Core Viewpoint - China Power (02380.HK) announced the appointment of Zhao Yonggang as the executive director and president, effective from October 30, 2025, succeeding Gao Ping who has resigned from these positions [1] Group 1 - Zhao Yonggang will also be appointed as a member of the Risk Management Committee, the Strategy and Sustainable Development Committee, and the Executive Committee following Gao Ping's resignation [1]

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） 趙永剛 非執行董事 胡建東 周杰 黃青華 陳鵬君 獨立非執行董事 李方 邱家賜 許漢忠 董事局已成立五個委員會，董事在各委員會擔任的職位如下。 董事名單及其角色與職能 中國電力國際發展有限公司董事局（「董事局」）成員載列如下。 董事局主席兼執行董事 王子超 執行董事兼總裁 C 主席 M 成員 * 執行委員會成員包括本公司高級管理人員 香港，二零二五年十月三十日 | | 委員會 | 審核 | 薪酬及提名 | 風險管理 | 戰略與 可持續發展 | 執行 | | --- | --- | --- | --- | --- | --- | --- | | 董事 | | 委員會 | 委員會 | 委員會 | 委員會 | 委員會* | | 王子超 | | | | C | C | C | | 趙永剛 | | | | M | M | M | | 胡建東 | | | | | M | | | 周杰 | | | | | M | | | 黃青華 ...

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） 董事及董事局委員會成員之變更 董事局欣然宣佈以下變更，自二零二五年十月三十日起生效： 趙永剛先生獲委任為本公司執行董事兼總裁。趙先生獲委任以接替已辭任 上述職務的高平先生。 趙先生亦於高先生辭任後獲委任為本公司風險管理委員會、戰略與可持續 發展委員會及執行委員會的成員。 董事的辭任 中 國 電 力 國 際 發 展 有 限 公 司 （「 本公司 」，連同其附屬公司，統稱為「 本 集 團」）董事局（「董事局」）宣佈，由於其他工作安排，高平先生已辭任本公 司執行董事、總裁，以及本公司風險管理委員會、戰略與可持續發展委員會 和執行委員會的成員職務，自二零二五年十月三十日起生效。 高先生已確認，彼與董事局並無意見分歧， ...

Core Viewpoint - The signing of the memorandum of understanding between China Electric Power Equipment and Technology Co., Ltd. and Tenaga Nasional Berhad (TNB) aims to enhance cooperation in addressing the urgent needs of energy transition in Malaysia [1][3]. Group 1: Collaboration Details - The memorandum is based on the principle of "complementary advantages and demand matching," focusing on technical exchanges and project cooperation in areas such as power system planning and integration, smart resilient grids, and digital and AI solutions [3]. - The collaboration seeks to integrate China's advanced technology in power transmission and transformation with Malaysia's energy development needs, supporting the implementation of Malaysia's national energy transition roadmap [3]. Group 2: Future Actions - China Electric Power Equipment will closely align with Malaysia's energy transition development needs and the cooperation outlined in the memorandum, enhancing resource allocation and conducting technical research to pragmatically advance deep cooperation in the electricity sector between China and Malaysia [5].

