Core Insights - The core contradiction in AI infrastructure construction is shifting from merely pursuing GPU quantities to competing for power supply speed, with "Time-to-Power" becoming the most severe bottleneck in AI development [1] - Chinese power solution providers, capable of rapid delivery and large-scale production, are experiencing a historic revaluation opportunity due to this shift [1] Group 1: Power Supply Challenges - The average lifespan of power grids in the US and EU has reached 35 to 40 years, and the infrastructure is increasingly fragile in the face of explosive energy demands from AI data centers [1] - Currently, US domestic power equipment capacity meets only about 40% of local demand, with interconnection waiting times extending to nearly five years [1] - Goldman Sachs projects that by 2030, electricity consumption in US data centers will increase by approximately 175% compared to 2023, contributing about 120 basis points to overall electricity demand [3] Group 2: Market Dynamics - The structural shortage in power supply is reshaping the pricing power within the supply chain, with qualified Chinese suppliers gaining a competitive edge through shorter delivery times rather than just lower costs [1][8] - Chinese suppliers can command significant price premiums in overseas markets, ranging from 10% to 80% compared to domestic sales, providing high visibility for profits [9] Group 3: Product Growth and Opportunities - The overall addressable market for AI data center power products is expected to expand at a compound annual growth rate (CAGR) of approximately 39% from 2025 to 2030, driven by capacity construction, increasing power density, and a shift from AC to DC architecture [5] - The 800V DC distribution architecture is becoming the standard for most AI data center projects, with potential energy savings of 5-15% compared to traditional AC structures [5] Group 4: Key Product Preferences - Goldman Sachs ranks the preference for power supply-related products as follows: gas turbine blades > power transformers > electrical components > uninterruptible power supply systems > liquid cooling systems > server power [11] - Gas turbine blades are prioritized due to high material science and manufacturing barriers, while power transformers follow due to labor-intensive manufacturing and lengthy certification processes [11] Group 5: Company Performance and Projections - Companies like Siyi Electric and Ingeteam are expected to benefit from the supply shortages in gas turbine blades and power transformers, with Siyi Electric's US market revenue projected to increase from 26% in 2026 to 28% in 2028 [8][10] - Goldman Sachs estimates that the average sales CAGR for Chinese companies in the US market will reach 23% from 2025 to 2030, with overseas AI data center market contributions expected to average 23% by 2030 [10]

Core Insights - China's power sector is experiencing rapid development, with multiple projects achieving significant milestones by the end of 2025 [1] Group 1: Major Projects and Developments - The Pingwei Phase IV project successfully connected its 1000 MW ultra-supercritical coal-fired unit to the grid, marking the start of load testing and laying a solid foundation for future power generation [2] - The project, with a total investment of approximately 8 billion yuan, features advanced technologies that reduce coal consumption to 258.5 grams per kilowatt-hour and exceed national ultra-low emission standards [2] - The project is expected to generate an annual output of 10 billion kilowatt-hours, enhancing the reliability of the regional power grid during peak demand periods [2] Group 2: Renewable Energy Initiatives - The Zhongdian Shenhua Muli 800 MW green power replacement wind project successfully connected to the grid, aimed at reducing the load of existing coal-fired units by 30% [3] - This project is expected to deliver approximately 2.4 billion kilowatt-hours of clean electricity annually, saving around 710,000 tons of standard coal and significantly reducing emissions of CO2, SO2, NOx, and particulate matter [3] - The Yangzhou Zhongwu Electric Smart Energy 100 MW fish-solar complementary photovoltaic project also achieved full capacity grid connection, expected to generate about 120 million kilowatt-hours annually and reduce CO2 emissions by 100,000 tons [4]

Investment Rating - The report maintains a "Positive" investment rating for the utility sector [8] Core Insights - The adjustment of coal power capacity prices in Tianjin exceeds expectations, with the fixed cost recovery ratio increasing to 70% from January 1, 2026, which is higher than the previously planned minimum of 50% [2][11] - The January 2026 proxy purchase electricity prices show a general decline across most provinces, with significant regional disparities; northern inland areas exhibit more resilience compared to coastal regions facing greater pressure [2][11] Summary by Sections Capacity Price Adjustment - Tianjin's coal power capacity price will rise from 100 yuan per kilowatt per year to 231 yuan, enhancing the fixed cost recovery ratio to 70% [2][11] - The adjustment is expected to yield an increase of approximately 0.035 yuan per kilowatt-hour in electricity pricing, although actual capacity fees may rise more significantly due to declining coal power utilization hours [11] Proxy Purchase Electricity Prices - January 2026 proxy purchase prices show a decline, with Guangdong and Jiangsu reporting average transaction prices of 372.14 yuan per megawatt-hour and 344.19 yuan per megawatt-hour, respectively, reflecting year-on-year decreases of 19.72 yuan and 68.26 yuan [11] - Northern inland regions, such as Inner Mongolia, show a year-on-year increase in proxy purchase prices, while coastal provinces like Guangdong and Jiangsu face declines exceeding 5 fen per kilowatt-hour [11] Investment Recommendations - The report recommends focusing on quality coal power operators such as Huaneng International, Datang Power, and Guodian Power, as well as hydropower companies like Yangtze Power and State Power Investment Corporation [11][16][17] - It also highlights the potential of new energy companies like Longyuan Power and China Nuclear Power, suggesting a favorable long-term outlook for the sector [11][20]

