Group 1 - Cambridge Technology plans to invest 400 million yuan to establish a fund focused on optical devices and chips, aiming to invest in early-stage and growth-stage companies in the hard technology sector [1] - Tunnel Corporation's consortium won a bid for a highway project in Henan with a total investment of 6.49 billion yuan, using a BOT model for a 33.25-year cooperation period [2] - Hongrun Construction won a bid for a project worth 230 million yuan, which represents 3.88% of the company's projected revenue for 2024 [3] Group 2 - Tongrentang's product, Canling Baizhu Powder, received product registration approval from Health Canada, aimed at treating symptoms related to spleen and stomach weakness [4] - Hunan Baiyin announced a scheduled annual maintenance from December 9, 2025, to January 5, 2026, for equipment and facilities [5] - Changchun Gaoxin's subsidiary had two drugs included in the national medical insurance catalog for 2025 [6] Group 3 - Dongfang Securities' chairman resigned due to work relocation [7] - Xuantai Pharmaceutical's product, Sitagliptin Metformin Sustained-Release Tablets, was renewed for inclusion in the national medical insurance catalog [8] - ST Weihai was pre-selected for a smart agriculture EPC project with a bid of 652 million yuan, accounting for 26.27% of the company's projected revenue for 2024 [9] Group 4 - Guoxin Technology successfully tested an anti-quantum password financial POS chip, supporting both traditional and quantum-resistant algorithms [10] - Huaren Health's subsidiary received acceptance for a drug registration application for Lactulose Oral Solution, a common laxative [11] - Ankai Bus reported a 57.71% year-on-year increase in sales for the first 11 months of the year [12] Group 5 - Zhongyan Dadi's subsidiary won a bid for a project worth 73.86 million yuan [13] - Zhejiang Rongtai plans to invest 77 million USD in a factory in Thailand, focusing on mica paper and robot components production [14] - Optoelectronics plans to use up to 450 million yuan of idle funds for cash management [15] Group 6 - Tianyu Biological reported a 45.15% year-on-year decline in sales revenue from pig sales in November [16] - Daqin Railway's cargo transport volume increased by 1.75% year-on-year in November [17] - Yabo Co. won a bid for a heavy truck charging station project worth 3.616 million yuan [18] Group 7 - Hongri Pharmaceutical's product continues to be included in the national medical insurance catalog [19] - Jinggong Steel Structure signed a contract for steel structure installation worth approximately 470 million yuan for an overseas project [20] - Xizang Pharmaceutical's product, Xinhuasuan, continues to be included in the national medical insurance catalog [21] Group 8 - Guangdong Electric Power A announced the successful commissioning of a 1000MW unit at the Maoming Boge Power Plant [22] - Fuan Pharmaceutical's product, Palivizumab Injection, was newly included in the national medical insurance catalog [23] - Lizhu Group reported that 194 products were included in the 2025 national medical insurance catalog [24] Group 9 - Haisan Pharmaceutical's injection of Lantanol was included in the national medical insurance catalog [25] - Zhongtong Bus reported a 39.53% year-on-year increase in sales volume in November [26] - Shaanxi Coal Industry reported a 6.03% year-on-year increase in coal production in November [27] Group 10 - Haooubo's subsidiary received a medical device registration certificate for an IgG4 testing kit [28] - Yaopi Glass plans to invest 690 million yuan in new automotive glass production lines [30] - Huadian International completed the issuance of 2 billion yuan in medium-term notes [31] Group 11 - Zhongzai Zihuan's subsidiary won a bid for a green recycling project worth 205 million yuan [32] - Dabeinong reported a 25.26% year-on-year decline in sales revenue from pig sales in November [33] - Xiangjia Co. reported a 3.77% year-on-year increase in live poultry sales revenue in November [34] Group 12 - Huanxu Electronics reported a consolidated revenue of 5.198 billion yuan in November, a decrease of 3.34% year-on-year [35] - Aonong Biological reported a 72.21% year-on-year increase in pig sales volume in November [36] - Samsung Medical's subsidiary was pre-selected for a procurement project worth approximately 108 million yuan [37]

