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 關於超短期融資券發行的公告 華能國際電力股份有限公司 黃朝全 公司秘書 本 公 告 乃 根 據 香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則（「上市規則」）第 13.10B條 而 作 出。 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，一 次 或 分 次 滾 動 發 行 本 金 餘 額 不 超 過 人 民 幣300 億 元 的 超 短 期 融 資 券（即 在 前 述 授 權 期 限 內 的 任 一 時 點，公 司 發 行 的 處 於有效存續期內的超短期融資券本金餘額不超過人民幣300億 元）。 公司已於近日完成了華能國際 ...

Investment Rating - The report maintains an "Overweight" rating for the electricity sector [1]. Core Viewpoints - In April, the national electricity consumption increased by 4.7%, with a cumulative growth of 3.1% from January to April [8][14]. - The electricity demand from the first and third industries shows resilience, while the second industry experiences weakness [14]. - The supply side saw a 0.9% year-on-year increase in electricity generation in April, with significant growth in renewable energy sources [30][33]. Summary by Sections Demand Side - From January to April, the total electricity consumption reached 31,566 billion kWh, with April alone accounting for 7,721 billion kWh [8]. - The first industry saw a 10.0% increase in electricity consumption, the second industry grew by 2.3%, and the third industry increased by 6.0% [14][13]. - In April, the first, second, and third industries' electricity consumption growth rates were 13.8%, 3.0%, and 9.0%, respectively, while residential electricity consumption grew by 7.0% [14]. Supply Side - In April, the total electricity generation was 7,111 billion kWh, marking a 0.9% year-on-year increase [30]. - The growth rates for different energy sources in April were as follows: wind power increased by 12.7%, solar power by 16.7%, nuclear power by 12.4%, while hydropower decreased by 6.5% and thermal power fell by 2.3% [33]. Investment Recommendations - The report suggests increasing allocation to the electricity sector due to favorable fundamentals and market catalysts as summer approaches [53]. - For thermal power, the report highlights the potential for improved profitability due to falling coal prices, recommending companies like Huadian International and Huaneng International [55]. - In the green energy sector, the report recommends focusing on wind power operators and undervalued green energy stocks, such as Xintian Green Energy and Longyuan Power [55]. - For hydropower and nuclear power, the report suggests monitoring companies like China National Nuclear Power and China General Nuclear Power [55].

Group 1 - The core viewpoint of the articles highlights Huaneng International's current stock performance, with a closing price of 7.4 yuan and a rolling PE ratio of 11.05 times, significantly lower than the industry average of 23.46 times [1][2] - Huaneng International's total market capitalization is reported at 116.166 billion yuan, ranking 14th in the electricity sector based on PE ratio [1][2] - The company has a total of 106,310 shareholders as of March 31, 2016, with an average holding value of 352,800 yuan and an average shareholding of 27,600 shares [1] Group 2 - Huaneng International's main business involves power generation and sales, with additional services in port and transportation [1] - The latest quarterly report for Q1 2025 shows a revenue of 60.335 billion yuan, a year-on-year decrease of 7.70%, while net profit increased by 8.19% to 4.973 billion yuan, with a gross margin of 19.05% [1] - The company holds a total of 2,021 patents, including 1,021 invention patents, 746 utility model patents, and 316 international patents [1]

