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 公司名稱: 華電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 | 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) | 01071 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,717,233,600 | RMB | | 1 RMB | | 1,717,233,600 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 1,717,233,600 | RMB | | 1 RMB | | 1,717,233,600 | | 2. 股份分類 | 普通股 | 股份類別 ...

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份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。 華電國際電力股份有限公司 Huadian Power International Corporation Limited* （在中華人民共和國（「中國」）註冊成立之中外合資股份有限公司） （股份代碼：1071） 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第 13.10B 條而作出。 茲載列華電國際電力股份有限公司（「本公司」）在上海證券交易所網站刊登的公告，僅供參閱。 承董事會命 華電國際電力股份有限公司 二零二五年十一月三日 * 僅供識別 证券代码：600027 证券简称：华电国际 公告编号：2025-091 秦介海 董事會秘書 於本公告日期，本公司董事會由下列董事組成： 劉雷（董事長、執行董事）、李泉城（副董事長、執行董事）、朱鵬（副董事長、非執行董事）、曾 慶華（非執行董事）、曹敏（非執行董事）、王曉渤（非執行董事）、李國明（執行董事）、豐鎮平（獨 立非執行董事）、王躍生（獨 ...

证券代码：600027 证券简称：华电国际 公告编号：2025-091 华电国际电力股份有限公司 2025年半年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.09元（含税） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/11/11 | － | 2025/11/12 | 2025/11/12 | 差异化分红送转：否 一、通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025年9月25日的2025年第二次临时股东大会审议通过。 二、分配方案 1. 发放年度：2025年半年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上 海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本11,611,774,1 ...

Investment Rating - The report maintains a "Buy" rating for various sectors including hydropower, green electricity, nuclear power, thermal power, and gas power [4][9][44]. Core Insights - The green certificate market is experiencing a significant increase in both volume and price, with a 210% rise in average trading price in Q3 compared to Q1 [8]. - Global natural gas prices are fluctuating, with the US Henry Hub spot price reaching a near six-month high of $3.57/mmBtu, while European prices are showing mixed trends [11][12]. - The report anticipates a potential increase in gas consumption growth in Q4 2025 due to low base effects and high demand expectations, despite a 1.6% year-on-year decline in September gas consumption [32][33]. Summary by Sections 1. Electricity - In September 2025, 229 million green electricity certificates were issued, with 68.86% being tradable [4][8]. - The report highlights the improvement in market mechanisms and the growing demand for renewable energy consumption [8]. 2. Natural Gas - As of October 31, 2025, the US Henry Hub spot price increased by 11.16% week-on-week, while European prices showed a decline [11][12]. - The report notes a 1.6% year-on-year decrease in national gas consumption in September, with expectations for growth in Q4 2025 due to favorable weather conditions [32][33]. 3. Investment Recommendations - Recommendations include hydropower companies such as Guotou Power and Chuanwei Energy, green electricity firms like Xintian Green Energy and Longyuan Power, and gas companies including Kunlun Energy and New Hope Energy [9][44]. - The report emphasizes the potential for improved profitability in the gas sector due to declining costs and rising demand [33][44].

Investment Rating - The report maintains a "Buy" rating for the electricity sector, indicating a positive outlook for investment opportunities in this industry [6]. Core Insights - The China Electricity Council forecasts a 5% growth in electricity consumption for the year, with total installed capacity of wind and solar expected to exceed 1.8 billion kilowatts by 2025. In the first three quarters of 2025, total electricity consumption reached 7.77 trillion kilowatt-hours, a year-on-year increase of 4.6%, with significant contributions from the secondary industry and high-tech equipment manufacturing [1][9]. - The report highlights a decline in holdings of both active and index funds in the electricity and public utilities sector, with active funds holding 0.65% and index funds holding 1.74% of their portfolios by the end of Q3 2025, both showing a decrease compared to previous quarters [1][9]. Summary by Sections Industry Overview - The report indicates that the total installed power generation capacity in China reached 3.72 billion kilowatts by the end of September 2025, reflecting a year-on-year growth of 17.5%. It is projected that the total installed capacity will reach approximately 3.9 billion kilowatts by the end of 2025, representing a 16.5% increase [1][9]. Fund Holdings - Active funds have seen a reduction in their holdings in the electricity sector, with the top five increased holdings being Jiufeng Energy (+0.53%), Jiantou Energy (+0.41%), and others, while the top five decreased holdings include CGN New Energy (-2.74%) and Datang New Energy (-1.61%) [1][9]. - Index funds also reflect a similar trend, with Shanghai Electric (+0.44%) and Shenneng Co. (+0.19%) being the top increased holdings, while Changjiang Electric (-0.58%) and Zheneng Electric (-0.16%) saw the largest decreases [2][10]. Investment Recommendations - The report suggests focusing on the thermal power sector, which is expected to see continued performance improvements, and highlights the importance of energy storage policies and the value of flexible power sources. Recommended stocks include Huaneng International, Huadian International, and others in the thermal power sector [2][6]. - Additionally, the report advises on investing in undervalued green electricity stocks, particularly in Hong Kong and wind power operators, with specific recommendations for Xintian Green Energy and Longyuan Power [2][6].

