Group 1 - The report highlights the overall stability of the A-share market in October, with the Shanghai Composite Index slightly increasing by 1.85%, while the ChiNext Index decreased by 1.56% [3] - In the fixed income market, the central bank maintained a tight balance in October, with a net withdrawal of funds amounting to 25.3 billion yuan, and liquidity remained stable towards the end of the month [3] - Commodity prices showed a rebound in October, with non-ferrous metals and precious metals increasing, while pork prices continued to decline [3] - The report anticipates a continuation of stable and flexible policies in the second half of the year, focusing on economic construction and addressing potential geopolitical risks [3][30] Group 2 - The bond market showed signs of recovery in October, with improved trading sentiment and a noticeable decrease in interest rate fluctuations compared to September [5] - Large banks increased their net purchases of short-term bonds, while insurance companies and rural commercial banks shifted their selling focus towards shorter-term bonds [5][31] - The report suggests that the year-end "rush for allocation" may not occur this year due to the volatile bond market and accumulated losses for some institutional investors [5][34] Group 3 - The report emphasizes the importance of understanding the lifecycle of new materials for investment, indicating that many new materials are in the development or introduction phase [6][8] - It suggests that short-term excess returns in new materials investment are closely tied to market trends, and emotional factors play a significant role in theme-based investments [8] - The report recommends focusing on solid-state batteries and electronic fabrics as key investment areas within the new materials sector [8] Group 4 - Haier Smart Home reported a revenue of 234.05 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 10%, with a net profit of 17.37 billion yuan, up 14.7% [10] - The company’s domestic air conditioning segment drove growth, while overseas markets showed resilience, particularly in North America and Europe [10] - Midea Group achieved a revenue of 1119.3 billion yuan in Q3 2025, with a net profit of 11.87 billion yuan, indicating strong performance in domestic sales [11][17] Group 5 - The report on environmental utilities indicates that ChuanTou Energy's Q3 revenue was 429 million yuan, down 11.3% year-on-year, with a net profit of 176 million yuan, down 16.96% [18] - The report notes that the company is developing multiple renewable energy projects to enhance future profitability [18] - Guotou Power's Q3 revenue was 14.88 billion yuan, down 14% year-on-year, but the overall performance remained stable due to the coal price decline [19]

Investment Rating - The report maintains a "Buy" rating for Huaneng International, with a target price not specified [5]. Core Views - The company's profitability in coal power has significantly improved, with a 89% year-on-year increase in net profit for Q3 [1]. - Despite a 6.19% decline in revenue year-on-year for the first three quarters, the net profit attributable to the parent company increased by 42.52% [1]. - The average on-grid settlement price for electricity decreased by 3.54% year-on-year, impacting overall revenue [2]. Financial Performance - In Q3, the company achieved a revenue of 609 billion yuan, down 7.09% year-on-year, but net profit reached 55.79 billion yuan, up 88.54% [1]. - For the first three quarters, the total profit from coal power was 132.68 billion yuan, a 102% increase year-on-year, with a profit per kilowatt-hour of 5.1 fen, up from 2.4 fen [3]. - The company added 6.8 GW of wind and solar capacity in the first three quarters, with solar profits increasing by 36% year-on-year [4]. Revenue and Profit Forecast - The report adjusts profit forecasts upwards, expecting net profits of 160 billion yuan, 169 billion yuan, and 178 billion yuan for 2025-2027, respectively [4]. - The projected price-to-earnings ratios for 2025-2027 are 8.0, 7.6, and 7.2 times [4]. Key Financial Metrics - The company reported a total revenue of 1730 billion yuan for the first three quarters, with a year-on-year decline of 6.19% [2]. - The average coal price at Qinhuangdao Port was 686 yuan per ton for the first three quarters, down 189 yuan per ton year-on-year [3]. - The company's total assets are projected to reach approximately 602.44 billion yuan by 2025 [12].

