新华社石家庄10月9日电（记者齐雷杰、龚璟璐）10月9日，中国华能集团有限公司、中国中化控股有限 责任公司举行升旗仪式，这标志着作为雄安新区首批疏解央企的中国华能和中国中化正式迁驻雄安。 作为首批疏解央企，中国华能和中国中化积极全面融入雄安新区规划建设。目前，中国华能总部及直属 单位的1000余名员工已在雄安新区进入常态化办公状态。中国中化总部已步入常态化办公阶段，近1000 名总部及相关配套单元的员工已在新办公场地有序开展工作。 雄安新区高度重视承接北京非首都功能疏解工作，为央企在雄安的发展提供全方位支持与保障。从办公 场地的规划建设到员工生活的配套服务，新区相关部门主动对接企业需求，在政策落实、资源协调等方 面高效协同，确保了企业搬迁过渡平稳有序。此次中国华能和中国中化顺利迁驻并实现常态化办公，为 后续更多央企疏解入驻积累了宝贵经验。 中国华能相关负责人称，下一步，中国华能将充分发挥产业优势，立足当好推进高水平科技自立自强、 建设现代化产业体系、发展新质生产力的"三个排头兵"，持续做好能源保供、经营提效、绿色发展等各 项工作，在服务党和国家工作大局中展现担当作为。 "中国中化深刻认识到此次迁驻雄安，对公司 ...

Core Viewpoint - The relocation of China Huaneng Group and Sinochem Holdings to Xiong'an New Area marks a significant milestone in the development of both companies and represents a key progress in the area’s efforts to relieve non-capital functions from Beijing [2][3][5]. Group 1 - China Huaneng and Sinochem have officially settled in Xiong'an, with over 1,000 employees from each company now living and working in the area [3]. - The presence of these leading state-owned enterprises (SOEs) is expected to attract related upstream and downstream companies, promoting the optimization and upgrading of the industrial structure in Xiong'an [3]. - The large-scale relocation of SOE employees will bring valuable resources such as talent and technology to Xiong'an, enhancing urban functions and vitality [3][5]. Group 2 - Xiong'an New Area is committed to supporting the relocation of SOEs from Beijing, providing comprehensive support and guarantees for their development [5]. - Local authorities have actively coordinated with the companies to meet their needs, ensuring a smooth transition in terms of office space planning and employee living services [5]. - The successful relocation of China Huaneng and Sinochem serves as a demonstration of the area's capability to support SOE transitions and provides valuable experience for future relocations [5].

Core Points - China Huaneng Group and Sinochem Holdings officially relocated to Xiong'an New Area, marking a significant milestone in their development and a key progress in the relocation of non-capital functions from Beijing [1][3] - Over 1,000 employees from China Huaneng and nearly 1,000 employees from Sinochem have begun regular work and life in Xiong'an New Area [3] Group 1 - The relocation of these two central enterprises will drive the aggregation of related upstream and downstream companies to Xiong'an, promoting the optimization and upgrading of the industrial structure in the area [3] - The large-scale settlement of central enterprise employees will bring talent and technology resources to Xiong'an, enhancing urban functions and vitality [3] Group 2 - Xiong'an New Area is committed to supporting the relocation of non-capital functions from Beijing, providing comprehensive support and guarantees for the development of central enterprises [3] - The successful relocation and normalization of operations for China Huaneng and Sinochem demonstrate the effective service and support capabilities of the New Area, accumulating valuable experience for the future relocation of more central enterprises [3]

Core Viewpoint - The relocation of China Huaneng Group and China Sinochem Holdings to Xiong'an New Area marks a significant step in the central enterprises' efforts to support the development of the region and implement national strategies [1][3]. Group 1: Relocation and Operational Status - China Huaneng and China Sinochem have officially moved to Xiong'an New Area, with over 1,000 employees from China Huaneng and nearly 1,000 from China Sinochem now operating in a normalized work environment [1][2]. - The successful transition of these enterprises demonstrates the Xiong'an New Area's effective support and coordination in facilitating the relocation of central enterprises [2]. Group 2: Strategic Importance and Future Plans - China Huaneng aims to leverage its industrial advantages to contribute to the high-level technological self-reliance and the construction of a modern industrial system in Xiong'an [2]. - China Sinochem views its relocation as a historical opportunity to integrate into national strategies and plans to utilize its strengths in technology innovation and green transformation to support the development of Xiong'an [3]. Group 3: Impact on Xiong'an New Area - The establishment of these central enterprises in Xiong'an is expected to attract related upstream and downstream industries, enhancing the region's industrial structure and promoting high-quality development [4]. - The influx of employees from these enterprises will bring valuable talent and technology resources to Xiong'an, improving urban functions and vitality [4].

