花旗发表研究报告指，由于华能国际电力股份2026年的市场基本电价似乎低于市场预期，因此将公司纳 入30日下行催化剂观察名单。该行表示，华能国际电力股份2025年前三季的中国电力销售中，有63.5% 来自广东、浙江和江苏三省，而2026这三省的加权平均市场基本电价按年下降13.4%。同时，中国煤电 厂的电产能将按年增长65%。该行预计，华能2026年的平均煤电电价将按年减少8.9%。该行予华能目标 价7.2港元，评级为"买入"。 ...

本报讯(记者倪敏许愿)记者从能源部门获悉，随着2025年12月30日国信靖江发电有限公司4号机组、江 阴利港发电有限公司10号机组相继投产，我省当年新增火电装机规模达1040万千瓦，创下近20年来最高 纪录。 近年来，以风、光为主的新能源跃居省内第一大电源，火电虽不再是"主力电源"，但依然是重要的支撑 性、调节性电源。去年8月23日晚，江苏电网经历了一个典型时刻：新能源出力仅为219万千瓦，而省内 7960万千瓦主力燃煤机组中开机容量达7725万千瓦，运行机组平均负荷率超过96%，出力占比达到省内 主力电源总出力的85%，有力保障了夜间用电高峰时段的电力供需平衡。据悉，为提升供电可靠性，江 苏自2022年以来先后公布了两批次"先立后改"煤电项目和"十五五"中后期保障性调节性煤电项目，总规 模达2394万千瓦；加上此前已批准的国信射阳、国信滨海、华能通州湾等煤电项目和多台燃气机组，全 省计划新建火电总装机容量达3394万千瓦。截至目前，已有1380万千瓦容量建成投产，其中约七成位于 电力需求旺盛的苏南地区，显著缓解过江输电压力，为区域经济社会发展提供能源保障。 据国网江苏电力预测，迎峰度冬期间，煤电顶峰出力将达 ...

Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating potential investment opportunities in these areas [1]. Core Insights - The 2026 long-term electricity prices are under pressure, with significant declines observed in transaction prices across various provinces, reflecting a shift in the power generation model from reliance on thermal power to a more diversified income structure [6][7]. - Natural gas consumption saw a year-on-year increase of 5.1% in November 2025, indicating a recovery in demand, particularly due to heating needs during the winter season [34]. - The report highlights the importance of optimizing the electricity market mechanism and restructuring the power generation mix as key future trends [7]. Summary by Sections 1. Electricity: 2026 Long-term Electricity Prices - The annual transaction results for 2026 show a total transaction volume of 2,724.81 billion kWh in Jiangsu, with a weighted average price of 344.19 yuan/MWh, down 16.55% from the previous year [6][8]. - Similar trends are observed in Guangdong and Anhui, with prices decreasing by 5.03% and 10.09% respectively [6][8]. - The report suggests that coastal provinces will face significant pricing pressure in 2026, as the role of thermal power shifts from being the main energy source to a regulatory support role [7]. 2. Gas: November Natural Gas Consumption - In November 2025, the apparent consumption of natural gas reached 362.8 billion m³, marking a 5.1% increase year-on-year, while the total consumption from January to November was 3,880 billion m³, a slight decline of 0.1% [34]. - The report notes that the increase in consumption is attributed to a low base from the previous year and a recovery in industrial gas demand [34]. - The report also highlights a favorable trend in natural gas pricing, with a decrease in costs due to lower international oil prices and improved supply conditions [36]. 3. Investment Analysis Recommendations - For thermal power, the report recommends companies with integrated coal and power operations, such as Guodian Power and Inner Mongolia Huadian, as well as those with significant large unit ratios like Datang Power and Huaneng International [10]. - In the hydropower sector, companies like Yangtze Power and Guotou Power are recommended due to their sufficient capacity and expected improvements in profit margins [10]. - The report suggests focusing on nuclear power companies like China Nuclear Power and China General Nuclear Power, which have stable cost structures and high utilization hours [10]. - For green energy, companies such as Xintian Green Energy and Longyuan Power are highlighted for their stable returns and increasing operational benefits from environmental value releases [10].