Investment Rating - The report maintains an "Outperform" rating for power stocks, expecting a relative return exceeding the benchmark index by over 10% in the next 12-18 months [13]. Core Insights - Power stocks' Q3 growth has accelerated, but the rise in coal prices may slow profit growth in Q4. The focus is on the 2026 electricity price negotiations [4]. - Huaneng Power International saw a significant increase of 7.7% this week. Northern power plants are expected to secure favorable electricity prices in 2026, with potential slight declines, but profits will benefit from cost reductions [4]. - The installed capacity for wind and solar power continues to grow rapidly, with national installed capacity reaching 3.72 billion kW from January to September, a year-on-year increase of 17.5% [4]. - The report highlights that the profit growth in power, heating, and water sectors is leading the industrial profit growth, with a total industrial profit of 5.37 trillion RMB from January to September, reflecting a year-on-year increase of 3.2% [4]. Summary by Sections Electricity Price Negotiations - The report emphasizes the importance of the upcoming electricity price negotiations for 2026, particularly in Beijing, where the total market trading volume is projected to be 95 billion kWh, with specific limits on excess profits for power sales companies [4]. Installed Capacity Growth - The Energy Bureau reported that from January to September, the installed capacity for photovoltaic and wind power reached 1.13 billion kW and 0.58 billion kW respectively, with year-on-year growth rates of 45.7% and 21.3% [4]. Profit Growth in Power Sector - The report notes that the profit growth in the power sector is significantly higher than other industries, with heating power profits increasing by 14.4% [4].

Investment Rating - The investment rating for the utility sector is "Positive" and maintained [12] Core Insights - The heavy stockholding ratio of public funds in the utility sector reached a historical low of 0.31% in Q3 2025, down 0.78 percentage points from the previous quarter, indicating a decline in sector allocation [2][6][18] - The electricity holding ratio is 0.29%, also down 0.78 percentage points from the previous quarter, with the sector's allocation ranking dropping significantly [19] - The sub-sectors of electricity holdings include thermal power (45.77%), hydropower (27.23%), nuclear power (2.72%), and renewable energy (24.15%), with varying changes in their respective ratios [19] Summary by Relevant Sections Thermal Power - The thermal power sector saw a decline in holdings due to increased market risk appetite and profit-taking after mid-year performance [7][27] - Despite the overall decline, some companies like Baoneng New Energy and Guangzhou Development received institutional increases, highlighting their dividend attractiveness [27][28] - The long-term outlook for thermal power remains positive with expected price increases starting in 2026 [28] Hydropower - Hydropower holdings decreased significantly due to weak market sentiment and reduced water inflow in major rivers [8][38] - Despite short-term performance fluctuations, the long-term value of hydropower assets is still considered strong, with attractive valuations [38] - As of October 31, the expected dividend yield of Changjiang Electric reached the 93.5th percentile compared to ten-year government bonds, indicating strong dividend value [38] Renewable Energy Operations - The renewable energy sector experienced a notable decline in holdings, primarily due to weak pricing mechanisms and short-term performance pressures [9][44] - However, quality operators like Zhongmin Energy and Longyuan Power received market increases, reflecting a preference for undervalued, high-alpha stocks [44] - The sector is entering a new phase of high-quality development, and long-term investment value remains promising [44] Nuclear Power - Nuclear power holdings fell to 2.72%, influenced by market risk appetite and weaker mid-year performance [10] - The expected strengthening of thermal power pricing is seen as a stabilizing factor for nuclear power's long-term value [10]

