应光伟 中国电力发展促进会应光伟： 创新是新型电力系统发展的重要推动力 ◎记者 罗茂林 5月10日，在"如愿智创，东方风来"院士科创行暨上市企业高管如东行活动上，中国电力发展促进会低 碳用能及智能电力委员会会长应光伟作主旨演讲。应光伟表示，展望未来，创新是新型电力系统发展的 重要推动力。 应光伟表示，近年来随着新能源的不断开发，传统化石能源占比持续下降。数据显示，到2050年，全球 化石能源等一次性能源占比将从目前的65%下降到50%以下。与此同时，全球用电量将在现在的基础上 增长75%，中国的用电量预计将在目前的基础上增长一倍。以此计算，到2050年，我国的发电量将达到 20万亿度。 应光伟估算，到2050年，我国风电和太阳能在目前的基础上将大幅增长，因此新能源发展前景广 阔。"如东县等沿海区域，未来一些深海的海上风电资源也将得到进一步的开发。"应光伟说道。 顺应新能源发展的态势，展望未来电力系统，应光伟认为，创新是新型电力系统发展的重要推动 力。"在发展新型电力系统中需要理论创新、形态创新、技术创新和产业创新，甚至组织体系都需要适 应创新的需要。" 从创新出发，应光伟认为未来新能源开发要实现集中式和分布式 ...

Investment Rating - The investment rating for the public utility sector is "Positive" and is maintained [8]. Core Insights - The new public offering regulations are expected to drive capital inflows into the long-underweighted public utility sector, which has a current allocation of only 0.94% in actively managed public funds, significantly lower than the weights in the CSI 300 and CSI A500 indices [2][10]. - The sector's earnings have shown signs of recovery, with expectations for continued performance improvement in the second quarter and throughout the year [2][10]. Summary by Sections Public Offering Regulations - The implementation of new public offering regulations is likely to provide marginal support for the public utility sector, which has been significantly underweighted in fund allocations. The sector's weight in the CSI 300 index is 3.53%, while the allocation in actively managed funds is only 0.94%, indicating a shortfall of 2.59 percentage points compared to the index [2][10]. Earnings Recovery - The public utility sector's earnings recovery has been validated by first-quarter performance, with expectations for continued improvement. Specific insights include: - Coal prices have decreased, alleviating pressure on thermal power generation, which is expected to enhance earnings in the second quarter [10]. - Hydropower assets are becoming increasingly attractive due to declining interest rates, with companies like Yangtze Power showing a high dividend yield compared to government bond yields [10]. - Nuclear power is anticipated to recover as new units come online, mitigating previous earnings pressures [10]. - Green energy companies are expected to benefit from policy support and asset value reassessment [10]. Investment Recommendations - The report suggests focusing on quality thermal power operators such as Huadian International, China Resources Power, and Huaneng International, as well as hydropower leaders like Yangtze Power and Guotou Power. In the renewable energy sector, companies like Longyuan Power and China Nuclear Power are highlighted as potential investment opportunities [10][13][15].

内容概要：随着电网输配电、光伏发电、风力发电、储能等下游市场的蓬勃发展，带动电力预制舱市场 需求持续增长，据统计，2024年我国电力预制舱需求量达72.94万平方米，市场规模达19.33亿元，与此 同时，产品也日渐亲民，据统计，2024年我国电力预制舱单价降至2650.12元/平方米，未来，随着新型 电力系统建设以及老旧小区、城中村等供电薄弱区域的配电网升级改造项目的推进，我国电力预制舱市 场需求有望进一步增长。 上市企业：许继电气（000400）、中奥电力（873494.NQ）、科林电气（603050）、特锐德 （300001）、东方日升（300118）、通威股份（600438）、隆基股份（601012）、晶科能源 （688223）、晶科科技（601778）、天合光能（688599）、通灵股份（301168）、奥特维（688516）、 林洋能源（601222）、晶澳科技（002459）、三峡能源（600905）、阳光电源（300274）、金风科技 （002202）、运达股份（300772）、明阳智能（601615）、哈尔滨电气（01133.HK）、电气风电 （688660）、东方电气（600875） 关键词 ...

