Core Viewpoint - China Electric Power Equipment Co., Ltd. has successfully provided financial assurance for the Saudi Bishah energy storage project through a cross-border green guarantee scheme, winning the "Best Structured Trade Finance Solution" award at the 2025 AAA Treasury Management Awards by The Asset [1] Group 1: Project and Financial Instruments - The Saudi Bishah energy storage project received a guarantee issued by Deutsche Bank, marking it as the first project of State Grid Corporation of China to obtain Deutsche Bank (China)'s ESG sustainable finance certification [1] - The cross-border green guarantee is an important tool in green finance, gradually becoming a key financing method for enterprises participating in international green projects [1] Group 2: Recognition and Future Goals - The award not only validates the professional capabilities of China Electric Power Equipment Co., Ltd. but also recognizes the company's commitment to integrating ESG standards throughout the guarantee process and leveraging financial tools to promote green transformation [1] - Through benchmark projects like the Saudi Bishah energy storage project, the company aims to continuously support the host country's green transition and sustainable development goals, actively engaging in green finance and social responsibility [1]

Investment Rating - The report maintains a "Positive" investment rating for the utility sector [8] Core Insights - The bidding results for wind and solar energy in Shandong for 2025 show a clear differentiation, with wind energy having a selected volume of 5.967 billion kWh and a clearing price of 0.319 CNY/kWh, while solar energy has a selected volume of 1.248 billion kWh and a clearing price of 0.225 CNY/kWh [2][11] - The new pricing mechanism for grid connection capacity is expected to facilitate the consumption of renewable energy, promoting a win-win situation for the grid, power generation companies, and users [2][11] Summary by Sections Bidding Results - The wind energy projects in Shandong are limited in number but have a large allocated bidding volume, with a rational bidding price close to the upper limit, indicating stable profit expectations [2][11] - The solar energy projects face intense competition, leading to a clearing price that is under pressure, reflecting a more challenging market environment [2][11] Pricing Mechanism - Recent regulatory changes propose a shift to a single capacity-based pricing model for grid connection, which is expected to streamline the pricing mechanism for nearby consumption projects [2][11] - The new pricing structure aims to eliminate additional fees for energy delivered to the grid, thus enhancing the economic viability of renewable energy projects [2][11] Investment Recommendations - The report suggests that the ongoing reforms in the electricity market are revitalizing power operators, with a focus on high-quality development in the renewable energy sector [2][11] - Specific companies recommended for investment include Huaneng International, Datang Power, and China Power, among others, due to their strong positions in the transitioning energy landscape [2][11]

Major Events - China Power (02380) plans to acquire a 31% stake in Dazhou Energy [1] - Shun Teng International Holdings (00932) received a 20% discount from Chairman Zhang Shaohui for a full acquisition offer [1] - Huajian Medical (01931) established a joint venture to deepen the global blockchain financial ecosystem strategy through the "ETHK" core brand [1] - Derin Holdings (01709) signed a strategic cooperation and investment agreement with Winner Fashion (03709) [1] - Dongwu Cement (00695) major shareholder Goldview intends to sell a total of 204 million shares, making Hong Kong Aviation the single largest shareholder [1] - CSPC Pharmaceutical Group (01093) received clinical trial approval for SYH2066 tablets in China [1] - GAC Group (02238) plans to issue up to 15 billion yuan in corporate bonds and 15 billion yuan in medium-term notes [1] - Huatai Securities (06886) plans to issue up to 6 billion yuan in corporate bonds [1] - Ark Health (06086) stated that the H2H conference news is not insider information and is unaware of the reason for the stock price increase [1] Financial Data - China Resources Land (01109) reported a cumulative contract sales amount of 136.8 billion yuan for the first eight months, a year-on-year decrease of 12.0% [1] - Yuexiu Property (00123) reported a cumulative contract sales amount of approximately 73.011 billion yuan for the first eight months, a year-on-year increase of approximately 3.7% [1] - Zhong An Online (06060) reported a total original insurance premium income of approximately 23.625 billion yuan for the first eight months, a year-on-year increase of 6.36% [1]

