Core Insights - The successful operation of the world's largest coal power carbon capture demonstration project at Huaneng Gansu Zhengning Power Plant marks a significant breakthrough in the industrial application of carbon capture, utilization, and storage (CCUS) technology in China [1][2] Group 1: Project Overview - The CCUS project has a carbon capture capacity of 1.5 million tons per year, equivalent to planting nearly 13 million trees [1] - The project achieves 100% domestic production of the entire technology chain from capture, compression to storage [1] Group 2: Technological Innovations - The project features three major technological breakthroughs: 1. A composite absorption tower design with a capture rate exceeding 90% and purity over 99%, significantly reducing energy consumption [1] 2. The introduction of a domestically developed eight-stage gear-type CO2 compressor, which reduces electricity consumption by 10 kWh per ton of CO2 and improves transportation efficiency by 10% [1] 3. The establishment of the deepest saline aquifer storage project in China, with a single well capable of storing 200,000 tons of CO2 annually, supported by a comprehensive monitoring system [1] Group 3: Industry Implications - The project creates a collaborative operational model of "coal power + carbon capture," allowing dynamic adjustment of the carbon capture system based on grid load, thus providing a demonstration case for traditional thermal power companies to explore low-carbon transformation while ensuring supply and efficiency [1] - The advancement of CCUS technology is expected to drive the development of emerging industrial chains such as carbon capture equipment manufacturing, carbon transportation services, and storage monitoring, providing new growth points for energy state-owned enterprises' green transformation [2]

中国青年报客户端金边9月28日电（中青报·中青网驻柬埔寨记者 王岩）9月27日，由柬埔寨中国商会电 力企业协会（以下简称"电力协会"）、柬埔寨国家电力公司联合主办，大唐柬埔寨水电开发有限公司、 大唐柬埔寨电网有限公司及柬埔寨菩萨理工学院承办，南京工业职业技术大学、柬华应用科技大学共同 协办的柬埔寨中资电力企业2025年"电亮丝路杯"技能竞赛在柬埔寨圆满落幕。赛事汇聚中国华电、中国 大唐、中国华能等在柬中资电力企业和菩萨理工学院代表队同场竞技。柬埔寨国家部委、柬埔寨菩萨省 政府、柬埔寨国家电力公司以及柬埔寨中国商会、企业、院校等代表出席活动。 电力协会会长、中国华电额勒赛下游水电项目（柬埔寨）有限公司执行董事刘新喜表示，该技能竞赛已 连续成功举办三届，由中国华电、中国华能、中国大唐等在柬企业轮流承办，已成为中柬能源合作一张 闪耀的"技术名片"。这场高水平行业盛会不仅是中国电力技术与管理标准的实践平台，更体现了中柬双 方携手保障能源安全、促进可持续发展的坚定努力，为构建中柬命运共同体注入强劲动力。 据中青报·中青网记者采访了解，连续三届竞赛的赛项皆紧密契合柬埔寨能源发展的实际需求，涵盖从 电气试验、继电保护、电工 ...

Investment Rating - The report maintains a "Positive" investment rating for the utility sector [8] Core Insights - The introduction of the "stabilizing electricity prices" policy aims to mitigate "involutionary" competition among power generation companies, which is expected to support electricity price expectations for 2026 and beyond [2][12] - The stable electricity price policy is anticipated to catalyze the revaluation of thermal power assets, as it encourages companies to avoid irrational price competition [12] - The linkage between thermal power prices and hydro/nuclear power prices is expected to strengthen, providing a price anchor for these sectors [12] - The report suggests that the new policy direction will alleviate irrational low-price competition in the renewable energy sector, promoting a shift towards high-quality development [12] Summary by Sections Policy Developments - The State-owned Assets Supervision and Administration Commission (SASAC) has emphasized stabilizing electricity and coal prices to prevent harmful competition, which is crucial for the high-quality development of state-owned enterprises [2][12] Market Dynamics - The report highlights that the capital market has historically viewed the thermal power industry as a "coal processing industry," with profitability primarily driven by the coal-electricity price differential [12] - Concerns over declining long-term electricity prices for 2026 have been a source of anxiety for investors, but the new policy is expected to provide a stable foundation for future negotiations [12] Investment Recommendations - The report recommends focusing on quality thermal power operators such as Huaneng International, Datang Power, and Guodian Power, as well as hydroelectric companies like Yangtze Power and State Power Investment Corporation [12] - In the renewable energy sector, companies like Longyuan Power and China Nuclear Power are highlighted as potential investment opportunities due to their expected growth and stability [12]

