Investment Rating - The report maintains a "Positive" investment rating for the utility sector [10]. Core Insights - The recent revision of the pricing methods for transmission and distribution aims to enhance the consumption of renewable energy, with a focus on establishing a fair cost-sharing mechanism among grid companies, power generation enterprises, and users [2][6]. - The new regulations are expected to lower transmission and distribution costs, thereby making electricity pricing more reasonable while promoting the utilization of renewable energy [12]. Summary by Sections Pricing Method Revisions - The National Development and Reform Commission has revised four pricing methods related to transmission and distribution, adapting to the new requirements of the power system and focusing on renewable energy consumption [6]. - Key changes include the introduction of a single capacity pricing system for grid companies serving renewable energy projects, enhancing regulatory oversight throughout the process [7]. Cost Monitoring - The new methods provide a more accurate reflection of financing costs for grid companies by establishing a loan interest rate based on the average financing rate of the group [6]. - Changes in cost parameters for materials and management fees aim to ensure that costs do not exceed previously established limits, thus improving the accuracy of cost monitoring [6][7]. Provincial and Cross-Regional Pricing - The revised methods allow for adjustments in the return on equity for provincial grid companies, ensuring a balance between reasonable returns and user affordability [7]. - For cross-regional projects, the report suggests exploring two-part or single capacity transmission pricing, which is expected to facilitate the consumption of renewable energy across provinces [8]. Investment Recommendations - The report recommends focusing on quality thermal power operators such as Huaneng International, Datang Power, and Guodian Power, as well as hydropower companies like Yangtze Power and State Investment Power [12]. - It also highlights opportunities in the renewable energy sector, suggesting investments in companies like Longyuan Power and China Nuclear Power, which are expected to benefit from favorable policy changes and market conditions [12].

Investment Rating - The report maintains an "Overweight" rating for the industry [4] Core Views - The National Development and Reform Commission has introduced new pricing regulations for power transmission and distribution, which will promote the development of green electricity. The new regulations focus on local consumption and cross-province transmission, facilitating the utilization of renewable energy and enhancing the efficiency of power grid companies [2][13] - The exploration of a two-part or capacity-based pricing system for cross-province and cross-region projects will stabilize the revenue from clean energy transmission and improve the utilization rate of high-voltage channels [3][14] - Multiple provinces are rolling out market-oriented trading plans for 2026, which will accelerate the transformation of the electricity market by mandating a high proportion of long-term contracts and ensuring that coal-fired power trading prices fluctuate within a specified range [8][10] Summary by Sections Industry Overview - The report highlights the positive impact of new transmission and distribution pricing regulations on renewable energy consumption and the introduction of market-oriented trading plans for 2026 [2][8] Market Performance - The Shanghai Composite Index closed at 3,888.6 points, up 1.4%, while the CSI 300 Index rose 1.64% to 4,526.66 points. The CITIC Power and Utilities Index increased by 0.88%, underperforming the CSI 300 by 0.76 percentage points [63][64] Key Investment Opportunities - The report recommends focusing on flexible resources such as thermal power and investment opportunities in energy storage and virtual power plants. Specific stocks highlighted include Huaneng International, Huadian International, and China Nuclear Power [8][9]

