证券代码: 600011 证券简称: 华能国际 公告编号:2026-002 公司已于近日完成了华能国际电力股份有限公司2026年度第二期超短期融 资券（"本期债券"）的发行。本期债券发行额为30亿元人民币，期限为27天，单 位面值为100元人民币，发行利率为1.42%。 本期债券由渤海银行股份有限公司和兴业银行股份有限公司为主承销商组 织承销团，通过簿记建档、集中配售的方式在全国银行间债券市场公开发行。本 期债券募集资金将用于补充公司营运资金、调整债务结构、偿还银行借款及即将 到期的债券。 本期债券发行的有关文件已在中国货币网和上海清算所网站上公告，网址分 别为www.chinamoney.com.cn和www.shclearing.com.cn。 特此公告。 华能国际电力股份有限公司董事会 2026 年 1 月 17 日 华能国际电力股份有限公司 关于超短期融资券发行的公告 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个别及连带责任。 华能国际电力股份有限公司（"公司"）2024年年度股东大会于2025年6月24 日通过决议，同意公 ...

华能国际电力股份有限公司 2025年全年上网电量完成情况公告 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个别及连带责任。 证券代码: 600011 证券简称: 华能国际 公告编号:2026-003 | 机组种类/ | | | 上网电量 | | | --- | --- | --- | --- | --- | | 地区 | 年 月 2025 10-12 | 同比 | 年 月 2025 1-12 | 同比 | | 宁夏 | 0.03 | -0.25% | 0.21 | 2.15% | | 光伏 | 0.03 | -0.25% | 0.21 | 2.15% | | 北京市 | 18.85 | 10.69% | 75.99 | 1.55% | | 煤机 | 0.26 | -2.66% | 0.78 | -44.26% | | 燃机 | 18.59 | 10.91% | 75.21 | 2.43% | | 天津市 | 10.19 | -26.05% | 46.60 | -18.36% | | 煤机 | 9.78 | -9.70% | 38.35 ...

Core Viewpoint - Huaneng International (600011.SH) reported a decline in electricity generation and average settlement prices for 2025, attributed to the company's ongoing transition to green and low-carbon energy sources, which has increased renewable energy capacity but reduced coal-fired generation [1] Group 1: Electricity Generation - In Q4 2025, the company's electricity generation in China was 106.112 billion kWh, a year-on-year decrease of 5.00% [1] - For the entire year of 2025, the total electricity generation was 437.563 billion kWh, down 3.39% compared to the previous year [1] - The average settlement price for electricity in 2025 was 477.08 yuan/MWh, reflecting a year-on-year decrease of 3.48% [1] Group 2: Market Dynamics - The proportion of market-based electricity transactions for the year was 85.43%, a decrease of 1.92 percentage points from the previous year [1] - The decline in electricity generation is primarily due to the increased penetration of renewable energy sources, which has reduced the operational capacity of coal-fired plants [1] Group 3: Capacity Changes - In 2025, the company added a controllable power generation capacity of 12,055 MW, with 7,862 MW coming from renewable sources [1] - The company decommissioned 1,190 MW of capacity during the same period [1] - As of December 31, 2025, the total controllable power generation capacity was 155,869 MW, with renewable capacity accounting for 45,687 MW [1]

Core Viewpoint - Huaneng International reported a decline in electricity generation and pricing for the fourth quarter of 2025, indicating potential challenges in the domestic power market [1] Group 1: Electricity Generation - In the fourth quarter of 2025, the total electricity generation from Huaneng International's operating power plants in China was 106.112 billion kilowatt-hours, representing a year-on-year decrease of 5.00% [1] - For the entire year of 2025, the cumulative electricity generation was 437.563 billion kilowatt-hours, down 3.39% compared to the previous year [1] Group 2: Pricing and Market Dynamics - The average on-grid settlement price for electricity in 2025 was 477.08 yuan per megawatt-hour, which is a decrease of 3.48% year-on-year [1] - The proportion of market-based trading electricity volume for the year was 85.43%, reflecting a decline of 1.92 percentage points from the same period last year [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 不對因本公告全部或任何部分內容 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。 海外監管公告 關於超短期融資券發行的公告 本公告乃根據香港聯合交易所有限公司證券上市規則（「上市規則」）第 13.10B條 而 作 出。 華 能國際電力股份有限公司（「公 司」）2024年年度股東 大 會 於2025年6月24日 通 過 決 議，同 意 公 司 在 自2024年年度股東 大 會批准時起至2025年年度股東 大 會 結 束 時 止，在 中 國 境 內 或 境 外 一 次 或 分 次 滾 動 發 行 本 金 餘 額 不 超 過 等值於人民幣1,700億元的境內外債務融資工具（即在前述授權期限內的任 一 時 點，公 司 發 行 的 處 於 有 效 存 續 期 內 的 境 內 外 債 務 融 資 工 具 本 金 餘 額 不超過1,700億元等值人民幣）。 公 司已於近日完成了華能國際電力股份有限公司2026年度第 一 期超短 ...

