Core Viewpoint - Morgan Stanley has turned cautious on Huaneng International Power, citing a 29% increase in the stock this year, outperforming peers whose performance remained flat year-on-year, indicating that the stock may have already priced in its fundamentals [1] Group 1: Financial Performance - The significant rise in Huaneng's stock is attributed to strong expectations for its coal-fired power business, but the bank sees limited room for further profit margin expansion due to rising coal prices, which have increased over 10% from their June lows [1] - The uncertainty surrounding electricity prices for the next year adds to the cautious outlook [1] Group 2: Dividend and Investment Outlook - There is uncertainty regarding dividend growth, as renewable energy investments may remain high during the 14th Five-Year Plan period, with last year's dividend payout ratio of 58% exceeding the company's commitment of 50% [1] - The combination of bottoming coal prices and long-term uncertainty in coal-fired power profitability makes the risk-reward profile less attractive [1] Group 3: Earnings Forecast and Rating Change - The bank has lowered its earnings forecasts for the company for the next year and the year after by 6% to 7% [1] - The target price remains at HKD 4.85, and the investment rating has been downgraded from "Overweight" to "Underweight" [1]

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 ...

Core Viewpoint - Huaneng International Power Co., Ltd. announced the issuance of a new series of corporate bonds aimed at professional investors, with a total issuance amount of up to 1.5 billion yuan [1] Group 1: Bond Issuance Details - The company plans to issue a total of 1.5 billion yuan in technology innovation perpetual corporate bonds, divided into two varieties [1] - The first variety has a basic term of 5 years, with interest calculated every 5 years; the second variety has a basic term of 10 years, with interest calculated every 10 years [1] - The issuance work for this bond series was completed on September 25, 2025, with the first variety (bond name: 25HPI5YK, code: 243873) successfully issuing 1.5 billion yuan at a final coupon rate of 2.33% and a subscription multiple of 2.59 [1] Group 2: Cancellation of Second Variety - The second variety of bonds was canceled and not issued [1]

Core Viewpoint - Huaneng International Power Co., Ltd. announced the issuance of technology innovation perpetual corporate bonds, aiming to raise up to 1.5 billion yuan, with two types of bonds offered [1] Group 1: Bond Issuance Details - The company plans to issue a total of 1.5 billion yuan (including 1.5 billion yuan) in the fourth phase of its technology innovation perpetual corporate bonds [1] - The first type of bond has a basic term of 5 years, with interest calculated every 5 years, while the second type has a basic term of 10 years, with interest calculated every 10 years [1] - The issuance work for this bond series was completed on September 25, 2025, with the first type (bond abbreviation: 25HPI5YK, code: 243873) successfully raising 1.5 billion yuan at a final coupon rate of 2.33% and a subscription multiple of 2.59; the second type was canceled [1]

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 王 葵 （執 行 董 事） 劉安倉 （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） 李 進 （非 執 行 董 事） 曹 欣 （非 執 行 董 事） 高國勤 （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9月26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） 证券代码: 600011 证券简称: 华能国际 公告编号:202 ...

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） 劉安倉 （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） 李 進 （非 執 行 董 事） 曹 欣 （非 執 行 董 事） 高國勤 （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 华能国际电力股份有限公司（以下简称"发行人"）面向专业投资者公开发 行面值不超过400亿元（含400亿元）的公司债券（以下简称"本次债券"）已经 上海证券交易所审核通过，并经中国证券监督管理委员会同意注册（证监许可 〔2025〕1 ...