Investment Rating - The report maintains a "Positive" investment rating for the power industry [12] Core Insights - Since 2025, electricity demand has slowed, with a year-on-year growth of 4.60% in total electricity consumption for the first three quarters. The power sector's operating revenue decreased by 3.94% year-on-year due to adjustments in annual long-term contract electricity prices in several provinces. However, benefiting from a significant drop in coal prices, the net profit attributable to shareholders in the power sector reached 166.32 billion yuan, a year-on-year increase of 3.13% [2][22] - The performance of various sub-sectors within the power industry has shown significant differentiation, with thermal power profits increasing by 28.41% year-on-year due to cost improvements, while hydropower and renewable energy sectors faced declines of 4.76% and 16.80% respectively [2][10] Summary by Sections Thermal Power - In the first three quarters of 2025, thermal power generation volume decreased by 1.2% year-on-year, and the annual long-term contract electricity prices were adjusted in most provinces. Despite this, the significant drop in coal prices supported a 12.13% year-on-year increase in net profit for the thermal power sector, amounting to 79.39 billion yuan [6][57] - The third quarter saw a marginal improvement in thermal power generation due to a recovery in electricity demand, with net profit increasing by 28.41% year-on-year [6][26] Hydropower - The overall water inflow was lower in the first three quarters of 2025, leading to mixed performance among major hydropower companies. The hydropower sector's revenue grew by 1.62% year-on-year, while net profit increased by 2.13% [7][30] - In the third quarter, the hydropower sector faced a revenue decline of 1.63% and a net profit decrease of 4.76% due to uneven water inflow conditions [7][32] Renewable Energy - The renewable energy sector experienced weak performance due to unfavorable wind and solar conditions, alongside ongoing electricity price pressures. Revenue growth was limited to 0.62% year-on-year, while net profit decreased by 9.87% [8][30] - In the third quarter, net profit for the renewable energy sector fell by 16.80% year-on-year, with significant declines noted in nuclear power companies due to increased tax expenses and market price pressures [8][39] Power Grid - The power grid sector saw a slight revenue decline of 0.03% year-on-year in the first three quarters, with net profit decreasing by 4.78%. However, the performance pressure eased in the third quarter due to improved water inflow conditions [9][30] - In the third quarter, the power grid sector's revenue decreased by 0.82% year-on-year, with net profit down by 2.88%, but the decline was less severe compared to the first half of the year [9][39] Investment Recommendations - The report suggests a continued focus on quality thermal power operators and clean energy investment opportunities, highlighting companies such as Huaneng International, Datang Power, and China Nuclear Power as potential investment targets [10][51]

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10月31日 狀態: 新提交 致：香港交易及結算所有限公司 FF301 FF301 II. 已發行股份及/或庫存股份變動 | 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 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 4,700,383,440 | | 0 | | 4,700,383,440 | | 增加 / 減少 (-) | | | | | | | | | 本月底結存 | | | 4,700,383,440 | | 0 | | 4,700,383,440 | 公司名稱: 華能國際電力股份有限公司 呈交日期: 2025年11月3日 I. 法定/註冊股本變動 | 1. 股份分類 ...

Core Viewpoint - Huaneng International Power Co. reported a significant increase in net profit for Q3 2023, exceeding expectations, while revenue showed a decline compared to the previous year [1] Financial Performance - Q3 2023 operating revenue was 60.94 billion yuan, a year-on-year decrease of 7.1% [1] - Net profit attributable to shareholders was 5.58 billion yuan, a year-on-year increase of 89% [1] - For the first nine months of 2023, net profit attributable to shareholders reached 14.84 billion yuan, a year-on-year increase of 43%, marking a historical high [1] Future Outlook - Due to the strong performance in the first three quarters, the company has raised its net profit forecasts for 2025 and 2026 to 16 billion yuan and 14.4 billion yuan, respectively, representing increases of 26% and 10% [1] - The company maintains an "outperform industry" rating and keeps the A-share target price at 10.49 yuan, while raising the H-share target price by 20% to 8.03 Hong Kong dollars [1]

Core Viewpoint - CICC maintains a "outperform" rating for Huaneng International Power Co., Ltd. (00902), citing the attractiveness of its current dividend yield in the A-share and Hong Kong markets, with the A-share target price unchanged at 10.49 CNY and the Hong Kong target price raised by 20% to 8.03 HKD [1] Financial Performance - In Q3, Huaneng reported operating revenue of 60.94 billion CNY, a year-on-year decrease of 7.1%, while net profit attributable to shareholders reached 5.58 billion CNY, a year-on-year increase of 89%, significantly exceeding CICC's expectations [1] - For the first nine months of the year, the net profit attributable to shareholders was 14.84 billion CNY, a year-on-year increase of 43%, marking a historical high [1] Future Projections - Due to the better-than-expected performance in the first three quarters, CICC has raised its projections for Huaneng's net profit attributable to shareholders for 2025 and 2026 by 26% and 10% respectively, estimating 16 billion CNY and 14.4 billion CNY [1]

