Core Insights - The article highlights a significant increase in the registration of energy storage-related companies, with 48,920 new companies registered in the first half of 2025, marking an 18.91% year-on-year growth [1][8] - The total number of energy storage-related companies has exceeded 353,420, with a notable portion (12.77%) operating in an abnormal state [8][15] Company Developments - Huaneng International has established a new energy storage technology company with a registered capital of 500,000 RMB, focusing on energy storage technology services and related areas [1] - China Energy Engineering has formed a new energy storage technology company, which is indirectly wholly owned by the parent company, with a focus on energy storage and power generation services [2] - Harbin Yuyao New Energy Technology Co., Ltd. has been established with a registered capital of 1 million RMB, focusing on energy storage technology services and photovoltaic equipment [3] - Ganfeng Lithium has invested in Shenzhen Heli Energy Technology Co., Ltd., which has a registered capital of 5 million RMB and offers energy storage technology services [4] - Shenzhen Yichu also announced the establishment of a software development company related to energy storage, with an investment of 50 million RMB [5] Industry Trends - In April 2025, the highest number of new energy storage companies was registered, totaling 10,048, while May saw a significant drop to 7,881 [8][10] - The majority of new energy storage companies are concentrated in Guangdong and Jiangsu, with over 5,000 new registrations in each province [12] - The fastest-growing regions for new energy storage companies include Henan (64.90% increase) and Hebei (60.03% increase) compared to the previous year [13] Company Composition - Among the newly established energy storage companies, 93.71% are private enterprises, while state-owned enterprises account for 973, showing a slight decline from the previous year [15] - The majority of new companies have a registered capital of less than 1 million RMB, with 39.72% falling within this category [15]

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 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 承董事會命 華能國際電力股份有限公司 黃朝全 公司秘書 於 本 公 告 日，本 公 司 董 事 為： 王 葵 （執 行 董 事） 黃歷新 （執 行 董 事） 杜大明 （非 執 行 董 事） 周 奕 （非 執 行 董 事） 李來龍 （非 執 行 董 事） 李 進 （非 執 行 董 事） 曹 欣 （非 執 行 董 事） 高國勤 （非 執 行 董 事） 丁旭春 （非 執 行 董 事） 王劍鋒 （非 執 行 董 事） 中 國 • 北 京 2025年7月21日 夏 清 （獨 立 非 執 行 董 事） 賀 強 （獨 立 非 執 行 董 事） 張麗英 （獨 立 非 執 行 董 事） 張守文 （獨 立 非 執 行 董 事） 黨 英 （獨 立 非 執 行 董 事） ...

Group 1 - Huaneng (Shanghai) Energy Storage Technology Co., Ltd. has been established with a registered capital of 500,000 RMB [1] - The legal representative of the new company is Zhu Ping [1] - The business scope includes energy storage technology services, electrical equipment repair, power generation technology services, centralized fast charging stations, and contract energy management [1] Group 2 - Huaneng International (600011) holds 100% ownership of the newly established company [1]

Group 1: Major Investment Projects - The State-owned Assets Supervision and Administration Commission hosted a conference in Lhasa, resulting in 16 major investment project agreements with a total investment of 317.54 billion yuan [1][3] - The signed projects focus on key areas such as clean energy, infrastructure, and strategic emerging industries, addressing urgent needs in Tibet [3][4] Group 2: Energy Development Initiatives - The Yarlung Tsangpo River downstream hydropower development project officially commenced, marking a significant milestone in China's hydropower development [3] - Key leaders from major energy state-owned enterprises attended the project launch, indicating strong governmental support for energy initiatives in Tibet [3][4] Group 3: Company Involvement - State Grid, China Southern Power Grid, China Three Gorges Corporation, and China Power Construction Corporation were present at the project launch, highlighting their roles in the energy sector [3] - China Huaneng Group has been active in Tibet since 2005, focusing on hydropower development and supporting local energy needs [7][8] - China Huadian Corporation is also engaged in discussions to enhance energy cooperation and development in Lhasa [10] Group 4: Local Government Support - The Lhasa municipal government expressed strong support for energy companies, emphasizing the importance of clean energy development and collaboration with state-owned enterprises [10][11] - The local government aims to create a favorable environment for investment and operational activities of energy companies in the region [10]

Core Viewpoint - Huaneng International (600011) has shown a positive market response with a stock price increase of 1.3% to 7.03 yuan as of July 18, 2025, indicating investor confidence in the company [1]. Trading Information Summary - On July 18, 2025, the capital flow for Huaneng International was as follows: - Net inflow of institutional funds was 28.99 million yuan, accounting for 8.37% of the total transaction amount - Net outflow of retail funds was 4.60 million yuan, representing 1.33% of the total transaction amount - Overall, the trading volume was 495,200 hands with a total transaction value of 346 million yuan [2][5]. Company Announcement Summary - Huaneng International announced the issuance of its 12th medium-term note: - The company plans to issue debt financing tools up to 170 billion yuan until the end of the 2025 annual shareholders' meeting - The 12th medium-term note issuance for 2025 amounts to 2 billion yuan with a five-year term and an interest rate of 1.81% - The bonds are underwritten by a consortium led by Bank of China and will be publicly issued in the interbank bond market - The raised funds will be used for operational capital, debt restructuring, and repayment of bank loans and maturing bonds [3][5].

