编辑：赵鼎 值得关注的是，江宁开发区能碳虚拟电厂示范项目融合多项核心技术，包括发电预测、负荷预测、价格 预测、可调潜力分析、资源聚合、优化调度、协调控制及交易辅助决策等，成功聚合开发区内分布式光 伏、储能设备、充电桩、空调负荷、冰蓄冷系统、电锅炉、工业可调负荷等多元化灵活性能源资源。目 前，项目已实现常态化参与需求响应、电力辅助服务及电力现货等市场化交易，为用户提供智能化、集 约化的智慧用能服务，有效提升能源利用效率与资源配置合理性。 此外，项目创新性提出"电碳耦合"与"配微协同"技术理念，构建起区域多层级协同的智慧能碳管控平 台。该平台可助力政府、园区及企业搭建覆盖全生命周期、全环节、全链条的智慧能碳管理系统，实现 碳足迹精准追溯，在降低企业用能成本的同时，推动区域碳排放强度持续下降。 未来，华电江苏区域将牢牢把握新型电力系统建设与国家电力市场改革的重要机遇，进一步加快项目实 体化运营推进步伐，积极探索并创新"资源聚合 + 交易驱动""平台运营 + 能碳服务"等多元化商业模式， 为国家"双碳"目标实现与新型电力系统建设贡献更多华电力量。（王宇静） 近日，由中国华电所属的华电江苏能源有限公司、南京国电南自自动 ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - In August, the electricity consumption growth rate in the secondary industry increased, contributing the largest increment to total electricity consumption, accounting for 59% of the total increase [3][7] - The total electricity consumption in August reached 10,154 billion kWh, a year-on-year increase of 5.0% [3][6] - The manufacturing sector saw a record monthly growth rate for the year, with high-tech and equipment manufacturing electricity consumption growing by 9.1%, surpassing the average manufacturing growth rate by approximately 4.6 percentage points [3][7] Summary by Sections 1. Electricity: August Secondary Industry Consumption Growth - The total electricity consumption in August was 10,154 billion kWh, with a year-on-year growth of 5.0% [3][6] - The first industry consumed 164 billion kWh (9.7% growth), the second industry consumed 5,981 billion kWh (5.0% growth), the third industry consumed 2,046 billion kWh (7.2% growth), and residential consumption was 1,963 billion kWh (2.4% growth) [3][8] - The secondary industry contributed the most to the total electricity consumption increase, with a significant growth in manufacturing, particularly in high-tech and equipment manufacturing [6][7] 2. Gas: Supply and Demand Stability - Global gas prices have shown narrow fluctuations, with the Henry Hub spot price at $2.90/mmBtu, a weekly increase of 0.17% [16][19] - The LNG national ex-factory price was 4,016 yuan/ton, with a slight weekly decrease of 0.07% [16][36] - The report suggests a positive outlook for city gas companies due to cost reductions and improved profitability [38] 3. Weekly Market Review - The public utility and environmental protection sectors underperformed compared to the CSI 300 index, while the electric equipment sector outperformed [40][42] 4. Company and Industry Dynamics - The report highlights recent government initiatives aimed at promoting high-quality development in energy equipment, focusing on enhancing the efficiency of energy conversion equipment and advancing renewable energy technologies [49] - Key announcements from companies include significant contract wins and strategic investments aimed at enhancing operational capabilities and market positioning [50]