Investment Rating - The report maintains a "Positive" investment rating for the utility sector [10] Core Insights - In November, the national trading volume of green certificates reached 132.12 million, a year-on-year increase of 143%, marking a historical high for monthly trading scale. From January to November, the trading of green certificates accounted for 41.81% of the issued tradable scale, an increase of 27.65 percentage points compared to the entire year of 2024, indicating a continuous alleviation of the oversupply issue in green certificates [2][12] - The average trading price of green certificates in November was 4.96 yuan per certificate, showing a month-on-month increase of 10.80%. The improvement in both supply and demand sides is expected to provide long-term support for green certificate prices, further catalyzing the recovery of the utility sector's attributes and growth narrative [2][12] - The report highlights a significant increase in new installed capacity for thermal power, with a historical high of 77.52 million kilowatts added from January to November, representing a year-on-year growth of 63.41%. This expansion is expected to enhance the power system's regulation capacity and alleviate the pressure on renewable energy consumption and electricity prices [2][12] Summary by Sections Green Certificate Trading - The trading volume of green certificates in November reached 132.12 million, a 143% increase year-on-year, with the trading scale hitting a historical high. The trading of green certificates from January to November totaled 728 million, a 119% increase year-on-year. The proportion of traded green certificates to the issued tradable scale reached 41.81%, up 27.65 percentage points from 2024 [2][12] - The average trading price for green certificates in November was 4.96 yuan per certificate, reflecting a month-on-month increase of 10.80%. The price stability is supported by the synchronized improvement in supply and demand, with expectations of rational expansion in supply due to policy changes [2][12] Installed Capacity - From January to November, the total new installed capacity was 44.557 million kilowatts, with November alone contributing 4.773 million kilowatts, a year-on-year increase of 27.86%. Wind and solar power installations saw significant growth, with wind power increasing by 59.42% and solar power by 33.25% year-on-year [2][12] - The report emphasizes that the substantial expansion of thermal power capacity will significantly enhance the power system's ability to accommodate fluctuating renewable energy outputs, thereby stabilizing electricity prices [2][12] Investment Recommendations - The report recommends focusing on quality thermal power operators such as Huaneng International, Datang Power, Guodian Power, and Huadian International, as well as hydropower companies like Yangtze Power and State Power Investment Corporation. It also highlights opportunities in the renewable energy sector, suggesting companies like Longyuan Power and New天绿色能源 [2][12]

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The annual long-term contract electricity prices are reaching a bottom, with a focus on the dividend value of the sector. The electricity price in Guangdong is 0.372 CNY/kWh, down 0.02 CNY/kWh year-on-year, reflecting a 20% decrease from the benchmark. In Jiangsu, the price is 0.344 CNY/kWh, down 0.07 CNY/kWh year-on-year, a 12% drop from the benchmark. The market has reacted negatively to these price drops, but the long-term outlook suggests limited further declines as supply and demand improve [6][17][24]. Summary by Sections 1. Annual Long-term Contract Electricity Results - The annual electricity trading results for 2026 show significant price reductions in Guangdong and Jiangsu, with declines of 20% and 12% respectively. The transition from annual to monthly contracts is noted, with a high proportion of medium to long-term market electricity remaining stable [17][24]. 2. Weekly Review - The report highlights the recent implementation of local electricity pricing mechanisms, with a focus on the impact of coal prices and the stability of natural gas prices compared to previous years [10][18]. 3. Industry High-frequency Data Tracking - The report tracks the rapid decline in spot coal prices and the decrease in coal inventories at northern ports. The domestic natural gas prices are lower than the previous year, while overseas prices are fluctuating upwards [10][18]. 4. Key Company Announcements and Sector Performance Tracking - The report emphasizes the acquisition by Guiguan Electric Power of assets from its parent group, which is expected to enhance its growth potential. The company plans to lead the development of hydropower and new energy in Tibet, which could significantly boost profits in the coming quarters [6][10][18]. 5. Focus on Investment Opportunities - The report identifies several companies with strong dividend yields and market management strategies, including Huaneng International, Huadian International, and Guiguan Electric Power. The focus is on high dividend stocks and companies with robust market management practices, which are expected to enhance their valuation [6][10][18]. 6. Valuation and Financial Analysis of Key Companies - The report provides a detailed valuation analysis of key companies in the sector, indicating potential upside in their stock prices based on projected earnings and dividend increases. For instance, Guiguan Electric Power's acquisition is valued at 2.025 billion CNY, with a price-to-book ratio of 1.06 [7][10]. 7. Market Positioning and Future Outlook - The report concludes with a positive outlook for the public utility sector, suggesting that the current valuation levels are attractive for new investments, especially as the market begins to stabilize and recover from recent price declines [6][10][18].

Investment Rating - The industry investment rating is maintained as "Increase" [4] Core Insights - The annual negotiated electricity price has been established, leading to a significant drop in trading prices in Jiangsu and Zhejiang for 2026, with a decrease of 16.5% and 16.4% respectively. The new energy price subsidy in January is at a maximum of 6.17 cents per kilowatt-hour [3][13] - The electricity market is undergoing a restructuring with the full entry of new energy sources, which is expected to bring about a new equilibrium in electricity pricing sooner than anticipated [3] - The report highlights the performance of various sectors within the electricity industry, noting a general decline in stock prices for most listed companies in the power and utilities sector [6][63] Summary by Sections Industry Overview - The average trading price for electricity in Jiangsu for 2026 is 344.19 yuan per megawatt-hour, down 16.5% year-on-year, while in Zhejiang it is 344.85 yuan per megawatt-hour, also down 16.4% [13] - The total transaction volume in Jiangsu's electricity market for 2026 is 272.481 billion kilowatt-hours, with a weighted average price of 344.19 yuan per megawatt-hour [13] - The report indicates that the electricity prices in 28 regions have been adjusted downwards, with reductions ranging from 0.65% to 24.68% [3][13] Market Performance - The Shanghai Composite Index closed at 3968.84 points, up 0.13%, while the CSI 300 Index closed at 4629.94 points, down 0.59%. The CITIC Power and Utilities Index closed at 3042.43 points, down 2.35%, underperforming the CSI 300 Index by 1.76 percentage points [6][63] - Most stocks in the power and utilities sector experienced declines, with notable drops in companies such as Guodian Power and Huaneng International [67] Investment Recommendations - The report suggests focusing on high-dividend coal-fired power leaders and companies with stable electricity prices and coal-electric integration, such as Huaneng International, Huadian International, and Guodian Power [3] - It also recommends investing in flexible coal-fired power transformation leaders and companies in the wind and solar sectors, such as Xintian Green Energy and Longyuan Power [3] - For the gas sector, it highlights quality leaders like Chengran and New Hope Energy, which are expected to recover profits while maintaining stable dividends [3]

