Group 1: Infrastructure Projects - The Bolivia Ruri Highway, constructed by China Railway Construction International Group, spans 508.07 kilometers and supports agriculture, forestry, animal husbandry, and tourism in Bolivia [1] - The highway project integrates green and low-carbon environmental concepts, protecting the natural and ecological environment along the route [1] - The Pakistan Sahiwal Power Plant, built by China Huaneng Group, has been awarded the "Environmental Excellence Award" six times and alleviates Pakistan's electricity shortage while reducing carbon emissions [1][2] Group 2: Environmental Initiatives - The Ruri Highway project includes measures such as animal passages and rare plant information signs to protect local biodiversity [1] - The Sahiwal Power Plant has transformed the surrounding environment into a large garden, playing a key role in restoring local biodiversity [2] - The Rossing Uranium Mine in Namibia emphasizes sustainable development and strict adherence to principles of protecting rare plants and animals [3] Group 3: Renewable Energy Projects - The Cox's Bazar Wind Power Project in Bangladesh, with a capacity of 66 MW, will provide approximately 145 million kWh of clean electricity annually, reducing coal consumption by 44,600 tons and CO2 emissions by 109,200 tons [4] - The Uzbekistan 1 GW photovoltaic project, the largest solar project in Central Asia, will generate about 2.4 billion kWh of electricity annually, contributing to the country's energy structure transformation [6]

Investment Rating - The report rates the industry as "Outperform" [1] Core Insights - The power sector is experiencing low attention, with thermal power growth turning positive in May, indicating a potential for long-term opportunities [1][4] - The report highlights that the thermal power sector is expected to maintain high growth rates despite low valuations, suggesting that it remains promising even if short-term declines occur due to coal price rebounds [4] Summary by Sections Industry Overview - The power sector has seen adjustments recently, with specific companies showing varied performance: Huaneng Power International +1.1%, Huadian Power International -2.9%, China Yangtze Power -0.7%, and China Longyuan Power Group H -0.9% during the week of June 16-20 [4] - The electricity price in Jiangsu for June was set at 313 RMB/MWh, reflecting a year-over-year decrease of 23.7% [4] Power Generation Data - In May, the national industrial power generation was 737.8 billion kWh, a year-over-year increase of 0.5%, while the social electricity consumption grew by 4.4% [5] - The year-over-year changes for different power sources in May were as follows: thermal power +1.2%, hydropower -14.3%, nuclear power +6.7%, wind power +11.0%, and photovoltaic +7.3% [5] Emergency Dispatch Pricing - The emergency dispatch pricing structure allocates 80% of net income to users in the exporting province and 20% to power plants, with losses borne entirely by users in the importing province [6] Regional Developments - The Xinjiang Tianshan Gobi wind and solar base, with a total capacity of 14.2 million kW, is expected to transmit 36 billion kWh annually to Chongqing, meeting nearly a quarter of its electricity demand [7] - Shandong province is promoting electric vehicle storage solutions to manage peak demand, with recent pilot programs showing significant participation and energy discharge [8]

Core Viewpoint - The power industry plays a crucial role in the global energy system, with significant impacts on climate change, energy transition, and environmental quality. Major Chinese power companies have released their 2024 ESG reports, highlighting their greenhouse gas emissions and sustainability efforts [1]. Group 1: Greenhouse Gas Emissions - Three companies disclosed their total greenhouse gas emissions, with China Guodian Power leading at 31,463.27 thousand tons of CO2 equivalent, showing an 11.7% decrease from the previous year [2][3]. - Datang Power reported total emissions of 21,092.55 thousand tons of CO2 equivalent, a 7% increase year-on-year, primarily due to a rise in Scope 1 emissions [5]. - China Power's total emissions were the lowest at 5,030.2 thousand tons of CO2 equivalent, reflecting a 2.4% increase, with a significant 43% rise in Scope 2 emissions attributed to increased electricity purchases [3][5]. Group 2: Clean Energy Capacity - China Power has the highest clean energy capacity ratio at 80.12%, while Datang Power, Huaneng International, and Guodian Power have ratios of 40.37%, 35.82%, and 33.19% respectively [7][8]. - Huaneng International's total installed capacity is 14,512.5 million kW, followed by Guodian Power at 11,170 million kW, Datang Power at 7,911 million kW, and China Power at 4,939 million kW [8]. Group 3: Environmental Investments - Huaneng International invested the most in environmental protection at 1.78 billion yuan, followed by Huaneng International at 1.087 billion yuan, Datang Power at 747.9 million yuan, and Guodian Power at 730 million yuan [10]. - China Power had the lowest investment in environmental protection at 594 million yuan [10]. Group 4: Research and Development Investments - Datang Power led in R&D investments with 2.436 billion yuan, followed by Huaneng International at 2.389 billion yuan, and Guodian Power at 977 million yuan [12]. Group 5: Waste Management - China Power reported the highest hazardous waste generation at 128,000 tons, while Guodian Power significantly reduced its hazardous waste to 860 tons from 551,700 tons the previous year [14]. - Huaneng International reported hazardous waste generation of 610 tons, while Datang Power did not disclose this data [14]. Group 6: Green Power Trading - China Power sold 13.6119 million green certificates and participated in green electricity trading generating 5.198 billion kWh, resulting in revenue of 325 million yuan [15]. - Guodian Power achieved a historical high in green electricity trading volume at 3.51 billion kWh, with over 2.91 million green certificates obtained [15]. - Datang Power's new renewable energy project is expected to produce over 4.1 billion kWh of green electricity annually, significantly reducing CO2 emissions [15].