Investment Rating - The report maintains a positive outlook on the power and gas sectors, recommending specific companies for investment based on their performance and market conditions [3][16][18]. Core Insights - The report highlights that in August, the total electricity consumption reached 10,154 billion kWh, marking a year-on-year growth of 5.0%. The second industry contributed the largest increase, accounting for 59% of the total electricity increment [3][8][9]. - The report notes that global gas prices are experiencing slight fluctuations, with the Henry Hub spot price at $2.90/mmBtu and the TTF spot price at €32.15/MWh as of September 26 [18][19]. - The report emphasizes the stable growth in electricity consumption driven by high temperatures and government policies aimed at boosting consumption [8][9]. Summary by Sections 1. Electricity Sector - In August, the second industry saw a significant increase in electricity consumption, with a year-on-year growth of 5.0% and contributing 59% to the total electricity increment [3][9]. - The manufacturing sector achieved a record monthly growth rate, particularly in high-tech and equipment manufacturing, which grew by 9.1% year-on-year [9][10]. - The report recommends investments in hydropower, green energy, nuclear power, and thermal power companies, citing favorable conditions for growth and profitability [16][17]. 2. Gas Sector - The report indicates that the supply-demand dynamics for gas remain stable, with slight fluctuations in global gas prices. The LNG price in Northeast Asia decreased by 2.61% to $11.20/mmBtu [18][19]. - It highlights the steady increase in U.S. natural gas inventories and the impact of mild weather on heating and cooling demands, leading to low price volatility [21][27]. - The report suggests focusing on integrated gas companies and city gas firms that are expected to benefit from cost reductions and improved profitability [41][42]. 3. Market Performance Review - The report notes that the public utility and environmental sectors underperformed compared to the Shanghai and Shenzhen 300 indices, while the power equipment sector outperformed [43][44]. 4. Company and Industry Dynamics - Recent government initiatives aim to enhance the quality of energy equipment and promote the development of renewable energy sources [52]. - The report includes updates on major companies' announcements, including contract wins and strategic investments, which are expected to positively impact their future performance [52][53]. 5. Key Company Valuation Table - The report provides a valuation table for key companies in the public utility and environmental sectors, indicating their market positions and potential for growth [54].

Core Points - The "Electric Bright Silk Road Cup" skills competition for Chinese-funded power enterprises in Cambodia successfully concluded, showcasing the collaboration between Chinese companies and local institutions in enhancing energy security and sustainable development in Cambodia [1][3][4] Group 1: Event Overview - The competition was co-hosted by the Cambodia Chinese Chamber of Commerce Power Enterprises Association and the Cambodia National Electricity Authority, with participation from major Chinese power companies and local educational institutions [1][3] - This event has been held for three consecutive years, becoming a significant platform for showcasing Chinese power technology and management standards in Cambodia [3][4] Group 2: Industry Impact - Chinese enterprises have significantly invested in energy projects in Cambodia, contributing to the country's economic development and providing a solid energy guarantee [3] - The competition aligns with Cambodia's energy development needs, covering various fields such as electrical testing, relay protection, and welding, thereby integrating advanced Chinese power industry standards [4][5] Group 3: Talent Development - The competition has trained and certified over ten local technical talents, fostering knowledge transfer and experience sharing within the Cambodian power industry [4][5] - The proportion of Cambodian employees in Chinese power companies has exceeded 50%, indicating a strong local workforce development [5] Group 4: Technological Integration - Chinese power companies have tailored solutions to meet Cambodia's unique environmental conditions, ensuring the stability and reliability of energy projects [5][6] - The introduction of rigorous Chinese safety and operational standards has established a replicable management system that enhances the long-term operation of energy facilities in Cambodia [5][6]

Investment Rating - The report maintains a "Positive" investment rating for the utility sector [8] Core Insights - The introduction of the "stabilizing electricity prices" policy aims to mitigate "involutionary" competition among power generation companies, which is expected to support electricity price expectations for 2026 and beyond [2][12] - The stable electricity price policy is anticipated to catalyze the revaluation of thermal power assets, as it encourages companies to avoid irrational price competition [12] - The linkage between thermal power prices and hydro/nuclear power prices is expected to strengthen, providing a price anchor for these sectors [12] - The report suggests that the new policy direction will alleviate irrational low-price competition in the renewable energy sector, promoting a shift towards high-quality development [12] Summary by Sections Policy Developments - The State-owned Assets Supervision and Administration Commission (SASAC) has emphasized stabilizing electricity and coal prices to prevent harmful competition, which is crucial for the high-quality development of state-owned enterprises [2][12] Market Dynamics - The report highlights that the capital market has historically viewed the thermal power industry as a "coal processing industry," with profitability primarily driven by the coal-electricity price differential [12] - Concerns over declining long-term electricity prices for 2026 have been a source of anxiety for investors, but the new policy is expected to provide a stable foundation for future negotiations [12] Investment Recommendations - The report recommends focusing on quality thermal power operators such as Huaneng International, Datang Power, and Guodian Power, as well as hydroelectric companies like Yangtze Power and State Power Investment Corporation [12] - In the renewable energy sector, companies like Longyuan Power and China Nuclear Power are highlighted as potential investment opportunities due to their expected growth and stability [12]

