每经AI快讯，2月6日，华电国际公告，本次上市流通的限售股总数为7.05亿股，上市流通日期为2026年 2月24日。 每经AI快讯，2月6日，华电国际公告，本次上市流通的限售股总数为7.05亿股，上市流通日期为2026年 2月24日。 ...

华泰联合证券有限责任公司 关于华电国际电力股份有限公司发行股份及支付现金购买资产 并募集配套资金暨关联交易 之部分限售股上市流通的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券"或"独立财务顾问"）作 为华电国际电力股份有限公司（以下简称"华电国际"、"上市公司"或"公司"）发 行股份及支付现金购买资产并募集配套资金暨关联交易（以下简称"本次重组"、"本 次交易"）的独立财务顾问。根据《上市公司重大资产重组管理办法》《上市公司并购 重组财务顾问业务管理办法》等有关法律、法规和规范性文件的规定，华泰联合证券就 华电国际本次部分限售股解禁并上市流通事项进行了专项核查，具体情况如下： 一、本次限售股上市类型 本次限售股上市类型为华电国际发行股份及支付现金购买资产并募集配套资金暨 关联交易中向特定对象发行股份募集配套资金的限售股，具体如下： （一）向特定对象发行股份注册情况 2025 年 5 月 16 日，华电国际收到中国证券监督管理委员会出具的《关于同意华电 国际电力股份有限公司发行股份购买资产并募集配套资金注册的批复》（证监许可〔2025〕 1033 号），同意华电国际发行股份募集配套资金不超过 34 ...

中国银河证券股份有限公司 关于华电国际电力股份有限公司发行股份及支付现金购买资产 并募集配套资金暨关联交易 之部分限售股上市流通的核查意见 中国银河证券股份有限公司（以下简称"中国银河证券"或"独立财务顾问"）作 为华电国际电力股份有限公司（以下简称"华电国际"、"上市公司"或"公司"）发 行股份及支付现金购买资产并募集配套资金暨关联交易（以下简称"本次重组"、"本 次交易"）的独立财务顾问。根据《上市公司重大资产重组管理办法》《上市公司并购 重组财务顾问业务管理办法》等有关法律、法规和规范性文件的规定，中国银河证券就 华电国际本次部分限售股解禁并上市流通事项进行了专项核查，具体情况如下： 一、本次限售股上市类型 本次限售股上市类型为华电国际发行股份及支付现金购买资产并募集配套资金暨 关联交易中向特定对象发行股份募集配套资金的限售股，具体如下： （一）向特定对象发行股份注册情况 2025 年 5 月 16 日，华电国际收到中国证券监督管理委员会出具的《关于同意华电 国际电力股份有限公司发行股份购买资产并募集配套资金注册的批复》（证监许可〔2025〕 1033 号），同意华电国际发行股份募集配套资金不超过 34 ...

证券代码：600027 证券简称：华电国际 公告编号：2026-002 华电国际电力股份有限公司 关于发行股份及支付现金购买资产并募集配套 资金暨关联交易之部分限售股上市流通公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 一、本次限售股上市类型 本次限售股上市类型为华电国际电力股份有限公司（以下简称"本公司"）发行股 份及支付现金购买资产并募集配套资金暨关联交易中向特定对象发行股份募集配套资 金的限售股，具体如下： （一）向特定对象发行股份注册情况 2025 年 5 月 16 日，本公司收到中国证券监督管理委员会出具的《关于同意华电国 际电力股份有限公司发行股份购买资产并募集配套资金注册的批复》（证监许可〔2025〕 1033 号），同意本公司发行股份募集配套资金不超过 342,800 万元。 （二）本次限售股股份登记时间 本次向特定对象发行股票新增股份 705,349,794 股。根据中国证券登记结算有限责 任公司上海分公司于 2025 年 8 月 22 日出具的《证券变更登记证明》，本次发行股份募 ...