5. 万国黄金集团(03939.HK)：附属金岭矿业与紫金工程订立金岭矿新建1000万吨/年的扩建可行性研究 合同。 6. 弘阳地产(01996.HK)：延长提早重组支持协议费用期限及基础重组支持协议费用期限。 7. 石药集团(01093.HK)：JMT202(重组全人源抗β KLOTHO单克隆抗体)获美国临床试验批准。 金十数据整理：每日港股市场要闻速递（5月6日 周二） 1. 江苏恒瑞医药股份有限公司通过港交所上市聆讯，联席保荐人为摩根士丹利、花旗和华泰国际。 2. 狮腾控股(002565.HK)：与字节跳动旗下BytePlus达成战略合作，共同扩展亚太地区企业人工智能应用 市场。 3. 渣打集团(02888.HK)：一季度固定汇率下经营收入增加7%至54亿美元；母公司股东应占溢利15.9亿美 元，同比增长13%。 4. 中国电力(02380.HK)：附属五凌电力(拥有63%权益的附属公司)一季度取得营业收入及其他收入16.1 亿元，期内净利润9.07亿元。 ...

Core Viewpoint - The article discusses the evolution of electricity supply in China, highlighting the transition from a time of frequent power outages to a modern society with stable electricity access, particularly in rural areas [1][21]. Historical Development - The history of electricity in China dates back to 1879 when Shanghai lit the first electric lamp, establishing a foundation for the country's power development [1]. - Large-scale construction of the national power grid began after the establishment of the People's Republic of China, with significant projects like the 506 transmission line from the Fuling Hydropower Station to Lishizhai, spanning 370 kilometers [2][4]. Challenges in Early Development - The construction faced numerous challenges, including a lack of experience and manpower, requiring workers to rely on manual labor for tasks such as erecting towers and laying cables [4][6]. - The first 220 kV transmission line was completed in 1954, but rural electrification was not prioritized until after the economic reforms [6][8]. Rural Electrification - Initially, rural electrification only met basic lighting needs, with limited power supply and high costs based on the number of light bulbs [8][9]. - By 1997, Hunan Province achieved "village electrification," and by 2006, "household electrification" was completed, although some remote areas still relied on candles and kerosene lamps [13]. Modern Power Generation - China's power generation primarily relies on thermal power, which poses environmental challenges and high costs due to coal transportation [15]. - The government has shifted focus to clean energy sources like hydropower, with significant projects such as the Three Gorges Dam, capable of generating 70 million kilowatt-hours during peak water levels [17]. Infrastructure Investment - Between 1998 and 2004, over 210 billion RMB was invested to ensure stable electricity for 150 million farmers, marking a significant improvement in rural power supply [17]. - Ongoing upgrades to power towers and infrastructure are crucial for maintaining stability against extreme weather events [17]. Recent Challenges - Despite advancements, incidents like the 2022 power restrictions in Sichuan, caused by extreme weather and over-reliance on hydropower, highlight ongoing vulnerabilities in the electricity supply system [21][23]. - The article emphasizes that while the frequency of power outages has decreased, challenges remain to ensure that power supply becomes consistently reliable across all regions [21][23].

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。 根據中國有關法例法規，於資產擔保債務融資工具存續期間，五凌電力須 刊發其上一年度的審計報告及本年第一季度的財務報表。上述報表已在中 國貨幣網和上海清算所網站披露，網址分別為www.chinamoney.com.cn及 www.shclearing.com.cn。 以下的未經審核財務資料為五凌電力依據中國當前會計準則編製的初步管 理賬目，並未經五凌電力或本公司的核數師審閱。 內幕消息 | | 截至2025年 | | 於2025年 | | --- | --- | --- | --- | | | 首三個月 | | 3月31日 | | | 人民幣千元 | | 人民幣千元 | | | （未經審核） | | （未經審核） | | 營業收入及其他收入 | 1,609,779 | 資產總額 | 55,199,061 | | 期內淨利潤 | 907,069 | 負債總額 | 37,665,902 | | | | 股東權益 ...

Group 1 - The total installed power generation capacity in the country reached 3.43 billion kilowatts, with a year-on-year increase of 14.6% [1] - By March 2025, the total electricity consumption was 828.2 billion kilowatt-hours, reflecting a year-on-year growth of 4.8% [1] - The Central Committee and the State Council issued opinions on improving the pricing governance mechanism, emphasizing the establishment of pricing policies to promote green and low-carbon transitions [1] Group 2 - According to a report by Galaxy Securities, the energy consumption target assessment for the end of the 14th Five-Year Plan is expected to catalyze the demand for green electricity, with clearer future revenue expectations following the establishment of a sustainable pricing settlement mechanism for renewable energy [1] - The recent sharp decline in coal prices is expected to reverse the market's pessimistic outlook on thermal power for 2025, suggesting a focus on companies with significant market coal exposure and smaller reductions in annual long-term contract electricity prices [1] - In a declining interest rate cycle, hydropower and nuclear power, which have strong dividend attributes, possess long-term investment value, with nuclear power also having high growth potential [1] Group 3 - A report from Guotai Junan indicates that the electricity price for thermal power is better in the northern regions, where the proportion of renewable energy is high, and the scarcity of thermal power is evident [2] - The annual long-term contract electricity price in the southern regions has decreased this year, putting pressure on thermal power plants, which are shifting focus from quantity to price and efficiency [2] - There is a strong possibility of witnessing two historical firsts: an increase in spot electricity prices in 2025 and an increase in annual long-term contracts in 2026 [2] Group 4 - Related Hong Kong-listed companies in the power and electricity grid sector include Huadian International (600027), Huaneng International (600011), China Power International Development (02380), China Resources Power (00836), Datang Power (601991), and CGN Power (01816) [3]

