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。 董事會會議召開日期 華能國際電力股份有限公司("本公司")董事會("董事會")茲通告謹定於 2025年7月29日（星 期 二）召 開 本 公 司 董 事 會 會 議，以 審 議 及 批 准 刊 發 本 公司及其子公司截至2025年6月30日止之六個月的中期業績公告及其他 事 項（如 適 用)。 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） 夏 清 （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。 2025年上半年上網電量完成情況公告 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。 根 據 華 能 國 際 電 力 股 份 有 限 公 司（「公 司」）初 步 統 計，2025年 第 二 季 度， 公司中國境內各運行電廠按合併報表口徑完成上網電量990.49億千瓦時， 同比上升1.44%；2025年 上 半 年，公 司 中 國 境 內 各 運 行 電 廠 按 合 併 報 表 口 徑完成上網電量2,056.83億 千 瓦 時，同 比 下 降2.37%；2025年 上 半 年，公 司 中國境內各運行電廠平均上網結算電價為485.27元╱兆 瓦 時，同 比 下 降 2.69%。2025年 上 半 年，公 司 市 場 化 交 易 電 量 比 例84.64%，比 去 年 同 期 下 降2.27個 百 分 點。 公 司 電 ...

证券代码: 600011 证券简称: 华能国际 公告编号:2025-039 华能国际电力股份有限公司 2025 年上半年上网电量完成情况公告 上半年，公司持续推进绿色低碳转型，风电和光伏装机容量持续增长，促进 新能源电量同比增长；但受供需整体宽松、全国新能源装机增长等因素影响，公 司煤电机组电量同比降低，导致公司电量同比下降。 | 机组种类/ 地区 | 上网电量 | | | | | --- | --- | --- | --- | --- | | | 年 月 2025 4-6 | 同比 | 年 月 2025 1-6 | 同比 | | 煤机 | 754.26 | -3.46% | 1,583.63 | -7.06% | | 燃机 | 56.54 | 9.16% | 132.55 | 7.47% | | 风电 | 101.19 | 14.32% | 210.31 | 11.39% | | 光伏 | 73.71 | 48.06% | 122.43 | 49.33% | | 水电 | 2.87 | -9.37% | 3.89 | -22.13% | 2025 年上半年，公司境内各区域电厂上网电量（以亿千瓦时计）具体如下 ...

Investment Rating - The industry investment rating is "Positive" and maintained [11] Core Insights - The increase in renewable energy consumption responsibility weight is expected to generate an additional demand of approximately 510 billion kilowatt-hours of new energy by 2025 [2][6][19] - The transition of the aluminum electrolysis industry from monitoring to assessment will significantly boost the demand for non-hydropower green certificates, estimated at around 150 million certificates [7][26] - The inclusion of four major energy-consuming industries (steel, cement, polysilicon, and data centers) into monitoring is projected to create a potential demand for approximately 800 million non-hydropower green certificates [8][29] Summary by Sections Renewable Energy Consumption Responsibility Weight - The responsibility weight for renewable energy consumption will significantly increase in 2025, with unfulfilled portions not carried over to the next year. The new policy mandates that the responsibility weight must be completed within the year [6][17] - The "Three North" regions have a higher responsibility weight, with provinces like Inner Mongolia, Gansu, Jilin, Heilongjiang, and Qinghai set at 30%, while regions like Shanghai and Guangdong remain below 15% [18] Electrolytic Aluminum Green Power Consumption - The green power consumption ratio for the electrolytic aluminum industry will shift from monitoring to assessment in 2025, leading to a significant increase in demand for non-hydropower green certificates [7][26] - The estimated demand for non-hydropower green certificates from the electrolytic aluminum sector is about 150 million certificates due to the new assessment requirements [26] Expansion of Monitoring to Other Industries - The addition of steel, cement, polysilicon, and data centers into the monitoring framework is expected to create a substantial potential demand for green certificates, estimated at around 800 million certificates [8][29] - The projected total demand from these sectors could reach approximately 980 billion kilowatt-hours of new energy, accounting for about 53% of the 2024 new energy volume [34] Supply and Demand Dynamics - The demand side is expected to expand significantly due to the assessment of the electrolytic aluminum industry and the inclusion of new energy-consuming sectors, while the supply side will see a reduction in the issuance of green certificates due to policy changes [8][34] - The overall market dynamics are anticipated to shift from a surplus supply to a more balanced state, providing long-term support for green certificate prices [8][34]

