Core Viewpoint - China Power (02380.HK) has announced a new entrusted management framework agreement with China Electric International, extending management services for three years from January 1, 2026, to December 31, 2028, after the current agreement expires on December 31, 2025 [1] Group 1 - The new agreement will allow China Power to continue providing planning, operation, and management services to the entrusted company [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，概不就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。 由於新委託管理框架協議有關最高年度上限的 若 干 適用百分比率超過 0.1%，但低於 5%，故其須遵守根據上市規則第 14A 章申報、公告及年度 審核的規定，但可獲豁免遵守經獨立股東批准的規定。 中 國 電 力 國 際 發 展 有 限 公 司 China Power International Development Limited （在香港註冊成立的有限責任公司） （股份代號：2380） 持續關連交易 重續委託管理框架協議 於二零二五年十二月二十九日，本公司與中電國際訂立新委託管理框架協 議，據此，在現有委託管理框架協議於二零二五年十二月三十一日屆滿 後，本公司已同意繼續向託管公司提供規劃、營運和管理服務，自二零二 六年一月一日起至二零二八年十二月三十一日止，期限為三年。 根據新委託管理框架協議，截至二零二六年、二零二七年及二零二八年十二 月三十一日止三個財政年度，中電國際應向本公司支付管理費的建議年 ...

格隆汇12月29日丨中国电力(02380.HK)公告，于2025年12月29日，公司与淮南矿业订立新煤炭供应框架 协议，据此，淮南矿业同意在现有煤炭供应框架协议于2025年12月31日届满后，继续向买方供应煤炭， 自2026年1月1日起至2028年12月31日止，为期三年。 ...

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，概不就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。 中 國 電 力 國 際 發 展 有 限 公 司 China Power International Development Limited （在香港註冊成立的有限責任公司） （股份代號：2380） 持續關連交易 與淮南礦業重續煤炭供應框架協議 於二零二五年 十二月二 十九日，本公司與淮南礦業 訂立新煤炭供應框架 協議，據此， 淮南礦業同意在現有煤炭供應框架協議於二零二五年十二 月三十一日屆滿後，繼續向買方供應煤炭 ，自二零二六年一月一日起至 二零二八年十二月三十一日止，為期三年。 根據新煤炭供應框架協議，截至二零二六 年、二零二七年及二零二八 年 十二月三十一日止三個財政年度 各年的建議年度上限將不會超過人民幣 6 , 12 6,000,000 元（約相等於 6, 806,667,000 港元）。 於本公告日期，淮南礦業為本公司三家附屬公司的主要股東 。故根據上 市規則定義，淮南礦業 為本公司 附屬公司 ...

Investment Rating - The investment rating for the industry is "Positive" and maintained [7] Core Insights - The annual electricity price expectations are gradually becoming clearer, with multiple factors constraining electricity price levels. The average transaction price for Guangdong's annual electricity trading in 2026 has reached the lower limit of the medium to long-term trading price, indicating a downward price expectation [2][6] - Despite the clear downward expectation for electricity prices, the thermal power sector has shown relative stability, outperforming the hydroelectric sector, which is less impacted by price fluctuations [2][6] - The recent decline in coal prices and the expected increase in capacity prices for 2026 are expected to provide a buffer against the downward trend in long-term contract prices, supporting market expectations for thermal power company profitability [2][6] Summary by Sections Electricity Price Expectations - The electricity supply and demand situation is at risk of deterioration, and there are non-seasonal risks associated with coal prices. The market's expectation for the 2026 annual electricity price has been negatively impacted by weak monthly and spot electricity prices in some provinces [2][7] - The average monthly prices for Guangdong and Jiangsu this year were 373 and 377 cents/kWh, respectively, down by 47 and 52 cents/kWh year-on-year. The announcement of the annual trading results has confirmed the market's previous pessimistic expectations [2][6] Thermal Power Sector Performance - The thermal power sector has shown resilience despite the downward price expectations, driven by two main factors: a significant "inverted V" trend in coal prices since October and the expected stepwise increase in capacity prices for 2026 [2][6] - The price of Qinhuangdao Q5500 thermal coal peaked at 834 yuan/ton in late November but has since dropped to 672 yuan/ton by December 26, a decrease of 162 yuan/ton [2][6] - The expected increase in capacity prices by approximately 65 yuan/year·kW across provinces is anticipated to enhance the profitability stability of thermal power companies [2][6] Investment Recommendations - Recommended companies include Huaneng International, Datang Power, Guodian Power, Huadian International, China Power, China Resources Power, and Funiu Co., as well as Inner Mongolia Huadian, which represents "coal-electricity integration" thermal power [2][12][13] - For the hydroelectric sector, recommended companies include Yangtze Power, Guotou Power, Chuan Investment Energy, and Huaneng Hydropower [2][12][14] - In the renewable energy sector, companies such as Longyuan Power H, Xintian Green Energy H, China Nuclear Power, and Zhongmin Energy are recommended due to their potential for growth [2][12][15]

来源：国家电投中国电力微信公众号 12月2 6日，中国电力召开干部会议。国家电投集团董事长、党组书记刘明胜出席会议并讲话，中国电力总裁、党委副书记赵永刚主持 会议。 会上，国家电投集团人力资源部副主任高小强宣布了关于中国电力董事局主席、执行董事、党委书记任职的决定： 桂许德同志任中国 电力董事局主席、执行董事、党委书记，兼任中电国际董事长、党委书记。 桂许德任中国电力董事局主席、执行董事、党委书记，兼任中电国际董事长、党委书记。 End 欢迎分享给你的朋友！ 出品 | 中国能源报（c ne ne rgy） 责编 | 李慧颖 ...

