Core Insights - In the first eleven months of 2025, China's electricity market transaction volume exceeded 6 trillion kilowatt-hours, reaching 60,300 billion kilowatt-hours, a year-on-year increase of 7.6% [1] - The electricity market transactions accounted for 63.7% of the total electricity consumption in society, an increase of 1.3 percentage points year-on-year [1] Transaction Scope - Within the domestic market, the transaction volume was 45,830 billion kilowatt-hours, reflecting a year-on-year growth of 6.3% [1] - Cross-province and cross-region transactions amounted to 14,470 billion kilowatt-hours, showing a growth of 12.1% [1] Transaction Types - The medium and long-term transaction volume was 57,687 billion kilowatt-hours, while the spot transaction volume was 2,613 billion kilowatt-hours [1] - Green electricity transactions reached 2,967 billion kilowatt-hours, marking a significant increase of 41.3% [1] November Performance - In November 2025, the total electricity market transaction volume was 5,484 billion kilowatt-hours, with a year-on-year increase of 7.0% [1] - Domestic transactions in November were 4,243 billion kilowatt-hours, up by 5.7% year-on-year [1] - Cross-province and cross-region transactions in November were 1,241 billion kilowatt-hours, reflecting an 11.8% growth [1] November Transaction Types - Medium and long-term transactions in November totaled 5,206 billion kilowatt-hours, while spot transactions were 278 billion kilowatt-hours [1] - Green electricity transactions in November reached 336 billion kilowatt-hours, with a year-on-year growth of 42.8% [1]

Group 1 - The company signed a significant contract with Turkey's Taman Oil and Gas Company for the construction of four gas booster stations, with a total contract value of approximately 6.626 billion RMB [1] - The project includes the overall design, procurement, installation, and commissioning of major equipment such as compressors, gas turbines, pipelines, air compressors, air coolers, and black powder filters [1] - The contract duration is approximately 55 months, indicating a long-term commitment to the project [1] Group 2 - The company reported its main operating conditions for the period from January to November 2025, ensuring the accuracy and completeness of the information provided [4][5] - The business types include energy and power, water resources and environmental services, urban construction and infrastructure, and other services [6] - The company signed new contracts exceeding 500 million RMB for individual projects in November 2025, reflecting ongoing business activity [7]

美银发表研究报告，将中国电力目标价由3.1港元上调至3.5港元，并重申"中性"评级。该行下调对公司 今年至2027年盈利预测平均2%，反映低于预期的电价，但预测今年盈利将按年基本保持稳定。该行表 示，他们参访中国电力持有50%权益的江苏常熟电厂，管理层预计明年江苏省年度长约每度电电价将下 降5至6分人民币，主要因为煤价下跌及容量电价上升。该电厂计划将年度长约比例从76%降至50%，并 增加现货市场交易量，认为区位优势能在现货市场获得更佳电价。 ...

Group 1: Core Insights - The future narrative for thermal power is expected to shift towards enhanced profitability stability and increased dividends due to rising capacity prices and deeper assessments by the State-owned Assets Supervision and Administration Commission (SASAC) [2][60] - In the short term, integrated coal power companies are likely to have a comparative advantage as coal prices rise, with a consensus forming around an increase in the coal price baseline for next year [2][6] - Renewable energy companies, despite facing challenges such as supply-demand imbalance and subsidy delays, have shown considerable absolute returns, supported by improving policies for green energy development [6][8] Group 2: Thermal Power Analysis - Historical performance of thermal power shows a certain "counter-cyclical" nature, with earnings often moving inversely to coal prices, which are now market-driven [19][26] - The current policy framework limits the duration of profitability expectations for thermal power, leading to a "high first, low second" characteristic in the market for 2023 and 2024 [6][45] - The expected increase in capacity prices across provinces by 2026 will enhance the fixed cost recovery ability of coal power plants, significantly improving profitability stability [60][64] Group 3: Renewable Energy Insights - The renewable energy sector is currently facing multiple issues, including market price pressure and subsidy delays, but the gradual improvement in policy support is expected to create investment opportunities [6][8] - Companies with low valuations, high wind power ratios, and strong regional price certainty are still worth considering for investment despite the uncertain timing of policy impacts [2][6] Group 4: Hydropower and Nuclear Power - Leading hydropower companies exhibit high earnings certainty and dividend ratios, making them attractive for long-term investment [7] - Nuclear power is anticipated to see significant capacity growth during the 14th Five-Year Plan, with stable long-term price expectations despite some market price fluctuations [8][60] Group 5: Investment Recommendations - Recommended companies include quality thermal power operators such as Huaneng International, Datang Power, and China Power, as well as leading hydropower firms like Yangtze Power and Guotou Power [9] - In the renewable sector, companies like Longyuan Power and China Nuclear Power are highlighted as potential investment opportunities [9]

