证券代码：600025 证券简称：华能水电 公告编号：2026-009 华能澜沧江水电股份有限公司 2026 年度第四期绿色超短期融资券 （乡村振兴）发行公告 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。 一、发行基本情况 华能澜沧江水电股份有限公司（以下简称公司）已于近日完成了 2026 年度 第四期绿色超短期融资券（乡村振兴）的发行，发行额为人民币 10 亿元，发行 利率为 1.45%，期限为 94 天，单位面值为 100 元人民币。本次发行完成后，公 司短期融资券（含超短期融资券）余额为人民币 96 亿元，中期票据（含永续中 票）余额为人民币 160 亿元。2026 年度第四期绿色超短期融资券（乡村振兴） 由中国银行作为主承销商，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，债券募集资金将用于偿还带息负债。债券发行的有关文件已在中国 货 币 网 和 上 海 清 算 所 网 站 公 告 ， 网 址 分 别 为 www.chinamoney.com.cn 和 www.shclearing.com。 二、审批程 ...

Investment Rating - The report maintains a positive outlook on the public utility and environmental sectors, particularly in electricity and natural gas [1]. Core Insights - Electricity generation in January-February 2026 showed a significant recovery, with total generation reaching 15,718 billion kWh, a year-on-year increase of 4.1%. Hydropower generation increased by 6.8%, while thermal power grew by 3.3% [2][5]. - The natural gas market is experiencing price increases due to geopolitical tensions in the Middle East, with Northeast Asia LNG spot prices reaching $25.3/mmBtu, a 29.74% increase week-on-week [18][27]. Summary by Sections Electricity - In January-February 2026, electricity generation totaled 15,718 billion kWh, with thermal power contributing 10,539 billion kWh (3.3% YoY) and hydropower 1,560 billion kWh (6.8% YoY). The overall electricity demand increased by 6.1% YoY, driven primarily by the secondary industry [2][12]. - The secondary industry accounted for 64% of the electricity demand increase, with notable growth in manufacturing and high-energy-consuming sectors [12][13]. - Recommendations include investing in companies like Datang Power, China Power, and Huaneng Power for thermal power, and China Nuclear Power and China General Nuclear Power for nuclear energy [16][17]. Natural Gas - The report highlights the impact of the recent attack on Qatar's LNG infrastructure, which has led to a 17% loss in production capacity and further price increases in the global natural gas market [18][27]. - As of March 20, 2026, the Henry Hub spot price was $3.04/mmBtu, while European prices saw significant increases, with TTF prices at €59.00/MWh (15.69% increase) and NBP prices at 149.95 pence/therm (19.01% increase) [19][27]. - Investment recommendations focus on LNG traders with international contracts, such as ENN Energy and Jiu Feng Energy, and unconventional gas resource companies benefiting from high gas prices [40]

Investment Rating - The report maintains a positive outlook on the public utility and environmental sectors, particularly in electricity and natural gas [1]. Core Insights - Electricity generation in January-February 2026 showed a significant increase, with total generation reaching 15,718 billion kWh, a year-on-year growth of 4.1%. The growth was driven by a recovery in thermal power and an increase in hydropower generation [2][7]. - The natural gas market is experiencing price increases due to geopolitical tensions in the Middle East, particularly following an attack on Qatar's LNG infrastructure, which has led to a 29.74% increase in Northeast Asia LNG spot prices [22][32]. Summary by Sections Electricity - In January-February 2026, electricity generation reached 15,718 billion kWh, with thermal power contributing 10,539 billion kWh (up 3.3%) and hydropower 1,560 billion kWh (up 6.8%). The overall electricity demand increased by 6.1% year-on-year, with the secondary industry contributing 64% to the growth [2][14][17]. - The manufacturing sector showed strong performance, with significant growth in high-energy-consuming industries. The building materials sector recorded its first positive growth since March of the previous year, increasing by 1.0% [16][19]. Natural Gas - As of March 20, 2026, the Henry Hub spot price was $3.04/mmBtu, while the TTF spot price in Europe rose to €59.00/MWh, reflecting a 15.69% increase. The Northeast Asia LNG spot price reached $25.3/mmBtu, marking a 29.74% increase [22][23]. - The report highlights the impact of geopolitical events on natural gas prices, particularly the attack on Qatar's LNG facilities, which has led to a significant reduction in production capacity [32][40]. Investment Recommendations - For thermal power, companies such as Datang Power, Jingtou Energy, and Huaneng Power are recommended due to expected positive growth in profitability [19]. - In the hydropower sector, companies like Guotou Power and Changjiang Power are suggested for their potential valuation recovery [19]. - The report also recommends focusing on LNG traders with international long-term contracts, such as Xin'ao Co. and Jiufeng Energy, as well as unconventional gas resource companies benefiting from high gas prices [45].