Core Insights - The total carbon emissions of the top 100 listed companies in China for 2024 are projected to be 5.134 billion tons, a decrease of 2.7 million tons compared to 2023, indicating a potential peak in emissions [1][6][11] - The disclosure rate of carbon emissions among these companies has increased from 43% in 2021 to an expected 80% by 2025, reflecting a growing awareness and commitment to carbon reduction [1][5][23] Group 1: Carbon Emissions Overview - The carbon emissions of the top 100 listed companies in 2024 are 5.134 billion tons, which is a 0.52% decrease from 5.161 billion tons in 2023 [6][11] - The top ten companies account for approximately 38% of the total emissions, highlighting the concentration of emissions among a few major players [2][6] - The threshold for inclusion in the carbon emissions ranking has decreased to 10.3128 million tons in 2024, down from 11.5329 million tons in 2023, indicating a reduction in emissions intensity among leading high-carbon companies [6][11] Group 2: Industry Emission Trends - The power industry remains the largest contributor to carbon emissions, accounting for approximately 2.29 billion tons in 2024, maintaining a significant share of the total emissions [15] - The cement industry follows with emissions of about 770 million tons, continuing a downward trend for four consecutive years [15] - The steel industry has seen a notable decrease in emissions, returning to levels close to those of 2022, with emissions around 580 million tons [15][18] Group 3: Carbon Efficiency Metrics - The average carbon efficiency of the top 100 companies in 2024 is 0.399 million yuan per ton, remaining stable compared to 0.40 million yuan per ton in 2023 [20][21] - The carbon efficiency has improved by 10.83% from 2021 to 2024, indicating a positive trend in decoupling economic output from carbon emissions [20] - Seven industries have shown improvements in carbon efficiency, with the chemical industry achieving the most significant increase, reaching 0.39 million yuan per ton, the highest in three years [20][21] Group 4: Disclosure and Transparency - In 2024, 80 companies disclosed their carbon emissions data, an increase from 65 in 2023, achieving the highest disclosure rate in four years [23] - The disclosure rate for the power industry is 77.42%, while the cement industry leads with 85.71%, consistently above the average [26] - A-share companies have seen a significant rise in disclosure rates, from 16.67% in 2021 to 70.97% in 2024, indicating improved transparency in carbon reporting [26][27]

Group 1 - The core point of the article is that China Power Construction Group Co., Ltd. has undergone a business change, increasing its registered capital from approximately 31.86 billion yuan to about 32.16 billion yuan [2] Group 2 - The registered capital increase is a notable change in the company's financial structure, reflecting potential growth or investment strategies [2] - The change in registered capital is a minor increase of about 300 million yuan, indicating a strategic adjustment rather than a significant overhaul [2]

2025年12月25日，北京迎来能源领域的一项重大突破——全球首套超高温热泵储能技术"储诺"（Chuno）正式发布。这一技术由中国国家电力投资集团有限 公司（National Power Investment Group，以下简称国家电投）中央研究院自主研发，标志着中国在长时储能（Long-duration Energy Storage）领域取得全球领 先地位。作为能源转型的关键支撑，长时储能被视为当前全球能源革命的"必选项"，而"储诺"技术的问世，不仅解决了多项核心技术难题，还为新能源大规 模并网、电力系统灵活性和节能减排提供了全新解决方案。 长时储能技术的核心在于实现电力在时间和空间上的高效转移与存储。随着可再生能源如风电、光伏的快速发展和占比提升，电力系统面临间歇性、波动性 等挑战。传统短时储能（如锂电池）难以满足跨季节、跨周甚至跨日的长时需求，而机械储能（如抽水蓄能）受地理条件限制，压缩空气储能等技术则存在 效率衰减和密度不足的问题。国家电投中央研究院敏锐捕捉这一痛点，创新提出热泵储能技术路线，通过热力学循环实现电-热-电的高效转化。 "储诺"技术的研发过程充满了攻坚克难。研究团队重点突破了系统构型设 ...

Investment Rating - The investment rating for the industry is "Positive" and is maintained [9]. Core Insights - The average transaction price for Guangdong Province in 2026 is projected to be 372.14 RMB/MWh, reaching the lower limit of the medium to long-term trading price, which represents a year-on-year decrease of 19.72 RMB/MWh. If the impact of the coal power capacity price increase in 2026 is considered, the comprehensive average electricity price will remain roughly the same as in 2025 [2][13]. - The total transaction volume for Guangdong Province in 2026 is expected to reach 359.437 billion kWh, reflecting a year-on-year growth of 5.38% [6][13]. - The Southern Energy Regulatory Bureau has emphasized the prohibition of signing "yin-yang contracts" and will strictly investigate violations in medium to long-term electricity trading. This indicates a focus on maintaining market order and rational trading [2][13]. - The report suggests that if electricity prices experience irrational declines, a new round of mechanism reforms may be initiated. The publication of the long-term electricity price in Guangdong marks the beginning of a new phase in the national electricity price negotiations [13]. Summary by Sections Section: Price Trends - The long-term electricity price has reached its lower limit, indicating potential volatility in prices if not constrained. The regulatory body has issued guidelines to ensure compliance and market stability [2][13]. - The coal power capacity price is set to increase from 100 RMB/year·kW to 165 RMB/year·kW in 2026, which, combined with a decrease in coal power utilization hours, will affect the average price for coal power units, keeping it stable compared to 2025 [2][13]. Section: Market Dynamics - The report highlights that the supply-demand relationship is becoming more relaxed, with an increase in new coal power installations, which may exert downward pressure on electricity prices. The dual-track pricing system of medium to long-term and spot markets is also contributing to this dynamic [13]. - The report recommends focusing on quality coal power operators such as Huaneng International, Datang Power, and others, as well as hydropower companies like Yangtze Power and Guotou Power, and new energy firms like Longyuan Power and China Nuclear Power [13].