Group 1: Solid-State Battery Industry - The global solid-state battery industry is expected to achieve GWh-level mass production by 2027, driven by collaborative innovation in materials, processes, and equipment [5][6][7] - The solid-state battery supply chain is evolving towards a "materials-equipment-manufacturing-application" collaborative innovation model, with key advancements in electrolyte film formation processes impacting ionic conductivity [6][7] - The global solid-state battery equipment market is projected to reach 120 billion yuan by 2026, with significant demand for new equipment such as dry electrode preparation and isostatic pressing [7][8] Group 2: AI Applications and Media Consumption - The 2026 Spring Festival has become a battleground for major AI companies to showcase their technological capabilities, integrating AI deeply into program production and real-time interactions [10][11] - The focus of domestic AI large models has shifted from general capabilities to native agent capabilities, emphasizing task planning and multi-modal technology breakthroughs [10][11] - The gaming sector during the Spring Festival saw a preference for high DAU games, particularly in the MOBA and FPS genres, with Tencent's games dominating the market [11][12] Group 3: Energy Sector and Coal Market - In 2025, the State Grid's total bidding amount reached 89.4 billion yuan, doubling that of 2022 and increasing by 27% compared to 2024, indicating strong growth in the energy sector [14][15] - The coal market experienced unexpected inventory reductions before the Spring Festival, leading to optimistic coal prices post-holiday, supported by favorable supply conditions [16] - The release of the national unified electricity market policy aims to establish a market-oriented mechanism centered on supply and demand, emphasizing sustainability [17][18] Group 4: New Consumption Trends - The 2026 Spring Festival saw a significant increase in travel and consumption, with cross-regional passenger flow expected to reach 9.5 billion, a 5.32% increase from 2025 [19][20] - The beauty sector showed signs of recovery during the off-peak season, with a notable increase in sales, particularly in the makeup category, driven by festive consumption [22][23] - The overall retail and catering sales during the Spring Festival increased by 8.6% compared to the previous year, reflecting a vibrant consumer market [21][22]

Investment Rating - The investment rating for the utility industry is "Positive" (maintained) [1] Core Insights - The report highlights that the total bidding amount for the State Grid in 2025 reached 89.4 billion yuan, which is more than double that of 2022 and represents a 27% increase compared to 2024, indicating a faster growth rate [3][4] - The report emphasizes the expected fixed asset investment of 4 trillion yuan during the 14th Five-Year Plan, which is approximately 40% higher than the previous plan, supporting future revenue growth for power equipment companies [4][33] Summary by Sections State Grid Bidding Summary - In 2025, the State Grid's total bidding amount was 89.4 billion yuan, exceeding 2022's amount by over two times and growing by 27% from 2024 [3][12] - The top seven equipment categories by bidding amount included switchgear, transformers, cables and accessories, relay protection, communication network equipment, and reactors, with most categories showing year-on-year increases in bidding amounts [3][12][14] Coal Market Insights - The average operating rate of coal mines from New Year's Day to before the Spring Festival was at a low level compared to the past three years, indicating a tight supply situation [5][33] - The report suggests a positive outlook for coal prices post-holiday due to favorable supply conditions [5][33] Power Market Reforms - The release of the "National Unified Power Market System Implementation Opinions" document is seen as a significant step in power market reform, emphasizing marketization and fairness while ensuring supply security [6][7] - The report recommends several companies for investment, including Guiguan Power, Longyuan Power, and China Resources Power, highlighting their dividend yields and growth potential [7] Equipment Company Performance - Among listed companies, China Xidian, Pinggao Electric, and Siyi Electric ranked as the top three in bidding amounts, with Siyi Electric showing nearly 80% growth compared to 2024 [14][19] - The report indicates that the bidding amounts for transformers and combination electrical devices are expected to grow significantly, with a high concentration of market share among leading companies [19][21][28]

Core Viewpoint - Datang New Energy (01798) has successfully completed the public issuance of its 2026 renewable corporate bonds, raising a total of RMB 2 billion with a maturity of 3 years and an interest rate of 1.96% [1] Group 1 - The final issuance scale of the corporate bonds is RMB 2 billion [1] - The bonds have a base term of 3 years [1] - The face value of each bond is RMB 100 [1] Group 2 - The issuance interest rate is set at 1.96% [1] - The effective date for interest accrual is February 9, 2026 [1]

Core Viewpoint - 大唐新能源 has successfully completed the public issuance of its 2026 renewable corporate bonds, raising a total of RMB 2 billion with a maturity of 3 years and an interest rate of 1.96% [1] Group 1: Bond Issuance Details - The final issuance scale of the corporate bonds is RMB 2 billion [1] - The bonds have a base term of 3 years and a face value of RMB 100 [1] - The interest commencement date is February 9, 2026 [1] Group 2: Stock Performance - As of February 9, 2026, 大唐新能源's stock closed at HKD 2.02, reflecting a 0.5% increase [1] - The trading volume was 7.26 million shares, with a total transaction value of HKD 14.63 million [1] Group 3: Analyst Ratings - The majority of investment banks have rated the stock as "buy," with one bank issuing a buy rating in the last 90 days [1] - 兴证国际 has recently provided a buy rating for 大唐新能源 [1] Group 4: Market Position - The market capitalization of 大唐新能源 is HKD 5.027 billion, ranking 13th in the power industry [1]

