智通财经APP讯，中国电力(02380)公布，该集团于2025年11月的合并总售电量为1009.97万兆瓦时，较 去年同月增加 15.38%，而2025年首十一个月的合并总售电量为约1.156亿兆瓦时，较去年同期减少 1.17%。 ...

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。 | 主要聯營公司 | | 售電量（兆瓦時） | | | | | --- | --- | --- | --- | --- | --- | | 或合營公司的 2025 年 發電廠 11 月 | 2024 年 | 同比變化 | 2025 年 | 2024 年 | 同比變化 | | | 11 月 | | 首十一個月 | | | | 風力發電(1) | 150,254 143,694 | 4.57% | 1,431,858 | 2,202,431 | -34.99% | | 光伏發電 | 21,517 16,054 | -25.39% | 227,950 | 213,827 | 6.60% | | 燃煤發電(2) 3,426,374 | 3,563,088 | -3.84% | 41,964,212 | 38,443,633 | 9.16% | | 合計 3,592,682 | 3,728,299 | -3.64 ...

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） 重續持續關連交易 及 非豁免持續關連交易的豁免 茲提述本公司日期為二零二三年十月三十一日的公告，內容有關（其中包 括）本集團與農銀集團就銀行服務交易截至二零二三年、二零二四年及二零 二五年十二月三十一日止三個財政年度的持續關連交易。 由於本公司會繼續與農銀集團按經常性基準進行銀行服務交易，董事局決議 就非豁免持續關連交易重續截至二零二六年、二零二七年及二零二八年十二 月三十一日止未來三個財政年度之年度上限。 上市規則的涵義及非豁免持續關連交易的豁免 於本公告日期，北京公司（本公司一家非全資擁有附屬公司）由農銀金融持 股 10.31%。由於農銀金融持有北京公司 10%或以上的權益，根據上市規則定 義，農銀金融及 ...

格隆汇12月29日丨中国电力(02380.HK)公告，于2025年12月29日，公司与中电国际订立新委托管理框架 协议，据此，在现有委托管理框架协议于2025年12月31日届满后，公司已同意继续向托管公司提供规 划、营运和管理服务，自2026年1月1日起至2028年12月31日止，期限为三年。 ...

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。 由於新委託管理框架協議有關最高年度上限的 若 干 適用百分比率超過 0.1%，但低於 5%，故其須遵守根據上市規則第 14A 章申報、公告及年度 審核的規定，但可獲豁免遵守經獨立股東批准的規定。 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） 持續關連交易 重續委託管理框架協議 於二零二五年十二月二十九日，本公司與中電國際訂立新委託管理框架協 議，據此，在現有委託管理框架協議於二零二五年十二月三十一日屆滿 後，本公司已同意繼續向託管公司提供規劃、營運和管理服務，自二零二 六年一月一日起至二零二八年十二月三十一日止，期限為三年。 根據新委託管理框架協議，截至二零二六年、二零二七年及二零二八年十二 月三十一日止三個財政年度，中電國際應向本公司支付管理費的建議年 ...

格隆汇12月29日丨中国电力(02380.HK)公告，于2025年12月29日，公司与淮南矿业订立新煤炭供应框架 协议，据此，淮南矿业同意在现有煤炭供应框架协议于2025年12月31日届满后，继续向买方供应煤炭， 自2026年1月1日起至2028年12月31日止，为期三年。 ...

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） 持續關連交易 與淮南礦業重續煤炭供應框架協議 於二零二五年 十二月二 十九日，本公司與淮南礦業 訂立新煤炭供應框架 協議，據此， 淮南礦業同意在現有煤炭供應框架協議於二零二五年十二 月三十一日屆滿後，繼續向買方供應煤炭 ，自二零二六年一月一日起至 二零二八年十二月三十一日止，為期三年。 根據新煤炭供應框架協議，截至二零二六 年、二零二七年及二零二八 年 十二月三十一日止三個財政年度 各年的建議年度上限將不會超過人民幣 6 , 12 6,000,000 元（約相等於 6, 806,667,000 港元）。 於本公告日期，淮南礦業為本公司三家附屬公司的主要股東 。故根據上 市規則定義，淮南礦業 為本公司 附屬公司 ...