Investment Rating - The report maintains an "Overweight" rating for the industry [4] Core Viewpoints - The issuance of renewable energy power consumption responsibility weights for 2025 mandates green electricity consumption in five major industries, which is expected to alleviate renewable energy consumption issues [3][11] - The assessment scope has expanded to include steel, cement, polysilicon, and data centers, enhancing the focus on energy-intensive industries [3][12] - The provincial assessment targets for renewable energy consumption responsibility weights will range from 24.2% to 70% in 2025, with 19 provinces aiming for over 30% [3][15] Summary by Sections Industry Trends - The electricity and public utilities index rose by 1.60% during the week, outperforming the CSI 300 index by 0.78 percentage points [5][55] - The report highlights that over half of the listed companies in the electricity and public utilities sector experienced stock price increases [55] Key Industry Insights - The coal price has rebounded to 627 CNY/ton [13] - The inflow and outflow of water at the Three Gorges Dam decreased by 17.86% and 24.19% year-on-year, respectively [31] - The price of silicon materials remained stable, while mainstream silicon wafer prices decreased slightly [39] Investment Recommendations - Focus on the electricity sector due to the high temperatures across the country and the upcoming performance period [3] - Recommended stocks include Huaneng International, Jiantou Energy, Huadian International, and Qingda Environmental Protection, which are expected to have resilient quarterly earnings [3] - Emphasis on undervalued green electricity operators, particularly in Hong Kong and wind power sectors, such as Xintian Green Energy and Longyuan Power [3][8]

Summary of Key Points Core Viewpoint - Huaneng International's stock price has decreased by 5.14% this week, closing at 7.02 yuan, with a total market capitalization of 110.201 billion yuan, ranking 8th in the power sector and 130th in the A-share market [1]. Company Announcements - Huaneng International has successfully issued 30 billion yuan of ultra-short-term financing bonds with a maturity of 99 days and an interest rate of 1.42%. The funds raised will be used to supplement working capital, adjust debt structure, and repay bank loans and maturing bonds [1][4]. - The company's board of directors has appointed Mr. Wenming Gang as the new Chief Financial Officer. He has extensive experience in financial management and leadership, having previously served in significant positions within Huaneng Coal Industry Co., Ltd. [1][4].

Investment Rating - The investment rating for the utility sector is "Positive" [2] Core Insights - The report highlights that the renewable energy power consumption responsibility weights for 2025 have been issued, indicating a focus on increasing the use of green electricity in various industries [5] - The LNG import volume in May 2025 decreased by 26.3% year-on-year, while domestic natural gas consumption showed a slight increase of 2.4% [5] - The report suggests that the power sector is expected to see profit improvement and value reassessment due to previous supply-demand tensions [5] Summary by Sections Market Performance - As of July 11, the utility sector rose by 1.1%, outperforming the broader market, with the electricity sector up by 1.10% and the gas sector up by 1.22% [4][12] - Key companies in the electricity sector showed varied performance, with notable increases for companies like Guikuan Electric and Guangdong Electric A [13] Electricity Industry Data Tracking - The price of thermal coal at Qinhuangdao Port (Q5500) increased by 8 CNY/ton week-on-week, reaching 624 CNY/ton [4][21] - Coal inventory at Qinhuangdao Port decreased to 5.6 million tons, down 100,000 tons week-on-week [26] - Daily coal consumption in inland provinces was reported at 3.55 million tons, a decrease of 95,000 tons/day week-on-week [28] Natural Gas Industry Data Tracking - The LNG ex-factory price index in Shanghai was reported at 4,460 CNY/ton, a year-on-year decrease of 1.13% but a week-on-week increase of 1.09% [48] - The European TTF spot price increased by 23.0% year-on-year, reaching 11.86 USD/MMBtu [53] - Domestic natural gas apparent consumption in May 2025 was 36.42 billion cubic meters, a year-on-year increase of 2.4% [5] Industry News - The National Development and Reform Commission and the National Energy Administration issued guidelines for renewable energy consumption responsibilities, emphasizing the use of green electricity in high-energy-consuming industries [5] - The largest medium and shallow coalbed methane field in China has surpassed a cumulative gas production of 20 billion cubic meters [5] Investment Recommendations - The report recommends focusing on national coal power leaders such as Guodian Power, Huaneng International, and Huadian International, as well as regional leaders in tight supply areas [5] - For natural gas, companies with low-cost long-term gas sources and receiving station assets are expected to benefit from market conditions [5]