Investment Rating - The report indicates a positive outlook for the hydropower industry, highlighting its potential for value reassessment amid market reforms [4]. Core Insights - The report emphasizes the integration of hydropower with wind and solar energy in various river basins, which is expected to enhance economic viability, operational reliability, and green value [2][13]. - The hydropower sector is characterized by lower generation costs, flexible regulation capabilities, and the ability to meet the "energy trilemma" of sustainability, affordability, and reliability [4]. - The report notes that the lifespan of hydropower dam structures can exceed 100 years, providing a significant advantage over traditional energy sources and most industrial assets [3]. Summary by Sections Section 1: Hydropower Development Potential - China's technically exploitable hydropower resources amount to 687 million kilowatts, ranking first globally, with approximately 220 million kilowatts yet to be developed [10]. - The planned "Thirteen Major" hydropower bases have a total installed capacity of 30.54 million kilowatts, with significant contributions from the southwestern region [10]. - The report outlines the challenges faced in developing remaining hydropower projects, including high costs and long construction periods, while highlighting the benefits of integrated water-wind-solar development [13][15]. Section 2: Market Dynamics and Climate Impact - The report discusses the influence of climate phenomena such as El Niño and La Niña on hydropower generation, indicating that extreme weather patterns may enhance the variability of water inflow [39]. - It highlights the increasing importance of hydropower's regulatory capabilities in response to fluctuating water availability and electricity demand due to climate change [76]. - The report anticipates that the market share of hydropower will increase, with a projected rise in market-based electricity pricing, benefiting from its flexibility and low costs [68][69]. Section 3: Financial Performance and Cost Structure - The report details the financial health of hydropower companies, noting improvements in debt structure and operational efficiency through leveraging [3]. - It provides a comparative analysis of electricity pricing across different energy sources, indicating that hydropower remains one of the lowest-cost options [72]. - The report suggests that the profitability of hydropower assets is expected to improve over time, particularly in a low-interest-rate environment, making them attractive for long-term investment [76].

Investment Rating - The report maintains a "Buy" rating for several companies in the power generation and environmental engineering sectors, including China General Nuclear Power (CGN), Longking Environmental Protection, and others [4]. Core Insights - The establishment of a sustainable pricing mechanism for nuclear power in Liaoning marks a significant policy shift, potentially stabilizing profits for clean energy companies after years of pressure from declining coal prices [5][11]. - The new pricing mechanism is expected to enhance CGN's net profit by approximately 700 million RMB in 2026, indicating a recovery in profitability for nuclear power companies [12][17]. - The report emphasizes that the pricing mechanism will likely be adopted by other provinces, leading to a broader impact on the nuclear power sector across China [11][17]. Summary by Sections Investment Recommendations - Key stocks recommended for investment include: - Longking Environmental Protection (600388 CH) - Target Price: 28.96 RMB - Funiu Co., Ltd. (600483 CH) - Target Price: 15.47 RMB - China Resources Power (836 HK) - Target Price: 26.74 RMB - Others include China Nuclear Power (601985 CH) and Huaneng International Power (902 HK), all rated as "Buy" [4]. Pricing Mechanism Impact - The new nuclear pricing mechanism in Liaoning will set the mechanism electricity volume at 70% of actual generation, with a mechanism price equal to the approved price, which is expected to stabilize the revenue of nuclear power plants [5][12]. - The report predicts that the mechanism will lead to a significant reduction in revenue decline for CGN, from a projected drop of 10-15 billion RMB to only 5-10 billion RMB under the new pricing [12][17]. Market Dynamics - The report discusses the global liquidity of fossil fuels and its impact on electricity prices, suggesting that the price differences between China and the US will not persist long-term due to the interconnected nature of energy markets [6][38]. - It highlights that the pricing of renewable energy will increasingly reflect carbon emission costs, with green certificates and carbon pricing expected to enhance the market value of renewable energy assets [7][26]. Future Outlook - The report anticipates that the nuclear power sector will be among the first to benefit from the new pricing policies, with CGN and China National Nuclear Corporation expected to see significant improvements in their fundamentals [8][11]. - The potential for a nationwide rollout of the nuclear pricing mechanism could further enhance the profitability of nuclear power companies, making them attractive investment opportunities [11][17].