Investment Rating - The report maintains a positive outlook on the public utility sector's central enterprises with a focus on the ESG evaluation system [1]. Core Insights - The establishment of the ESG evaluation system for public utilities is based on a balanced emphasis on environmental and social issues, crucial for achieving national carbon neutrality goals [3][9]. - The evaluation system consists of four categories of positive indicators and one category of negative indicators, with a total of 18 primary indicators and 35 secondary indicators [12][28]. - Key policies guiding the sector include promoting renewable energy, enhancing energy efficiency, and ensuring equitable public services [9][11]. Summary by Sections 1. ESG Policy: Balancing Environmental and Social Issues - The public utility sector is a major contributor to energy consumption and carbon emissions, making its green transition vital for national carbon goals [3][9]. - Recent policies emphasize the development of clean energy and pollution control, with specific directives from various government bodies [9][11]. 2. Constructing the ESG Evaluation System: Multi-Dimensional Assessment - The ESG evaluation system is structured with four positive categories: General Indicators, Environmental Indicators, Social Indicators, and Governance Indicators, along with one negative category for violations [12][28]. - Each category has specific indicators designed to objectively assess the performance of enterprises in the public utility sector [12][28]. 3. General Indicators - General indicators assess the authenticity and standardization of ESG reports, including the basis for report preparation, third-party verification, and the publication of ESG-specific reports [12][14]. 4. Environmental Indicators - Environmental indicators focus on energy efficiency and circular economy principles, with metrics for emissions management, ecological compliance, resource utilization, and climate strategy [15][17]. 5. Social Indicators - Social indicators highlight the sector's role in public service, with metrics for community contributions, employee development, innovation, supply chain responsibility, and customer rights [19][21]. 6. Governance Indicators - Governance indicators aim to enhance corporate governance standards, focusing on party leadership, industry reform, compliance risk management, governance structure, and information transparency [23][26]. 7. Negative Indicators - The negative category includes penalties for violations, with specific metrics for environmental, social, and governance infractions, where each violation results in a deduction of points [28][31]. 8. Valuation of Key Companies - The report includes a valuation table for key companies in the public utility sector, indicating ratings and projected earnings per share (EPS) for the years 2025 to 2027 [34].

Core Insights - In the first nine months of 2023, China's electricity market transaction volume reached 49,239 billion kilowatt-hours, representing a year-on-year growth of 7.2% [1] - In September 2023 alone, the transaction volume was 5,732 billion kilowatt-hours, showing a year-on-year increase of 9.8% [1] Transaction Scope - The intra-provincial transaction volume was 43,03 billion kilowatt-hours, up 7.2% year-on-year [1] - The inter-provincial and inter-regional transaction volume was 1,429 billion kilowatt-hours, reflecting an 18.5% year-on-year growth [1] Transaction Types - The medium and long-term transaction volume was 53,31 billion kilowatt-hours [1] - The spot transaction volume was 401 billion kilowatt-hours [1] - Green electricity transaction volume reached 290 billion kilowatt-hours, marking a significant year-on-year increase of 42.9% [1] Overall Market Impact - The total electricity market transaction volume accounted for 63.4% of the total electricity consumption in society, an increase of 1.4 percentage points year-on-year [1] - For the first nine months, the intra-provincial transaction volume was 37,289 billion kilowatt-hours, up 5.7% year-on-year [1] - The inter-provincial and inter-regional transaction volume was 11,950 billion kilowatt-hours, with a year-on-year growth of 12.1% [1] - The medium and long-term transaction volume for the first nine months was 47,234 billion kilowatt-hours, while the spot transaction volume was 2,005 billion kilowatt-hours [1] - The green electricity transaction volume for the same period was 2,348 billion kilowatt-hours, reflecting a year-on-year increase of 40.6% [1]

Core Insights - The Hong Kong Dividend Low Volatility ETF (520890) closed down 0.89% with a trading volume of 37.99 million yuan on October 28, 2024 [1] - The fund was established on September 4, 2024, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - As of October 27, 2024, the fund's latest share count was 74.008 million, with a total size of 108 million yuan, reflecting a decrease of 39.83% in shares and 26.31% in size year-to-date [1] Fund Performance - The current fund manager, Li Qian, has managed the fund since its inception, achieving a return of 45.70% during her tenure [2] - The fund's performance benchmark is the Hang Seng Stock Connect High Dividend Low Volatility Index [1] Holdings and Liquidity - The top holdings of the fund include Shougang Resources, Yanzhou Coal Mining, and China Shenhua Energy, with respective weightings of 3.76%, 2.94%, and 2.17% [2] - Over the last 20 trading days, the fund's cumulative trading amount reached 1.311 billion yuan, with an average daily trading amount of 65.55 million yuan [1]