Investment Rating - The investment rating for the utility sector is "Positive" [2] Core Insights - The cumulative installed power generation capacity in China increased by 17.3% year-on-year as of October 2025, reaching 3.75 billion kilowatts [5] - The report highlights a significant increase in solar power generation capacity, which grew by 43.8% year-on-year, while wind power capacity increased by 21.4% [5] - The report indicates that the electricity market is expected to see a gradual increase in prices due to ongoing market reforms and supply-demand dynamics [5] Summary by Sections Market Performance - As of November 28, the utility sector rose by 0.9%, underperforming the broader market, which increased by 1.6% [12] - The electricity sector specifically saw a 0.65% increase, while the gas sector rose by 3.27% [16] Electricity Industry Data Tracking - The price of thermal coal at Qinhuangdao Port (Q5500) decreased by 9 CNY/ton week-on-week, settling at 818 CNY/ton [22] - Coal inventory at Qinhuangdao Port increased by 400,000 tons week-on-week, totaling 6 million tons [29] - Daily coal consumption in 17 inland provinces rose by 30,000 tons/day week-on-week, reaching 3.541 million tons [31] Natural Gas Industry Data Tracking - The LNG ex-factory price index in China was 4,312 CNY/ton as of November 28, down 3.88% year-on-year [56] - The U.S. HH spot price increased by 15.3% week-on-week, reaching 4.59 USD/MMBtu, while the European TTF price decreased by 5.6% [59] - The total natural gas supply in the EU for week 47 was 6.23 billion cubic meters, a year-on-year increase of 8.0% [64] Key Industry News - The National Energy Administration reported that the average utilization hours of power generation equipment decreased by 260 hours year-on-year, totaling 2,619 hours [5] - The cumulative geological reserves of coalbed methane in China exceeded 700 billion cubic meters as of October 2025 [5] Investment Recommendations - The report suggests focusing on leading coal power companies such as Guodian Power, Huaneng International, and Huadian International, as well as regional leaders in tight electricity supply areas [5] - For natural gas, companies with low-cost long-term gas sources and receiving station assets are recommended, including Xin'ao and Guanghui Energy [5]

Core Insights - The article discusses the growth and performance of China's nuclear power generation industry, highlighting a production increase in 2025 [1] Industry Overview - As of September 2025, China's nuclear power generation reached 36.2 billion kilowatt-hours, marking a year-on-year growth of 1.6% [1] - Cumulatively, from January to September 2025, the total nuclear power generation was 358.08 billion kilowatt-hours, reflecting a 9.2% increase compared to the previous year [1] Companies Mentioned - Listed companies in the nuclear power sector include China General Nuclear Power (003816), China National Nuclear Power (601985), Sheneng Co., Ltd. (600642), Zhejiang Energy Power (600023), Hubei Energy (000883), Huaneng International (600011), Datang Power (601991), Jiangsu Guoxin (002608), China Nuclear Technology (000777), and Funiu Co., Ltd. (600483) [1] Related Reports - The article references a report by Zhiyan Consulting titled "Market Operation Pattern and Investment Strategy Analysis of China's Nuclear Power Generation Industry from 2025 to 2031" [1]

Core Viewpoint - Huaneng International Power Co., Ltd. has proposed the election of Ms. Kou Yaozhou as a non-executive director and Mr. Zhang Xianchong as an independent non-executive director at the upcoming extraordinary general meeting scheduled for December 23, 2025 [1] Group 1 - The company’s board of directors has made recommendations for new appointments [1] - The extraordinary general meeting will present a resolution to approve the election of the non-executive and independent non-executive directors [1]

智通财经APP讯，华能国际电力股份(00902)公布，董事会建议选举寇尧洲女士担任公司第十一届董事会 非执行董事，并选举张羡崇先生担任公司第十一届董事会独立非执行董事。公司将于2025年12月23日召 开的临时股东会上提呈普通决议案，以审议及批准选举非执行董事及独立非执行董事。 ...

