Core Viewpoint - The China Electric Power Construction Enterprise Association (CEPCEA) is committed to integrating its development with national strategies and industry progress, focusing on high-quality development in the energy sector as it approaches 2025, a pivotal year for China's modernization and energy revolution [1] Group 1: Political Leadership and Industry Development - The leadership of the Communist Party is essential for the high-quality development of the electric power construction industry, serving as a guiding force and a stabilizing factor [2] - CEPCEA emphasizes the integration of Party building with business operations to enhance political guidance and service quality within the industry [3] Group 2: Strategic Empowerment and Challenges - The energy sector is undergoing significant transformation driven by the "dual carbon" goals and digitalization, presenting both opportunities and challenges for the electric power construction industry [4] - CEPCEA aims to serve as a strategic advisor and bridge for high-quality development, aligning with national strategies and addressing industry needs [5] Group 3: Governance and Sustainable Development - CEPCEA combines industry governance with green development, promoting sustainable practices and establishing standards for ESG evaluations, covering 230 projects and achieving recognition from the National Energy Administration [7] - The association actively engages in self-regulation and industry governance, implementing a comprehensive governance system to foster a fair and orderly market environment [8] Group 4: International Cooperation and Standards - CEPCEA is committed to international collaboration, becoming a founding member of the International Sustainable Development Organization and aligning Chinese standards with international benchmarks [9][10] - The association facilitates global exchanges and promotes Chinese electric power construction expertise on the international stage [10] Group 5: Internal Development and Organizational Strength - CEPCEA focuses on self-improvement and organizational development, establishing a robust internal management system and expanding its membership to 2,177, covering various sectors [11] - The association enhances its digital services and communication efforts, producing 17,000 promotional articles to showcase industry achievements [11] Group 6: Future Vision and Commitment - Looking ahead to 2026, CEPCEA aims to address new industry demands and challenges while supporting national strategic deployments, emphasizing its role in the transition to a new energy system [12][13] - The association is dedicated to driving the green, digital, and integrated development of the electric power construction industry, contributing to national development and modernization efforts [13]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2026年1月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 中國電力國際發展有限公司 | | | 呈交日期: | 2026年2月4日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.2.0 FF301 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 1. 股份分類 普通股 股份類別 不適用 於香港聯交所上市 (註1) 是 證券代號 (如上市) 02380 說明 已發行股份（不包括庫存股份）數目 庫存股份數目 已發行股份總數 上月底結存 12,370,150,983 0 12,370,150,983 增加 / 減少 (-) 0 0 本月底結存 12,370,150,983 0 12,370,150,983 足夠公眾持股量的確認(註4) | 1. 股份分類 | | 普通股 | | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | ...

花旗发表研报，将中国电力的评级由"买入"下调至"沽售"，目标价由3.5港元降至2.75港元，将公司2025 至27年的净利润预测分别下调15%、27%及38%。该行认为，受电价下调影响，中国电力2026年预期盈 利或按年下滑，虽然预计公司不会削减2025至26年的股息，但其2026年预期股息收益率5.7%，似乎不 足以抵销中国电价下行趋势引致的盈利下行风险。 ...

Core Insights - The report predicts that by 2026, China's total electricity consumption will grow by 5%-6% year-on-year, with solar power generation capacity expected to surpass coal power capacity for the first time [1][3]. Group 1: Electricity Consumption - In 2025, China's total electricity consumption is projected to exceed 10 trillion kilowatt-hours, reaching 10.37 trillion kilowatt-hours, marking the first time any single economy has achieved this milestone [1][2]. - Monthly electricity consumption is expected to surpass 1 trillion kilowatt-hours for the first time, with July 2025 seeing consumption reach 1.02 trillion kilowatt-hours [1]. Group 2: Sector Contributions - The second industry remains the primary contributor to electricity consumption, accounting for 6.64 trillion kilowatt-hours in 2025, which is 64.0% of total consumption, contributing 47.5% to the growth [2]. - New infrastructure developments in sectors such as big data, cloud computing, artificial intelligence, 5G networks, and industrial internet are driving rapid growth in electricity consumption, with internet data services expected to grow at an annual rate of 35.9% from 2021 to 2025 [2]. Group 3: Power Generation Capacity - By the end of 2025, China's total installed power generation capacity is expected to reach 3.89 billion kilowatts, a year-on-year increase of 16.1%, with an average annual growth rate of 12.0% during the 14th Five-Year Plan [3]. - Wind and solar power are projected to account for 80.2% of the newly installed generation capacity, with a total of 4.4 billion kilowatts added in 2025 [3]. - By 2026, it is anticipated that over 4 billion kilowatts of new generation capacity will be added, with more than 3 billion kilowatts coming from renewable sources, and solar power capacity expected to exceed coal power capacity for the first time [3].