Core Insights - The report provides a comprehensive analysis of the Chinese electricity market from 2026 to 2032, focusing on industry trends, market dynamics, and investment opportunities [2][3][11]. Chapter Summaries Chapter 1: Overview of the Electricity Industry - Defines the electricity industry and its classifications, including regulatory frameworks and data sources used in the report [2][3]. Chapter 2: Global Electricity Industry Development - Analyzes the political and legal environment, historical development, market conditions, and competitive landscape of the global electricity sector [3][4]. - Discusses market size and forecasts, highlighting consumption and supply dynamics [3][4]. Chapter 3: Current State of the Chinese Electricity Industry - Examines technological advancements, historical development, and import/export conditions of the Chinese electricity sector [4][5]. - Analyzes market participants, supply and demand conditions, and identifies market pain points [4][5]. Chapter 4: Market Competition and Investment in China - Details the competitive landscape, including major players and their strategic positioning within the market [5][6]. - Discusses investment trends, mergers, and acquisitions in the electricity sector [5][6]. Chapter 5: Industry Chain and Supporting Layout - Provides an overview of the electricity industry chain, including resource distribution and supply conditions for various energy sources [6][7]. - Analyzes the market for upstream generation, transmission, and distribution equipment [6][7]. Chapter 6: Development of Sub-markets - Reviews the current state of various sub-markets, including thermal, hydro, wind, solar, nuclear, and biomass power generation [7][8]. Chapter 7: Regional Market Development - Analyzes the development patterns of the electricity market in key regions, focusing on generation and consumption metrics [8][9]. Chapter 8: Case Studies of Global and Chinese Enterprises - Compares the strategic positioning and operational performance of major electricity companies in China and globally [9][10]. Chapter 9: Environmental Insights and SWOT Analysis - Evaluates the economic, social, and policy environments affecting the electricity industry in China, along with a SWOT analysis [11][12]. Chapter 10: Market Prospects and Trends - Assesses the potential for growth in the Chinese electricity market and forecasts future trends [11][12]. Chapter 11: Investment Strategies and Recommendations - Discusses barriers to entry and exit, investment risks, opportunities, and strategic recommendations for investors in the electricity sector [11][12].

Core Viewpoint - The significant achievements of China's electricity market reform over the past decade have been highlighted, emphasizing the importance of efficient operation and scientific regulation in achieving high-quality energy development amid global energy transitions [4]. Market Rule Foundation - The design of the electricity market's foundational rules has been a primary task since the 2015 reform, with a series of basic rules established by the National Development and Reform Commission and the National Energy Administration [5]. - The newly revised "Basic Rules for Electricity Market Operation" in 2024 has laid the groundwork for a unified national electricity market rule system, addressing previous fragmentation and standardizing market operations across the country [5][6]. Efficient Market System - The medium- and long-term market has been crucial in stabilizing electricity supply, with provincial spot markets officially operating and the auxiliary service market expanding to support high proportions of renewable energy [7]. - The market-based pricing mechanism has been refined, with the National Energy Administration completing three regulatory cycles for the determination of transmission and distribution prices, facilitating market transactions [7]. - In 2024, market-based trading of renewable energy exceeded 1 trillion kilowatt-hours, accounting for 55% of total electricity generation, indicating a successful transition from a "single electricity market" to a more diversified market structure [7]. Diverse Market Structure - The volume of market-based electricity transactions has increased from 1.1 trillion kilowatt-hours in 2016 to 6.2 trillion kilowatt-hours in 2024, with the proportion of total electricity consumption rising from 17% to 63% [8]. - The number of registered operating entities has surpassed 1 million, a 20-fold increase since 2016, with various new market participants emerging, including independent storage and virtual power plants [8]. Strengthening International Cooperation - The forum released two English reports showcasing the progress and planning of China's electricity market, aiming to enhance international collaboration and knowledge sharing in this field [9]. - The need for countries to explore new electricity market construction and regulatory models in response to global energy transitions was emphasized, with China encouraged to continue strengthening international cooperation and learning from advanced experiences [9].

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9月的合并总售电量为946.57万 兆瓦时，而2025年首9个月的合并总售电量为9626.7万兆瓦时。 ...