Performance Summary - Industrial and Commercial Bank of China (01398.HK) reported Q1 revenue of 204.688 billion yuan, a decrease of 2.61% year-on-year, and a net profit of 84.156 billion yuan, down 3.99% [3] - China Construction Bank (00939.HK) had Q1 operating income of 185.99 billion yuan, down 4.76% year-on-year, with a net profit of 83.351 billion yuan, also down 3.99% [3] - Agricultural Bank of China (01288.HK) achieved Q1 revenue of 186.735 billion yuan, an increase of 0.32% year-on-year, and a net profit of 71.931 billion yuan, up 2.2% [3] - Bank of China (03988.HK) reported Q1 revenue of 164.911 billion yuan, an increase of 2.41% year-on-year, but a net profit of 58.644 billion yuan, down 2.22% [3] - Postal Savings Bank of China (01658.HK) had Q1 revenue of 89.406 billion yuan, a slight decrease of 0.1%, and a net profit of 25.246 billion yuan, down 2.62% [3] - China Merchants Bank (03968.HK) reported Q1 revenue of 83.731 billion yuan, down 3.11% year-on-year, with a net profit of 37.286 billion yuan, down 2.08% [3] - Bank of Communications (03328.HK) had Q1 net operating income of 66.44 billion yuan, down 1.13%, but a net profit of 25.372 billion yuan, up 1.54% [3] - HSBC Holdings (00005.HK) reported Q1 revenue of 17.649 billion USD, down 14.95%, and a post-tax profit of 7.57 billion USD, down 30.15% [3] - China People's Insurance Group (01339.HK) achieved Q1 revenue of 156.589 billion yuan, up 12.8%, and a net profit of 12.849 billion yuan, up 43.4% [3] - China Life Insurance (02628.HK) reported Q1 revenue of 110.177 billion yuan, down 8.9%, but a net profit of 28.802 billion yuan, up 39.5% [3] - New China Life Insurance (01336.HK) had Q1 revenue of 33.402 billion yuan, up 26.1%, and a net profit of 5.882 billion yuan, up 19% [3] - China National Petroleum Corporation (00857.HK) reported Q1 revenue of 753.108 billion yuan, down 7.3%, but a net profit of 46.809 billion yuan, up 2.3% [3] - CNOOC (00883.HK) had Q1 revenue of 106.854 billion yuan, down 4.1%, and a net profit of 36.563 billion yuan, down 7.9% [3] - Huadian International Power (01071.HK) reported Q1 revenue of 26.577 billion yuan, down 14.14%, but a net profit of 1.93 billion yuan, up 3.66% [3] - China International Marine Containers (01880.HK) had Q1 revenue of 16.746 billion yuan, down 10.96%, and a net profit of 1.938 billion yuan, down 15.98% [3] - Air China (00753.HK) reported Q1 revenue of 40.023 billion yuan, down 0.11%, with a net loss of 2.044 billion yuan, an increase of 22.07% [3] - CITIC Securities (06030.HK) achieved Q1 revenue of 17.761 billion yuan, up 29.13%, and a net profit of 6.545 billion yuan, up 32% [3] - China Galaxy Securities (06881.HK) reported Q1 revenue of approximately 7.558 billion yuan, up 4.77%, and a net profit of approximately 3.016 billion yuan, up 84.86% [3] - CITIC Construction Investment Securities (06066.HK) had Q1 operating income of 4.919 billion yuan, up 14.54%, and a net profit of 1.843 billion yuan, up 50.07% [3] - Huatai Securities (06886.HK) reported Q1 revenue of approximately 8.232 billion yuan, up 34.83%, and a net profit of approximately 3.642 billion yuan, up 58.97% [3] - China Railway Construction (01186.HK) had Q1 revenue of 256.762 billion yuan, down 6.61%, and a net profit of 5.151 billion yuan, down 14.51% [3] - China Energy Engineering (03996.HK) reported Q1 revenue of 100.371 billion yuan, up 3.05%, and a net profit of 1.612 billion yuan, up 8.83% [3] - Times Electric (03898.HK) achieved