Group 1 - The Hang Seng Index Company and Hong Kong Exchanges and Clearing Limited announced the quarterly index review results for the Hang Seng Stock Connect China Enterprises Index as of September 30, 2025 [1] - The number of constituent stocks remains at 80, with four new additions: China Hongqiao Group (01378), Innovent Biologics (01801), Yum China (09987), and North Huachuang (002371) [1] - Four stocks were removed from the index: New Energy (02688), Huaneng Lancang River Hydropower (600025), and Inner Mongolia Yili Industrial Group (600887) [1] Group 2 - The changes will take effect on December 8, 2025 [1]

Group 1 - The Hang Seng Index Company and Hong Kong Exchanges and Clearing Limited announced the quarterly index review results for the Hang Seng Stock Connect China Enterprises Index as of September 30, 2025 [1] - The number of constituent stocks remains at 80, with four new additions: China Hongqiao Group (01378), Innovent Biologics (01801), Yum China Holdings (09987), and North Huachuang (002371.SZ) [1][2] - Four stocks were removed from the index: New Energy (02688), Huaneng Lancang River Hydropower (600025.SH), and Inner Mongolia Yili Industrial Group (600887.SH) [1][3] Group 2 - The changes will take effect on December 8, 2025 [1]

证券代码：600025 证券简称：华能水电 公告编号：2025-080 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 2025 年度 第八期科技创新债券和第十期绿色超短期融资券（乡村振兴）的发行，发行额分 别为人民币 10 亿元、10 亿元，发行利率分别为 1.64%、1.62%，期限分别为 227 天、105 天，单位面值均为 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 64 亿元，中期票据（含永续中票）余额为人民币 160 亿元。 2025 年度第八期科技创新债券由中国银行作为牵头主承销商，中国工商银 行作为联席主承销商。第十期绿色超短期融资券（乡村振兴）由中国银行作为牵 头主承销商，国家开发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、审批程序履行情况 公司 2025 年 5 ...

Market Overview - The electricity sector experienced a decline of 1.91% on the trading day, with Shimao Energy leading the losses [1] - The Shanghai Composite Index closed at 3834.89, down 2.45%, while the Shenzhen Component Index closed at 12538.07, down 3.41% [1] Individual Stock Performance - Shimao Energy (code: 605028) saw a significant drop of 10.01%, closing at 29.68 [2] - Other notable declines included Chuaneng Power (code: 000155) down 9.96% and Huitian Thermal Power (code: 000692) down 8.18% [2] - Longjiang Power (code: 600900) had a slight increase of 0.07%, closing at 28.16, while several other stocks in the sector experienced minor declines [1][2] Trading Volume and Capital Flow - The total net outflow of main funds in the electricity sector was 2.085 billion yuan, while retail investors saw a net inflow of 1.589 billion yuan [2][3] - The trading volume for Longjiang Power was 919,900 shares, with a transaction value of 2.591 billion yuan [1] Fund Flow Analysis - Longjiang Power had a net inflow of 1.75 million yuan from main funds, while retail investors had a net outflow of 1.43 million yuan [3] - Other stocks like Shaoneng Co. (code: 000601) and Quankai New Energy (code: 600821) also showed varying levels of fund inflow and outflow [3]

证券代码：600025 证券简称：华能水电公告编号：2025-079 华能澜沧江水电股份有限公司 关于公司高级管理人员离任的公告 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。 重要内容提示： 根据《中华人民共和国公司法》《公司章程》的有关规定，杨佐斌先生的辞职报告自送达董事会之日起 生效，其辞职不会影响公司正常生产经营，公司将按照法定程序尽快完成高级管理人员补选工作。截至 本公告披露日，杨佐斌先生未持有公司股份，不存在未履行完毕的公开承诺，确认与公司董事会无意见 分歧，且没有与其辞职有关的其他事宜需通知公司及股东。 杨佐斌先生在担任公司副总经理、总法律顾问期间，始终以高度的责任感和使命感，高标准、高质量推 动公司经营发展和法治化建设各项工作，为公司清洁能源事业发展作出了重要贡献，公司董事会对杨佐 斌先生的辛勤付出和坚守奉献表示衷心感谢。 特此公告。 华能澜沧江水电股份有限公司董事会 2025年11月20日 华能澜沧江水电股份有限公司（以下简称公司）董事会于近日收到公司副总经理、总法律顾问杨佐斌先 生的书面辞职报告。因工作变动 ...

截至发稿，华能水电市值为1763亿元。 每经头条（nbdtoutiao）——爱泼斯坦案文件解密倒计时，美国会"秒过"法案直通特朗普，引爆两党"极 限撕扯" 每经AI快讯，华能水电（SH 600025，收盘价：9.46元）11月19日晚间发布公告称，因工作变动原因， 杨佐斌先生申请辞去公司副总经理、总法律顾问职务。辞职后，杨佐斌先生将不在公司担任任何职务。 2024年1至12月份，华能水电的营业收入构成为：电力行业占比99.15%，其他业务占比0.85%。 （记者 曾健辉） ...

