Market Performance - The Hong Kong stock market continued to show weakness, with the Hang Seng Index down 0.43% to 25,324.75 points, the Hang Seng Tech Index down 0.68%, and the National Enterprises Index down 0.51% [1] - Major technology stocks exhibited mixed performance, with NetEase and Bilibili down over 1%, Tencent down 1%, while Meituan rose over 1% [1] - Precious metals performed strongly, with silver reaching a historical high and gold-related stocks rising, including Lingbao Gold which increased nearly 10% [1] - Shipping stocks declined, with Pacific Basin Shipping down 9.5% and Orient Overseas International down 5% [1] - The photovoltaic sector also fell, with China Metallurgical Group down 4.3% and other companies like Xinyi Solar and Flat Glass down over 3% [1] Company News - Datang New Energy reported a cumulative power generation of approximately 31.6521 million MWh in the first 11 months, an increase of 10.58% year-on-year [2] - Jiangshan Holdings reported a total solar power generation of approximately 279.78 thousand MWh in the first 11 months, a decrease of 5.61% year-on-year [3] - New City Development reported a cumulative contract sales amount of approximately 17.917 billion yuan in the first 11 months, a decrease of 51.53% year-on-year [4] - Longfor Group achieved a total contract sales amount of 59.39 billion yuan in the first 11 months [5] - CIFI Holdings reported a cumulative contract sales amount of approximately 15.1 billion yuan in the first 11 months [6] Institutional Insights - Dongwu Securities indicated that the Hong Kong stock market is still in a left-side phase, with a rebound needing to wait, but mid-term positioning appears attractive [12] - Huaxia Fund noted that the previous irrational panic in the tech sector has eased, and the future outlook for AI development is pragmatic with clear commercialization paths [12] - China International Capital Corporation highlighted that the recent weakness in the Hong Kong market is due to multiple factors including a declining credit cycle and liquidity pressure [13] - Everbright Securities mentioned that after a rebound in 2025, the current Hang Seng Index P/E ratio is above the past five-year average, indicating overall valuation repair but still within a reasonable range [13]

Major Events - HASHKEY HLDGS (03887) plans to conduct an IPO from December 9 to December 12, aiming to globally offer 241 million shares and has secured cornerstone investors including UBS AM Singapore [1] - Tuda Tong (02665) is set to list on December 10 with a share price of HKD 10 [1] - Federated Pharmaceuticals (03933) has received approval from the National Medical Products Administration for its moxifloxacin hydrochloride eye drops [1] - Shou Cheng Holdings (00697) has attracted investments from Beijing Robotics Fund and Shou Bao Fund for its subsidiary Yun Shen Chu Technology [1] - Botai Vehicle Link (02889) has been selected by a leading OEM in the new energy vehicle sector as a supplier for the next-generation smart car cockpit project [1] - Guangdong-Hong Kong-Macau Holdings (01396) subsidiary Tiandun Data has signed a strategic cooperation agreement with Huagong Technology (000988.SZ) [1] Operating Performance - China Life Insurance (02628) reported total premiums exceeding CNY 700 billion by the end of November [1] - Datang Renewable (01798) achieved a cumulative power generation of approximately 31.6521 million MWh in the first 11 months, representing a year-on-year increase of 10.58% [1] - Longfor Group (00960) recorded total contract sales of CNY 59.39 billion in the first 11 months [1] - China Jinmao (00817) reported a cumulative contracted sales amount of CNY 100.679 billion in the first 11 months, reflecting a year-on-year growth of 21.3% [1] - New Town Development (01030) reported a cumulative contract sales amount of approximately CNY 17.917 billion in the first 11 months, a year-on-year decrease of 51.53% [1] - CIFI Holdings Group (00884) achieved a cumulative contract sales amount of approximately CNY 15.1 billion in the first 11 months [1]

截至2025年11月30日，集团2025年累计完成发电量31,652,124兆瓦时，较2024年同比增加10.58%。其 中，完成风电发电量26,900,219兆瓦时，较2024年同比增加6.51%；光伏发电量4,751,905兆瓦时，较 2024年同比增加41.01%。 格隆汇12月9日丨大唐新能源(01798.HK)公告，根据公司初步统计，2025年11月公司及其附属公司(统 称"集团")按合并报表口径完成发电量3,426,874兆瓦时，较2024年同比增加26.22%。其中，完成风电发 电量3,080,993兆瓦时，较2024年同比增加24.87%；光伏发电量345,881兆瓦时，较2024年同比增加 39.67%。 来源：格隆汇APP ...

格隆汇12月9日丨大唐新能源(01798.HK)公告，根据公司初步统计，2025年11月公司及其附属公司(统 称"集团")按合并报表口径完成发电量3,426,874兆瓦时，较2024年同比增加26.22%。其中，完成风电发 电量3,080,993兆瓦时，较2024年同比增加24.87%；光伏发电量345,881兆瓦时，较2024年同比增加 39.67%。 截至2025年11月30日，集团2025年累计完成发电量31,652,124兆瓦时，较2024年同比增加10.58%。其 中，完成风电发电量26,900,219兆瓦时，较2024年同比增加6.51%；光伏发电量4,751,905兆瓦时，较 2024年同比增加41.01%。 ...