Q1 revenue of 4.537 billion yuan, up 14.81%, and a net profit of 631 million yuan, up 13.42% [3] - Midea Group (00300.HK) reported Q1 revenue of 127.839 billion yuan, up 20.49%, and a net profit of 12.422 billion yuan, up 38.02% [3] - WH Group (00288.HK) had Q1 revenue of 6.554 billion USD, up 6.0%, and a profit of 364 million USD, up 20.9% [3] - Suncity Group (00880.HK) reported Q1 total revenue of 7.48 billion HKD, up 8.1%, and a net profit of 31 million HKD, turning profitable [3] - COSCO Shipping Ports (01199.HK) had Q1 revenue of 3.82 billion USD, up 14.7%, and a net profit of 839 million USD, up 33.5% [3] - Flat Glass Group (06865.HK) reported Q1 revenue of 4.079 billion yuan, down 28.76%, and a net profit of 106 million yuan, down 86.03% [3] - Zoomlion Heavy Industry (01157.HK) achieved Q1 revenue of 12.117 billion yuan, up 2.92%, and a net profit of 1.41 billion yuan, up 53.98% [3] - Ganfeng Lithium (01772.HK) reported Q1 revenue of approximately 3.772 billion yuan, down 25.43%, with a net loss of approximately 356 million yuan, narrowing by 18.93% [3] - Qingdao Port (06198.HK) had Q1 revenue of 4.807 billion yuan, up 8.51%, and a net profit of 1.402 billion yuan, up 6.51% [3] - China Shipbuilding Defense (00317.HK) reported Q1 revenue of approximately 3.641 billion yuan, up 29.73%, and a net profit of approximately 184 million yuan, up about 11 times [3] - Baiyunshan Pharmaceutical (00874.HK) had Q1 revenue of 22.473 billion yuan, down 2.06%, and a net profit of 1.821 billion yuan, down 6.99% [3] Investment Activities - New China Life Insurance (01336.HK) plans to invest no more than 10 billion yuan to subscribe to a private fund [4] - China Life Insurance (02628.HK) intends to invest 2 billion yuan to establish a partnership [4] Contract Signing - China Metallurgical Group (01618.HK) reported a new contract signing amount of 230.66 billion yuan in Q1, a decrease of 27.2% year-on-year, with overseas contracts amounting to 12.04 billion yuan, down 35.7% [5] Energy Production - Xin Tian Green Energy (00956.HK) completed power generation of 4.5442 million MWh in Q1, an increase of 10.37% year-on-year [6] - China Power (02380.HK) reported total electricity sales of 30.7477 million MWh in the first three months, up 2.59% year-on-year, with March sales of 10.9617 million MWh, up 3.95% [6] - Qingdao Port (06198.HK) achieved a total cargo throughput of 177 million tons in the first three months, up 2.9% year-on-year [6] Licensing Agreement - Fuhong Hanlin (02696.HK) entered into a licensing agreement with Sandoz AG for the commercialization of HLX13 in specified regions [6] Privatization Offer - Dingsheng Creation (00113.HK) received a privatization offer at a premium of approximately 50.63%, with a maximum cash consideration of about 1.0986 billion HKD [7] Share Buybacks - AIA Group (01299.HK) repurchased shares for 342.6 million HKD, buying back 6.2592 million shares at prices between 54.25 and 55.35 HKD [8] - J&T Express-W (01519.HK) repurchased shares for 9.2485 million HKD, buying back 1.54 million shares at prices between 5.98 and 6.03 HKD [8]

重續金融服務框架協議 茲提述本公司日期為二零 二 二 年 五 月 六 日 及 二零二 三 年 八 月 十 七 日 的 公 告，內容有關本公司與國家電投財務訂立的前框架協議及其補充協議，該 等協議將於二零二五年六月六日屆滿。 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 及主要交易 國家電投財務自二零一六年六月起根據原有的金融服務框架協議向本集團 提供金融服務，並分別於二零一九年及二零二二年獲重續。於二零二五年 四月二十九日，本公司與國家電投財務訂立一份新的金融服務框架協議， 由二零二五年六月七日至二零二八年六月六日止，為期三年，據此，國家 電投財務已同意在前框架協議及其補充協議屆滿後，繼續按非獨家基準向 本集團提供存款服務、結算服務、貸款服 ...