Group 1 - The core viewpoint of the news is the release of the "Power Equipment Industry Stabilization Growth Work Plan (2025-2026)" by the Ministry of Industry and Information Technology, which sets four main goals for the power equipment industry, including maintaining an average revenue growth rate of around 6% for traditional power equipment and a steady increase for new energy equipment [1][2] - The new plan emphasizes precise efforts and aims for an average revenue growth rate of 10% for leading enterprises in the power equipment sector, reflecting a shift from the previous plan's broader targets [2][4] - The plan outlines measures to enhance supply-side capabilities, expand effective demand on the demand side, and optimize the development environment on the environmental side, focusing on improving equipment supply quality and promoting innovative product applications [1][3][4] Group 2 - The current development targets of 6%-10% are more suitable for the present state of the power industry, especially in the context of new energy equipment, which has seen rapid growth but is expected to slow down in the second half of the year [3] - As of June 2023, the installed capacity of wind and solar power in China reached 1.67 billion kilowatts, surpassing that of thermal power, but the system's adjustment capacity has not kept pace, leading to challenges in renewable energy consumption [3] - The plan aims to strengthen the combination of quality supply and effective demand, with a focus on accelerating the construction of major energy projects and expanding international market cooperation in the wind and solar sectors [5]

Core Viewpoint - China Power (02380) has entered into an equity transfer agreement to acquire a 31% stake in Dazhou Energy for RMB 31 million, along with a total capital commitment and post-delivery capital input of RMB 427.8 million, amounting to a total of RMB 458.8 million [1] Group 1 - The acquisition involves a strategic partnership with Yanchang Petroleum Mining, which plans to acquire a 49% stake in Dazhou Energy [1] - Dazhou Energy is primarily engaged in power generation, transmission, distribution, and thermal production and sales [1] - Dazhou Energy holds the development rights for the "Northeast Sichuan Efficient Clean Coal Power Comprehensive Utilization Project," which includes the construction of two ultra-supercritical coal-fired power generation units with a total installed capacity of 2,000 megawatts in Sichuan Province, China [1] Group 2 - The acquisition is part of a "coal-electricity joint operation" model, introducing Yanchang Petroleum Mining as a strategic partner [1] - Yanchang Petroleum Mining commits to ensuring reliable coal supply and stable pricing through long-term coal supply agreements with Dazhou Energy [1] - This strategic arrangement is expected to enhance Dazhou Energy's future revenue and profitability, laying a solid foundation for collaborative development among all shareholders [1]

Core Viewpoint - China Power (02380) has entered into a share transfer agreement to acquire a 31% stake in Dazhou Energy for RMB 31 million, with additional capital commitments totaling RMB 427.8 million, bringing the total investment to RMB 458.8 million [1] Group 1: Acquisition Details - The acquisition involves China Power, Yanchang Petroleum Mining, Sichuan Company, and the target company, Dazhou Energy [1] - Yanchang Petroleum Mining plans to acquire a 49% stake in Dazhou Energy [1] Group 2: Dazhou Energy Operations - Dazhou Energy is primarily engaged in power generation, transmission, distribution, and thermal production and sales [1] - The company holds the development rights for the "Northeast Sichuan Efficient Clean Coal Power Comprehensive Utilization Project," which includes the construction of two ultra-supercritical coal-fired generating units with a total installed capacity of 2,000 megawatts in Sichuan Province [1] Group 3: Strategic Partnership - The acquisition introduces Yanchang Petroleum Mining as a strategic partner through a "coal-electricity joint operation" model [1] - Yanchang Petroleum Mining commits to ensuring reliable coal supply and stable pricing through long-term coal supply agreements with Dazhou Energy [1] - This strategic arrangement is expected to enhance Dazhou Energy's future revenue and profitability, establishing a solid foundation for collaborative development among all shareholders [1]

Core Viewpoint - China Power (02380.HK) has announced a strategic acquisition of a 31% stake in Dazhou Energy for a total consideration of RMB 458.8 million, aligning with national energy development policies and addressing power supply challenges in Sichuan province [1] Group 1: Acquisition Details - The acquisition involves a purchase price of RMB 31 million, along with a capital commitment and post-delivery capital input totaling RMB 427.8 million [1] - The acquisition is part of a broader strategy to enhance the reliability of power supply during peak demand periods in Sichuan, as outlined in the "14th Five-Year Plan for Energy Development in Sichuan Province" [1] Group 2: Strategic Importance - Dazhou Energy holds the development rights for the "Northeast Sichuan Efficient Clean Coal Power Comprehensive Utilization Project," which is designated as a key peak-shaving resource [1] - The project aims to alleviate peak load pressure on the Sichuan power grid and improve overall power supply reliability in the province [1] Group 3: Partnership and Future Prospects - The acquisition introduces Yanchang Petroleum Mining as a strategic partner through a "coal-electricity joint operation" model [1] - Yanchang Petroleum Mining has committed to long-term coal supply agreements with Dazhou Energy, ensuring reliable coal supply and stable pricing [1] - This strategic arrangement is expected to enhance Dazhou Energy's future revenue and profitability, laying a solid foundation for collaborative development among all shareholders [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） 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。 關連交易 收購達州能源 31%股權 於二零二五年 九月十二日 ，本公司 、延長石油礦業、四川公司及目標公司訂 立了 一份股權轉讓協議， 據此本公司已同意收購及四川 公司已同意出售達州 能源 3 1%的股權，代價人民幣 31,000,000 元，另加資本承諾及交割後的資本 投 入 總 額 人 民 幣 427,800,000 元，合共人民幣 458,800,000 元 （約相等於 504,176,000 港元）。 於本公告日期，中電國際擁有本公司已發行股本約 59.42%，並為本公司的控 股股東。四川 公司為中電國際的全資擁有附屬公司，根據上市規則定義，中 電國際、其附屬公司及聯繫人均為本公司的關連人士。因此，訂 ...

