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（第五期）（"本期债券"）的发行。本期债券分 为两个品种：品种一发行额为人民币8亿元，发行利率为2.10%，基础期限为3年， 以每3个计息年度为1个重新定价周期，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1个周期，或选择在该周期末 到期全额兑付本品种债券；品种二发行额为人民币12亿元，发行利率为2.32%， 基础期限为5年，以每5个计息年度为1个重新定价周期，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1个周期， 或选择在该周期末到期全额兑付本品种债券。 本期债券的募集资金扣除相关发行费用后， ...

Core Viewpoint - Huaneng International's electricity generation in Q3 2025 shows a decline, but significant cost reductions are expected to alleviate pressure from falling volume and prices [1] Summary by Category Company Performance - Huaneng International's consolidated electricity generation in Q3 2025 reached 125.768 billion kilowatt-hours, representing a year-on-year decrease of 3.67% [1] Cost Analysis - The notable decline in costs is anticipated to effectively mitigate the pressures arising from the decrease in both volume and pricing [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company's thermal power operations continue to improve, with expectations for strong quarterly performance driven by significant cost reductions in coal [2][6] - Despite a decrease in electricity generation and prices, the substantial drop in fuel costs is expected to alleviate pressure on revenue, leading to an overall positive performance outlook for the third quarter [2][6] Summary by Sections Electricity Generation and Pricing - In the third quarter, the company's coal-fired power generation decreased by 7.16% year-on-year, while gas-fired generation saw a slight decline of 0.30% [2][6] - The average on-grid electricity price for the first three quarters of 2025 was 478.71 yuan per megawatt-hour, down 3.54% year-on-year, with the third quarter price at 0.468 yuan per kilowatt-hour, a decrease of 0.024 yuan per kilowatt-hour [2][6] Cost Analysis - The average coal price at Qinhuangdao for Q5500 grade coal was 672.46 yuan per ton, down 175.63 yuan per ton year-on-year, indicating a significant cost reduction that is expected to support improved performance in thermal power operations [2][6] Renewable Energy Operations - The company added 220.53 MW of wind power and 462.68 MW of solar power capacity in the first three quarters of 2025, with total installed capacities reaching 2031.43 MW for wind and 2446.28 MW for solar by the end of September 2025 [2][6] - Despite the growth in renewable energy capacity, the company faces challenges due to weak resource conditions affecting wind generation and increased costs from depreciation and other expenses [2][6] Financial Projections - The earnings per share (EPS) forecasts for 2025, 2026, and 2027 are adjusted to 0.84 yuan, 0.91 yuan, and 0.98 yuan respectively, with corresponding price-to-earnings (PE) ratios of 8.85, 8.13, and 7.53 [2][6]

Core Insights - The relocation of central enterprises (SOEs) to Xiong'an New Area is expected to boost local development, with three SOEs having officially settled and over 300 branches established, indicating a significant influx of corporate presence [3] - However, the direct impact on local employment and economic growth is limited, as the number of jobs created by these SOEs is insufficient to meet the area's population target of 5 million [4] - The experience from across the country suggests that private and small enterprises are more effective in driving regional economic development compared to SOEs, highlighting the need for supportive policies for these businesses [5] Group 1: SOE Relocation and Impact - China Huaneng and China Sinochem have established their headquarters in Xiong'an, contributing to the formation of an innovation ecosystem in the aerospace information sector [3] - The "headquarters + industrial chain" model is anticipated to reconstruct the industrial ecosystem in Xiong'an, promoting the implementation of development plans [3] - The initial focus of SOEs on stable operations may delay their economic contributions to the local area, necessitating significant investment in infrastructure to support these enterprises [4] Group 2: Employment and Economic Contribution - The three SOEs have brought approximately 3,000 employees, which is far from sufficient to support the projected population growth in Xiong'an [4] - The stable nature of SOEs means they are unlikely to create immediate economic benefits, requiring a long-term approach to foster local economic growth [4] Group 3: Role of Private and Small Enterprises - Private and small enterprises contribute significantly to tax revenue, GDP, innovation, employment, and the number of businesses, underscoring their importance in economic development [5] - The presence of private tech companies in the Xiong'an internet industrial park is crucial for developing the aerospace information and AI sectors, creating a symbiotic relationship with SOEs [5] - To enhance the vitality of private and small enterprises, Xiong'an needs to implement more targeted support policies, ensuring equitable treatment compared to SOEs [6] Group 4: Recommendations for Policy Support - Suggestions include optimizing the business environment for small enterprises, creating platforms for collaboration between SOEs and private firms, and expanding support in financing and public services [6] - The successful integration of SOEs and private enterprises is essential for Xiong'an to transition from merely accommodating SOEs to achieving autonomous development and high-quality growth [6]

