a significant rise, with multiple companies showing substantial stock price increases [1] Company Performance - Harbin Electric has seen its stock price increase by over 13% [1] - Dongfang Electric's stock price has risen by more than 9% [1] - Shanghai Electric and China National Nuclear Power have both increased by over 5% [1] - China National Nuclear International and China General Nuclear Power are also following the upward trend [1]

Group 1 - UBS expresses increased optimism regarding China's electricity market demand, forecasting an 8% growth from 2028 to 2030, which is double the previous estimate [1] - The firm identifies structural drivers such as AI data centers, exports, and electrification, with their impact expected to exceed earlier predictions [1] - Adjustments reflect enhanced confidence in the construction of AI data centers, accelerated growth in electricity exports, and rapid electrification, benefiting capital expenditures in power equipment and grids starting next year [1] Group 2 - UBS raises its earnings forecasts for relevant stocks by 2% to 18% for the years 2023 to 2027 [1] - The investment ratings for Daikin Heavy Industries and China General Nuclear Power (01816.HK) are upgraded to "Buy," with a preference for stocks trading at a projected P/E ratio of 15.6 times in 2026, below the historical average of 22 times and the global industry average of 50 times [1] - Preferred stocks include Harbin Electric (1133.HK) and China General Nuclear Power (1816.HK), along with interest in Dongfang Electric (1072.HK), Siyuan Electric, Yingliu Electromechanical, Goldwind (2208.HK), and Daikin Heavy Industries [1]