Group 1 - The Shanghai Composite Index opened lower and the CSI 300 Power Index reported at 2665.82 points, with a decline of 1.66% over the past month, 0.39% over the past three months, and 3.40% year-to-date [1] - The CSI 300 Index categorizes its 300 sample stocks into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries, providing analytical tools for investors [1] - The CSI 300 Power Index's top ten holdings include: Changjiang Electric Power (48.42%), China Nuclear Power (10.51%), Three Gorges Energy (8.64%), Guodian Power (5.78%), State Power Investment (5.27%), Huaneng International (4.62%), Chuanwei Energy (4.29%), China General Nuclear Power (4.1%), Zhejiang Energy (2.91%), and Huadian International (2.77%) [1] Group 2 - The industry composition of the CSI 300 Power Index shows that hydropower accounts for 60.31%, thermal power for 16.08%, nuclear power for 14.61%, and wind power for 9.00% [2] - The index sample is adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - In the event of special occurrences affecting a sample company's industry classification, the CSI 300 Industry Index samples will be adjusted accordingly [2]

7月31日，华能国际电力股份(00902)盘中下跌2.4%，截至13:25，报5.28元/股，成交3.07亿元。 华能国际电力股份有限公司及其附属公司主要在中国全国范围内开展大型发电厂的开发、建设和经营管 理，也在境外如新加坡、巴基斯坦有投资的营运电力公司。公司截至2021年12月31日拥有可控发电装机 容量118,695兆瓦，权益发电装机容量103,875兆瓦，且低碳清洁能源装机占比达到22.39%。 截至2025年中报，华能国际电力股份营业总收入1120.32亿元、净利润95.78亿元。 7月29日，2025财年中报归属股东应占溢利95.78亿人民币，同比增长23.19%，基本每股收益0.52人民 币。 ...

Core Viewpoint - Citigroup's research report indicates that Huaneng International Power's first-half performance exceeded expectations, with net profit increasing by 23.2% year-on-year to 9.578 billion yuan, surpassing market and Citigroup's forecasts [1] Financial Performance - The company's unit coal cost decreased by 10.1% year-on-year [1] - Free cash flow is improving, which is expected to enhance the dividend yield [1] Market Outlook - Citigroup anticipates that spot coal prices will decline further in the next 12 to 18 months due to weakened demand, which will offset price support from supply-side reforms in the coal industry [1] Investment Rating and Price Target - Citigroup reaffirms a "Buy" rating for Huaneng International Power [1] - Net profit forecasts for 2025 to 2027 have been raised by 19% to 23% due to lower coal price costs [1] - The target price for H-shares has been increased by 15% to 6.2 HKD, and for A-shares by 14% to 8.8 CNY [1] - Current dividend yields are 7.8% for H-shares and 5.1% for A-shares, indicating attractiveness [1]

花旗发表研究报告指，华能国际电力股份上半年业绩胜预期，净利润按年升23.2%至95.78亿元，较市场 及该行预期高，期内单位煤炭成本按年跌10.1%。该行预期未来12至18个月现货煤价将因需求减弱而进 一步下行，足以抵消煤炭行业供给侧改革带来的价格支持，而且公司自由现金流改善，股息率有望提 升。因此，该行重申华能国电"买入"评级；基于煤价成本下调，将2025至27年净利润预测上调19至 23%，H股目标价升15%至6.2港元，A股目标价升14%至8.8元，当前股息收益率分别为7.8%及5.1%，具 吸引力。 ...

东吴证券研报指出，华能国际2025年上半年公司实现营业收入1120.32亿元，同比-5.7%；实现归母净利 润92.62亿元，同比+24.3%，超市场预期。2025年上半年全国规模以上电厂发电量4.54万亿千瓦时，同 比+0.8%。其中，火电同比-2.4%；水电同比-2.9%；核电同比+11.3%。关注火电行业资本开支下行期间 现金流、ROE、分红率改善的可能：火电行业进入"控容减量"周期，资本开支下行，分红率长维度提高 确定性高，煤价下行周期背景下，行业资产质量、现金流、ROE均有望显著改善。维持"买入"评级。 ...

东吴证券研报指出，华能国际2025年上半年公司实现营业收入1120.32亿元，同比-5.7%；实现归母净利 润92.62亿元，同比+24.3%，超市场预期。2025年上半年全国规模以上电厂发电量4.54万亿千瓦时，同 比+0.8%。其中，火电同比-2.4%；水电同比-2.9%；核电同比+11.3%。关注火电行业资本开支下行期间 现金流、ROE、分红率改善的可能：火电行业进入"控容减量"周期，资本开支下行，分红率长维度提高 确定性高，煤价下行周期背景下，行业资产质量、现金流、ROE均有望显著改善。维持"买入"评级。 ...