Investment Rating - The report maintains a "Positive" investment rating for the utility sector in China [4] Core Views - The report emphasizes the recovery in electricity demand and the positive turnaround in thermal power generation [2][8] - It highlights the need for further reforms in the electricity market to accommodate a higher proportion of renewable energy consumption [8][19] - The report suggests that utility assets are likely to be revalued positively due to the restructuring of international order [8] Summary by Sections Electricity Demand and Generation - In January and February 2026, the total electricity consumption in China increased by 6.1% year-on-year, up from 3.3% in December 2025 [8] - The growth rates for different sectors were: primary industry +7.4%, secondary industry +6.3%, tertiary industry +8.3%, and residential use +2.7% [8] - The generation of electricity from large-scale power plants rose by 4.1% year-on-year, with thermal power generation increasing by 3.3% [19] Investment Recommendations - The report recommends investing in the utility sector, particularly in thermal power companies such as: - Jiantou Energy (000600, Buy) - Huadian International (600027, Buy) - Guodian Power (600795, Buy) - Huaneng International (600011, Buy) - Anhui Energy (000543, Buy) [8] - It also suggests looking into gas companies and hydropower firms for potential investment opportunities [8] Market Dynamics - The report notes that the Shenyang utility index fell by 2.4%, underperforming the CSI 300 index by 0.2% but outperforming the Wind All A index by 1.7% [8] - The report indicates that the coal prices have increased, with the Qinhuangdao Q5500 coal price at 735 RMB/ton, up 0.8% week-on-week [35] Natural Gas Prices - The report highlights a significant increase in natural gas prices, with the Dutch TTF gas price rising by 18.2% week-on-week [48] - The domestic LNG ex-factory price was reported at 4868 RMB/ton, showing a year-on-year increase of 6.6% [50] Hydropower and Renewable Energy - The report suggests that hydropower has a simple and efficient business model, with the lowest cost per kilowatt-hour among all power sources [8] - It anticipates continued growth in wind and solar energy under carbon neutrality expectations, recommending leading companies in these sectors [8]

Investment Rating - The report maintains a "Positive" investment rating for the utility sector in China [4] Core Insights - Electricity demand is on the rise, with a year-on-year increase of 6.1% in total electricity consumption for January and February 2026, compared to a 3.3 percentage point increase from December 2025 [8] - The growth in electricity consumption is attributed to a recovery in economic activity and a low base effect from the previous year [12] - Power generation growth has rebounded, with thermal power growth turning positive at 3.3% year-on-year for January and February 2026 [19] - The report highlights the potential for value reassessment of low-priced utility assets amid international order restructuring [8] - The report suggests that the utility sector remains a quality asset for investment, benefiting from the ongoing reforms in the electricity market [8] Summary by Sections Electricity Demand and Supply - Total electricity consumption increased by 6.1% year-on-year in January and February 2026, with significant growth in primary (7.4%), secondary (6.3%), and tertiary industries (8.3%) [8][12] - Power generation from large-scale power plants rose by 4.1% year-on-year, with thermal power showing a recovery [19] Investment Recommendations - The report recommends investing in the utility sector, particularly in thermal power companies such as: - Jiantou Energy (000600, Buy) - Huadian International (600027, Buy) - Guodian Power (600795, Buy) - Huaneng International (600011, Buy) - Anhui Energy (000543, Buy) [8] - For gas, companies like Shouhua Gas (300483, Not Rated) and Xintian Gas (603393, Not Rated) are highlighted as potential beneficiaries of rising natural gas prices [8] - In hydropower, quality assets in favorable basins are recommended for investment [8] Market Dynamics - The report notes a decline in the Shenyang spot electricity price by 14.2% year-on-year, while Shanxi's price increased by 26.3% year-on-year [31][33] - Coal prices have risen, with Qinhuangdao's Q5500 coal price at 735 RMB/ton, reflecting a 9.2% increase year-on-year [35] - Natural gas prices have surged, with the Dutch TTF gas price increasing by 18.2% week-on-week [48]