Core Viewpoint - The relocation of China Huaneng Group and China Sinochem Holdings to Xiong'an New Area marks a significant step in the central enterprises' efforts to alleviate non-capital functions from Beijing, contributing to the development of the new area [1][4]. Group 1: Company Overview - China Huaneng is a state-owned enterprise with a registered capital of 20 billion RMB, focusing on power development, investment, construction, and management, as well as related industries such as finance, coal, transportation, new energy, and environmental protection [3]. - The headquarters of China Huaneng covers an area of approximately 111,100 square meters, featuring a 26-story tower with a height of 130 meters, and includes offices, meeting rooms, and service facilities [3]. - China Sinochem, formed from the merger of China Sinochem Group and China National Chemical Corporation, is a major state-owned enterprise with 220,000 employees, operating in eight sectors including life sciences, materials science, petrochemicals, and urban operations [3]. Group 2: Development in Xiong'an New Area - The Xiong'an New Area is currently undergoing large-scale construction and is in the process of accommodating the non-capital functions of Beijing [4]. - In addition to China Huaneng and China Sinochem, China Satellite Network Group has also moved into the Xiong'an headquarters building, while China Mineral Resources Group's headquarters project is under construction and has entered the finishing stage [4].

Summary of Key Points from the Conference Call on China's Electricity Market Reform Industry Overview - The conference call focuses on the **electricity industry** in China, specifically discussing the ongoing reforms in the electricity market and their implications for various energy sources and companies involved in the sector [1][4][8]. Core Insights and Arguments - **Market Reform Progress**: Significant advancements have been made in the market-oriented reform of the electricity sector, with thermal power pricing fully entering the market and nuclear power pricing reaching 50% market participation. By 2025, all new energy projects are expected to enter the market [1][4]. - **Electricity Pricing Mechanism**: The reform aims to reflect the true value of each segment in the electricity supply chain, including energy value, green value, transmission and distribution costs, and system operation fees. This is intended to guide high-quality industry development and optimize resource allocation [1][6][7]. - **Future Directions**: The future of electricity reform is expected to focus on ensuring reasonable returns for each segment through a scientifically sound pricing mechanism, promoting the development of a new, efficient, and clean energy system [1][6][14]. - **Investment Opportunities**: The electricity sector presents diverse investment opportunities, particularly in companies with quality wind and solar resources, coal power companies benefiting from declining coal prices, and competitive hydro and nuclear power firms [3][20][21]. Important but Overlooked Content - **Challenges in Reform**: The reform process faces challenges, including rising overall system costs due to the shift towards cleaner energy and the need to balance supply and demand effectively. The current pricing mechanism has not fully adapted to these changes [2][5][14]. - **Historical Context**: The electricity reform in China began in 2002, with significant milestones in 2015 that emphasized market competition in generation and sales while maintaining state control over transmission and distribution [8][9]. - **Regulatory Changes**: Recent policies have aimed to enhance competition in the coal-fired power market, allowing prices to fluctuate based on supply and demand, which is crucial for achieving a more efficient and fair resource allocation [9][10][11]. - **Regional Market Development**: The development of regional and national electricity trading markets is progressing, with the southern region already implementing spot market operations, which will influence overall pricing and system efficiency [17][18]. Conclusion - The ongoing reforms in China's electricity market are set to reshape the industry landscape, creating new investment opportunities while addressing existing challenges. The focus on market-driven pricing and the integration of various energy sources will be critical for the sector's future growth and stability [1][3][20][21].