Group 1 - Dingjide's subsidiary has successfully launched the industrial production of POE materials, achieving stable production of qualified products [1] - Xinhua Insurance reported a 19% year-on-year increase in original insurance premium income for the first three quarters, totaling 172.705 billion yuan [1] - Chunfeng Power achieved a 30.89% year-on-year increase in net profit for the first three quarters, with total revenue reaching 14.15 billion yuan [1][2] Group 2 - Guangsheng Nonferrous expects a net profit of 100 million to 130 million yuan for the first three quarters, marking a turnaround from losses [1] - Aobi Zhongguang anticipates a net profit of approximately 108 million yuan for the first three quarters, with revenue growth of 103.5% [1] - Guobang Pharmaceutical reported a 15.78% year-on-year increase in net profit for the first three quarters, totaling 6.7 billion yuan [1] Group 3 - Zhujiang Co. manages 428 projects with a signed construction area of approximately 50.9853 million square meters as of September 2025 [1] - Kecuan Technology has terminated its application for issuing convertible bonds, considering its development plan and actual situation [1] - Guoxin Securities has received approval to register 15 billion yuan in short-term corporate bonds [1] Group 4 - Aihua Pharmaceutical's clinical trial for a pediatric cough syrup has been approved by the National Medical Products Administration [1] - Xinjiang Jiaojian signed new construction contracts worth 1.413 billion yuan in the third quarter [1] - Sichuan Shuangma's subsidiary has received approval for the listing of a raw material drug used in treating various diseases [1] Group 5 - Gansu Energy's 1,000 MW coal-fired unit has officially commenced commercial operation [1] - Zhejiang Energy reported a 4.68% year-on-year increase in power generation for the first three quarters, totaling 135.234 billion kWh [1] - Tiandi Source's contract sales amount for the first nine months decreased by 16.18% to 3.085 billion yuan [1] Group 6 - Biological Shares' subsidiary has obtained a new veterinary drug registration certificate for a vaccine [1] - Jintong Co. reported a 4.03% year-on-year increase in net profit for the first three quarters, totaling 2.283 billion yuan [1] - Rihua Technology plans to invest 800 million yuan in a new project for industrial ray detection equipment [1] Group 7 - Zhongtian Technology has won multiple marine project bids totaling approximately 1.788 billion yuan [1] - Qingsong Co. has completed the disposal of a 148-acre industrial park project, transferring it for 163 million yuan [1] - Tongyuan Petroleum has successfully bid for a $126 million oil and gas service project in Algeria [1] Group 8 - Hengmingda's chairman proposed a share buyback plan of 200 million to 400 million yuan [1] - Deyi Cultural plans to reduce its holdings by up to 1% of the company's shares [1] - Feirongda's major shareholder plans to reduce its holdings by up to 2.36% of the company's shares [1] Group 9 - Mankun Technology plans to issue convertible bonds to raise no more than 760 million yuan for high-end PCB production and digital upgrades [1] - Sanlian Forging's shareholder plans to reduce its holdings by up to 3% of the company's shares [1] - Huagong Technology intends to jointly establish a venture capital fund with a target size of 500 million yuan [1] Group 10 - Shida Shenghua expects a net loss of 49 million to 75 million yuan for the first three quarters [1] - Huichuangda's major shareholder plans to reduce its holdings by up to 0.65% of the company's shares [1] - Yuxin Electronics reported a 60.21% year-on-year increase in net profit for the first three quarters, totaling 73.3941 million yuan [1] Group 11 - Yiwei Communication expects a 50% to 55% decline in net profit for the first three quarters [1] - Lio Co. plans to reduce its repurchased shares by up to 135 million shares [1] - Sichuan Shuangma's subsidiary has received approval for a new drug registration [1]

