Core Insights - 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 [1] Company Performance - The company reported a significant increase in power generation, indicating positive growth trends in its operational performance [1] - The increase in power generation may reflect the company's strategic initiatives and investments in renewable energy sources [1] Industry Context - The growth in power generation aligns with broader trends in the renewable energy sector, where companies are increasingly focusing on expanding their capacity to meet rising energy demands [1] - The renewable energy industry is experiencing a shift towards higher efficiency and sustainability, which may benefit companies like Datang New Energy in the long term [1]

Core Viewpoint - 大唐新能源 reported a significant increase in power generation for 2026, indicating positive growth trends in both wind and solar energy sectors [1] Group 1: Power Generation Statistics - The company and its subsidiaries achieved a total power generation of 3.272 million megawatt-hours (MWh) in 2026, representing a year-on-year increase of 6.69% compared to 2025 [1] - Wind power generation reached 2.8806 million MWh, which is a 4.34% increase from 2025 [1] - Solar power generation amounted to 391,600 MWh, showing a substantial year-on-year increase of 27.89% compared to 2025 [1]

Core Insights - 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 [1] Company Performance - The company reported a significant increase in power generation, indicating positive growth trends in its operational performance [1] - The power generation figure reflects the company's commitment to expanding its renewable energy capabilities [1] Industry Context - The increase in power generation aligns with broader trends in the renewable energy sector, where companies are focusing on enhancing output to meet growing energy demands [1] - The performance of Datang New Energy may serve as a benchmark for other companies in the industry, highlighting the potential for growth in renewable energy production [1]

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] Group 1: Power Generation Overview - The total power generation of the group reached 3.272 million MWh in January 2026, up 6.69% year-on-year from 2025 [1] - Wind power generation accounted for 2.8806 million MWh, reflecting a year-on-year increase of 4.34% compared to 2025 [1] - Solar power generation reached 391,600 MWh, showing a significant year-on-year increase of 27.89% compared to 2025 [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份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 – 2 – | | | | | 2026年 | 2025年 | 年累計 | | --- | --- | --- | --- | --- | --- | --- | | 業務板塊及 | 2026年 | 2025年 | 1月同比 | 累 計 | 同期累計 | 發電量同比 | | 地區分佈 | 1月發電量 | 1月發電量 | 變化率 | 發電量 | 發電量 | 變化率 | | | （兆 瓦 時） | （兆 瓦 時） | (%) | （兆 瓦 時） | （兆 瓦 時） | (%) | | 光伏業務 | 391,576 | 306,189 | 27.89 | 391,576 | 306,189 | 27.89 | | 河 北 | 1,740 | – | – | 1,740 | – | – | | 山 西 | 20,528 | 2,456 ...

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: 2026年1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: 中國大唐集團新能源股份有限公司（「本公司」） 呈交日期: 2026年2月4日 備註： 第 1 頁 共 11 頁 v 1.2.0 FF301 FF301 本公司乃於中華人民共和國註冊成立的股份有限公司。本公司並無「法定股本」。在上述第I部顯示「法定/註冊股本」的資料是指本公司的「註冊股本」。 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) | 01798 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,501,071,100 | RMB | | 1 RMB | | 2,501,071,100 | | 增加 / 減少 ( ...