Investment Rating - The report maintains a recommendation for companies such as Funiu Co., Ltd. and Shenneng Co., Ltd. while cautiously recommending China General Nuclear Power and Anhui Energy [4][21]. Core Viewpoints - In May, the total electricity consumption reached 809.6 billion kWh, showing a year-on-year growth of 4.4%. The first industry saw an increase of 8.4%, the second industry 2.1%, the third industry 9.4%, and urban and rural residents' consumption 9.6% [2][22]. - The report highlights that coal prices are expected to remain low, benefiting thermal power generation, which is anticipated to improve performance in Q2. Companies are actively investing in wind power and cogeneration assets for long-term growth potential [4][19]. Summary by Sections Weekly Market Review - The electricity sector underperformed the broader market, with the public utility sector closing at 2355.40 points, down 1.13%, and the electricity sub-sector at 3131.64 points, down 1.31% [1][8]. - Among the electricity sub-sectors, photovoltaic generation fell by 1.57%, wind power by 1.28%, while thermal services rose by 2.08% [1][13]. Industry Data Tracking - The average price of thermal coal in the Bohai Rim region was 663.00 RMB/ton, with no change week-on-week [48]. - The report notes that the electricity market is experiencing a decline in coal and gas prices, with the average transaction price for coal in Guangdong dropping by 28.43% [69]. Investment Recommendations - The report recommends focusing on companies with stable performance and growth potential, particularly in thermal power and hydropower sectors, such as Changjiang Electric Power and Sichuan Investment Energy [4][20]. - It also suggests monitoring companies involved in asset restructuring and mergers, as these are expected to gain traction this year [20].

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"）2023年年度股东大会于2024年6月25 日通过决议，同意公司在自2023年年度股东大会批准时起至2024年年度股东大会 结束时止，经相关监管部门核准后，在中国境内或境外一次或分次发行本金余额 不超过等值于1300亿元人民币的境内外债务融资工具，包括但不限于境内市场的 公司债券、企业债券和银行间债券市场发行的中期票据等境内债务融资工具，以 及境外市场的离岸人民币债券、境外美元债券和其它外币债券等境外债务融资工 具。 证券代码: 600011 证券简称: 华能国际 公告编号:2025-034 华能国际电力股份有限公司 关于中期票据发行的公告 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董事会 公司已于近日完成了华能国际电力股份有限公司2025年度第十一期中期票 据（"本期债券"）的发行。本期债券发行 ...

本期债券由中国工商银行股份有限公司、中国建设银行股份有限公司、中国 农业银行股份有限公司、国家开发银行、兴业银行股份有限公司和中国民生银行 股份有限公司作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。 证券代码: 600011 证券简称: 华能国际 公告编号:2025-034 华能国际电力股份有限公司 关于中期票据发行的公告 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"）2023年年度股东大会于2024年6月25 日通过决议，同意公司在自2023年年度股东大会批准时起至2024年年度股东大会 结束时止，经相关监管部门核准后，在中国境内或境外一次或分次发行本金余额 不超过等值于1300亿元人民币 ...

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） 曹 欣 （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6月16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） 债券代码：188264.SH 债券简称：21 华能 05 华能国 ...

