Group 1 - The establishment of Guodian Power (Rizhao) Offshore Wind Power Co., Ltd. has been announced, with a registered capital of 2 billion RMB [1] - The legal representative of the new company is Luo Chaofa, and its business scope includes wind power generation technology services, offshore wind power system R&D, photovoltaic equipment leasing, solar power technology services, and sales of electric vehicle battery swap facilities [1] - The company is wholly owned by Shandong Energy Development Co., Ltd., a subsidiary of China Power (02380.HK) [1]

第 1 頁 共 10 頁 v 1.1.1 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: 中國電力國際發展有限公司 呈交日期: 2025年12月3日 I. 法定/註冊股本變動 不適用 FF301 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02380 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 12,370,150,983 | | 0 | | 12,370,150,983 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 12,370,150,983 | | 0 | | 12,3 ...

Core Viewpoint - The electric power line equipment industry is undergoing significant changes, with a focus on product differentiation and innovation to maintain competitiveness in the market [5][6]. Group 1: Industry Lifecycle and Market Analysis - The electric power line equipment industry is currently in a specific lifecycle stage, which influences its growth and development strategies [4][6]. - The international market for electric power line equipment is experiencing growth, with projections for 2023-2025 indicating a positive trend [3][4]. - China's electric power line equipment market is also developing, with an emphasis on addressing existing challenges and leveraging growth opportunities [3][4]. Group 2: Technological Changes and Product Innovation - Technological advancements are expected to reshape the competitive landscape of the industry, making product innovation a critical component of competitiveness [4][6]. - There is significant potential for product personalization within the electric power line equipment sector, which can serve as a strategic advantage [5][6]. Group 3: Sales and Marketing Strategies - The domestic marketing models for electric power line equipment are evolving, with a focus on optimizing distribution channels and sales strategies [4][6]. - The analysis of sales channels indicates that effective channel management is crucial for industry success [6]. Group 4: User Analysis and Pricing Trends - Users of electric power line equipment have diverse needs, with a strong emphasis on product quality and functionality [6]. - The pricing dynamics of electric power line equipment are influenced by various factors, including economic conditions and market demand [6][9]. Group 5: Future Development and Investment Trends - Projections for the electric power line equipment industry from 2026 to 2032 suggest a continued focus on technological development and market expansion [8][9]. - Investment strategies will need to adapt to the evolving market landscape, with an emphasis on innovation and competitive positioning [8][9].

Core Insights - Central enterprises (央企) are integrating ESG (Environmental, Social, and Governance) principles into their strategies and operations, transitioning from being merely economic pillars to becoming resilient and responsible entities [1] - The 2025 Golden Bull Enterprise Sustainable Development Forum highlighted the importance of ESG in enhancing core competitiveness and driving green transformation in industries [1] ESG Implementation - Central enterprises are elevating ESG from a compliance task to a strategic priority, embedding it into business layouts, investment decisions, and daily management [1] - China Power has incorporated ESG due diligence into its investment decision-making process, alongside legal and financial due diligence, and is exploring AI applications in ESG management [2] - The integration of ESG in sectors like aerospace and defense emphasizes national security, technological innovation, and public health, with companies undertaking significant national projects [2] Supply Chain and Green Transformation - ESG standards are extending to upstream and downstream operations, showcasing the pivotal role of central enterprises in building a green ecosystem [3] - Southern Power Grid has developed a green supplier evaluation system that influences an annual procurement scale of nearly 300 billion, guiding over 280,000 suppliers towards low-carbon practices [3] Value Creation through ESG - The deepening of ESG practices is focused on translating them into tangible corporate value, with ESG becoming essential for managing risks and gaining market recognition [3] - ESG is viewed as a driver of value creation through risk avoidance, operational efficiency, business growth, and optimized financing [4] - In competitive sectors, central enterprises are combining market-oriented approaches with efficiency to realize ESG value, as seen in the case of lithium battery materials [4]

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **China Power** industry, highlighting significant trends in power consumption and generation in the country [1][2]. Key Insights on Power Consumption - **National power consumption** increased by **5.1% YoY** in the first ten months of 2025, up from **4.6%** in the previous months [3][9]. - In **October 2025**, power demand surged by **10.4% YoY**, with notable increases in various sectors: - **Primary sector**: +13.2% YoY - **Secondary sector**: +6.2% YoY - **Tertiary sector**: +17.1% YoY - **Residential demand**: +23.9% YoY [3][9]. Sector-Specific Growth Drivers - The **tertiary sector** growth was primarily driven by: - **Retail services**: +24.4% YoY - **IT services**: +21.0% YoY - The **accommodation and catering** sector also saw an increase of **18.4% YoY**, attributed to the strong National Day holiday [4][9]. - **Residential power consumption** growth was influenced by temperature variations, with regions like Jiangxi, Zhejiang, and Shanghai experiencing significant increases of **66%**, **63%**, and **47%** YoY, respectively [4]. Power Generation Insights - Total power generation in **10M25** rose by **2.3% YoY** to **8,063 billion kWh**. - Renewable energy sources showed strong growth: - **Solar power generation**: +23.2% YoY - **Wind power generation**: +7.6% YoY - The share of wind and solar in the energy mix increased to **16%**, up from **14%** in the same period last year [5][9]. Capacity Expansion - China added **398 GW** of power capacity in **10M25**, marking a **42.4% YoY** increase, including: - **253 GW** from solar (up **39.5% YoY**) - **70 GW** from wind (up **52.9% YoY**) - **65 GW** from thermal sources (up **54.3% YoY**) [5][9]. Investment Trends - Investments in power generation capacity reached **Rmb722 billion**, a **0.7% YoY** increase, while investments in the power grid rose to **Rmb482 billion**, up **7.2% YoY** [9]. Analyst Ratings and Industry Outlook - The overall view of the **China Utilities** sector is considered **attractive**, with several companies rated positively, including: - **China Resources Power**: Overweight - **China Longyuan Power Group**: Overweight - **Huaneng Power International Inc.**: Equal-weight [7][59]. Additional Considerations - The report emphasizes the potential for continued growth in the renewable energy sector, driven by government policies and increasing demand for cleaner energy sources [7][9]. - Analysts caution that while the growth is promising, investors should remain aware of potential risks associated with market fluctuations and regulatory changes [7][9].

