Core Viewpoint - Huaneng International Power Co., Ltd. has announced the issuance of short-term financing bonds totaling up to 30 billion RMB, with the first issuance of 3 billion RMB completed at an interest rate of 1.47% for a term of 62 days [1][2]. Group 1: Bond Issuance Details - The company’s annual general meeting approved the issuance of short-term financing bonds with a principal balance not exceeding 30 billion RMB from the date of approval until the next annual general meeting [1]. - The recently issued bonds amount to 3 billion RMB, with a maturity of 62 days and a face value of 100 RMB per unit [1]. - The bonds were underwritten by Hangzhou Bank Co., Ltd. and were publicly issued through a book-building and centralized placement method in the national interbank bond market [1]. Group 2: Use of Proceeds - The funds raised from the bond issuance will be used to supplement the company's working capital, adjust its debt structure, and repay bank loans and upcoming maturing bonds [1].

证券代码: 600011 证券简称: 华能国际 公告编号:2025-027 华能国际电力股份有限公司 关于超短期融资券发行的公告 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个别及连带责任。 华能国际电力股份有限公司（"公司"）2023年年度股东大会于2024年6月25 日通过决议，同意公司自2023年年度股东大会批准时起至2024年年度股东大会结 束时止，一次或分次滚动发行本金余额不超过300亿元人民币的超短期融资券（即 在前述授权期限内的任一时点，公司发行的处于有效存续期内的超短期融资券本 金余额不超过300亿元人民币）。 公司已于近日完成了华能国际电力股份有限公司2025年度第三期超短期融 资券（"本期债券"）的发行。本期债券发行额为30亿元人民币，期限为62天，单 位面值为100元人民币，发行利率为1.47%。 本期债券由杭州银行股份有限公司为主承销商组织承销团，通过簿记建档、 集中配售的方式在全国银行间债券市场公开发行。本期债券募集资金将用于补充 公司营运资金、调整债务结构、偿还银行借款及即将到期的债券。 本期债券发行的有关 ...

Core Viewpoint - The central ecological environment protection inspection team will soon enter five provinces to conduct the third round of inspections on three major state-owned enterprises, emphasizing the need for precise and scientific implementation of policies without a "one-size-fits-all" approach [1] Group 1 - The central ecological environment protection inspection team will be deployed to Shanxi, Inner Mongolia, Shandong, Shaanxi, and Ningxia [1] - The inspection will focus on three central enterprises: China Huaneng Group, China Datang Corporation, and State Power Investment Corporation [1] - The office has issued a letter to the inspected entities, urging them to implement central decisions and reduce the burden on grassroots levels [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 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 ...

早在半年前，华能招标公司开启自主研发招采"AI大模型"之路，在全国范围内率先将AI嵌入招采业务链条，以"算力"渗透业务"经 脉"。随着DeepSeek锦上添花，招采"AI大模型"综合分析能力大幅提升。截至今年3月底，华能智慧招采平台AI服务已覆盖火电、新能源、 水电、煤炭等版块400余个招标项目试运行，关键指标校验准确率达90%，人工审阅效率提升50%。眼下，招采"AI大模型"正持续推动传统 招采的"云上"进化。 在招标采购人眼中，评标环节就像一场漫长而艰难的马拉松。"几万字的投标文件，需要专家在3天时间里审查、提取关键信息，并逐 个录入评标对比表，再进行评审判断，耗时费力不说，内容信息还容易提取不全，个人观点不同也会造成判断失真，这些都在威胁着招采 的公平公正。"采购管理事业部副主任左秋生说道。 如何提升评审质效？如何有效规避专家评审主观偏差？如何精准识别围标串标风险？华能招标公司选择向AI探寻答案。 "构建适配于招采的'AI大模型'不是简单的工具迭代，而是一场采购业务的智慧革命。"数字科技办公室主任袁建说。华能招标公司践行 数智华能战略，围绕现代数字供应链体系建设，以安全可控为前提，创新推出"大模型+智慧 ...

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]