Core Viewpoint - The board of directors of China Power Construction Corporation has made several key decisions during its 15th meeting, including the appointment of new board members and management positions, as well as the approval of various operational agreements and financial transactions [1][2][5][17]. Group 1: Board and Management Appointments - The board approved the nomination of Mr. Wang Xiaojun as a candidate for the board of directors, with a term aligned with the current board [2][3]. - Mr. Wang Xiaojun was also appointed as the general manager of the company, with the same term as the board [5][6]. - Mr. Qian Shangyou was appointed as the assistant to the general manager, also with a term aligned with the board [8][9]. Group 2: Amendments to Governance Rules - The board approved amendments to the rules of procedure for the strategic committee, human resources and compensation committee, and audit and risk management committee [10][11][12]. Group 3: Related Party Transactions - The board approved the 2026 annual routine related party transaction plan and the signing of related agreements, which will require shareholder approval [13][16]. - The board also approved a financial service framework agreement with China Power Construction Group, which will also require shareholder approval [17][19]. Group 4: Charitable Contributions - The board agreed to donate HKD 10 million to support the relief and reconstruction efforts following the fire incident in Tai Po, Hong Kong [20]. Group 5: Project Investments - The board approved the investment in the construction of a coal transfer station and dedicated railway line project in Yushuwan, Ordos, with a total investment of approximately RMB 1.024 billion [20][21]. - The board approved a change in the total investment for the Bala Hydropower Station project from RMB 7.672 billion to RMB 8.399 billion [23][24]. Group 6: Upcoming Shareholder Meeting - The company will hold its second extraordinary general meeting of 2025 on December 31, 2025, to discuss the approved resolutions [26][28].

Core Insights - The demand for power fuses is increasing due to their excellent current-limiting characteristics, rapid response capabilities, and high reliability in key sectors such as new energy vehicles, energy storage systems, rail transit, and smart grids [1][12] - The market size of China's power fuse industry is projected to grow from 600 million yuan in 2019 to 1.68 billion yuan in 2024, with a compound annual growth rate (CAGR) of 22.87% [1][12] - By 2025, the market size is expected to reach 1.91 billion yuan, driven by industrial policy support and technological advancements [1] Industry Overview - Power fuses are essential circuit protection devices that disconnect circuits when current exceeds a specified value, preventing potential damage [4][12] - The industry has a diverse product range, including semiconductor protection fuses, DC fuses, and general-purpose fuses, catering to various applications [4][5] Market Dynamics - The power fuse industry is supported by national policies aimed at enhancing the independent R&D capabilities of high-end components and improving the supply chain [7] - The industry is experiencing rapid growth due to the increasing demand from sectors such as new energy, industrial control, and communication [12] Application Trends - The new energy vehicle market is identified as the most promising application area for power fuses, with significant growth expected as electric vehicle adoption accelerates [10] - In 2024, China's new energy vehicle production and sales are projected to exceed 10 million units, reflecting a year-on-year growth of over 30% [10] Competitive Landscape - The power fuse market in China features a mix of foreign brands and domestic companies, with local firms like Zhongrong Electric and Haoli Technology enhancing their product performance and market share [13][15] - Domestic companies are increasingly focusing on technological breakthroughs and market expansion to replace imports and diversify the competitive landscape [13] Future Development Trends - The industry is moving towards smart integration, with power fuses expected to incorporate sensors and IoT capabilities for enhanced monitoring and predictive maintenance [16] - There is a growing emphasis on high-performance materials and environmentally friendly designs, aligning with sustainability goals and the need for reliable performance in extreme conditions [17][18]

