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]

据悉，达州能源主要从事发电、输电、供配电业务，以及热力生产与销售。达州能源直接持有"川东北 高效清洁煤电综合利用一体化项目"的开发权，旗下的第一阶段发展是兴建两台位于中国四川省总装机 容量2,000兆瓦的超超临界燃煤发电机组。 公告称，收购事项亦通过"煤电联营"产业模式引入延长石油矿业作为战略合作伙伴。延长石油矿业承诺 通过未来与达州能源签订的长期煤炭供应协议，确保可靠的煤炭供应及稳定的价格。公司相信，此项战 略安排可望提升达州能源未来的收益及盈利能力，同时为全体股东奠定协同发展的坚实基础。 智通财经APP讯，中国电力(02380)公布，于2025年9月12日，该公司、延长石油矿业、四川公司及目标 公司订立了一份股权转让协议，该公司拟向四川公司收购达州能源31%的股权，代价人民币3100万元， 另加资本承诺及交割后的资本投入总额人民币4.278亿元，合共人民币4.588亿元。另外，延长石油矿业 拟收购达州能源49%的股权。 ...

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]

Core Viewpoint - The company reported its mid-year performance for 2025, showing a revenue of 23.858 billion yuan, a year-on-year decrease of 13.48%, while the profit attributable to equity holders increased by 1.16% to 2.835 billion yuan, slightly exceeding market expectations [1] Group 1: Financial Performance - The company's net profit attributable to shareholders (including perpetual bond interest) for the first half of 2025 was 2.835 billion yuan, with contributions from coal power, hydropower, wind power, and solar power being 919 million, 368 million, 1.316 billion, and 453 million yuan respectively, showing changes of +17%, -23%, +5%, and -39% compared to the same period in 2024 [2] - The growth in performance was mainly driven by coal and wind power, which contributed an increase of 136 million and 64 million yuan respectively, while hydropower and solar power saw declines of 110 million and 287 million yuan [2] - The unit fuel cost for coal power was 234.52 yuan/MWh, a decrease of 14% year-on-year, which contributed to the better-than-expected performance in the coal power segment [2] Group 2: Operational Data - The company had a total installed capacity of 53.94 million kW in the first half of the year, with coal power, hydropower, wind power, and solar power capacities being 9.82 million, 6 million, 15.77 million, and 21.51 million kW respectively [2] - The company completed a sales volume of 62.5 billion kWh in the first half, with coal power, hydropower, wind power, and solar power sales being 22.9 billion, 8.2 billion, 16.7 billion, and 13 billion kWh respectively, showing year-on-year changes of -15%, -23%, +27%, and +10% [2] - The average utilization hours for coal power, hydropower, wind power, and solar power were 2469, 1387, 1122, and 665 hours respectively, with year-on-year changes of -3.7%, -23.8%, +5.3%, and -9.9% [2] Group 3: Strategic Developments - The company is positioned as the flagship platform for the State Power Investment Corporation, aiming to become a world-class clean energy supplier [3] - A major asset restructuring plan was announced in September 2024, intending to inject assets from Wuling Power and Changzhou Hydropower in exchange for controlling stakes in Yuanda Environmental Protection, which will become the hydropower integration platform for the group [3] - The company is expected to achieve net profits of approximately 3.7 billion, 4 billion, and 4.5 billion yuan for 2025-2027, with current stock prices corresponding to P/E ratios of 11, 10, and 9 times respectively [3]

证券分析师 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 邹佩轩 SAC：S1350524070004 zoupeixuan01@huayuanstock.com 戴映炘 SAC：S1350524080002 daiyingxin@huayuanstock.com 邓思平 SAC：S1350524070003 dengsiping@huayuanstock.com 市场表现： | 基本数据 | 2025 | 年 09 | 月 | 08 日 | | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | 3.48 | | 一年内最高/最低（港 | | | | 4.00/2.73 | | 元） | | | | | | 总市值（百万港元） | | | | 43,048.13 | | 流通市值（百万港元） | | | | 43,048.13 | | 资产负债率（%） | | | | 67.99 | | 资料来源：聚源数据 | | ...

Core Viewpoint - The establishment of the Energy Digital Economy Professional Committee marks a significant step in the digital transformation of China's energy and power industry, aiming to inject new momentum into the construction of a modern energy system [1][2]. Group 1: Committee Objectives and Structure - The committee aims to become an influential platform for policy consultation and industry service cooperation in the energy and power sector, promoting the deep application of advanced digital technologies [1]. - The secretariat of the committee is located at the State Grid Energy Research Institute [1]. - The committee's goals include enhancing data sharing, standard co-construction, and industry collaboration to improve the digitalization, intelligence, and greening of the energy and power sector [1][2]. Group 2: Support and Challenges - The establishment of the committee is timely and significant, with the State Grid Company pledging full support to enhance energy security and facilitate the transformation of the energy industry through digital and intelligent technologies [2]. - The digital transformation of the energy and power sector is recognized as a complex system engineering challenge that requires collaboration across government, industry, academia, and research [2]. Group 3: Future Development and Research - The committee plans to leverage its advantages in expertise, information, talent, and mechanisms to create a comprehensive service system that includes policy research, results promotion, standard guidance, industry services, and information sharing [3]. - Challenges in the oil and gas sector regarding the development of large models include insufficient and low-quality data, high training and deployment costs, and the need for significant investment in ongoing optimization [3]. - The committee aims to enhance data lifecycle management and governance capabilities while promoting the synergy between large and small models to optimize cost-effectiveness [3]. Group 4: Expert Contributions and Research Findings - Experts discussed various topics related to the digital transformation of the energy sector, including the circulation of data elements and trends in digital economy development during the 14th Five-Year Plan period [4]. - The latest research outcome, "Six Steps to Data Assetization for Power Grid Enterprises," was released, providing guidance for data asset management in the industry [4].