Core Viewpoint - The article highlights the significant contributions of China Huaneng in promoting clean energy development in Xinjiang, showcasing its commitment to the "dual carbon" goals and the overall socio-economic development of the region [1][32]. Group 1: Clean Energy Development - China Huaneng has been actively involved in the construction of wind and solar energy projects in Xinjiang, including the establishment of the Baiyanghe Wind Farm, which has generated over 4.5 billion kilowatt-hours of electricity since its inception [3][4]. - The company is set to launch a 1 million kilowatt wind power project in the Turpan area by 2025, which will be the first of its kind in China with a wind resistance capability of 57 meters per second, providing 2.2 billion kilowatt-hours of clean energy annually [4][29]. - As of August 2025, China Huaneng has generated over 50.4 billion kilowatt-hours of green electricity in Xinjiang, significantly contributing to the region's energy security and the well-being of its residents [29]. Group 2: Technological Innovation - The company has implemented advanced technologies in digital operation and maintenance, enhancing the efficiency and safety of its energy projects. The utilization of big data and AI has improved the operational efficiency of wind and solar power plants, achieving utilization rates of 98.76% for wind and 99.94% for solar [12][13]. - Innovative solutions such as drone inspections and remote monitoring systems have been introduced to enhance maintenance efficiency and reduce operational risks [15][16]. Group 3: Socio-Economic Contributions - Since 2005, China Huaneng has invested over 2.81 billion yuan in various social projects in Aheqi County, focusing on education, healthcare, and infrastructure development [18][22]. - The company has built modern schools and healthcare facilities, significantly improving local access to education and medical services, thereby enhancing the quality of life for residents [22][24]. - The establishment of the Biedili Water Power Station has not only provided substantial tax revenue but has also stimulated local economic development, transforming the area into a model for rural revitalization [28][29].

Group 1: CCUS Project Overview - 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][3] - The project is a major national technology demonstration project and one of the first green low-carbon demonstration projects approved by the National Development and Reform Commission, achieving a CO2 capture rate of over 90% with a purity of over 99% [3][5] - The facility can capture 1.5 million tons of CO2 annually, equivalent to the carbon emissions of 600,000 cars in a year, significantly contributing to deep emission reductions in coal-fired power plants and supporting carbon neutrality goals [5][8] Group 2: Technological Innovations - The project has overcome multiple technical bottlenecks in carbon capture, compression, and storage, creating several "global firsts" and "domestic innovations," with 100% of the core equipment being domestically produced [3][5] - Key technological achievements include the world's first "dual-tower integrated" absorption tower and the first domestic eight-stage supercritical CO2 compressor, which set new benchmarks for the coal power industry [3][5] Group 3: Broader Implications - The captured CO2 can be utilized in various applications, including enhanced oil recovery, green fuel synthesis, food processing, and mineralized building materials, thus establishing a complete "capture-utilization-storage" industrial chain [3][5] - The project positions China's CCUS technology at a world-leading level and sets a new standard for low-carbon transformation in the coal power sector [3][5]

Core Viewpoint - The report from Dongfang Securities indicates that electricity consumption in August 2025 increased by 5.0% year-on-year, with expectations for sustained high growth in electricity demand driven by high-tech manufacturing as the base effect diminishes in the following months [1][2]. Electricity Consumption Analysis - In August 2025, electricity consumption by different sectors showed year-on-year growth rates of +9.7% for primary industry, +5.0% for secondary industry, +7.2% for tertiary industry, and +2.4% for residential use, reflecting a decline compared to July 2025 [2]. - The manufacturing sector's electricity consumption rose by 5.5% year-on-year, marking the highest monthly growth rate for 2025, with high-tech and equipment manufacturing growing by 9.1% [2]. Power Generation Insights - In August 2025, the electricity generation from large-scale power plants increased by 1.6% year-on-year, with a decline in growth rates for thermal, nuclear, and solar power, while wind power saw an acceleration in growth [3]. - Hydropower generation decreased by 10.1% year-on-year, attributed to weaker water inflow, but is expected to improve marginally in the last quarter of 2025 due to a low base effect [3]. Investment Recommendations - The public utility sector is viewed positively, with expectations for continued growth in the thermal power industry due to improved commercial models and rising capacity price compensation [4]. - Recommended stocks in the thermal power sector include Guodian Power (600795.SH), Huadian International (600027.SH), and Huaneng International (600011.SH) [4]. - For hydropower, companies with strong basin advantages such as Yangtze Power (600900.SH) and Sichuan Investment Energy (600674.SH) are suggested for investment [4]. - In the nuclear power sector, China General Nuclear Power (003816.SZ) is highlighted for its strong long-term growth potential [5]. - Wind and solar sectors are expected to have significant growth opportunities under carbon neutrality expectations, with a focus on companies with high wind power ratios like Longyuan Power (001289.SZ) [5].