Investment Rating - The report maintains a "Positive" investment rating for the utility sector [4] Core Views - The thermal power sector continues to show high growth in performance, with significant improvements in profitability and cash flow [7][10] - The report indicates that the current coal price increase is nearing its end, and the pessimistic expectations for electricity prices are easing [7] - The utility sector is currently undervalued, with a notable decrease in fund holdings, suggesting potential investment opportunities [7][14] Summary by Sections Thermal Power Performance - In Q3 2025, the thermal power sector's gross margin reached 18.9%, above the historical average of 17.8%, with a year-on-year increase of 3.6 percentage points [7][10] - Total revenue for sample companies in Q3 2025 was 314.4 billion yuan, a decrease of 2.1% year-on-year, while net profit attributable to shareholders was 24.7 billion yuan, an increase of 38.3% [10][12] - The average price of Q5500 thermal coal at Qinhuangdao Port was 715 yuan/ton, reflecting a 10.6% increase compared to the previous quarter [7][10] Fund Holdings and Market Performance - As of Q3 2025, the utility sector's fund holdings dropped to 1.15% of total fund equity investments, a decrease of 0.55 percentage points [14] - The utility sector index rose by 0.6% during the week, outperforming the CSI 300 index by 1.0 percentage points [47] Investment Recommendations - The report suggests focusing on high-quality dividend assets within the utility sector, particularly thermal power, hydropower, and nuclear power [7] - Specific stocks recommended include Guodian Power (600795), Huadian International (600027), and Huaneng International (600011) for thermal power [7] - For hydropower, recommended stocks include Yangtze Power (600900) and Sichuan Investment Energy (600674) [7]

Core Insights - The overall financial performance of Shandong A-share listed companies in Q3 2025 shows a steady growth trend, with total revenue reaching 22,983.85 billion yuan and net profit attributable to shareholders at 1,411.62 billion yuan, reflecting year-on-year increases of 5.22% and 0.85% respectively [1][2] Group 1: Profitability and Performance - Over 80% of Shandong stocks achieved profitability in the first three quarters, with 32 companies reporting net profits exceeding 1 billion yuan [2] - Haier Smart Home led with a net profit of 173.73 billion yuan, followed by Wanhua Chemical at 91.57 billion yuan, and several other companies exceeding 50 billion yuan in profits [2] - Some industry leaders, like Yanzhou Coal, faced profit declines due to cyclical industry impacts, while others, such as Zhongji Xuchuang, benefited from emerging technologies like AI, resulting in significant profit increases [2][3] Group 2: Sector Analysis - Consumer sectors exhibited less cyclical volatility, with leading companies maintaining stable performance and relatively low valuations, making them attractive for investment [3] - Haier Smart Home has shown consistent growth since its listing, achieving a record net profit this year, attributed to operational efficiency and digital transformation initiatives [3] Group 3: Impact of Technological Innovation - Approximately half of the Shandong stocks reported year-on-year profit growth, with 31 companies seeing profits more than double [4] - Hengyu Environmental's profit surged by 17,879.81% due to increased production capacity driven by UK orders, highlighting the role of technological innovation in driving performance [4] - Companies like Xianda Co. and Tianneng Heavy Industry also reported significant profit increases, showcasing the impact of product pricing and operational reforms on profitability [4] Group 4: Market Trends - The A-share market has seen a significant rise, with the Shanghai Composite Index increasing over 40% since September 2022, driven by technology stocks [5] - The current technological revolution and industrial transformation are seen as key factors in enhancing productivity and economic growth, supported by financial mechanisms [5]

Core Viewpoint - Huadian International's stock price has shown fluctuations, with a recent decline of 2.17% and a year-to-date decrease of 1.28%, despite a 24.84% increase in net profit year-on-year for the first nine months of 2025 [1][2]. Financial Performance - For the period from January to September 2025, Huadian International achieved operating revenue of 95.872 billion yuan, representing a year-on-year growth of 13.04% [2]. - The net profit attributable to shareholders reached 6.437 billion yuan, reflecting a year-on-year increase of 24.84% [2]. Stock Market Activity - As of October 31, Huadian International's stock was trading at 5.41 yuan per share, with a total market capitalization of 62.82 billion yuan [1]. - The stock has seen a trading volume of 2.47 billion yuan, with a turnover rate of 0.53% [1]. - The stock has experienced a 2.85% increase over the last five trading days and a 7.55% increase over the last 20 trading days [1]. Shareholder Information - As of September 30, 2025, the number of shareholders increased to 137,300, up by 9.79% from the previous period [2]. - The top circulating shareholder, Hong Kong Central Clearing Limited, holds 1.802 billion shares, a decrease of 94.946 million shares from the previous period [3]. Dividend Distribution - Huadian International has cumulatively distributed dividends of 23.419 billion yuan since its A-share listing, with 5.816 billion yuan distributed over the last three years [3].