Core Insights - The report predicts that by 2026, the overall balance of electricity supply and demand in China will be achieved, with significant production capacity from renewable energy sources [1][2] - The report anticipates a stable growth in China's macro economy, which will drive a steady increase in electricity consumption [1] Electricity Demand and Supply - The total electricity consumption in China is expected to reach between 10.9 trillion and 11 trillion kilowatt-hours in 2026, representing a year-on-year growth of 5% to 6% [1] - The maximum electricity load for the year is projected to be between 1.57 billion and 1.63 billion kilowatts [1] - During peak summer periods, certain regions such as Southwest, Central China, and East China may experience tight electricity supply, but this can be mitigated through inter-provincial and inter-regional cooperation [2] Renewable Energy Development - By 2026, it is expected that over 400 million kilowatts of new power generation capacity will be added, with more than 300 million kilowatts coming from renewable sources [1] - The combined installed capacity of wind and solar energy is projected to account for about half of the total installed capacity, with solar power expected to surpass coal power for the first time [1] - By the end of 2026, the total installed power generation capacity in China is anticipated to reach approximately 4.3 billion kilowatts, with non-fossil energy sources accounting for 2.7 billion kilowatts, representing 63% of the total capacity [1] Historical Context and Future Projections - As of the end of 2025, the installed capacity of non-fossil energy sources is expected to be 2.4 billion kilowatts, a year-on-year increase of 23%, making up 61.7% of the total installed capacity [2] - The total installed capacity across all energy sources is projected to be 3.89 billion kilowatts by the end of 2025, reflecting a year-on-year growth of 16.1% [2] - The report indicates that during the "14th Five-Year Plan" period, the total installed capacity is expected to grow at an average annual rate of 12% [2] Contribution of Renewable Energy to Electricity Generation - In 2025, the total electricity generation from non-fossil energy sources is expected to reach 4.47 trillion kilowatt-hours, a year-on-year increase of 14.1%, accounting for 42.9% of total electricity generation [2] - The contribution of new electricity generation from wind, solar, and biomass sources is projected to constitute 97.1% of the total increase in electricity consumption [2]

在英国首相斯塔默访华的一众随行企业名单中，一家名为章鱼能源（Octopus Energy）的企业颇受业内 关注。 2026年1月30日举行的中英商务论坛上，这家英国最大的电力交易公司与一家中国新兴能源企业达成了 合作——章鱼能源与碧澄能源将在华合资设立一家聚焦电力交易业务的公司，此举被视作近些年来中英 能源领域又一项标志性的进展。 事实上，上述合作的主角双方，都是各国能源领域的后起之秀。 碧澄能源的前身是保碧新能源，成立于2022年，早年因其是房地产龙头企业保利和碧桂园联合孵化跨界 新能源，受到业内关注。2025年，保碧新能源更名"碧澄能源"，其最新股东包括普洛斯、淡马锡、蔚来 等旗下资本。 章鱼能源于2015年成立，这家公司仅用十年时间就迅速成长为英国本土最大电力供应商，并且与中国多 家能源企业互动频繁。 "章鱼"为何盯上中国的电力交易市场？它能否为中国智慧能源领域的发展带来"鲶鱼效应"呢？ 合作仅用半年就谈妥 章鱼能源与碧澄能源计划设立的合资公司，将聚焦共建电力数字交易平台。 碧澄能源董事长兼首席执行官李文轩在接受媒体采访时透露，鉴于两家公司之间在业务层面形成天然互 补——碧澄能源所处的中国市场和应用范围 ...

