Core Viewpoint - The recent issuance of the "Opinions on Deepening and Enhancing the 'Electricity Access' Service Level" aims to create a modernized electricity business environment that aligns with the new economic and social development requirements of China, promoting high-quality economic growth [1][2]. Group 1: New Policies and Context - The new policy comes at a crucial time during the 14th Five-Year Plan, aiming for a leap in the level of electricity access services, building on the previous "three zeros" and "three savings" initiatives [2][3]. - The policy aligns with the goals set forth in the 20th National Congress and government work reports, emphasizing the need for a market-oriented, legal, and international business environment [2]. Group 2: Five Characteristics of Modernized Electricity Business Environment - The policy outlines five characteristics: convenience in electricity access, high-quality power supply, green electricity usage, inclusive services, and collaborative regulation [3][4][5][6]. - Convenience in electricity access aims to reduce processing time for low-voltage users to 5-15 working days, utilizing digital methods for efficiency [3]. - High-quality power supply focuses on enhancing infrastructure and reliability, aiming for world-class standards in major cities [4]. - Green electricity usage promotes ecological harmony and supports the transition to low-carbon operations, contributing to national carbon neutrality goals [4]. - Inclusive services aim to ensure equitable access to electricity for all citizens, particularly in underprivileged areas [5]. - Collaborative regulation seeks to establish a comprehensive governance framework involving central and local authorities, enterprises, and social oversight [6]. Group 3: Implementation Strategies - The policy introduces the "Three Batches" strategy to enhance electricity access services, targeting the establishment of benchmark cities, advanced regions, and characteristic towns [7][8]. - This strategy considers the varying development levels across eastern, central, and western regions, promoting best practices and regional cooperation [8]. Group 4: Focus on People's Livelihood - The policy emphasizes addressing common electricity access issues in old residential areas and villages, ensuring safety and stability in power supply [9][10]. - It mandates improvements in service quality for non-grid supplied areas, ensuring compliance with national pricing policies and enhancing infrastructure [10]. Group 5: Regulatory Framework and Industry Actions - The policy aims to establish a collaborative regulatory framework to enhance service quality and ensure fair competition within the electricity sector [12]. - The China Electricity Council is called to action to support the implementation of the new policy, focusing on standardization, regulatory cooperation, and fostering innovative service models [13][14][15].

本次会议经与会董事充分审议并经过有效表决,审议通过了《关于确定中国电力建设股份有限公司第四 届董事会独立董事候选人的议案》。 经公司控股股东中国电力建设集团有限公司提名、公司董事会人事薪酬与考核委员会审核，公司董事会 同意推举张兆祥先生为公司第四届董事会独立董事候选人，任期与公司第四届董事会其他董事一致。张 兆祥先生简历请详见本公告附件。 证券代码：601669 股票简称：中国电建 公告编号：临2025-031 中国电力建设股份有限公司 第四届董事会第十次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 中国电力建设股份有限公司（以下简称"公司"）第四届董事会第十次会议于2025年6月10日以通讯方式 召开。会议通知和会议议案等材料已以电子邮件和书面方式送达各位董事。本次会议应当参与表决的董 事8人，实际参与表决的董事8人，各位董事以书面及传真方式提交了表决意见。本次会议的召开符合 《中华人民共和国公司法》等法律法规及规范性文件以及《中国电力建设股份有限公司章程》的规定。 本议案已经公司第四届董事会人事薪酬与考核委 ...

Core Viewpoint - The photovoltaic industry is currently facing unprecedented changes, yet the overall trend and landscape remain unchanged [1] Industry Challenges - The photovoltaic industry is encountering significant challenges, including increased uncertainty due to international trade barriers and a complex trade environment [1] - Rapid capacity expansion and intense price competition are causing adverse effects on the industry's development [1] - Reforms in the national electricity market, aimed at promoting technological innovation and new productive forces, present both new opportunities and challenges for the photovoltaic and energy storage sectors [1]

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） 補充公告 有關資產重組建議之 須予披露及關連交易 茲提述中國電力國際發展有限公司（「本公司」）日期為二零二五年四月十六日 的公告及本公司日期為二零二五年五月二十日的通函（「該通函」），內容有關資 產重組建議。除文義另有所指外，本公告所使用的全部詞彙與該通函所界定者 具有相同涵義。 1 經審閲上文所述的參考性財務資料後，(i)董事確認，該通函「董事局函件」所 載向獨立股東提出之意見及推薦建議維持不變；(ii)獨立財務顧問確認，該通函 「新百利融資函件」所載其向獨立董事委員會及獨立股東提出之意見及推薦建 議維持不變；及(iii)獨立董事委員會亦確認，該通函「獨立董事委員會函件」 所載其向獨立股東提出之意見及推薦建 ...