Core Viewpoint - The article emphasizes the rapid growth of clean energy projects in China, which are crucial for ensuring energy supply during peak winter demand and stimulating economic growth through green initiatives [2][4][5][6]. Group 1: Clean Energy Capacity Growth - As of November 2025, China's total installed power generation capacity reached 3.79 billion kilowatts, a year-on-year increase of 17.1% [2]. - Solar power capacity reached 1.16 billion kilowatts, growing by 41.9% year-on-year, while wind power capacity increased to 600 million kilowatts, up by 22.4% [2]. - Hydropower capacity stood at 440 million kilowatts, with a 3% year-on-year growth, and nuclear power capacity reached 60 million kilowatts, growing by 7.6% [2]. Group 2: Nuclear Power Projects - The Zhangzhou Nuclear Power Phase I project has been completed, with the second unit of the project expected to provide approximately 60 billion kilowatt-hours of clean electricity annually [4]. - The construction of the world's largest "Hualong One" nuclear power base is underway, with plans for six units [4]. Group 3: Energy Storage Developments - The largest all-vanadium flow battery energy storage station in China, located in Xinjiang, is set to enhance the utilization rate of associated photovoltaic power stations by over 10%, potentially generating an additional 230 million kilowatt-hours of clean energy annually [4]. Group 4: Solar Energy Projects - The first flexible support photovoltaic project in sandy areas, with a capacity of 2 million kilowatts, is expected to generate 2.96 billion kilowatt-hours of electricity annually, reducing carbon dioxide emissions by over 2.68 million tons [4]. - The first million-kilowatt offshore photovoltaic project in China is projected to meet 60% of the electricity demand in its locality, generating 1.78 billion kilowatt-hours annually [4]. Group 5: Hydropower Projects - The Yebatan Hydropower Station, the highest arch dam power station under construction in China, has begun operations, with an expected annual generation of over 10.2 billion kilowatt-hours, saving approximately 3.1 million tons of standard coal and reducing carbon emissions by over 8.3 million tons [5]. Group 6: Investment Growth in Clean Energy - From January to November 2025, investment in the electricity, heat, gas, and water production and supply sectors grew by 10.7%, contributing 0.8 percentage points to overall investment growth [5]. - Investment in solar, wind, nuclear, and hydropower collectively increased by 7.4% [5]. Group 7: Infrastructure Projects - Recent approvals for major infrastructure projects, including the Zhejiang UHV AC ring network project and the Dadu River Danba hydropower station, involve total investments exceeding 400 billion yuan, aimed at enhancing China's modern infrastructure system [6]. Group 8: Economic Implications - The rapid growth in clean energy investment is significant for economic stability, leveraging China's large market to enhance the competitiveness of clean energy and stimulate related industries [6].

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: 2025年12月31日 狀態: 新提交 FF301 致：香港交易及結算所有限公司 公司名稱: 華能國際電力股份有限公司 呈交日期: 2026年1月2日 本月底法定/註冊股本總額： RMB 15,698,093,359 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00902 | 說明 | 香港聯交所上市 H 股 | | | | | | | | 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 | | | 4,700,383,440 | | 0 | | 4,700,383,440 | | 增加 / 減少 (-) | | | | | | | | | 本月底結存 | | | 4,700,383, ...

责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 香港联交所最新资料显示，12月29日，上海睿郡资产管理有限公司增持华能国际电力股份（00902） 613.6万股，每股作价5.7069港元，总金额约为3501.75万港元。增持后最新持股数目约为5.66亿股，最新 持股比例为12.04%。 香港联交所最新资料显示，12月29日，上海睿郡资产管理有限公司增持华能国际电力股份（00902） 613.6万股，每股作价5.7069港元，总金额约为3501.75万港元。增持后最新持股数目约为5.66亿股，最新 持股比例为12.04%。 ...

香港联交所最新资料显示，12月29日，上海睿郡资产管理有限公司增持华能国际（600011）电力股份 (00902)613.6万股，每股作价5.7069港元，总金额约为3501.75万港元。增持后最新持股数目约为5.66亿 股，最新持股比例为12.04%。 ...