Core Viewpoint - CICC maintains a "outperform industry" rating for Huaneng International Power Co., Ltd. (00902), citing the attractiveness of its current dividend yield in the A-share and Hong Kong markets [1] Financial Performance - Huaneng's Q3 revenue reached 60.94 billion RMB, a year-on-year decrease of 7.1% [1] - The net profit attributable to shareholders for Q3 was 5.58 billion RMB, showing a significant year-on-year increase of 89%, exceeding CICC's expectations [1] - For the first nine months of the year, the net profit attributable to shareholders was 14.84 billion RMB, a year-on-year increase of 43%, marking a historical high [1] Future Projections - Due to the strong performance in the first three quarters, CICC has raised its projections for Huaneng's net profit attributable to shareholders for 2025 and 2026 by 26% and 10% respectively, estimating 16 billion RMB and 14.4 billion RMB [1]

Group 1: China Huaneng Group - China Huaneng Group aims to establish a world-class power brand with a "three-color blooming" brand strategy, targeting a brand value exceeding 133.3 billion yuan by 2025, a historical high [1] - The group has a total installed capacity of 294 million kilowatts, accounting for approximately 1/11 of the national annual power generation, with a coal production capacity exceeding 130 million tons [1] - The company is advancing in renewable energy, with significant developments in wind, hydro, and nuclear power, including the completion of China's first 10 million kilowatt multi-energy complementary comprehensive energy base [1][2] Group 2: China Mobile - China Mobile focuses on becoming a world-class information service technology innovation company, enhancing brand and customer service [3] - The company has built the world's largest 5G and broadband "dual-gigabit" network and is advancing AI product applications [3] - China Mobile is committed to international cooperation, contributing to global 5G standards and enhancing China's influence in the information and communication sector [4] Group 3: China State Construction Engineering Corporation - China State Construction is transitioning from rapid urbanization to stable development, focusing on high-quality growth and urban renewal [6] - The company is involved in significant infrastructure projects and is promoting technological innovation in construction [6][7] - The group emphasizes quality in housing construction, implementing standards for "good houses" and integrating over 170 technologies [7] Group 4: China Merchants Group - China Merchants Group is implementing a brand-strengthening strategy to enhance its century-old brand, focusing on cultural depth and innovation [8] - The group has invested nearly 90 billion yuan in R&D during the 14th Five-Year Plan, establishing platforms for advanced technology research [8] - The company emphasizes quality and social responsibility, contributing to poverty alleviation and charitable initiatives [8] Group 5: China National Building Material Group - China National Building Material is committed to providing a full range of products and services for the Xiong'an New Area, focusing on innovation in non-metallic materials [11] - The group has achieved breakthroughs in key technologies and is expanding its international presence, covering over 70 countries [11][12] - The company is enhancing brand value through quality control and local collaboration, aiming for sustainable development [12] Group 6: Changan Automobile Group - Changan Automobile is transforming into a smart low-carbon mobility technology company, developing three major smart new energy brands [13] - The company has established a national key laboratory for smart automotive safety technology and has received industry awards for its innovations [13] - Changan is expanding its global footprint with manufacturing bases in 21 countries, providing green smart products to nearly 30 million users [13][14] Group 7: China Railway Engineering Corporation - China Railway is focused on enhancing brand value through high-quality construction projects, including significant railway and infrastructure developments [16][17] - The company is advancing technology innovation, achieving international leadership in various engineering fields [17] - China Railway is expanding its global operations, employing over 56,000 local workers and contributing to local development [17] Group 8: China Poly Group - China Poly Group is enhancing its brand through strategic participation in major regional developments and innovation in various sectors [18] - The company is committed to providing quality housing and services, with over 1,100 community developments [18] - Poly Group is focused on creating a respected global brand by improving management practices and brand value [19]