Group 1 - The core point of the article is that China Power (02380) announced the name change of its subsidiary, State Power Investment Corporation Yuanda Environmental Protection Co., Ltd., to State Power Investment Corporation Hydropower Co., Ltd. [1] - The company's stock abbreviation will be revised to "Dian Tou Shui Diao" starting from January 13, 2026, while the stock code "600292" will remain unchanged [1]

Group 1 - The core announcement is about the completion of an asset restructuring proposal by China Power (02380.HK) and the name change of its subsidiary, Yuanda Environmental Protection Co., Ltd. [1] - Yuanda Environmental Protection has been renamed to State Power Investment Corporation Hydropower Co., Ltd., effective from January 13, 2026, with the stock abbreviation changing to "Dian Tou Shui Dian" while the stock code "600292" remains unchanged [1] - The name change aims to align with the business transformation following the asset restructuring, emphasizing hydropower as the core business and accurately reflecting the long-term strategic planning of the company [1]

本公司董事局（「董事局」）欣然宣佈，遠達環保已變更名稱為國家電 投集團水電股份有限公司。其公司股票證券簡稱自二零二六年一月十三 日起將修訂為「電投水電」，而其公司股票證券代碼「600292」將維持 不變。 該公司名稱變更旨在全面匹配電投水電於完成資產重組後的業務轉型， 凸顯水電作為其主業核心定位，並更準確地反映其長期戰略規劃。 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） 自願性公告 附屬公司的公司名稱變更 茲提述中國電力國際發展有限公司（「本公司」）日期為二零二五年十 二月八日之公告，內容有關完成資產重組建議及國家電投集團遠達環保 股份有限公司（「遠達環保」，本公司一家在上海證券交易所上市的附 屬公司）擬變更公司名稱事宜。 主席 桂許德 香港，二零二六 ...

Core Viewpoint - The company, State Power Investment Corporation Water Power Co., Ltd., has completed the acquisition of a 63% stake in Wuling Power Co., Ltd. from China Power International Development Co., Ltd. and a 37% stake from Hunan Xiangtou International Investment Co., Ltd., along with a 64.93% stake in Guangxi Changzhou Hydropower Development Co., Ltd. from Guangxi Company, with the transaction finalized and the assets transferred [1]. Group 1 - The transition period for the acquired assets is defined as from November 1, 2024, to October 31, 2025, with the assessment benchmark date set for October 31, 2024 [1]. - During the transition period, the profits generated from the assets evaluated using the income method will be retained by the company, and no payments are required to be made to China Power or Xiangtou International for any profits [2]. - Any losses incurred during the transition period for the income method evaluated assets will be borne by the respective parties based on their ownership percentages at the time the agreement became effective [2]. Group 2 - For the 64.93% stake in Changzhou Hydropower, any profits generated during the transition period will be enjoyed by the company, while losses will be covered by Guangxi Company in cash according to their shareholding ratio [3]. - The audit of the transition period profits and losses was conducted by Deloitte Touche Tohmatsu, confirming that no losses occurred for both Wuling Power and Changzhou Hydropower during this period, thus no compensation is required from the transaction parties [4].

董事名單及其角色與職能 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） 非執行董事 胡建東 周杰 黃青華 陳鵬君 獨立非執行董事 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 桂許德 執行董事兼總裁 趙永剛 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。 * 執行委員會成員包括本公司高級管理人員 香港，二零二六年一月六日 | | 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* | | 桂許德 | | | | C | C | C | | 趙永剛 | | | | M | M | M | | 胡建東 | | | | | M | | | 周杰 | | | | | M | | | 黃青華 | | | M | ...

Group 1 - The core announcement is the appointment of Mr. Gui Xude as the executive director, chairman of the board, and authorized representative of China Power (02380), effective from January 6, 2026 [1] - Mr. Gui is appointed to replace Mr. Wang Zichao, who has resigned from these positions [1] - Following Mr. Wang's resignation, Mr. Gui has also been appointed as the chairman of the company's Risk Management Committee, Strategic and Sustainable Development Committee, and Executive Committee [1]

Group 1 - The core announcement is the appointment of Mr. Gui Xude as the executive director, chairman of the board, and authorized representative of China Power (02380), effective from January 6, 2026 [1] - Mr. Gui is appointed to replace Mr. Wang Zichao, who has resigned from these positions [1] - Following Mr. Wang's resignation, Mr. Gui has also been appointed as the chairman of the Risk Management Committee, Strategic and Sustainable Development Committee, and Executive Committee [1]