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 本公告乃華電國際電力股份有限公司（「本公司」）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。 茲載列本公司在上海證券交易所網站刊登之《關於發行股份及支付現金購買資產並募集 配套資金暨關聯交易之部分限售股上市流通公告》《華泰聯合證券有限責任公司關於華 電國際電力股份有限公司發行股份及支付現金購買資產並募集配套資金暨關聯交易之 部分限售股上市流通的核查意見》《中國銀河證券股份有限公司關於華電國際電力股份 有限公司發行股份及支付現金購買資產並募集配套資金暨關聯交易之部分限售股上市 流通的核查意見》，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 ...

证券研究报告 | 2026年02月03日 2026年02月04日 2026年02月05日 公用环保行业 2026 年 2 月投资策略 优于大市 两部门发文完善发电侧容量电价机制，公用环保行业 25Q4 基金持仓梳理 市场回顾：本月沪深 300 指数上涨 1.65%，公用事业指数上涨 3.19%，环 保指数上涨 5.94%，月相对收益率分别为 1.54%和 4.29%。申万 31 个一 级行业分类板块中，公用事业及环保涨幅处于第 21 和第 13 名。电力板 块子板块中，火电上涨 2.60%；水电下跌 1.65%，新能源发电上涨 7.23%； 水务板块上涨 3.96%；燃气板块上涨 7.48%。 重要事件：两部门发文完善发电侧容量电价机制。国家发展改革委和国家能 源局于 2026 年 1 月 30 日联合发布《关于完善发电侧容量电价机制的通知》， 明确电力现货市场连续运行后，有序建立发电侧可靠容量补偿机制，对机组 可靠容量根据顶峰能力按统一原则进行补偿，公平反映不同机组对电力系统 顶峰贡献。各地按照《关于建立煤电容量电价机制的通知》（发改价格〔2023〕 1501 号）要求，将通过容量电价回收煤电机组固定成本的 ...

中央企业负责人2022-2024年任期激励收入 新京报讯据国资委消息，按照中央企业负责人薪酬管理有关规定，中央企业负责人薪酬总收入由年度薪酬和任期 激励收入构成，其中，任期激励收入每三年发放一次。现将中央企业负责人2022-2024年任期激励收入公开如下： | 国务院国有资产监督管理委员会 | | 2026年2月3日 四期一 6 9 0 EN 2 1 EN 2 18 6 | | | --- | --- | --- | --- | | State-owned Assets Supervision and Administration Commission of the State Council | | | 0 | | 首页 机构概况 新闻发布 国资监管 | 政务公开 国资数据 | 互动交流 在线服务 | 热点专题 | | 创 首页 > 监管动态 > 考核分配 > 正文 | | | | | 中央企业负责人2022-2024年任期激励收入披露 | | | | | 文章来源:考核分配局 发布时间:2026-02-03 | | | | | 按照中央企业负责人薪酬管理有关规定,中央企业负责人薪酬总收入由年度薪酬和任期涨 ...

Core Viewpoint - The report highlights a decline in China's thermal power generation, with a projected decrease in output for 2025 compared to previous years, indicating potential challenges for the industry [1]. Industry Summary - According to the National Bureau of Statistics, the thermal power generation output in December 2025 is expected to be 581.2 billion kilowatt-hours, representing a year-on-year decrease of 3.2% [1]. - The cumulative thermal power generation output for the entire year of 2025 is projected to be 6,294.55 billion kilowatt-hours, reflecting a cumulative decline of 1% [1]. - The report is part of a comprehensive market survey and investment potential research for the thermal power industry in China from 2026 to 2032, published by Zhiyan Consulting [1].