Group 1 - The company, 大唐新能源, has completed the public issuance of its 2026 renewable corporate bonds on February 9, 2026 [1] - The total issuance scale of the bonds is RMB 2 billion, with a base term of 3 years [1] - The face value of the bonds is RMB 100, and the issuance interest rate is 1.96% [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，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。 公 告 公開發行可續期公司債券 本 公 告 乃 由 中 國 大 唐 集 團 新 能 源 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13.09條及香港法例第571章《證 券 及 期 貨 條 例》第XIVA部 項 下 內 幕 消 息 條 文 作 出。 茲提述本公司(i)日期為2025年5月29日 的 股 東 週 年 大 會（「股東週年大會」） 通 函 及 通 告；及(ii)日期為2025年6月27日的股東週年大會之投票表決結 果 公 告，內 容 有 關（其 中 包 括）在 中 國 境 內 公 開 發 行 可 續 期 公 司 債 券。 本公司已於2026年2月9日 完成本公司2026年 可 續 期 公 司 債 券（第 一 期）（「本 期公司債券」）的 公 開 發 行 及 收 到 本 期 發 行 的 ...

Core Viewpoint - Datang New Energy (01798) reported a preliminary statistic indicating that the company and its subsidiaries achieved a total power generation of 3.272 million megawatt-hours (MWh) in January 2026, representing a year-on-year increase of 6.69% compared to 2025 [1][3]. Group 1: Power Generation Overview - The total power generation of 3.272 million MWh includes wind power generation of 2.8806 million MWh, which increased by 4.34% year-on-year [1][3]. - Solar power generation reached 391,600 MWh, showing a significant year-on-year increase of 27.89% [1][3].

Company News - Beijing Capital International Airport Co., Ltd. (00694.HK) expects a net loss of approximately RMB 6.0 billion to RMB 7.6 billion in 2025, a year-on-year reduction of about 45.3% to 56.8%, benefiting from the recovery in aviation market demand and enhanced cost control [1] - Times Electric (03898.HK) anticipates total operating revenue of approximately RMB 28.761 billion in 2025, a year-on-year increase of 15.46%, with a net profit of about RMB 4.105 billion, up 10.88% year-on-year [1] - Hong Kong Tong Holdings (00032.HK) issued a profit warning, expecting a year-on-year increase in profit attributable to shareholders to approximately HKD 660 million for the fiscal year 2025 [1] - Datang Environment Industry Group (01272.HK) issued a profit warning, expecting pre-tax profit to rise to approximately RMB 700 million to RMB 710 million in 2025 [1] Power Generation - Datang New Energy (01798.HK) completed power generation of 3.272 million MWh in January, a year-on-year increase of 6.69% [2] - Longyuan Power (00916.HK) achieved power generation of 7.1627 million MWh in January, a year-on-year growth of 12.05%, with wind power generation increasing by 8.11% and solar power generation rising by 42.25% [2] - Jiangshan Holdings (00295.HK) reported total power generation of approximately 18.3 thousand MWh in January, a year-on-year decrease of 22.13% [4] Real Estate - Yuexiu Property (00123.HK) reported contract sales of approximately RMB 4.201 billion in January, a year-on-year decline of about 36.4% [2] - Poly Real Estate (01238.HK) recorded total contract sales of approximately RMB 470 million in January, a year-on-year decrease of 31.98% [2] - Greenland Hong Kong (00337.HK) reported contract sales of approximately RMB 508 million in January, a year-on-year increase of about 287.79% [3] Other Developments - CloudTop New Drug (01952) received approval for the new drug application of Vedolizumab for treating moderate to severe ulcerative colitis in adults in China [4] - Zhonghang Science and Technology (02357.HK) plans to invest RMB 58 million to acquire a 10% stake in Zhonghang Jierui [4] - Kelun-Biotech (06990.HK) received approval for the fourth indication of its core product TROP2ADC for treating 2L+ HR+/HER2- breast cancer [4] Financing and Buyback Activities - Kingsoft Corporation (03888.HK) repurchased approximately 1.1142 million shares for about HKD 29.9994 million, with repurchase prices ranging from HKD 26.8 to HKD 27 [7] - Geely Automobile (00175.HK) repurchased approximately 1.665 million shares for about HKD 27.1612 million, with repurchase prices between HKD 15.94 and HKD 16.44 [7] - October Rice Field (09676.HK) repurchased 780,000 shares for approximately HKD 7.3357 million, with repurchase prices between HKD 9.3 and HKD 9.46 [7] - China Galaxy (06881.HK) completed the issuance of corporate bonds totaling RMB 6 billion [7]

Core Viewpoint - Datang New Energy announced that it achieved a power generation of 3,272,182 megawatt-hours in January 2026, representing a year-on-year increase of 6.69% compared to 2025 [2] Group 1 - The company reported a total power generation of 3,272,182 megawatt-hours for January 2026 [2] - This figure indicates a growth of 6.69% compared to the previous year, 2025 [2]

Core Viewpoint - 大唐新能源 (01798.HK) reported a significant increase in power generation for January 2026, indicating positive growth trends in both wind and solar energy sectors [1] Group 1: Power Generation Statistics - The total power generation for January 2026 reached 3.2722 million megawatt-hours, representing a year-on-year increase of 6.69% compared to 2025 [1] - Wind power generation accounted for 2.8806 million megawatt-hours, showing a year-on-year increase of 4.34% from 2025 [1] - Solar power generation was 391,600 megawatt-hours, which is a substantial year-on-year increase of 27.89% compared to 2025 [1]