智通财经APP讯，大唐新能源(01798)公布，2025年11月该集团按合并报表口径完成发电量3,426,874兆瓦 时，较2024年同比增加26.22%。其中，完成风电发电量3,080,993兆瓦时，较2024年同比增加24.87%;光 伏发电量345,881兆瓦时，较2024年同比增加39.67%。截至2025年11月30日，该集团2025年累计完成发 电量31,652,124兆瓦时，较2024年同比增加10.58%。其中，完成风电发电量26,900,219兆瓦时，较2024 年同比增加6.51%;光伏发电量4,751,905兆瓦时，较2024年同比增加41.01%。 ...

大唐新能源(01798)公布，2025年11月该集团按合并报表口径完成发电量3,426,874兆瓦时，较2024年同 比增加26.22%。其中，完成风电发电量3,080,993兆瓦时，较2024年同比增加24.87%;光伏发电量345,881 兆瓦时，较2024年同比增加39.67%。截至2025年11月30日，该集团2025年累计完成发电量31,652,124兆 瓦时，较2024年同比增加10.58%。其中，完成风电发电量26,900,219兆瓦时，较2024年同比增加6.51%; 光伏发电量4,751,905兆瓦时，较2024年同比增加41.01%。 ...

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 2025年11月 發電量 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(2)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 而 作 出。 本 公 司 董 事 會（「董事會」）宣 佈，根 據 本 公 司 初 步 統 計，2025年11月本公 司 及 其 附 屬 公 司（統 稱「本集團」）按 合 併 報 表 口 徑 完 成 發 電 量3,426,874兆 瓦 時，較2024年同比 增 加26.22%。其 中，完 成 風 電 發 電 量3,080,993兆 瓦 時， 較2024年同比 增 加24.87%；光 伏 發 電 量345,881兆 瓦 時，較2024年同比增加 39.67 ...

格隆汇12月9日丨根据联交所最新权益披露资料显示，2025年12月2日，大唐新能源(01798.HK)获上海宁泉资产管理有限公司在场内以每股均价2.25港元增持 325.2万股，涉资约731.7万港元。 | 表格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 費出或涉及的 每股的平均價 | | | | 持有權益的股份數目 佔已發行的 有關事件的日期 | | | --- | --- | --- | --- | --- | --- | --- | | | 股份數目 | 原因 | | | ( 請參閱上述 * 註 | 有投票權股 (日 / 月 / 年) | | | | | | | | 份百分比 | | CS20251207E00002 | 上海宁泉资产管理有限公司 | 1101(L) | 3,252,000(L) | HKD 2.2500 | 252,819,000(L) | 10.11(L)02/12/2025 | 增持后，上海宁泉资产管理有限公司最新持股数目为252,819,000股，持股比例由9.98%上升至10.11%。 | 股份代號: | 01798 | | --- | --- | | 上市法 ...

Investment Rating - The report maintains a "Buy" rating for the public utility sector, indicating an expected investment return exceeding 15% over the next 6-12 months [5]. Core Insights - The report highlights a significant decline in thermal coal prices, with specific price drops noted for various coal types at different ports. For instance, the price of 5500 kcal thermal coal at Qinhuangdao port decreased by 24 CNY/ton this week [2][10]. - The report also discusses the ongoing electricity market reforms, particularly in Guangdong, where the 2026 annual trading process has commenced, involving various trading methods [3][4]. - The renewable energy sector is expected to see valuation recovery due to new policies promoting green electricity consumption and accelerated subsidy distribution [4]. Summary by Sections Market Overview - The SW public utility sector saw a slight increase of 0.12% this week, ranking 17th among 31 SW sectors. In comparison, the CSI 300 index rose by 1.28% [26]. - Notable stock performances included Min Dong Power (+16.86%) and Zhong Min Energy (+12.62%), while Shanghai Electric saw a decline of -13.53% [32]. Coal and Electricity Pricing - Thermal coal prices have rapidly decreased, with specific reductions of 24 CNY/ton at Qinhuangdao, 20 CNY/ton at Fangchenggang, and 10 CNY/ton at Guangzhou [2][11]. - Average settlement prices for electricity in Guangdong increased to 354.64 CNY/MWh, reflecting a rise from the previous week [11]. Key Events - The report notes the release of competitive bidding results for renewable energy projects under the "136" document, with significant volumes and pricing established for solar and wind energy [3][9]. - The Guangdong Electricity Trading Center has initiated the 2026 annual trading process, which will occur in phases from December 5 to December 22 [3][4]. Sector Outlook - The renewable energy sector is anticipated to benefit from policy changes aimed at enhancing green electricity consumption, suggesting a potential for valuation recovery [4]. - The report recommends focusing on national thermal power operators like Huaneng International and Guodian Power, which are expected to maintain stable earnings despite market uncertainties [4].

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 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: 2025年12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) | 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 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 2,501,071,100 | RMB | | 1 RMB | | 2,501,071,100 | | 2. 股份分類 | ...