0:00 记者：何磊静 新华社音视频部制作 9月27日，目前国内最大容量压缩空气储能电站——华能金坛盐穴压缩空气储能发电二期项目在江苏常 州成功送电，对保障地区能源安全、推动绿色低碳转型具有重要意义。该项目是江苏省重大项目之一， 实现核心设备的100%国产化，总容积达120万立方米，一次充电可储存280万千瓦时电量，能满足10万 辆新能源汽车充电需求，全年可节约标准煤27万吨、减少二氧化碳排放52万吨。 ...

以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 来自公司公告汇总：华能国际完成发行15亿元科技创新可续期公司债券，品种一发行利率2.33%。 来自公司公告汇总：本期债券品种二原计划发行但最终取消。 来自公司公告汇总：募集资金将用于偿还有息债务、补充流动资金及项目投资等合法用途。 截至2025年9月26日收盘，华能国际（600011）报收于7.13元，较上周的7.37元下跌3.26%。本周，华能国际9月22日盘中最高价报7.38元。9月25日 盘中最低价报7.11元。华能国际当前最新总市值1119.27亿元，在电力板块市值排名8/102，在两市A股市值排名150/5157。 本周关注点 公司公告汇总 华能国际电力股份有限公司面向专业投资者公开发行面值不超过人民币400亿元（含400亿元）的公司债券已获上海证券交易所审核同意，并经中 国证券监督管理委员会注册（证监许可〔2025〕1335号）。公司已完成2025年面向专业投资者公开发行科技创新可续期公司债券（第四期）的发 行。本期债券拟发行不超过15亿元（含15亿元），分两个品种：品种一基 ...

Investment Rating - The investment rating for the utility sector is "Positive" [2] Core Viewpoints - The report highlights a clear long-term low-carbon transition goal and deepening energy cooperation between China and Russia [1][5] - The utility sector has shown resilience, with the power sector experiencing a slight increase while the gas sector faced a decline [5][15] - The report anticipates improvements in profitability and value reassessment for the power sector due to ongoing supply-demand tensions and market reforms [5][6] Summary by Sections Market Performance - As of September 26, the utility sector rose by 0.3%, outperforming the broader market, with the power sector up by 0.37% and the gas sector down by 0.63% [5][13] - The report notes that the electricity market is expected to see a gradual increase in prices due to ongoing reforms and supply-demand dynamics [5][6] Power Industry Data Tracking - The price of thermal coal at Qinhuangdao Port (Q5500) increased to 703 CNY/ton, a weekly rise of 4 CNY/ton [5][23] - Coal inventory at Qinhuangdao Port decreased to 5.4 million tons, down 750,000 tons week-on-week [5][30] - Daily coal consumption in inland provinces was reported at 3.014 million tons, a decrease of 378,000 tons/day, with an available supply of 30.27 days [5][32] Natural Gas Industry Data Tracking - The LNG ex-factory price index in Shanghai was 4,016 CNY/ton, a year-on-year decrease of 20.66% [5][57] - The EU's natural gas supply for week 38 was 5.46 billion cubic meters, a year-on-year increase of 14.5% [5][63] - Domestic natural gas consumption in July was 36.17 billion cubic meters, a year-on-year increase of 2.9% [5][6] Key Industry News - The report mentions a significant energy supply contract between Russia and China, described as unprecedented, which is expected to enhance export potential and regional development [5][6] - The total electricity consumption in August grew by 5.0% year-on-year, with significant contributions from various sectors [5][6] Investment Recommendations - For the power sector, the report suggests focusing on leading coal power companies and those in regions with tight electricity supply [5][6] - In the natural gas sector, companies with low-cost long-term gas sources and receiving station assets are expected to benefit from market conditions [5][6]