熊定松先生担任公司高级管理人员的任职资格，符合《中华人民共和国公司 法》等法律法规关于高级管理人员任职资格要求，不存在《中华人民共和国公司 法》《上海证券交易所股票上市规则》等法律法规及《公司章程》规定禁止任职 的情形。 高级管理人员简历附后。 特此公告。 华能澜沧江水电股份有限公司董事会 2026 年 3 月 21 日 附：高级管理人员简历 证券代码：600025 证券简称：华能水电 公告编号：2026-008 华能澜沧江水电股份有限公司 关于聘任公司高级管理人员的公告 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。 华能澜沧江水电股份有限公司（以下简称公司）于2026年3月20日召开第四 届董事会第十五次会议，审议通过了《关于聘任公司高级管理人员的议案》。根 据《公司章程》有关规定，经董事会提名委员会审查，董事会同意聘任熊定松先 生为公司副总经理，上述高级管理人员任期自本次董事会审议通过之日起，至公 司第四届董事会届满之日止。 熊定松先生，1980 年 10 月出生，工商管理硕士，高级工程师。熊定松先生 历任华能澜沧江水电 ...

华能澜沧江水电股份有限公司（以下简称公司）第四届董事会第十五次会议 于2026年3月3日以书面和电子邮件方式发出会议通知，并于2026年3月20日在公 司以现场和通讯表决方式召开。公司董事长孙卫主持会议，应出席董事15人，实 际出席会议的董事15人，公司部分高级管理人员列席会议。本次会议的召集、召 开、表决程序符合《中华人民共和国公司法》和《公司章程》的有关规定。 证券代码：600025 证券简称：华能水电 公告编号：2026-007 华能澜沧江水电股份有限公司 关于第四届董事会第十五次会议决议公告 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。 一、董事会会议召开情况 二、董事会会议审议情况 （一）审议通过《关于聘任公司高级管理人员的议案》。 （二）审议通过《关于<公司董事长专题会议事规则>的议案》。 表决结果：同意15票，反对0票，弃权0票。 （三）审议通过《关于<公司总经理办公会议事规则>的议案》。 表决结果：同意15票，反对0票，弃权0票。 特此公告。 华能澜沧江水电股份有限公司董事会 2026 年 3 月 21 日 ...

证券代码：600025 证券简称：华能水电 公告编号：2026-006 华能澜沧江水电股份有限公司 2026 年度第三期绿色超短期融资券（乡村振兴） 发行公告 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。 一、发行基本情况 华能澜沧江水电股份有限公司（以下简称公司）已于近日完成了 2026 年度 第三期绿色超短期融资券（乡村振兴）的发行，发行额为人民币 10 亿元，发行 利率为 1.47%，期限为 91 天，单位面值为 100 元人民币。本次发行完成后，公 司短期融资券（含超短期融资券）余额为人民币 86 亿元，中期票据（含永续中 票）余额为人民币 160 亿元。2026 年度第三期绿色超短期融资券（乡村振兴） 由中国工商银行作为牵头主承销商、中国建设银行作为联席主承销商，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，债券募集资金将用于偿 还带息负债。债券发行的有关文件已在中国货币网和上海清算所网站公告，网址 分别为 www.chinamoney.com.cn 和 www.shclearing.com。 二、审 ...