新华财经广州12月10日电（记者陆宇航沈寅飞）12月9日至10日，以"绿色湾区智汇未来"为主题的2025 明珠湾气候投融资大会在广州南沙举办。10日上午，在南方电网广东广州供电局和广州市电力行业协会 主办的"智慧赋能——电网低碳转型与车网互动规模化应用"分会议上，中国电力企业联合会副秘书长俞 学豪表示，要从三方面入手，推动车网互动规模化应用。 "一方面，要坚持标准先行，加快推进V2G接口、通信协议、安全防护等关键标准统一，为全国推广打 牢基础。另一方面，要坚持市场导向，以虚拟电厂为枢纽打通车网互动，以现货市场辅助服务、需求响 应、绿电交易等机制，真正释放商业价值。"俞学豪说。 此外，俞学豪表示，还要坚持协同创新，围绕双向充放电安全控制、大规模聚合调度等关键技术，加 强"政、产、学、研、用"联合攻关。"中电联将持续发挥桥梁纽带和智库支撑作用，在政策研究、标准 制定、示范推广和产业协同等方面，为行业高质量发展提供有力支撑。" "在'双碳'目标的持续推动下，新能源汽车产业实现跨越式发展，年产销量迈上千万辆新台阶，正深刻 改变能源生产、消费和电力系统运行方式。"俞学豪说，在这一进程中，车网互动由技术探索走向规模 应用 ...

远达环保为反映新股发行及其在水电业务的重大拓展，其董事会已根据中国及上交所的适用监管要求， 拟修订其公司章程，其中包括将其註册资本由人民币 7.808亿元修改至人民币 43.8亿元(每股面值人民币 1.00 元)，以及将其公司名称变更为国家电投集团水电股份有限公司(SPIC Hydropower Co. Ltd.)。 于本公告日期，远达环保的拟议配售尚未进行。由于截至本公告日期尚未就拟议配售订立任何具约束力 的协议，故拟议配售可能会或可能不会落实。本公司将于适当时候遵守相关上市规则的规定。 智通财经APP讯，中国电力(02380)发布公告，股权转让协议项下的所有先决条件已获达成及/或(如适用) 豁免，且交割已正式完成。远达环保已分别向本公司、湘投国际及广西公司完成配发并发行 20.17亿 股、11.84亿股及 3.98亿股新股。 交割后，本公司直接及透过其全资拥有附属公司广西公司持有远达环保合共 24.15亿股股份，占远达环 保于本公告日期已发行股本约 55.13%。远达环保已成为本公司的附属公司，而其财务业绩及财务状况 已合并计入本集团的财务报表。五凌电力及长洲水电(目标公司)亦已转让予远达环保，且目前远达 ...

智通财经APP讯，中国电力(02380)发布公告，股权转让协议项下的所有先决条件已获达成及/或(如适用) 豁免，且交割已正式完成。远达环保已分别向本公司、湘投国际及广西公司完成配发并发行 20.17亿 股、11.84亿股及 3.98亿股新股。 交割后，本公司直接及透过其全资拥有附属公司广西公司持有远达环保合共 24.15亿股股份，占远达环 保于本公告日期已发行股本约 55.13%。远达环保已成为本公司的附属公司，而其财务业绩及财务状况 已合并计入本集团的财务报表。五凌电力及长洲水电(目标公司)亦已转让予远达环保，且目前远达环保 持有五凌电力 100%股权及长洲水电 64.93%股权。目标公司仍为本公司的附属公司，并将继续在本集团 的财务报表中综合入账。 远达环保为反映新股发行及其在水电业务的重大拓展，其董事会已根据中国及上交所的适用监管要求， 拟修订其公司章程，其中包括将其註册资本由人民币 7.808亿元修改至人民币 43.8亿元(每股面值人民币 1.00 元)，以及将其公司名称变更为国家电投集团水电股份有限公司(SPIC Hydropower Co. Ltd.)。 于本公告日期，远达环保的拟议配售尚未进行。 ...

交割后，公司直接及透过其全资拥有附属公司广西公司持有远达环保合共2,414,961,831股股份，占远达 环保于本公告日期已发行股本约55.13%。远达环保已成为公司的附属公司，而其财务业绩及财务状况 已合并计入集团的财务报表。五凌电力及长洲水电(目标公司)亦已转让予远达环保，且目前远达环保持 有五凌电力100%股权及长洲水电64.93%股权。目标公司仍为公司的附属公司，并将继续在集团的财务 报表中综合入账。 财经频道更多独家策划、专家专栏，免费查阅>>责任编辑：安东 格隆汇12月8日丨中国电力(02380.HK)公告，董事局欣然宣布，股权转让协议项下的所有先决条件已获 达成及／或(如适用)豁免，且交割已正式完成。远达环保已分别向公司、湘投国际及广西公司完成配发 并发行2,016,793,893股、1,184,427,480股及398,167,938股新股。 ...