华能国际电力股份有限公司 2025 年第二次临时股东会 会 议 资 料 2025 年 12 月 会议主席宣布公司 2025 年第二次临时股东会开始 第一项，与会股东及代表听取议案： 一、《关于聘任公司 2026 年度审计师的议案》 二、《关于公司 2026 年与华能集团日常关联交易的议案》 三、《关于公司 2026 年至 2028 年与天成租赁日常关联交易的 议案》 2025 年第二次临时股东会文件 华能国际电力股份有限公司 2025 年第二次临时股东会 会 议 议 程 会议时间： 2025 年 12 月 23 日 会议地点：北京华能大厦 A102 会议室 五、《关于增补张羡崇先生为公司独立董事的议案》 1.宣布股东会投票统计结果 2.见证律师宣读《法律意见书》 3.宣读《公司 2025 年第二次临时股东会决议》 4.与会董事签署会议文件 2 第二项，与会股东及代表讨论发言 第三项，与会股东及代表投票表决 2025 年第二次临时股东会文件 会议主席宣布公司 2025 年第二次临时股东会结束 四、《关于增补寇尧洲女士为公司非独立董事的议案》 华能国际电力股份有限公司董事会 股东会会议文件一： 华能国际电力股份有 ...

| | 普通決議 | （註4） 贊成 | （註4） 反對 | （註4） 棄權 | | --- | --- | --- | --- | --- | | 1. | 審議及批准關於聘任公司2026年度審計師的議案 | | | | | 2. | 審議及批准關於公司2026年與華能集團日常關聯 | | | | | | 交易的議案 | | | | | 3. | 審議及批准關於公司2026年至2028年與天成租賃 | | | | | | 日常關聯交易的議案 | | | | | 4. | 審議及批准關於增補寇堯洲女士為公司非獨立董 | | | | | | 事的議案 | | | | | 5. | 審議及批准關於增補張羨崇先生為公司獨立董事 | | | | | | 的議案 | | | | 2025年第二次臨時股東會適用的委託代理人表格 與本委託代理人表格有關的股份數目 （註1） H股╱內資股* 本 人（或 吾 等） （註2 ） 地址為 股東賬戶： 身份證號碼： ， 為華能國際電力股份有限公司（「公司」）股份 （註1） ：H股╱內資股* 股之持有人， 現委託 （註3 ） 身份證號碼： （地址為 ） 代表本人（或吾等）出席2025年 ...

華能國際電力股份有限公司 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 通 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 通 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年第二次臨時股東會通知 茲通告 華 能 國 際 電 力 股 份 有 限 公 司（「本公司」）謹 定 於2025年12月23日 上 午九時正在中國北京市西城區復興門內大街6號華能大廈公司本部A102 會議室召開本公司2025年 第 二 次 臨 時 股 東 會（「臨時股東會」），屆 時 提 交 會 議 審 議 以 下 決 議。除 非 另 有 界 定，否 則 本 通 知 所 採 用 的 詞 彙 與 本 公 司 日期為2025年11月28日 的 通 函 所 界 定 者 具 有 相 同 涵 義。 普通決議 承董事會命 黃朝全 公司秘書 – 1 – 1. 審議及批准關於聘任公司2026年度審計師的議案 （註1） ； 2. 審議及批准關於公司2026年與華能集團日常關聯交易的議案 （註2） ； 3. 審 ...

此乃要件 請即處理 閣下如對本通函的任何方面或應採取的行動有任何疑問，應諮詢獨立專業意見。 閣下如已將名下全部華能國際電力股份有限公司股份售出或轉讓，應立即將本通函及，如適用， 代表委任書送交買方或承讓人或送交經手買賣或轉讓的銀行、持牌證券交易商或其他代理商， 以便轉交買主或承讓人。 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通函的內容概不負責，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通函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。 本公司將於2025年12月23日上午九時正在中國北京市西城區復興門內大街6號華能大廈公司本 部A102會議室舉行臨時股東會。臨時股東會的通知載於本通函第II-1至II-4頁。本公司董事會 函件載於本通函第1至50頁。本公司獨立董事委員會函件載於本通函第51至52頁。嘉林資本致 本公司獨立董事委員會及獨立股東的意見函件載於本通函第53至73頁。 無論 閣下能否出席臨時股東會，應盡快根據委託代理人表格上印備的指示填妥委託代理人 表格，並於任何情況下不遲於該大會或其任何續會指定舉行時間24小時前交回香港中央證券 登記有限公司，地址 ...