Investment Rating - The report indicates a positive outlook for the electricity industry, suggesting it is entering a phase of high prosperity due to policy catalysts and fundamental improvements [2][11]. Core Insights - The implementation of the capacity price mechanism starting in 2024 is expected to restructure the revenue model for coal power companies, reducing reliance on energy sales and stabilizing income expectations [11][21]. - The auxiliary service market mechanism has been officially released, accelerating the construction of the spot market, which will support high-quality development in the electricity sector [12]. - Overall electricity demand is recovering, with a reported increase in national electricity consumption of 4.28% year-on-year as of March 2025, indicating a positive trend for the industry [13]. - Hydropower generation is expected to improve due to favorable water conditions, while coal-fired power plants are experiencing reduced fuel cost pressures, enhancing profitability [15][17]. Summary by Sections 1. Policy Catalysts and Fundamental Resonance - The capacity price mechanism will optimize the profit model for coal power, ensuring sustainable operation [11]. - The auxiliary service market will provide new revenue channels for electricity companies, enhancing income diversity [12]. - Electricity demand is on the rise, supporting industry prosperity [13]. 2. Investment Value Analysis of the CSI All-Share Power Index - The CSI All-Share Power Index consists mainly of stocks from the power utility sector, with 98.92% of its components in power generation and grid industries [3][29]. - As of April 30, 2025, the index's P/E ratio is 16.65 and P/B ratio is 1.69, indicating relatively suitable valuation levels [31]. - The index has shown strong profitability and a high willingness to distribute dividends, with a 12-month dividend yield of 2.80% [35]. 3. Analysis of the GF CSI All-Share Power Utility ETF - The GF CSI All-Share Power Utility ETF was established on December 29, 2021, and aims to closely track the CSI All-Share Power Utility Index [45]. - As of May 14, 2025, the ETF has a scale of 3.489 billion yuan and a daily average trading volume of 193 million yuan, indicating good market liquidity [45]. - The fund is managed by an experienced manager with over 25 years in the securities industry [46].

Core Viewpoint - China Huaneng Group and its listed subsidiaries have demonstrated strong financial performance, with significant dividends and a focus on renewable energy as a new profit growth engine [1][3][4]. Financial Performance - The three listed companies have cumulatively distributed dividends of 104.1 billion yuan since their listings, with an average dividend payout ratio exceeding 56% [1]. - Cumulative financing amounts to approximately 45 billion yuan, with dividends significantly surpassing financing, highlighting the companies' long-term return capabilities for investors [1]. - The net profit of the three listed companies increased from 18.1 billion yuan to 20.8 billion yuan over the past two years, with a steady rise in return on equity [3][4]. Renewable Energy Growth - Huaneng International's renewable energy business has seen substantial growth, with pre-tax profits projected to reach 8 billion yuan and 9.5 billion yuan in 2023 and 2024, respectively, accounting for over 50% of total profits [1][6]. - Huaneng Hydropower's installed renewable energy capacity surged from 235,000 kilowatts in early 2021 to 3.7027 million kilowatts, with a 127.04% year-on-year increase in renewable energy generation in 2024 [3][6]. - Inner Mongolia Huadian has increased its renewable energy project share to 25% of total installed capacity, up 14 percentage points since the beginning of the 14th Five-Year Plan [3]. Strategic Development - The company aims to enhance market competitiveness and internal value through effective market management strategies, including improved information disclosure and share buybacks [4][6]. - The focus is on developing strategic emerging industries and future industries, with an expected increase in electricity's share of total energy consumption from 30% this year to 35% by 2030 [6][9]. - The company plans to maintain a balanced development approach, emphasizing green and low-carbon growth while advancing renewable energy, hydropower, and nuclear power projects [8][9].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [6] Core Views - The decline in coal prices is expected to improve the company's performance, while long-term factors will determine its investment value [6] - The company reported a decrease in revenue but an increase in net profit in Q1 2025, indicating resilience amid market challenges [8] - The company is positioned to benefit from the ongoing transition in the energy market, with a focus on both coal and renewable energy sources [8] Financial Performance Summary - In Q1 2025, the company achieved revenue of 60.335 billion yuan, a year-on-year decrease of 7.70%, while net profit attributable to shareholders was 4.973 billion yuan, an increase of 8.19% [8] - The company's coal power segment saw a profit increase of 40.96% year-on-year, driven by falling coal prices [8] - The company’s revenue projections for 2023 to 2027 show fluctuations, with expected revenues of 254.397 billion yuan in 2023, decreasing to 242.266 billion yuan in 2025, and then slightly increasing to 244.067 billion yuan in 2027 [7] Profitability and Valuation - The forecasted net profit for 2025-2027 is 110 billion yuan, 117 billion yuan, and 126 billion yuan respectively, with corresponding P/E ratios of 14, 13, and 12 [8] - The company's return on equity (ROE) is projected to improve from 7.38% in 2024 to 8.12% in 2027 [7] - The average settlement price for electricity in Q1 2025 was 488.19 yuan per megawatt-hour, a decrease of 1.96% year-on-year [8]