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。 華 能國際電力股份有限公司（「公 司」）2023年年度股東大會於2024年6月25日 通 過 決 議，同 意 公 司 在 自2023年年度股東大會批准時起至2024年年度股東 大 會 結 束 時 止，經 相 關 監 管 部 門 核 准 後，在 中 國 境 內 或 境 外 一 次 或 分 次 發行本金餘額不超過等值於人民幣1,300億 元 的 境 內 外 債 務 融 資 工 具，包 括 但 不 限 於 境 內 市 場 的 公 司 債 券、企 業 債 券 和 銀 行 間 債 券 市 場 發 行 的 中 期 票 據 等 境 內 債 務 融 資 工 具，以 及 境 外 市 場 的 離 岸 人 民 幣 債 券、境 外 美 元 債 券 和 其 它 外 幣 債 券 等 境 外 債 務 融 資 工 具。 承董事會命 華能國際電力股份有限公司 黃朝全 ...

Investment Rating - The report maintains a "Positive" investment rating for the public utility sector in Hong Kong [7]. Core Insights - The significant decline in Hong Kong HIBOR since May has created a favorable environment for investment in the public utility sector, particularly in electricity, which is seen as a defensive asset amid external market volatility [10][11]. - The report highlights that the electricity sector is experiencing a dual benefit from both external market conditions and internal performance improvements, with a notable decrease in coal prices and an increase in renewable energy generation [10][11]. Summary by Sections Market Overview - Since May, the Hong Kong banking sector has seen a 285% increase in interbank liquidity, with HIBOR dropping by 337 basis points, marking the largest monthly decline since 2002. As of June 13, the 1-month HIBOR stabilized around 0.60%, maintaining a near three-year low [10][11]. - The Hang Seng Index rose by 8.02% from May 1 to June 13, outperforming the Shanghai Composite Index, which only increased by 2.48% during the same period [10][11]. Performance of the Electricity Sector - The report notes that the electricity sector is uniquely positioned to benefit from both defensive and offensive strategies, with improved profitability expected due to lower coal prices and stable electricity prices. For instance, the Q5500 coal price at Qinhuangdao port fell to 635.64 CNY/ton, a year-on-year decrease of 212.81 CNY/ton [10][11]. - Renewable energy generation is also on the rise, with wind power generation growth rates improving significantly in recent months, indicating a robust recovery in the sector [10][11]. Investment Recommendations - The report suggests that the "carbon neutrality" initiative and ongoing electricity market reforms will lead to a comprehensive reassessment of the intrinsic value of electricity operators throughout the 14th Five-Year Plan period. Key companies to watch include Huadian International, China Resources Power, and Huaneng International, among others [10][11]. - The report emphasizes the potential for long-term growth in the renewable energy sector, recommending investments in companies like Longyuan Power and China Nuclear Power, which are expected to benefit from favorable policy changes and market conditions [10][11].

Investment Rating - The report maintains a positive investment rating for the power and utilities sector, with specific recommendations for companies such as Funiu Co., Ltd. and Shenneng Co., Ltd. [3][21] Core Insights - The power sector outperformed the broader market, with the utilities sector index closing at 2382.43 points, up 0.26%, and the electricity sub-sector index at 3173.29 points, down 0.25% [1][9] - The commissioning of the Hami-Chongqing ±800 kV UHVDC project significantly enhances power supply capabilities in Chongqing, providing approximately 36 billion kWh annually, which accounts for about 20% of the city's annual electricity demand [2][24] - The establishment of the world's first offshore wind-powered data center in Shanghai aims to support AI and 5G computing needs while promoting low-carbon energy solutions [2][32] Summary by Sections Weekly Market Review - The electricity sector showed resilience with a slight decline in the electricity sub-sector, while thermal power benefited from falling coal prices, leading to improved performance expectations [1][20] - The report highlights the performance of various electricity sub-sectors, noting a decline in photovoltaic generation by 1.79% and an increase in hydropower generation by 1.03% [1][14] Industry Data Tracking - The report tracks coal prices, which have seen a slight decrease, indicating a favorable environment for thermal power generation [35] - The report also provides insights into the performance of renewable energy sources, with significant growth in wind and solar installations in Xinjiang, which now account for over 54% of the total installed capacity [25][26] Investment Recommendations - The report recommends focusing on companies with stable earnings and growth potential, particularly in thermal power and hydropower sectors, while also highlighting opportunities in renewable energy and data center integration [3][21] - Specific companies recommended include Funiu Co., Ltd., Shenneng Co., Ltd., and China Nuclear Power, with cautious recommendations for China General Nuclear Power [3][22]