证券代码: 600011 证券简称: 华能国际 公告编号:2026-001 华能国际电力股份有限公司 关于超短期融资券发行的公告 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个别及连带责任。 特此公告。 华能国际电力股份有限公司董事会 2026 年 1 月 16 日 公司已于近日完成了华能国际电力股份有限公司2026年度第一期超短期融 资券（"本期债券"）的发行。本期债券发行额为30亿元人民币，期限为27天，单 位面值为100元人民币，发行利率为1.42%。 本期债券由中信银行股份有限公司和中国民生银行股份有限公司为主承销 商组织承销团，通过簿记建档、集中配售的方式在全国银行间债券市场公开发行。 本期债券募集资金将用于补充公司营运资金、调整债务结构、偿还银行借款及即 将到期的债券。 本期债券发行的有关文件已在中国货币网和上海清算所网站上公告，网址分 别为www.chinamoney.com.cn和www.shclearing.com.cn。 华能国际电力股份有限公司（"公司"）2024年年度股东大会于2025年6月24 日通过决议，同 ...

Core Insights - The energy storage sector in China is experiencing a significant transformation, driven by major state-owned enterprises investing heavily to establish a dominant industry presence [1][2] - In just one year, 392 new energy storage companies have been registered, with a total registered capital exceeding 50 billion, indicating a strategic push to reshape China's energy landscape [1][3] Group 1: Industry Dynamics - Major state-owned enterprises, referred to as the "national team," are rapidly entering the energy storage market, with the State Grid alone establishing 54 subsidiaries within a year [2] - The integration of energy storage with existing energy sources, such as coal, wind, and solar, is becoming a key strategy for companies like China Energy Group and China General Nuclear Power Group [2] - The collaboration between traditional energy giants like China National Petroleum Corporation and battery leader CATL signifies a shift towards energy storage as a core competency for all energy companies [2] Group 2: Investment Trends - The geographical distribution of the newly registered companies reveals a strategic focus on regions with high energy demand and renewable energy potential, such as Hebei, Xinjiang, and Shandong [3] - Companies are employing different capital strategies, with some investing heavily (e.g., China Coal Group's nearly 840 million registered capital) while others opt for lighter, quicker setups with only 1 million registered capital to establish local operations [4][5] - The rapid establishment of these companies reflects a tactical approach to secure market positions and build local partnerships, indicating a shift towards large-scale commercialization of energy storage [5]

Core Viewpoint - Huaneng International has successfully completed the issuance of its first phase of ultra-short-term financing bonds for the year 2026, raising a total of 3 billion RMB with a maturity of 27 days and an interest rate of 1.42% [1] Group 1: Bond Issuance Details - The total amount of bonds issued is 3 billion RMB [1] - The bonds have a maturity period of 27 days [1] - The face value of each bond is 100 RMB [1] - The interest rate for this bond issuance is set at 1.42% [1] Group 2: Underwriting and Distribution - The bonds were underwritten by CITIC Bank and China Minsheng Bank as the lead underwriters [1] - The issuance was conducted through a book-building and centralized placement method in the national interbank bond market [1] Group 3: Use of Proceeds - The funds raised from this bond issuance will be used to supplement the company's working capital, adjust its debt structure, repay bank loans, and settle upcoming bond maturities [1]

Core Viewpoint - Huaneng International has successfully completed the issuance of its first phase of ultra-short-term financing bonds for the year 2026, amounting to 3 billion RMB with a maturity of 27 days and an interest rate of 1.42% [1] Group 1: Bond Issuance Details - The total issuance amount for this bond is 3 billion RMB [1] - The bonds have a maturity period of 27 days and a face value of 100 RMB each [1] - The issuance interest rate is set at 1.42% [1] Group 2: Underwriters and Issuance Method - The bond issuance was organized by CITIC Bank and China Minsheng Bank as the lead underwriters [1] - The bonds were publicly issued in the national interbank bond market through a book-building and centralized placement method [1] Group 3: Use of Proceeds - The funds raised from this bond issuance will be used to supplement the company's working capital, adjust its debt structure, repay bank loans, and settle upcoming bond maturities [1]

Core Insights - The report titled "2025 Benchmark Analysis of Chinese Power Generation Enterprises and Global Energy Companies" aims to provide insights for Chinese power companies to accelerate their development into world-class energy enterprises [3][5]. Group 1: Benchmarking Framework - The report utilizes a benchmarking indicator system that includes four dimensions: product excellence, brand prestige, innovation leadership, and modern governance, comprising 18 quantitative indicators [7][8]. - A total of 24 representative companies, 12 from China and 12 from abroad, are selected for benchmarking [9]. Group 2: Performance Overview - By the end of 2024, the benchmark companies achieved a total installed capacity of 2.68 billion kilowatts and generated 9.08 trillion kilowatt-hours of electricity, representing a year-on-year growth of 7.8% and 4.0% respectively [12]. - The EBITDA of benchmark companies was approximately $312.6 billion, with operating revenue reaching about $964.4 billion, reflecting a year-on-year increase of 9.0% and 5.8% respectively [13]. Group 3: Comparative Analysis - Domestic benchmark companies have a significant advantage in installed capacity, with a total of 1.86 billion kilowatts, which is 2.3 times that of foreign counterparts [32]. - The proportion of non-fossil energy installed capacity for domestic companies reached 56.8%, surpassing foreign companies by 7.8 percentage points [32]. Group 4: Key Findings - Eight companies, including EDF, State Energy Group, China Three Gorges, and China Huaneng, ranked in the top tier based on comprehensive scores across various indicators [18]. - The report highlights that while domestic companies are expanding their production capabilities, foreign companies are experiencing challenges in integrating renewable energy into existing grids [30][76]. Group 5: Future Outlook - The report identifies key development themes for Chinese power companies in 2026, emphasizing the need for energy security and modernization [6][76]. - It also notes that the growth in electricity demand is expected to boost the global nuclear power industry, with countries like France and the U.S. advancing their nuclear power strategies [79].