Core Insights - The Huaneng "Yellow Sea No. 1" floating photovoltaic platform has successfully completed its upgrade and debugging work, achieving the integration of vertical axis wind turbines and floating photovoltaic systems for efficient utilization of marine space [1][2]. Group 1: Platform Development - The "Yellow Sea No. 1" platform is China's first anti-wave deep-sea floating photovoltaic platform, constructed by Huaneng Shandong Yantai Power Plant and designed by Huaneng Clean Energy Technology Research Institute [2]. - The platform is set to be operational in October 2024 at the Huaneng Shandong Peninsula South No. 4 offshore wind farm, having undergone suitability tests to verify the reliability of its structural, electrical, and monitoring systems [2]. Group 2: Technological Integration - The platform features a co-platform design that integrates vertical axis wind turbines with floating photovoltaic systems, enhancing energy output efficiency per unit area of sea [2]. - Two "water droplet" vertical axis wind turbines, developed by China Huaneng, have been added to the platform, focusing on the interaction between platform structure, turbine layout, and buoyancy systems [2]. Group 3: Performance and Efficiency - The upgraded platform is designed to extend overall power generation time and smooth out fluctuations in power output, providing significant technical reference for future large-scale development of composite energy fields [2].

Core Points - The Shanghai Composite Index opened high and fluctuated, with the CSI 300 Utilities (secondary industry) index reported at 2645.95 points [1] - The CSI 300 Utilities index has decreased by 0.31% over the past month, increased by 1.48% over the past three months, and has declined by 2.24% year-to-date [1] Industry Classification - The CSI 300 index is categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries, providing a comprehensive analysis tool for investors [1] - The index is based on a sample of 300 stocks from the CSI 300 index, with a base date of December 31, 2004, and a base point of 1000.0 [1] Index Holdings - The top ten weights in the CSI 300 Utilities index are: - Changjiang Electric Power (48.55%) - China Nuclear Power (10.28%) - Three Gorges Energy (8.2%) - Guodian Power (5.62%) - State Power Investment Corporation (4.72%) - Sichuan Investment Energy (4.17%) - Huaneng International (4.15%) - China General Nuclear Power (3.86%) - Zhejiang Energy (2.77%) - Huadian International (2.72%) [1] Market Distribution - The market distribution of the CSI 300 Utilities index shows that the Shanghai Stock Exchange accounts for 95.80%, while the Shenzhen Stock Exchange accounts for 4.20% [2] - In terms of industry composition within the index, hydropower constitutes 59.70%, thermal power 15.26%, nuclear power 14.14%, wind power 8.54%, and gas power 2.36% [2] Sample Adjustment - The index samples are adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made in response to changes in the CSI 300 index samples [2]

Core Viewpoint - Huaneng International Power Co., Ltd. has appointed a new Chief Financial Officer, Wenming Gang, following the resignation of the previous CFO, Zhu Daqing, due to job relocation [1][2]. Group 1: Appointment Announcement - The Board of Directors of Huaneng International held a meeting on July 10, 2025, to discuss the appointment of the new CFO, which was unanimously approved [1]. - The meeting was conducted in accordance with the Company Law of the People's Republic of China and the company's articles of association [1]. Group 2: New CFO Profile - Wenming Gang, born in January 1970, is a member of the Communist Party and has held various senior positions within the Huaneng Group, including CFO of Huaneng Coal Industry Co., Ltd. and Huaneng New Energy Co., Ltd. [3]. - He holds a master's degree in accounting from Nankai University and is a senior accountant [3]. - There are no related party relationships between Wenming Gang and the company's directors, supervisors, or other senior management [3].