Investment Rating - The industry investment rating is "Positive" and is maintained [11] Core Viewpoints - The report indicates that while electricity prices and volumes continued to decline in the third quarter, the significant drop in coal prices is expected to lead to positive performance for thermal power operators in northern and parts of eastern and central China [2][6] - Hydropower performance is anticipated to be limited due to weak electricity generation during the main flood season, with a year-on-year decrease of 9.95% in hydropower generation from July to August [7][35] - Nuclear power generation is expected to grow steadily, but performance may vary by province due to differing impacts from declining electricity prices [7][36] - Clean energy utilization hours have decreased nationally, but regions like Fujian, Shanghai, and Guangdong have shown recovery in wind energy utilization hours, leading to strong performance from certain regional new energy operators [8][43] Summary by Sections Thermal Power - The three core factors affecting thermal power profitability are coal prices, electricity prices, and utilization hours. Despite a general decline in electricity prices across provinces, coal prices have significantly decreased, with the average coal price in Qinhuangdao dropping by 175.63 yuan/ton year-on-year [6][20] - The comprehensive coal price drop is expected to reduce thermal power fuel costs by approximately 0.035 yuan/kWh year-on-year, supporting continued improvement in thermal power operations, especially in northern and eastern provinces [6][32] Hydropower - Hydropower generation faced a year-on-year decline of 9.95% due to high base effects and uneven rainfall distribution. However, improved water inflow in September is expected to alleviate some pressure on hydropower performance [7][35] - Major hydropower companies are expected to manage water reservoir operations effectively to mitigate fluctuations in water inflow [35] Nuclear Power - Nuclear power generation is projected to grow by 7.09% year-on-year, supported by increased installed capacity and stable maintenance schedules. However, market price fluctuations may impact performance differently across operators [36][7] Clean Energy - Wind and solar power generation saw significant year-on-year growth of 11.85% and 22.09%, respectively, but utilization hours have decreased. Regional disparities exist, with eastern coastal provinces showing improved wind energy utilization [8][43] - Despite high growth in installed capacity, the overall performance of new energy operators may face pressure due to rising costs and weak electricity prices, although some regional operators are expected to perform well [8][43] Investment Recommendations - The report recommends focusing on quality thermal power operators such as Huaneng International, Datang Power, and Guodian Power, as well as major hydropower companies like Yangtze Power and State Power Investment Corporation. For new energy, it suggests companies like Longyuan Power and China Nuclear Power [9][54]

Core Viewpoint - Huaneng (Luoyang) Comprehensive Smart Energy Co., Ltd. has been established with a registered capital of 1 million RMB, focusing on various energy-related services including power generation and transmission [1] Group 1: Company Information - The legal representative of the company is Qu Zhizhong [1] - The company is wholly owned by Huaneng International (600011) [1] - The registered address is located at Longlin Road, Luolong District, Luoyang City [2] Group 2: Business Scope - The business scope includes power generation, transmission, distribution, hydropower generation, wind power technology services, and emerging energy technology research and development [1] - The company is classified under the electricity and heat production and supply industry [2] Group 3: Registration Details - The company was registered on September 30, 2025, and has an indefinite business term [2] - The unified social credit code is 91410311MAG0KBM3XW [2]

Core Insights - The Chinese government is promoting the integration of artificial intelligence (AI) with renewable energy to enhance the quality of energy development, focusing on applications like power prediction and smart operations [1][2]. Group 1: Government Initiatives - The National Development and Reform Commission and the National Energy Administration issued guidelines to advance "AI + Energy" applications, emphasizing the need for high-precision power forecasting and smart operations in renewable energy [1]. - The government aims to support the stable supply of renewable energy through an integrated model combining weather forecasting, power prediction, smart trading, and intelligent operations [1]. Group 2: Corporate Adoption of AI - Major state-owned energy companies, including State Grid, China Southern Power Grid, and China Energy Group, have begun integrating the DeepSeek AI model into their operations [2][3]. - China Huaneng and China Datang have localized the DeepSeek model to enhance their AI capabilities in various business applications, including financial systems and operational management [3][4][9]. Group 3: Specific Implementations - Longyuan Power has deployed the DeepSeek-R1 model on its digital platform, enabling efficient AI services for its subsidiaries and enhancing decision-making in renewable energy operations [5][6]. - China Huaneng launched the "Smart Little Energy" AI assistant and integrated it with its mobile portal, marking a significant step in its AI application efforts [9]. - China Huadian's "Huadian Ruisi" digital platform has integrated DeepSeek to improve intelligent Q&A and document analysis capabilities [12]. Group 4: Technological Advancements - The DeepSeek-R1 model features multi-modal processing and dynamic attention mechanisms, allowing it to efficiently integrate various data types for enhanced operational support [5]. - China Energy Construction has completed the full integration of DeepSeek models, significantly boosting its digital transformation efforts [17]. Group 5: Future Directions - Longyuan Power plans to deepen the integration of its digital platform with the DeepSeek model across six key business areas, aiming for a comprehensive AI development platform [6]. - China National Nuclear Corporation is set to enhance its AI capabilities by integrating DeepSeek with its existing models, focusing on sustainable development and intelligent upgrades [19][20].

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 華能國際電力股份有限公司 呈交日期: 2025年10月3日 第 1 頁 共 10 頁 v 1.1.1 FF301 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00902 | 說明 | 香港聯交所上市 H 股 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 4,700,383,440 RMB | | | 1 RMB | | 4,700,383,440 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 4,700,383,440 RMB | | | 1 RMB | ...