业绩说明会上，中国华能董事长、党组书记温枢刚表示，上市公司是中国华能极为重要的发展平台，华 能国际、华能水电和内蒙华电三家上市公司都在能源电力行业深耕多年，在资本市场有着丰厚的积 累。"中国华能一直以来都大力支持控股上市公司不断做大做强，持续关注控股上市公司的股东回报、 市值管理，优化上市公司资本布局。" 温枢刚强调。 新能源布局显成效 "在新能源投资机会上，作为控股股东，我们全力支持上市公司向好发展，同时也尊重上市公司的独立 性，支持他们发挥各自优势挖掘投资机会。"中国华能总会计师王益华表示，华能国际、内蒙华电依托 现有电源布局，着力推动火电和新能源项目实现"火风光互补"，华能水电着重开发水电站流域内新能源 项目以实现"水风光一体化"。 王益华强调，我国风光新能源项目可开发资源丰富，全集团核准备案、开工建设新能源规模逐年上升， 目前公司新能源装机突破1亿千瓦，目前新能源的开发建设速度足以支持上市公司的长期快速发展。 5月16日，中国华能集团有限公司（下称"中国华能"）携控股的华能国际（600011）、华能水电 （600025）、内蒙华电（600863）三家沪市上市公司在上海证券交易所召开集体业绩说明会。 华 ...

5月16日，中国华能集团有限公司(简称"中国华能")携控股华能国际（600011）电力股份有限公司(简 称"华能国际")、华能澜沧江水电股份有限公司(简称"华能水电（600025）")、内蒙古蒙电华能热电股份 有限公司(简称"内蒙华电（600863）")三家沪市上市公司在上海证券交易所召开集体业绩说明会。 作为内蒙古自治区首家上市公司，近年来，内蒙华电依托"煤电一体化+新能源转型"双轮驱动战略，构 建了涵盖火电、煤炭、新能源的业务布局。 内蒙华电董事长高原介绍称，截至2024年底，公司火电总装机容量1，140万千瓦，煤炭产能1500万吨/ 年，新能源运营装机容量188万千瓦，在建新能源项目204万千瓦。从经营业绩来说，公司毛利率整体呈 现上升趋势，即从2020年的14.56%上升至2025年一季度的25.04%。 会上，中国华能董事长、党组书记温枢刚强调，未来，中国华能将更加注重提高上市公司发展质量，进 一步明确各上市公司专注领域，优化产业布局，提升运营质量，增强价值创造能力；推动上市公司建立 健全常态化回报机制，促进各上市公司提高分红比例和频次，吸引战略资本、长期资本、耐心资本成为 上市公司股东，不断增强投 ...

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。 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 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： 2025年5月19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：188136.SH 债券简称：21 华能 02 华能国 ...

丨证券研究报告丨 行业研究丨行业周报丨公用事业 [Table_Title] 国际认可加速绿证消费扩容，价改推进重视绿电 长期价值 报告要点 [Table_Summary] 国际绿色电力消费倡议组织（RE100）宣布无条件认可中国绿证，明确企业使用中国绿证不需 要再提供额外证明。标志着我国绿证体系的制度完善与国际互认取得里程碑式突破，助推我国 绿证需求侧加速扩容。长期低位运行的市场需求和绿证价格将得到显著催化，为新能源项目实 现合理收益提供重要支撑。在新能源价格改革持续持续推进的背景下，我们认为各省配套细则 也将承接 136 号文保护存量项目、稳定增量项目收益预期的原则，有助于长远角度新能源发电 的合理健康发展，同时随着绿电消费的加速扩容，绿电公司有望迎来价值重估。 分析师及联系人 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Author] SFC：BQT627 SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SAC：S0490523080003 张韦华 司旗 宋尚骞 刘亚辉 [T ...