Core Viewpoint - The report from Dongwu Securities highlights the recent notification from the National Development and Reform Commission and the National Energy Administration regarding the improvement of the capacity price mechanism for power generation, which includes an increase in the coal power capacity price recovery ratio and the inclusion of new energy storage, gas power, and pumped storage in the capacity compensation framework [2][3]. Group 1: Investment Highlights - The coal power capacity recovery ratio is set to increase from approximately 30% in 2024-2025 to no less than 50% [2]. - The average capacity fee revenue for coal power is expected to rise from 0.027 yuan/kWh to 0.040 yuan/kWh by 2026 due to the increased recovery ratio [2]. - Local governments are encouraged to adjust the lower limit of medium- and long-term trading prices for coal power and to relax the signing ratio requirements for medium- and long-term contracts, promoting flexible pricing mechanisms [2]. Group 2: Capacity Compensation Mechanism Expansion - A new independent capacity price mechanism for grid-side energy storage has been established, which will be compensated based on local coal power standards [3]. - The pumped storage capacity price mechanism will adopt a "new and old distinction" principle, allowing for market-based cost recovery [3]. - A capacity price mechanism for gas power generation may be established by provincial pricing authorities, determining capacity prices based on a fixed cost recovery ratio [3]. Group 3: Reliable Capacity Compensation Mechanism - A reliable capacity is defined as the capacity that can provide stable power supply during peak demand periods [4]. - A reliable capacity compensation mechanism will be established to replace the original capacity price, focusing on compensating for the fixed costs not recovered by marginal units [4]. - The compensation scope will include coal power, gas power, and independent new energy storage, gradually expanding to pumped storage [4]. Group 4: Investment Recommendations - Operators of coal power, gas power, and pumped storage will benefit from the increased fixed cost recovery ratio and market revenue sharing mechanisms [4]. - The implementation of capacity prices will significantly improve the revenue model for independent energy storage stations, favoring high-quality storage asset operations [4]. - The regulatory resources will support the construction of new power systems and facilitate the absorption of renewable energy [4]. Recommended companies include Huaneng International (600011), Huadian International (600027), and Longyuan Power (001289) [4].

Investment Rating - The report provides a positive outlook on the electricity and natural gas sectors, highlighting stable revenue mechanisms and growth potential in consumption and pricing [1][10]. Core Insights - The report emphasizes the importance of a refined capacity pricing mechanism for electricity generation, which aims to stabilize revenue and ensure fair compensation for various power sources [4][6]. - It notes that natural gas consumption is expected to grow, supported by favorable weather conditions and improved economic indicators, despite short-term price fluctuations [10][29]. Summary by Sections 1. Electricity: Improved Capacity Pricing Mechanism - The National Development and Reform Commission and the National Energy Administration have issued a notification to enhance the capacity pricing mechanism for electricity generation, addressing mismatches in supply and demand within the new power system [4]. - The new mechanism aims to ensure that different types of power generation, including coal, gas, and new energy sources, receive fair compensation based on their peak supply capabilities [6][7]. - The report highlights that the refined pricing structure will lead to more predictable revenue for power generation companies, reducing volatility in earnings [7]. 2. Natural Gas: Continued Growth in Consumption - The report indicates that the apparent consumption of natural gas in China is projected to grow by 0.1% in 2025, with December consumption reaching 38.57 billion cubic meters, a year-on-year increase of 1.9% [29]. - It notes that the recent cold weather has supported high natural gas prices, with the U.S. Henry Hub spot price at $7.18/mmBtu, while European prices remain elevated due to low inventory levels and geopolitical tensions [10][12]. - The report suggests that the natural gas sector will benefit from a combination of lower costs and improved pricing mechanisms, leading to a recovery in profitability for city gas companies [31]. 3. Investment Recommendations - For coal-fired power, companies like Guodian Power and Inner Mongolia Huadian are recommended due to their stable revenue sources [8]. - Hydropower companies such as Yangtze Power and State Power Investment Corporation are highlighted for their potential to improve profit margins through reduced capital expenditures [8]. - In the nuclear sector, China National Nuclear Power and China General Nuclear Power are suggested for their growth potential as new units are approved [8]. - The report also recommends focusing on integrated natural gas companies like ENN Energy and China Gas Holdings, which are expected to benefit from lower costs and increased sales [31].