华能江苏公司清洁能源分公司闻"风"而动、严阵以待，24小时监视场站运行状态，密切关注台风最新动态及各大流域降雨情况，科学 调整应对策略，组织所属各风电场、光伏电站针对升压站等重点区域，以及海上风电运维船系泊缆绳、光伏组件固定情况开展专项检查， 备齐各类防台防汛物资，筑牢安全屏障。 华能四川公司位于江苏的如皋项目部迅速响应，全面落实防台防汛措施，完成场站设备巡检与消缺，确保设备处于安全运行状态；重 点对关键设施进行加固，同步清点并备足应急抢险物资。台风影响期间，项目部依托国家气象智慧化监控平台，实时联动后方技术支撑团 队，密切关注台风动态及设备运行情况，实施精准防御，全力确保现场人员安全和设备设施稳定，最大限度降低台风影响，保障生产运行 安全有序。 【责任编辑：王少晨 】 7月30日4时30分，今年第8号台风"竹节草"在浙江省舟山市朱家尖岛沿海登陆，中央气象台30日10时继续发布台风黄色预警。中国华能 党组高度重视、积极应对，密切关注台风路径及气象变化，于7月29日启动集团公司自然灾害四级预警，系统各单位高度戒备、周密部 署，目前各机组、场站安全稳定运行、电力供应正常，无人身伤亡及设备异常情况。 华能燃料公司太 ...

Core Viewpoint - Citigroup has raised the target price for Huaneng International Power (600011) by 14.8%, from HKD 5.4 to HKD 6.2, and increased the target price for its A-shares (600011.SH) by 14% to RMB 8.8, maintaining a "Buy" rating [1] Group 1 - Huaneng International's earnings for the first half of 2025 and the second quarter exceeded preliminary results, primarily benefiting from lower-than-expected coal costs [1] - Citigroup anticipates that spot coal prices will decline further in the next 12-18 months due to decreased demand, which will offset potential gains from supply-side reforms in the coal industry [1] - The company is expected to increase its dividend payout ratio due to growth in free cash flow [1] Group 2 - The forecast for Huaneng International's net profit from 2025 to 2027 has been raised by 19-23% due to the decrease in coal costs [1] - The H-shares dividend yield is projected at 7.8%, while the A-shares dividend yield is estimated at 5.1%, which is considered attractive [1]

Core Viewpoint - Citigroup has raised the target price for Huaneng International Power Co., Ltd. by 14.8% from HKD 5.4 to HKD 6.2 and increased the target price for its A-shares by 14% to RMB 8.8, maintaining a "Buy" rating [1] Group 1: Financial Performance - Huaneng International's earnings for the first half of 2025 and the second quarter are better than initial estimates, primarily benefiting from lower-than-expected coal costs [1] - The company is expected to see a further decline in spot coal prices over the next 12-18 months due to decreased demand, which is sufficient to offset potential gains from supply-side reforms in the coal industry [1] Group 2: Cash Flow and Dividends - The increase in free cash flow allows the company to raise its dividend payout ratio [1] - With the decline in coal costs, the profit forecast for the company from 2025 to 2027 is projected to grow by 19-23% [1] - The H-shares offer an attractive dividend yield of 7.8%, while the A-shares provide a yield of 5.1% [1]

Core Viewpoint - China Huaneng Group is actively contributing to the construction of Hainan Free Trade Port by developing the Changjiang Nuclear Power Base, which is part of its strategy to enhance clean energy supply and support national energy security goals [1][2][3] Group 1: Project Overview - The Huaneng Hainan Changjiang Nuclear Power Phase II project is a major investment in Hainan's energy infrastructure, featuring two pressurized water reactor units with a total capacity of 2.4 million kilowatts [7] - Upon completion, the project is expected to supply over 18 billion kilowatt-hours of clean electricity annually, significantly reducing coal consumption by 6.3 million tons and CO2 emissions by 11.68 million tons [7] Group 2: Strategic Importance - The project aligns with China's "Four Revolutions, One Cooperation" energy security strategy, emphasizing the role of nuclear power as a clean, safe, and efficient energy source [2] - Hainan is projected to become the province with the highest proportion of clean energy in the country, achieving its "dual carbon" goals ahead of schedule [2] Group 3: Corporate Responsibility and Community Engagement - Huaneng Changjiang Nuclear Power is committed to integrating corporate development with local community needs, having invested nearly 30 billion yuan in the project as of June this year [5] - The company has initiated various community outreach programs, including educational activities and employment initiatives, benefiting over 2,200 local residents [6]