Investment Rating - The investment rating for the industry is "Positive" and maintained [7] Core Insights - The annual electricity price expectations are gradually becoming clearer, with multiple factors constraining electricity price levels. The average transaction price for Guangdong's annual electricity trading in 2026 has reached the lower limit of the medium to long-term trading price, indicating a downward price expectation [2][6] - Despite the clear downward expectation for electricity prices, the thermal power sector has shown relative stability, outperforming the hydroelectric sector, which is less impacted by price fluctuations [2][6] - The recent decline in coal prices and the expected increase in capacity prices for 2026 are expected to provide a buffer against the downward trend in long-term contract prices, supporting market expectations for thermal power company profitability [2][6] Summary by Sections Electricity Price Expectations - The electricity supply and demand situation is at risk of deterioration, and there are non-seasonal risks associated with coal prices. The market's expectation for the 2026 annual electricity price has been negatively impacted by weak monthly and spot electricity prices in some provinces [2][7] - The average monthly prices for Guangdong and Jiangsu this year were 373 and 377 cents/kWh, respectively, down by 47 and 52 cents/kWh year-on-year. The announcement of the annual trading results has confirmed the market's previous pessimistic expectations [2][6] Thermal Power Sector Performance - The thermal power sector has shown resilience despite the downward price expectations, driven by two main factors: a significant "inverted V" trend in coal prices since October and the expected stepwise increase in capacity prices for 2026 [2][6] - The price of Qinhuangdao Q5500 thermal coal peaked at 834 yuan/ton in late November but has since dropped to 672 yuan/ton by December 26, a decrease of 162 yuan/ton [2][6] - The expected increase in capacity prices by approximately 65 yuan/year·kW across provinces is anticipated to enhance the profitability stability of thermal power companies [2][6] Investment Recommendations - Recommended companies include Huaneng International, Datang Power, Guodian Power, Huadian International, China Power, China Resources Power, and Funiu Co., as well as Inner Mongolia Huadian, which represents "coal-electricity integration" thermal power [2][12][13] - For the hydroelectric sector, recommended companies include Yangtze Power, Guotou Power, Chuan Investment Energy, and Huaneng Hydropower [2][12][14] - In the renewable energy sector, companies such as Longyuan Power H, Xintian Green Energy H, China Nuclear Power, and Zhongmin Energy are recommended due to their potential for growth [2][12][15]

来源：国家电投中国电力微信公众号 12月2 6日，中国电力召开干部会议。国家电投集团董事长、党组书记刘明胜出席会议并讲话，中国电力总裁、党委副书记赵永刚主持 会议。 会上，国家电投集团人力资源部副主任高小强宣布了关于中国电力董事局主席、执行董事、党委书记任职的决定： 桂许德同志任中国 电力董事局主席、执行董事、党委书记，兼任中电国际董事长、党委书记。 桂许德任中国电力董事局主席、执行董事、党委书记，兼任中电国际董事长、党委书记。 End 欢迎分享给你的朋友！ 出品 | 中国能源报（c ne ne rgy） 责编 | 李慧颖 ...

Core Insights - The total carbon emissions of the top 100 listed companies in China for 2024 are projected to be 5.134 billion tons, a decrease of 2.7 million tons compared to 2023, indicating a potential peak in emissions [1][6][11] - The disclosure rate of carbon emissions among these companies has increased from 43% in 2021 to an expected 80% by 2025, reflecting a growing awareness and commitment to carbon reduction [1][5][23] Group 1: Carbon Emissions Overview - The carbon emissions of the top 100 listed companies in 2024 are 5.134 billion tons, which is a 0.52% decrease from 5.161 billion tons in 2023 [6][11] - The top ten companies account for approximately 38% of the total emissions, highlighting the concentration of emissions among a few major players [2][6] - The threshold for inclusion in the carbon emissions ranking has decreased to 10.3128 million tons in 2024, down from 11.5329 million tons in 2023, indicating a reduction in emissions intensity among leading high-carbon companies [6][11] Group 2: Industry Emission Trends - The power industry remains the largest contributor to carbon emissions, accounting for approximately 2.29 billion tons in 2024, maintaining a significant share of the total emissions [15] - The cement industry follows with emissions of about 770 million tons, continuing a downward trend for four consecutive years [15] - The steel industry has seen a notable decrease in emissions, returning to levels close to those of 2022, with emissions around 580 million tons [15][18] Group 3: Carbon Efficiency Metrics - The average carbon efficiency of the top 100 companies in 2024 is 0.399 million yuan per ton, remaining stable compared to 0.40 million yuan per ton in 2023 [20][21] - The carbon efficiency has improved by 10.83% from 2021 to 2024, indicating a positive trend in decoupling economic output from carbon emissions [20] - Seven industries have shown improvements in carbon efficiency, with the chemical industry achieving the most significant increase, reaching 0.39 million yuan per ton, the highest in three years [20][21] Group 4: Disclosure and Transparency - In 2024, 80 companies disclosed their carbon emissions data, an increase from 65 in 2023, achieving the highest disclosure rate in four years [23] - The disclosure rate for the power industry is 77.42%, while the cement industry leads with 85.71%, consistently above the average [26] - A-share companies have seen a significant rise in disclosure rates, from 16.67% in 2021 to 70.97% in 2024, indicating improved transparency in carbon reporting [26][27]