J P M O R G A N Asia Pacific Equity Research 28 January 2026 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. China Power Equipment Expert call takeaways on 15th FYP grid capex; Nari Tech and Sieyuan Electric our top picks in 1H26 The share prices of China po ...

Investment Rating - The report suggests a positive outlook for the utility sector, particularly for coal-fired power operators, with a recommendation to focus on quality transformation operators such as Huaneng International, Datang Power, Guodian Power, Huadian International, China Power, China Resources Power, and Funiu Co., Ltd. [7] Core Insights - The report highlights the importance of the capacity compensation mechanism in addressing the long-standing issue of fixed cost recovery in the coal-fired power sector. The implementation of a reliable capacity compensation mechanism is expected to resolve the dual pricing system between long-term contracts and spot market prices, leading to a more balanced electricity market. [2][5][7] - The report anticipates that by 2026, the national capacity supply-demand ratio will reach 84%-96%, with capacity prices ranging from 276 to 316 RMB/year·kW. This is expected to alleviate the downward pressure on long-term contract prices significantly. [7] - The report emphasizes that the introduction of the capacity compensation mechanism will decouple the fixed cost recovery from long-term contract pricing, thus allowing coal-fired power to return to being a public utility. [7] Summary by Sections Introduction - The report discusses the recent announcement by the National Development and Reform Commission regarding the improvement of the capacity price mechanism, which aims to unify various types of regulatory power sources under a new reform initiative. [18] Importance of Capacity Compensation Mechanism - The capacity price is designed to compensate for fixed costs associated with power plants, which include capital costs, fixed operating and maintenance costs, and taxes. This mechanism is crucial for ensuring that power companies can recover their fixed costs effectively. [21][22] International Examples and Domestic Innovations - The report references the PJM capacity market mechanism in the U.S. and the innovative capacity compensation mechanism trialed in Gansu Province, which aims to achieve near-full recovery of fixed costs. [6] Breaking the Profitability Dilemma - The report concludes that if the reliable capacity compensation mechanism is implemented nationwide, it will significantly reduce the profitability challenges faced by coal-fired power plants under the current dual pricing system. [7]

Core Viewpoint - The strategic joint venture between Bicheng Energy and Octopus Energy aims to enhance electricity trading and optimize electricity costs for commercial users in China through digital tools and algorithmic models [1] Group 1: Joint Venture Details - Bicheng Energy and Octopus Energy announced a strategic joint venture during the China-UK Business Forum [1] - The joint venture, named Baitong Energy, will focus on electricity trading business in China [1] Group 2: Objectives and Services - The joint venture will utilize digital tools and algorithmic models to help commercial users optimize their electricity costs and increase the proportion of green electricity consumption [1] - Both companies will explore green electricity products and load aggregation services tailored to the Chinese market, enabling users to participate more effectively in the electricity market [1] - The initiative aims to support the flexibility and clean transformation of the power grid [1]

章鱼能源通过领先的算法和技术平台，颠覆传统电力零售模式，已成为英国最大的电力供应商之一，并 正在全球范围内快速扩张。此次选择碧澄能源作为进入中国市场的合作伙伴，是基于碧澄能源在中国电 力市场的综合能力和业务积淀。碧澄能源作为集发电与售电于一体的综合能源服务商，拥有丰富的工商 业用户资源和专业的电力交易团队，这为引进国际先进技术提供了坚实保障。 经济观察网 1月30日，中国领先的工商业分布式清洁能源电站投资运营商碧澄能源与总部在英国的能源 科技公司章鱼能源（Octopus Energy）正式宣布战略合资，并在中英商务论坛中正式签约。双方将共同 在华设立聚焦电力交易业务的合资公司——碧桐能源。这一合作代表世界顶级能源科技企业正式进入中 国市场，成为中国电力市场化改革进程中的标志性事件之一。 此次合作设立的合资公司碧桐能源，将成为碧澄能源"综合能源服务"战略板块的核心组成部分，也是其 未来发展的关键布局。借助数字化工具和算法模型，将切实帮助工商业用户优化用电成本、提升绿电消 费比例。在此基础上，双方也将共同探索适应中国市场的绿色电力产品与负荷聚合服务，赋能用户更有 效地参与电力市场，从而为电网的灵活性与清洁化转型提 ...