Group 1 - The core viewpoint of the article highlights the comprehensive overview of the Chinese power industry, focusing on major listed companies, their performance, and future development plans [1][9][10] - The article provides a summary of key listed companies in the power sector, including their business segments and market positions, with a focus on companies involved in power generation and equipment [1][2][3] - Major listed companies in the power sector include Huaneng International, Datang Power, Huadian International, Guodian Power, and others, with a detailed breakdown of their operations and financial performance [2][4][6] Group 2 - In terms of revenue performance for 2024, Huaneng International leads with a revenue of 2455.51 billion, followed by Guodian Power at 1791.82 billion, and Datang Power at 1234.74 billion [9][10] - The article outlines the geographical distribution of these companies, noting that Huaneng International and Guodian Power have extensive operations both domestically and internationally [9][10] - Future investment plans indicate a shift towards renewable energy, with companies like Huaneng International planning to invest over 50 billion in new energy projects by 2025 [13]

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） 二零二五年六月五日舉行的股東大會投票表決結果 重續金融服務框架協議 二零二五年六月五日，中國電力國際發展有限公司（「本公司」）以虛擬會議方 式舉行股東大會（「股東大會」）。股東大會主席要求就日期為二零二五年五月 二十一日的股東大會通告所載的提呈決議案，按股數投票方式表決。 於股東大會當日，本公司已發行股份總數為 12,370,150,983 股。誠如本公司日期 為二零二五年五月二十一日的通函所披露，中國電力發展有限公司、中國電力國 際有限公司、中國電力（新能源）控股有限公司、國家電投香港財資管理有限公 司及國家電投集團創新投資有限公司（「國家電投聯繫人」）合共持有本公司 8,070,469,175 股股份。鑒 ...

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） 二零二五年六月五日，中國電力國際發展有限公司（「本公司」）以虛擬會議方式 舉行股東周年大會（「周年大會」）。周年大會主席要求就日期為二零二五年四月 二十五日的周年大會通告所載提呈決議案，按股數投票方式表決。 於周年大會當日，股東有權出席周年大會並於會上就決議案投票贊成或反對的股份 總數為 12,370,150,983 股。概無任何股份賦予持有人權利出席周年大會而放棄於 會上投票贊成提呈決議案。 本公司的股份過戶登記處香港中央證券登記有限公司獲委任為周年大會的監票人， 負責點票事宜。以下載列為周年大會上就有關各項決議案投票的表決結果： | | 普通決議案 | 贊成 | 反對 | | --- | --- | -- ...

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 前期開發與技術諮詢合同 於二零二五年六月五日，海陽風電（本公司一家非全資擁有的間接附屬公司） 與山東院訂立了前期開發與技術諮詢合同，據此山東院將就一個海上風力發 電項目的前期開發提供全面的技術諮詢服務 ，代價 為人民幣 39,980,000 元 （約相等於 4 3 ,457,000 港元）。 於本公告日期，國家電投擁有本公司已發行股本約 6 5 . 2 4%。由於國家電投為 本公司的最終控股股東，根據上市規則定義，國家電投、其附屬公司及聯繫 人均為本公司的關連人士。 山東院為國家電投非全資擁有的間接附屬公司。因此，山東院為本公司的關 連人士，而訂立前期開發與技術諮詢合同根據上市規則屬於本公司的一項關 連交易。 由於前期開發與技術諮詢合同的最高適用百分比率（定義見上市規則第 14.07 條）超過 0.1%，但低於 5 %，故前期開發與技術諮詢合同須遵守根據上市規 則第 14A 章公告及申報的規定 ...

Investment Rating - The report maintains a "Positive" investment rating for the public utility sector [8]. Core Insights - The introduction of the "Green Electricity Direct Connection" model is expected to enhance demand certainty and consumption levels compared to traditional projects, particularly benefiting distributed commercial solar, offshore wind, and integrated projects in certain western regions [2][12]. - The green electricity pricing mechanism has transitioned to a competitive bidding phase, marking a shift from a supply-driven growth phase to a mature market regulated by demand [12]. - The report emphasizes that the "carbon neutrality" initiative and electricity market reforms will reshape the intrinsic value of power operators throughout the 14th Five-Year Plan period [12]. Summary by Sections Green Electricity Direct Connection - The National Development and Reform Commission and the National Energy Administration have established a framework for the "Green Electricity Direct Connection" model, allowing renewable energy sources to supply electricity directly to single users [12]. - Projects must have at least 60% of their generated electricity consumed on-site and a minimum of 30% of total electricity consumption from self-generated sources, with a gradual increase in self-consumption expected by 2030 [12]. - The model is anticipated to reduce price risks through long-term power purchase agreements (PPAs), enhancing project profitability [12]. Pricing Mechanism Transition - Starting June 1, new green electricity projects will no longer follow a benchmark pricing mechanism but will adopt a market-driven pricing model, with a competitive bidding process determining the final price [12]. - The report suggests that this transition may lead to a slowdown in new installations, which is viewed positively as it could alleviate pricing pressures and improve long-term growth prospects [12]. Investment Recommendations - The report recommends focusing on quality power operators such as Huadian International, China Resources Power, and Huaneng International, as well as hydropower companies like Yangtze Power and Guotou Power [12][16][17]. - For the renewable energy sector, it highlights companies like Longyuan Power and China Nuclear Power as key investment opportunities due to their strong market positions and growth potential [12][18].

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） 關連交易 儲能系統設備採購合同 於二零二 五 年 五 月 三 十 日 ， 新源智儲 （本公司 一家非全資擁有的附屬公 司），作為供應方，與海西能源訂立了一份 BESS 採購合同，據此新源智儲 將 為 托素項目 提供儲能系統 設備和組件以 及其相關服務， 代 價 人民幣 89,200,000 元（約相等於 96,957,000 港元）。 於本公告日期，國家電投擁有本公司已發行股本約 65 .2 4%。由於國家電投 為本公司的最終控股股東，根據上市規則定義，國家電投、其附屬公司及 聯繫人均為本公司的關連人士。 海西能源為國家電投的間接附屬公司。因此，海西能源為本公司的關連人 士，而訂立 BESS 採購合同根據上市 ...