Investment Rating - The report maintains a positive outlook on the public utility and environmental sectors, particularly in electricity and natural gas [3][4]. Core Insights - The report highlights significant regional differences in mechanism electricity pricing, with recent auction results approaching upper limits across multiple provinces, indicating strong demand and government support for renewable energy projects [4][10]. - Natural gas prices in Europe continue to decline, while U.S. prices have reached a new high for 2023, driven by increased heating demand due to cold weather [14][21]. - The report emphasizes the importance of refined operational strategies for power stations, as profitability varies significantly across regions and projects [11][12]. Summary by Sections 1. Electricity - Recent mechanism electricity auction results show prices close to upper limits in regions like Hebei and Ningxia, with significant volumes of wind and solar energy being auctioned [8][9]. - The report notes that the differences in mechanism electricity pricing reflect local consumption capabilities and policy directions [10][11]. 2. Natural Gas - U.S. Henry Hub spot prices reached $5.19/mmBtu, a 12.91% increase week-on-week, while European gas prices, such as TTF and NBP, have seen declines of 5.57% and 9.96% respectively [14][15]. - The report indicates a 1.3% year-on-year decline in China's apparent natural gas consumption in October, with expectations for growth in Q4 due to seasonal heating demands [31][33]. 3. Investment Recommendations - Recommendations include investing in hydropower companies like Yangtze Power and Guodian Power, as well as coal-fired power companies such as Guodian Power and Inner Mongolia Huadian [12]. - For natural gas, the report suggests focusing on integrated companies like Kunlun Energy and New Hope Energy, which are expected to benefit from cost reductions and improved profitability [33][34].

Core Insights - The report emphasizes the significant growth of renewable energy installations, with wind and solar power exceeding thermal power for the first time, reaching a total installed capacity of 1.71 billion kilowatts by Q3 2025, accounting for 46% of total capacity, up 6.4 percentage points year-on-year [2] - The report outlines the importance of renewable energy consumption and its integration into the power system as a key focus for the 14th and 15th Five-Year Plans, aiming for a new energy system that supports high proportions of renewable energy by 2035 [2] Group 1: Green Electricity Consumption - The introduction of the green electricity direct connection policy allows renewable energy sources to supply electricity directly to users, bypassing the traditional grid, which is expected to enhance local consumption and address international carbon trade barriers [4] - Data centers are identified as a significant growth area for energy demand, with the green electricity direct connection policy providing a cost-effective energy supply solution, fostering the development of virtual power plants and energy storage [4] - The report highlights the potential for energy storage projects to evolve from grid stability to active demand-side management due to the green electricity direct connection policy [4] Group 2: Non-Electric Utilization - The inclusion of renewable energy non-electric consumption in national assessments marks a significant policy shift, with targets set for renewable energy heating, hydrogen production, and biofuels [6] - Renewable energy heating and cooling solutions are positioned as quantifiable pathways for industrial sectors reliant on thermal energy, with molten salt storage technology expected to enhance solar thermal power generation [6] - The report notes the accelerating decarbonization of the global transportation sector, with biofuels like green methanol and SAF gaining traction, presenting substantial growth opportunities [6] Group 3: Investment Recommendations - The report suggests a focus on coal-fired power companies as they adapt to changing pricing structures, with attention on long-term contract prices expected to stabilize profitability [7] - Hydropower is highlighted as a scarce asset with long-term investment value due to limited development space, recommending specific companies for investment [7] - Nuclear power is expected to maintain long-term growth despite short-term pressures from tax policy changes, with several new projects set to come online by 2027 [7] Group 4: Market Performance - The environmental sector has outperformed the market, with the environmental index rising by 16.94% year-to-date compared to the Shanghai Composite Index's 16.02% increase [13] - The report indicates that the power sector's revenue for the first three quarters of 2025 was 1.455 trillion yuan, a slight decline of 2.21% year-on-year, while net profit increased by 3.89% to 175.6 billion yuan [16] - Coal-fired power companies have benefited from falling coal prices, with a reported revenue of 905.8 billion yuan and a net profit increase of 15.83% [20]

Core Viewpoint - Huadian International Power Co., Ltd. plans to issue financing instruments up to 80 billion RMB to meet funding needs, as approved in the 2024 annual general meeting scheduled for June 17, 2025 [1] Financing Plans - The company is authorized to issue short-term financing bonds, ultra-short-term financing bonds, medium-term notes, perpetual notes, senior dollar bonds, and perpetual dollar bonds, with a total principal amount not exceeding 80 billion RMB [1] - Recently, the company completed the issuance of its 11th medium-term note for 2025, amounting to 2 billion RMB, with a maturity of 3 years and a coupon rate of 1.95% [1] Use of Proceeds - The funds raised from the recent bond issuance are intended for repaying maturing debts, supplementing working capital, and investing in subsidiaries [1]