Core Insights - The overall performance of the dividend style sector has been poor from early 2025 to October 28, 2025, while electricity demand has maintained steady growth, with a total electricity consumption of 7.77 trillion kilowatt-hours, representing a year-on-year increase of 4.8% [2][3] - During the 14th Five-Year Plan period, a "wide electricity volume, tight electricity supply" pattern is expected, with comprehensive electricity prices likely to stabilize [2][3] Electricity Sector - Coal prices have bottomed out and are expected to stabilize electricity prices; from the end of 2023 to mid-2025, coal prices have been declining, but began to rebound in July 2025, with the average clearing price in Jiangsu's electricity market reaching 395.60 yuan per megawatt-hour, an increase of 82.80 yuan per megawatt-hour month-on-month [3] - Hydropower remains stable with long-term investment value in a low-interest-rate environment; the net interest margin for hydropower has expanded by 69 basis points compared to the previous year [3] - Nuclear power's marketization ratio is gradually increasing, with a marketable electricity volume cap of 31.2 billion kilowatt-hours in 2026, a 14.3% increase from 2025; fluctuations in natural uranium prices have a minimal impact on operators [3] - Green electricity policies have seen uncertainty resolved, with market reforms entering a deeper phase; the wind power tax subsidy has decreased, indicating a policy bottom [4] Power Grid Equipment - The State Grid's investment in transmission and transformation equipment has seen significant growth, with a cumulative bidding amount of 68.188 billion yuan from January to September 2025, a year-on-year increase of 22.9% [6] - The export of primary equipment has also maintained high growth, with liquid medium transformers, high-voltage switches, and energy meters showing significant year-on-year increases in export amounts [6] Investment Opportunities - Beneficial stocks include: - Thermal Power: Huaneng International, Huadian International, China Resources Power, Datang Power, and others [7] - Hydropower: Yangtze Power, Huaneng Hydropower, and others [7] - Nuclear Power: China National Nuclear Power, China General Nuclear Power, and others [7] - Green Power: Longyuan Power, China Power, and others [7] - Power Grid Equipment: Pinggao Electric, XJ Electric, and others [7]

Core Viewpoint - The company reported a decline in revenue for the first three quarters of 2025, but a significant increase in net profit, indicating a resilient performance despite challenging market conditions [1]. Financial Performance - For the first nine months of 2025, the company's revenue was 95.872 billion yuan, a year-on-year decrease of 9.72%, while net profit attributable to shareholders was 6.437 billion yuan, an increase of 15.87% [1]. - In Q3 2025, revenue was 35.920 billion yuan, down 10.92% year-on-year, but net profit rose to 2.533 billion yuan, up 20.32% [1]. - The total power generation for the first nine months was 201.329 billion kWh, a decrease of 5.87% compared to the adjusted figures from the previous year, but the decline was less severe than in the first half of 2025 [1]. Pricing and Cost Dynamics - The average on-grid electricity price for the first nine months was 0.50955 yuan per kWh, down 2.76% from the previous year, indicating stable pricing [1]. - The average spot price of Qinhuangdao 5500 kcal thermal coal in Q3 2025 was 672 yuan per ton, a decrease of 21% year-on-year [1]. - The company is expected to see an increase in profit per kWh due to a greater reduction in costs compared to the decrease in electricity prices, leading to improved profitability in thermal power generation [1]. Capacity Price Mechanism - The upcoming increase in capacity prices is expected to benefit the company significantly, with a projected revenue increase of 3.536 billion yuan from capacity fee adjustments starting in 2026 [2]. - The fixed cost for coal power units will be standardized at 330 yuan per kW annually, with local implementations expected to rise to at least 50% of this standard [2]. Financial Cost Management - The company has effectively reduced financial costs, with financial expenses for the first nine months amounting to 2.414 billion yuan, a decrease of 444 million yuan year-on-year [2]. - The company is leveraging interest rate cuts to further lower financial costs, contributing positively to overall performance [2]. Profit Forecast - The profit forecasts for 2025-2027 have been revised upwards, with expected net profits of 6.895 billion, 7.658 billion, and 8.044 billion yuan respectively [3]. - The current stock price corresponds to a price-to-earnings ratio of 9, 8, and 8 times for the respective years, maintaining a "buy" rating [3].