Core Points - China Power Construction Corporation has received a notice from its sponsor, China International Capital Corporation, regarding the replacement of the continuing sponsor representative for its non-public issuance of A-shares in 2022 [1][2] - The original sponsor representative, Qiao Xiaowei, is no longer serving due to a job change, and Meng Jiao has been appointed to continue the supervisory work [1][2] - After this change, the continuing sponsor representatives for the 2022 non-public issuance of A-shares will be Liu Yifei and Meng Jiao [1] Summary of Related Information - Meng Jiao is currently the Executive General Manager of the Investment Banking Department at CICC and obtained her sponsor representative qualification in 2023 [2] - She has previously served as a co-organizer for the 2022 non-public issuance of A-shares for China Power Construction and has experience in various significant projects, including major asset restructuring and non-public offerings [2] - Meng Jiao has a good professional record and has strictly adhered to relevant regulations during her sponsorship activities [2]

Group 1 - China's electricity generation is projected to exceed 10 trillion kilowatt-hours in 2024, accounting for nearly 30% of global electricity generation, which is 2.5 times that of the United States and nearly 5 times that of India [3] - In July, China's electricity consumption surpassed 1 trillion kilowatt-hours, exceeding Japan's annual consumption and surpassing the combined annual consumption of Germany and France [4] - China is aggressively pursuing "super electricity projects," including significant investments in hydropower and nuclear power, with approvals for five nuclear projects and ten units [6] Group 2 - Approximately one-third of China's electricity consumption comes from renewable sources, with wind and solar power installations reaching 1.53 billion kilowatts, surpassing thermal power installations [7] - China is leading in power technology, with advancements in ultra-supercritical power generation technology, solar thermal power stations, and thorium molten salt reactors [7][8] - The country is on track to become the world's first "green electricity empire," focusing on clean, low-carbon, and intelligent energy systems [9][8] Group 3 - In 2023, China accounted for 95% of new coal power projects globally, 60% of solar power, and has maintained the largest nuclear power capacity under construction for 18 consecutive years [11] - China aims to increase the share of electricity in total energy consumption to 50%, compared to around 22% in the most developed countries [11] - The country's carbon emissions are projected to peak by 2025, with a 1.6% year-on-year decrease in the first quarter of 2025 [12] Group 4 - China is facing challenges in integrating renewable energy, with a significant amount of electricity wasted due to inadequate grid infrastructure and storage solutions [21][19] - In the first half of the year, China wasted 60 billion kilowatt-hours of electricity, with solar and wind power abandonment rates rising to 6.6% and 5.7%, respectively [21] - The need for advanced storage technology is critical for ensuring the stability and reliability of the power system as China transitions to a green electricity model [28][29] Group 5 - China has become the world's leader in new energy storage, with a total installed capacity of 73.76 million kilowatts, accounting for over 40% of global capacity [28] - Companies like CATL are leading the global market in energy storage battery shipments, with a market share of 36.5% in 2024 [33] - The focus is shifting from hardware competition to creating integrated solutions for renewable energy systems, requiring collaboration across various sectors [37] Group 6 - China's dominance in renewable energy technology includes over 40% of global new energy technology, 80% of solar component production, and 70% of wind power equipment production [42] - The State Grid Corporation of China operates energy networks in multiple countries, contributing to 17% of global cross-border electricity transmission [42] - The emergence of Chinese companies in the renewable energy sector is reshaping the global energy landscape, with increasing reliance on Chinese technology and solutions for a green future [42][43]