Core Viewpoint - Huadian International Power Co., Ltd. has successfully completed the issuance of its 11th medium-term note for the year 2025, raising a total of 2 billion RMB [1] Group 1 - The bond issuance amount is 2 billion RMB with a maturity period of 3 years [1] - The face value of the bond is set at 100 RMB per unit [1] - The coupon rate for this bond issuance is 1.95% [1] Group 2 - The raised funds will be used for repaying maturing debts, supplementing working capital, and investing in the company's subsidiaries [1]

Core Viewpoint - Huadian International Power Co., Ltd. plans to issue financing instruments up to the equivalent of 80 billion RMB to meet its funding needs from the approval of the 2024 annual general meeting until the end of the 2025 annual general meeting [1] Group 1: Financing Plans - The company has received approval to issue short-term financing bonds, ultra-short-term financing bonds, medium-term notes, perpetual notes, senior US dollar bonds, and perpetual US dollar bonds [1] - The total amount for these financing instruments is capped at 80 billion RMB [1] Group 2: Recent Bond Issuance - The company has completed the issuance of its 11th medium-term note for the year 2025, amounting to 2 billion RMB with a maturity of 3 years and a coupon rate of 1.95% [1] - The bonds were underwritten by Industrial Bank Co., Ltd. and China Construction Bank Co., Ltd., and were publicly issued in the national interbank bond market through a book-building and centralized placement method [1] - The funds raised from this bond issuance are intended for repaying maturing debts, supplementing working capital, and investing in the company's subsidiaries [1]

2024年年报显示，华电国际的主营业务为售电行业、供热、售煤、其他业务，占营收比例分别为：83.85%、8.62%、7.0%、0.53%。 | 市值(亿元) | 时间 | 2023Y | 2024Y | 2025前三 | | --- | --- | --- | --- | --- | | 589.73 | | | | をき | | 机构持股(占流通盘) | 营业收入 (亿元) | 1171.76 | 1129.94 | 958.72 | | 0家 | 归母净利润 | 45.22 | 57.03 | 64.37 | | 北向资金持股比例 | (亿元) | | | | | 2.78% | 净资产收益率 (%) | 7.00 | 8.32 | 9.40 | | (12月8日) | | | | | | 大股东质押率 | 毛利率 (%) | 6.43 | 8.78 | 12.12 | | | 每股收益。 (元) | | | | | 最新监管情况 | | | | | | 近一年无相关信息 | 经营活动现金流 | 132.52 | 163.36 | 229.77 | | | (亿元) | | | | | 公司品牌价值 | ...

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。 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）、祝月光（執行董事）、豐鎮平（獨立非執行董事）、王躍生（獨立非執行董事）、 沈翎（獨立非執行董事）及黄克孟（獨立非執行董事）。 中國 • 北京 二零二五年十二月八日 * 僅供識別 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 秦介海 董事會秘書 於本公告 ...

Core Viewpoint - Huadian International has successfully completed the issuance of its 2025 11th tranche medium-term notes, raising a total of 2 billion RMB with a maturity of 3 years and a coupon rate of 1.95% [1] Group 1 - The bond issuance amount is 2 billion RMB [1] - The bonds have a maturity period of 3 years [1] - The face value of each bond is 100 RMB [1] Group 2 - The bonds were underwritten by Industrial Bank Co., Ltd. and China Construction Bank [1] - The issuance was conducted through book-building and centralized placement in the national interbank bond market [1] - The raised funds are intended for repaying maturing debts, supplementing working capital, and investing in the company's subsidiaries [1]

本公司已于近日完成了华电国际电力股份有限公司 2025 年度第十一期中期票据 （"本期债券"）的发行。本期债券发行金额为 20 亿元人民币，期限为 3 年，单位面值 为 100 元人民币，发行票面利率为 1.95%。 本期债券由兴业银行股份有限公司、中国建设银行股份有限公司为主承销，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。本期债券募集资金拟投入 20 亿元偿还到期债务、补充流动资金以及控股子公司出资。 本期债券发行的有关文件已在中国货币网和上海清算所网站上公告，网址分别为 www.chinamoney.com.cn 和 www.shclearing.com。 特此公告。 华电国际电力股份有限公司 2025 年 12 月 8 日 1 证券代码：600027 证券简称：华电国际 公告编号：2025-095 华电国际电力股份有限公司 关于中期票据发行的公告 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法律责任。 华电国际电力股份有限公司（"本公司"）2024 年年度股东大会于 2025 年 6 月 17 日通过决议，同意 ...