本文源自：金融界AI电报 中国电力(02380.HK)发布公告，本公司及其附属公司(统称本集团)于2025年10月的合并总售电量为 923.51万兆瓦时，而2025年首10个月的合并总售电量为1.06亿兆瓦时。 ...

格隆汇11月26日丨中国电力(02380.HK)宣布，集团于2025年10月的合并总售电量为9,235,140兆瓦时，较 去年同月减少5.29%，而2025年首十个月的合并总售电量为105,502,111兆瓦时，较去年同期减少 2.51%。 ...

该信息由智通财经网提供 智通财经APP讯，中国电力(02380)发布公告，本公司及其附属公司(统称本集团)于2025年10月的合并总 售电量为923.51万兆瓦时，而2025年首10个月的合并总售电量为1.06亿兆瓦时。 ...

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） 1 附註： 二零二五年十月售電量 中國電力國際發展有限公司（「本公司」）宣佈，根據本公司的初步統計，本公司及 其附屬公司（統稱「本集團」）於二零二五年十月的合併總售電量為 9,235,140 兆瓦時， 較去年同月減少 5.29%，而二零二五年首十個月的合併總售電量為 105,502,111 兆瓦時， 較去年同期減少 2.51%。 本集團於二零二五年十月及截至二零二五年十月三十一日止十個月的總售電量，按發 電廠類型列示如下： | 全資擁有或 | | | 售電量（兆瓦時） | | | | | --- | --- | --- | --- | --- | --- | --- | | 控制的發電廠 | 2025 年 | ...

Summary of Key Points from the Conference Call Industry Overview - **Industry**: China Power Equipment Sector - **Key Focus**: US power market dynamics and implications for Chinese power equipment exporters Core Insights 1. **US Power Demand Growth**: - Forecasted incremental peak demand of approximately 80GW in the US by 2030, primarily driven by AI data centers - Overall power demand growth expected to accelerate to over 2.5% CAGR towards 2030, compared to around 1% in the past decade [2][3] 2. **Grid Reliability Concerns**: - The US power system is currently under pressure, with generation reserve margins dropping below 15% in 2024 and continuing to trend down - Insufficient investment in generation and grid infrastructure due to equipment shortages and lengthy approval processes, potentially worsening system reliability [2][3] 3. **Regulatory Changes and Solutions**: - Potential regulatory changes could alleviate constraints, including increasing tariffs for data centers, requiring self-generated power solutions, and streamlining permitting processes - Suggested energy solutions include longer duration batteries and co-locating generation with data centers [3] 4. **Yingliu's Positive Performance**: - Yingliu reported a solid order growth of 20-30% YoY, with accelerated delivery of gas turbine components - Management anticipates faster order growth next year due to a worsening global supply shortage - Sufficient production capacity established through the import of advanced manufacturing equipment [4] 5. **Siemens Energy Collaboration**: - Siemens Energy plans to ramp up gas turbine production capacity to over 30GW per annum, up from 17GW in 2024, which is favorable for Yingliu as customer demand expands [4] 6. **Valuation and Investment Outlook**: - Yingliu is highlighted as a top pick alongside Sieyuan, with attractive valuations amid recent market risk-off sentiment - Yingliu trades at 35x 2026E PE with a projected 54% EPS CAGR from 2025-2027, while Sieyuan trades at 27x PE with a 31% EPS CAGR [5] Risks and Considerations 1. **Sector Risks**: - Potential downside risks include slower-than-expected power demand growth, unexpected raw material price hikes, and increased competition [7] 2. **Company-Specific Risks**: - For Yingliu, risks include weaker-than-expected demand for gas turbines, lower product yield during upgrades, and slower capacity expansion [9] - For Sieyuan, risks involve weaker demand for high-voltage equipment and rising competition in overseas markets [8] Conclusion - The US power market presents both challenges and opportunities for Chinese power equipment manufacturers, particularly in light of increasing demand and regulatory changes - Yingliu and Sieyuan are positioned favorably for growth, supported by strong order books and strategic collaborations, despite inherent risks in the sector and individual companies [5][7][9]