Core Viewpoint - Zhao Wei has resigned from his position as a director of China Huadian International Power Co., Ltd. due to personal work reasons, effective September 28, 2025, earlier than the originally scheduled date of May 31, 2026 [1][3][4]. Group 1: Resignation Details - The resignation was officially announced on September 28, 2025, and Zhao Wei will no longer hold any positions within the company following the effective date of his resignation [1][3]. - Zhao Wei served as a member of the 10th Board of Directors and the Strategic Committee of the Board [3][4]. Group 2: Impact on the Company - Zhao Wei's departure will not reduce the number of board members below the legal requirement, ensuring the normal operation of the board is maintained [5]. - The company has confirmed that Zhao Wei has completed the necessary work handover, and it will proceed with the legal process to elect a new director and a member of the Strategic Committee [5]. Group 3: Company Background and Financial Performance - China Huadian International Power Co., Ltd. is one of the largest listed power generation companies in China, established on June 28, 1994, in Jinan, Shandong Province [9]. - For the fiscal year 2024, the company reported revenue of 112.994 billion yuan, a decrease of 3.57% year-on-year, while the net profit attributable to shareholders was 5.703 billion yuan, an increase of 26.11% [9]. - The company also reported a non-recurring net profit of 5.352 billion yuan, reflecting a growth of 40.74%, with a basic earnings per share of 0.46 yuan and a proposed final dividend of 0.13 yuan per share (tax included) [9].

Core Viewpoint - Mr. Zhao Wei has resigned from his position as a non-executive director and a member of the board's strategic committee of Huadian International Power Co., Ltd. due to personal work reasons, effective from the date of submission of his resignation letter to the board [1] Company Summary - Mr. Zhao's resignation means he will no longer hold any position within the company following the effective date of his resignation [1]

Core Viewpoint - Mr. Zhao Wei has resigned from his position as a non-executive director and a member of the board's strategic committee of Huadian International Power Co., Ltd. due to personal work reasons, effective from the date of submission of his resignation letter to the board [1] Group 1 - Mr. Zhao's resignation means he will no longer hold any position within the company [1]

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，幷明確表示，概不對因本公告全部或任何部份內容而産生或因倚賴該等 內容而引致的任何損失承擔任何責任。 （股份代碼：1071） 公告 董事名單及其角色和職能 華電國際電力股份有限公司（「本公司」）董事會（「董事會」）成員載列如下： 執行董事： 劉雷（董事長） 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） 非執行董事： 朱鵬 曾慶華 曹敏 王曉渤 獨立非執行董事： 豐鎮平 李泉城 李國明 黄克孟 王躍生 沈翎 1 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 於本公告日期，本公司董事會組成如下： 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（獨立非執行董事）、沈翎（獨立非執行董事）及黄克孟（獨立 ...

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，幷明確表示，概不對因本公告全部或任何部份內容而産生或因倚賴該等 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） 非執行董事辭任 華電國際電力股份有限公司（「本公司」）董事（「董事」）會（「董事會」）僅此宣佈，趙偉先生（「趙 先生」）因個人工作原因，已提出辭任本公司第十屆董事會非執行董事、董事會戰略委員會委員職 務，上述辭任將自辭職函提交董事會之日起生效。辭任生效後，趙先生不再擔任本公司的任何職務。 趙先生確認，其與董事會及本公司並無意見分歧，亦無有關其辭任之任何事宜須敦請本公司股東及 債權人垂注。 趙先生在本公司任職期間，勤勉盡責、恪盡職守，董事會對其為本公司發展所做出的貢獻表示衷心 感謝。 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 於本公告日期，董事會由下列董事組成： 劉雷（董事長、執行 ...