文丨李欣瑶 据了解，华能国际2024年年度股东大会于2025年6月24日通过决议，同意华能国际自2024年年度股东大 会批准时起至2025年年度股东大会结束时止，授权额度不超过等值于1700亿元人民币的境内外债务融资 工具（股东大会授权期内），本期债券主承销商为中国民生银行股份有限公司和北京银行股份有限公 司。 值得一提的是，同时华能国际也完成了第九期超短期融资债券的发行，利率为1.50%。与第八期总额 度、期限相同，但第八期利率略低。 业绩方面，华能国际2025年上半年营业收入为1120.32亿元，同比减少5.70%，归属于上市公司股东的净 利润为92.62亿元，同比增加24.26%。 | | | 单位:元 | 币种:人民币 | | --- | --- | --- | --- | | 主要会计数据 | 本报告期 (1-6月) | 上年同期 | 本报告期 比上年同 | | | | | 期增减(%) | | 营业收入 | 112,032,082,664 | 118,805,857,937 | -5.70 | | 利润总额 | 14,762,011,734 | 11,189,044,254 | 31.93 | | ...

Core Insights - The electricity sector experienced a slight increase of 0.19% on the previous trading day, with Huaneng Water Power leading the gains [1] - The Shanghai Composite Index closed at 3916.23, up 0.1%, while the Shenzhen Component Index closed at 13086.41, down 0.25% [1] Electricity Sector Performance - Huaneng Water Power (600025) closed at 10.00, up 2.15%, with a trading volume of 430,900 shares and a transaction value of 429 million [1] - China General Nuclear Power (003816) closed at 4.02, up 1.77%, with a trading volume of 2,647,200 shares and a transaction value of 1.058 billion [1] - Other notable performers include: - Jiantou Energy (000600) at 8.96, up 1.47%, with a transaction value of 770 million [1] - ST Lingda (300125) at 11.06, up 1.19%, with a transaction value of 157 million [1] - Jiangsu Guoxin (002608) at 8.41, up 1.08%, with a transaction value of 223 million [1] Capital Flow Analysis - The electricity sector saw a net outflow of 1.332 billion from institutional investors and 258 million from retail investors, while retail investors had a net inflow of 1.591 billion [2][3] - Key stocks with significant capital flow include: - Changjiang Electric (600900) with a net inflow of 299 million from institutional investors [3] - China Nuclear Power (601985) with a net inflow of 132 million from institutional investors [3] - Huaneng Water Power (600025) with a net inflow of 13 million from institutional investors [3]

Core Viewpoint - Huaneng International Power Co., Ltd. announced the issuance of technology innovation perpetual corporate bonds aimed at professional investors, with a total issuance scale not exceeding RMB 2 billion [1] Group 1: Bond Issuance Details - The bond issuance consists of two varieties: the first variety has a term of 3+N years, while the second variety has a term of 5+N years [1] - The final coupon rate for the first variety (bond abbreviation: 25HPI7YK, code: 243956.SH) is set at 2.10%, and for the second variety (bond abbreviation: 25HPI8YK, code: 243957.SH) at 2.32% [1]

根据网下向专业机构投资者询价簿记结果，经发行人和主承销商充分协商和审慎判断，最终确定本期债 券品种一(债券简称：25HPI7YK，代码：243956.SH)票面利率为2.10%，本期债券品种二(债券简称： 25HPI8YK，代码：243957.SH)票面利率为2.32%。 华能国际（600011）电力股份(00902)发布公告，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(第五期)发行规模不超过人民币20亿元(含20亿元)。本期债券分两个品 种，品种一发行期限为3+N年，品种二发行期限为5+N年。 ...

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