Investment Rating - The report maintains a "Buy" rating for the power sector, particularly emphasizing the benefits for coal-fired power plants due to the new capacity pricing mechanism in Gansu [10][11]. Core Insights - Gansu has introduced a provincial capacity pricing mechanism for power generation, fully compensating fixed costs for coal power, which is expected to enhance the value of flexible coal power resources [10][11]. - The high penetration of renewable energy in Gansu, with wind and solar power accounting for nearly 40% of total generation, has driven the need for capacity support and system regulation, prompting the new pricing policy [5][10]. - The report suggests that regions with high renewable energy ratios will likely follow Gansu's lead in increasing capacity prices, benefiting coal power's revenue model that includes capacity and ancillary services [5][10]. Summary by Sections Industry Overview - The report highlights the recent performance of the power sector, noting that over half of the listed companies in the electricity and public utilities sector experienced declines [2][6]. - The Shanghai Composite Index rose by 0.69% during the week, while the CSI 300 Index increased by 1.09%, contrasting with a 0.65% drop in the CITIC Power and Utilities Index [6][62]. Capacity Pricing Mechanism - Gansu's new capacity pricing mechanism includes coal power and grid-side new energy storage, with an initial price set at 330 yuan per kilowatt per year for two years [9][10]. - The effective capacity for coal power is determined by the nameplate capacity minus auxiliary power consumption, while new energy storage is calculated based on discharge duration and rated power [4][9]. Market Dynamics - The report notes a rebound in coal prices to 639 yuan per ton, which may impact the operational costs of coal-fired power plants [17]. - The Three Gorges Reservoir's inflow and outflow have significantly decreased, with inflow down 46.15% and outflow down 58.25% year-on-year [39]. Renewable Energy Insights - The report indicates an increase in silicon material prices, with the current price at 37 yuan per kg, and mainstream silicon wafer prices rising to 1.17 yuan per piece [50]. - The carbon market saw a slight decline in trading prices, with a 0.53% decrease noted during the reporting period [57]. Investment Recommendations - The report recommends focusing on coal power companies with flexible earnings, such as Huaneng International and Huadian International, as well as green electricity operators with undervalued stocks [10][11].

Group 1 - The core viewpoint of the articles highlights Huaneng International's current stock performance, with a closing price of 7.03 yuan, an increase of 1.30%, and a rolling PE ratio of 10.50 times, indicating a total market capitalization of 110.36 billion yuan [1] - The average PE ratio for the power industry is 24.01 times, with a median of 20.02 times, positioning Huaneng International at the 14th rank within the industry [1] - As of the first quarter of 2025, 23 institutions hold shares in Huaneng International, with a total of 128.10 million shares valued at 915 million yuan [1] Group 2 - Huaneng International's main business is power generation and sales, with additional services in port and transportation [1] - The company holds a total of 1021 invention patents, 746 utility model patents, and 316 international patents [1] - The latest financial results for the first quarter of 2025 show a revenue of 60.34 billion yuan, a year-on-year decrease of 7.70%, and a net profit of 4.97 billion yuan, reflecting a year-on-year increase of 8.19%, with a gross profit margin of 19.05% [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 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 承董事會命 華能國際電力股份有限公司 黃朝全 公司秘書 於 本 公 告 日，本 公 司 董 事 為： 王 葵 （執 行 董 事） 黃歷新 （執 行 董 事） 杜大明 （非 執 行 董 事） 周 奕 （非 執 行 董 事） 李來龍 （非 執 行 董 事） 李 進 （非 執 行 董 事） 曹 欣 （非 執 行 董 事） 高國勤 （非 執 行 董 事） 丁旭春 （非 執 行 董 事） 王劍鋒 （非 執 行 董 事） 中 國 • 北 京 2025年7月18日 夏 清 （獨 立 非 執 行 董 事） 賀 強 （獨 立 非 執 行 董 事） 張麗英 （獨 立 非 執 行 董 事） 張守文 （獨 立 非 執 行 董 事） 黨 英 （獨 立 非 執 行 董 事） ...

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 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 承董事會命 華能國際電力股份有限公司 黃朝全 公司秘書 於 本 公 告 日，本 公 司 董 事 為： 王 葵 （執 行 董 事） 黃歷新 （執 行 董 事） 杜大明 （非 執 行 董 事） 周 奕 （非 執 行 董 事） 李來龍 （非 執 行 董 事） 李 進 （非 執 行 董 事） 曹 欣 （非 執 行 董 事） 高國勤 （非 執 行 董 事） 丁旭春 （非 執 行 董 事） 王劍鋒 （非 執 行 董 事） 中 國 • 北 京 华能国际电力股份有限公司 2025 年面向专 业投资者公开发行科技创新可续期 公司债券（第一期）发行公告 联席主承销商/簿记管理人 2025年7月18日 夏 清 （獨 立 非 執 行 董 事） 賀 強 （獨 立 非 執 行 ...

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 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 承董事會命 華能國際電力股份有限公司 黃朝全 公司秘書 於 本 公 告 日，本 公 司 董 事 為： 王 葵 （執 行 董 事） 黃歷新 （執 行 董 事） 杜大明 （非 執 行 董 事） 周 奕 （非 執 行 董 事） 李來龍 （非 執 行 董 事） 李 進 （非 執 行 董 事） 曹 欣 （非 執 行 董 事） 高國勤 （非 執 行 董 事） 丁旭春 （非 執 行 董 事） 王劍鋒 （非 執 行 董 事） 中 國 • 北 京 2025年7月18日 夏 清 （獨 立 非 執 行 董 事） 賀 強 （獨 立 非 執 行 董 事） 張麗英 （獨 立 非 執 行 董 事） 張守文 （獨 立 非 執 行 董 事） 黨 英 （獨 立 非 執 行 董 事） ...