Investment Rating - The report maintains a "Buy" rating for the public utility sector [6] Core Insights - The commercial model of the power sector is continuously transforming, with a reduced reliance on annual long-term contracts for electricity and prices. The sector is shifting towards mid-to-long-term markets, spot markets, and capacity markets, indicating a comprehensive push for marketization [19][3] - The capacity price mechanism is being refined, with the aim to optimize the electricity market and ensure fair compensation reflecting the contributions of different power plants to peak demand [15][3] - The report highlights the importance of capacity market development, with current subsidies in Gansu and Yunnan reaching 330 RMB/kW·year, which helps offset the decline in electricity prices [19][3] Summary by Sections Market Performance - The SW public utility sector index fell by 1.66% this week, ranking 16th among 31 SW sectors. In comparison, the CSI 300 index rose by 0.08%, while the Shanghai Composite Index and Shenzhen Component Index fell by 0.44% and 1.62%, respectively [33][33] - Within sub-sectors, thermal power decreased by 2.78%, hydropower increased by 0.3%, while solar and wind power fell by 4.53% and 2.49%, respectively [33][33] Price Updates - Domestic and imported thermal coal prices have rebounded slightly, with domestic Qinhuangdao port 5500 kcal thermal coal rising by 4 RMB/ton, remaining below 700 RMB/ton. Imported coal prices also saw a slight increase [12][12] - The average clearing price for electricity in Shanxi and Guangdong has significantly increased due to cold weather, while the monthly agent purchase electricity costs are trending upwards due to rising capacity prices and the entry of renewable energy into the settlement cycle [13][12] Key Events - The National Development and Reform Commission and the National Energy Administration issued a notice to improve the capacity price mechanism for power generation, which includes optimizing compensation for coal and gas power generation [3][15] - Recent policy changes include relaxing the annual long-term contract signing ratio for coal-fired power companies and the cancellation of time-of-use electricity pricing in multiple regions [3][15] Recommendations - The report suggests focusing on national thermal power operators such as Huaneng International and Guodian Power, which are expected to maintain stable cash dividends. The profitability of thermal power is anticipated to gradually detach from coal cost dependency, shifting towards multiple influencing factors [19][3] - For long-term stable investment needs, the report recommends attention to companies like Yangtze Power, State Power Investment Corporation, and China National Nuclear Power [19][3]

Core Viewpoint - Datang New Energy (01798) announced a projected decrease in total power generation for 2025 compared to 2024, with specific changes in wind and solar power outputs [1] Group 1: Power Generation Overview - The total power generation for the group in 2025 is expected to be 3.453 million megawatt-hours, a decrease of 0.33% compared to 2024 [1] - Wind power generation is projected to be 3.094 million megawatt-hours, reflecting a decline of 5.38% year-on-year [1] - Solar power generation is anticipated to reach 358,900 megawatt-hours, showing a significant increase of 49.48% compared to 2024 [1] Group 2: Cumulative Power Generation - As of December 31, 2025, the cumulative power generation is expected to be 35.105 million megawatt-hours, representing a year-on-year increase of 9.40% [1] - Cumulative wind power generation is projected at 29.994 million megawatt-hours, which is an increase of 4.69% compared to 2024 [1] - Cumulative solar power generation is expected to be 5.111 million megawatt-hours, reflecting a growth of 41.57% year-on-year [1]

Core Viewpoint - 大唐新能源 (01798) announced a projected decrease in total power generation for 2025, with specific changes in wind and solar energy outputs compared to 2024 [1] Group 1: Power Generation Forecast - The company expects to complete a total power generation of 3.453 million megawatt-hours (MWh) in 2025, a decrease of 0.33% compared to 2024 [1] - Wind power generation is projected to be 3.094 million MWh, reflecting a decline of 5.38% year-on-year [1] - Solar power generation is anticipated to reach 358,900 MWh, showing a significant increase of 49.48% compared to 2024 [1] Group 2: Cumulative Power Generation - As of December 31, 2025, the cumulative power generation is expected to be 35.105 million MWh, representing a year-on-year increase of 9.40% [1] - Cumulative wind power generation is projected at 29.994 million MWh, which is an increase of 4.69% from 2024 [1] - Cumulative solar power generation is expected to be 5.111 million MWh, marking a growth of 41.57% compared to the previous year [1]

Core Viewpoint - 大唐新能源 (01798.HK) reported a slight decrease in total power generation for 2025 compared to 2024, with a notable increase in solar power generation and a decrease in wind power generation [1] Group 1: Power Generation Statistics - The company and its subsidiaries achieved a total power generation of 3,452,979 MWh in December 2025, representing a 0.33% decrease year-on-year from 2024 [1] - Wind power generation amounted to 3,094,039 MWh, reflecting a 5.38% decrease compared to 2024 [1] - Solar power generation reached 358,941 MWh, showing a significant increase of 49.48% year-on-year [1] Group 2: Cumulative Power Generation - As of December 31, 2025, the cumulative power generation for the year was 35,105,104 MWh, which is a 9.40% increase from 2024 [1] - Cumulative wind power generation totaled 29,994,258 MWh, marking a 4.69% increase compared to the previous year [1] - Cumulative solar power generation was 5,110,846 MWh, indicating a 41.57% increase year-on-year [1]