Core Insights - The forum held on September 25, 2023, in Chongli, Hebei, focused on the development trends and paths of power engineering cost management under the reform of cost management systems, emphasizing the integration of big data technology in engineering economics [1][5] - Key figures from the China Electricity Council and industry experts participated, highlighting the importance of energy transition and digital technology in shaping the future of power engineering economics [3][5] Group 1: Forum Overview - The forum was themed "Exploring New Paths in Power Generation, Empowering with Digital Intelligence" and aimed to provide insights for high-quality development in the power industry [1] - Approximately 300 representatives from government, industry associations, power companies, universities, consulting firms, software companies, and international organizations attended the event [8] Group 2: Key Presentations and Discussions - Pan Yuelong emphasized the critical role of power engineering economics in energy security, industry development, and public interest, especially during the 14th Five-Year Plan's concluding year and the ongoing push for carbon neutrality [5] - Wang Wei summarized the achievements and challenges of market-oriented reforms in engineering cost management, advocating for a focus on market reform, digital thinking, and standardized approaches to drive high-quality development [7] Group 3: Industry Collaboration and Future Directions - The forum facilitated a platform for sharing industry experiences and building consensus on innovative management practices in power engineering economics, aiming to support the construction of new power systems and achieve high-quality development in the sector [7] - The Electric Power Engineering Cost Index (ECCI) for 2024 was released, covering various aspects of power construction costs, including indices for unit costs, major equipment prices, and cost forecasts [7]

摩根大通指，对华能国际电力看法转为审慎，基于该股今年累升29%，跑赢同业按年持平表现，并预先 反映其基本面。该行认为，华能国电今年急升基于胜预期的煤电业务，但见该部分盈利率进一步扩大空 间有限，基于煤价回升，并已较6月低位升逾10%，以及明年电价不确定性。该行亦见派息增长不确定 性，基于可再生能源投资或在十五五计划期间高企，去年58%派息率已高于其承诺的50%。加上煤价见 底及长期煤电盈利率不确定，令风险回报不吸引。该行下调对公司明年及后年盈利预测6%至7%，目标 价维持4.85港元，投资评级由"增持"降至"减持"。 ...

Core Insights - The world's largest coal-fired carbon capture demonstration project at Huaneng Gansu Zhengning Power Plant has successfully completed a 72-hour trial run and is now in commercial operation, marking a historic leap in CCUS technology from "ten-thousand-ton demonstration" to "million-ton industrial application" [1][2] - The project is a significant national technology demonstration and a first batch green low-carbon demonstration project by the National Development and Reform Commission, aimed at capturing CO2 from the flue gas of the power plant [1] Group 1 - The carbon capture rate of the project exceeds 90%, with an annual capacity to capture 1.5 million tons of CO2, equivalent to the annual emissions of 600,000 cars [2] - The captured CO2 has a purity of over 99% and can be compressed to a supercritical state for underground geological storage, as well as applications in enhanced oil recovery, green fuel synthesis, and mineralized building materials [1][2] - The project has achieved breakthroughs in key technologies, including the world's first "dual-tower" composite absorption tower and the largest deep saline aquifer multi-layer storage system in China, setting a new benchmark for low-carbon transformation in the coal power industry [2] Group 2 - CCUS stands for Carbon Capture, Utilization, and Storage, which is a key technology for achieving carbon neutrality in the future [3] - In coal-fired power plants, CO2 is separated from flue gas through a chemical reaction with alkaline absorbents, followed by dehydration, purification, and compression for various applications [3] - The captured CO2 can be utilized in chemical and biological fields, injected underground to enhance oil recovery, or safely stored in underground or marine environments [3]

本期债券的募集资金扣除相关发行费用后，拟将用于生产性支出，包括偿还 有息债务、补充流动资金、项目投资及运营等符合法律法规要求的用途。 本期债券发行的有关文件已在上海证券交易所网站上公告，网址为 www.sse.com.cn。 特此公告。 华能国际电力股份有限公司 关于公司债券发行的公告 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法律责任。 华能国际电力股份有限公司（"公司"）面向专业投资者公开发行面值不超过 人民币400亿元（含400亿元）的公司债券已经上海证券交易所审核同意，并经中 国证券监督管理委员会同意注册（证监许可〔2025〕1335号）。 公司已于近日完成了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（第四期）（"本期债券"）的发行。本期债券拟 发行不超过人民币15亿元（含15亿元），分为两个品种：品种一基础期限为5年， 以每5个计息年度为一个周期；品种二基础期限为10年，以每10个计息年度为一 个周期。在约定的基础期限末及每个续期的周期末，公司有权行使续期选择权， 按约定的基础期限延长 ...