一、董事/高级管理人员离任情况 | 姓名 | 离任职务 | 离任时间 | 原定任期 到期日 | 离任原因 | 是否继续 在上市公 司及其控 股子公司 | 具体职务 （如适用） | 是否存在 未履行完 毕的公开 承诺 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 任职 | | | | | 副总经 | 2025 年 11 | 2027 年 3 | 工作变动 | | | | | 杨佐斌 | 理、总法 | | | | 否 | 不适用 | 否 | | | | 月 19 日 | 月 19 日 | 原因 | | | | | | 律顾问 | | | | | | | (一) 提前离任的基本情况 (二) 离任对公司的影响 证券代码：600025 证券简称：华能水电 公告编号：2025-079 华能澜沧江水电股份有限公司 关于公司高级管理人员离任的公告 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。 重要内容提示： 华能澜沧江水电股份有限公司（以下简称公司）董事会于近 ...

南财智讯11月19日电，华能水电公告，公司董事会于近日收到公司副总经理、总法律顾问杨佐斌先生的 书面辞职报告。因工作变动原因，杨佐斌先生申请辞去公司副总经理、总法律顾问职务。辞职后，杨佐 斌先生将不在公司担任任何职务。 ...

Investment Rating - The report maintains a "Positive" outlook on the public utilities and environmental protection sectors [3] Core Insights - The report highlights a significant increase in electricity production in October, with total generation reaching 800.2 billion kWh, a year-on-year growth of 7.9% [4][11] - Hydropower and thermal power contributed the most to the increase in electricity generation, while wind power saw a decline of 11.9% compared to the previous year [4][10] - Natural gas prices showed mixed trends globally, with stable prices in Asia and fluctuations in Europe and North America [22][40] Summary by Sections 1. Electricity Production - In October, thermal power generation was 513.8 billion kWh, up 7.3% year-on-year, while hydropower generation reached 135.1 billion kWh, up 28.2% [4][11] - The total increase in electricity generation for October was approximately 58.6 billion kWh, with thermal power contributing 35 billion kWh and hydropower contributing 29.7 billion kWh [10][11] - The Three Gorges Reservoir achieved its water storage target of 175 meters, supporting future hydropower generation [10] 2. Natural Gas Market - As of November 14, the Henry Hub spot price in the U.S. was $3.49/mmBtu, a weekly decrease of 7.32% [22] - The TTF spot price in Europe was €30.80/MWh, showing a slight weekly change of 0.81% [22] - Northeast Asia's LNG spot price remained stable at $11.10/mmBtu, with domestic supply being sufficient [22][40] 3. Investment Recommendations - For hydropower, the report recommends companies like Guotou Power, Chuan Investment Energy, and Huaneng Hydropower due to favorable autumn water conditions [20] - In the green energy sector, companies such as Xintian Green Energy and Longyuan Power are suggested for their stable returns and high utilization hours [20] - For nuclear power, the report highlights China Nuclear Power and China General Nuclear Power as key players due to ongoing approvals for new units [20] - In the thermal power sector, companies like Guodian Power and Inner Mongolia Huadian are recommended due to decreasing fuel costs [20] - The report also suggests focusing on integrated natural gas companies like Kunlun Energy and New Hope Energy for their potential recovery in profitability [42][43]

Investment Rating - The investment rating for the utility sector is "Positive" [2] Core Insights - The report highlights the release of the "Guiding Opinions on Promoting the Integrated Development of New Energy," aiming to enhance the reliability and market competitiveness of new energy by 2030 [5] - In October, the industrial natural gas output reached 22.1 billion cubic meters, marking a year-on-year increase of 5.9% [5] - The report indicates a potential for profit improvement and value reassessment in the power sector due to previous supply-demand tensions [5] Market Performance - As of November 14, the utility sector declined by 0.6%, underperforming the broader market, with the power sector down by 1.13% and the gas sector up by 4.48% [4][12] - The report notes that the coal prices have increased, with Qinhuangdao port coal prices at 827 RMB/ton, a week-on-week increase of 19 RMB/ton [4][22] Power Industry Data Tracking - The report tracks various metrics, including coal prices, inventory levels, and daily consumption rates, indicating a decrease in coal inventory at Qinhuangdao port to 5.5 million tons, down by 270,000 tons week-on-week [4][29] - The average daily consumption of coal in inland provinces increased to 3.364 million tons, up by 123,000 tons/day week-on-week [31] Natural Gas Industry Data Tracking - Domestic natural gas production in October was 22.1 billion cubic meters, a year-on-year increase of 6.0% [5] - The report notes that the average LNG ex-factory price in China was 4,357 RMB/ton, a decrease of 3.35% year-on-year [57] - The EU's natural gas supply for week 44 was 6.5 billion cubic meters, a year-on-year increase of 14.4% [64] Investment Recommendations - For the power sector, the report suggests focusing on leading coal power companies such as Guodian Power and Huaneng International, as well as hydropower operators like China Yangtze Power [5] - In the natural gas sector, companies with low-cost long-term gas sources and receiving station assets are expected to benefit from market conditions [5]