Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating a "Buy" recommendation for several companies within these industries [3][4]. Core Insights - The second industry is the main driver of electricity consumption growth, with a notable increase in electricity demand due to seasonal factors and high temperatures in Q3 [4][9]. - Global gas prices are rebounding, and expectations of a cold winter may enhance gas sales growth [18][19]. - The report highlights various investment opportunities across different energy sectors, including hydropower, green energy, nuclear power, thermal power, and gas [16][40]. Summary by Sections 1. Electricity: Q3 Second Industry Drives National Electricity Consumption - In September, total electricity consumption reached 888.6 billion kWh, a year-on-year increase of 4.5% [10]. - The second industry contributed significantly to this growth, with a 5.1% increase in electricity consumption, accounting for 51% of the total growth [4][9]. - The cumulative electricity consumption from January to September was 7767.5 billion kWh, reflecting a 4.6% year-on-year growth [13]. 2. Gas: Global Gas Price Rebound and Cold Winter Expectations - As of October 24, the Henry Hub spot price was $3.21/mmBtu, showing a weekly increase of 13.96% [19][20]. - The report notes a seasonal demand increase and geopolitical factors supporting gas prices, particularly in Europe [25][37]. - The anticipated La Niña phenomenon may lead to colder winter conditions, potentially boosting gas consumption [37]. 3. Weekly Market Review - The report indicates that the power equipment sector outperformed the Shanghai and Shenzhen 300 index, while the public utility, gas, and environmental protection sectors lagged [42]. 4. Company and Industry Dynamics - The report discusses significant developments in the energy sector, including the launch of innovative products in wind energy and updates on national energy policies [50][51]. - It highlights the performance of major companies, such as Huadian International, which reported a decrease in electricity generation due to increased renewable energy capacity [57].

Core Insights - The report maintains a "Buy" rating for the utility and environmental protection industry, highlighting a 4.5% year-on-year increase in electricity consumption in September, with resilience in industrial and commercial electricity demand [1][4]. Market Review - The Shanghai Composite Index rose by 2.88% and the ChiNext Index increased by 8.05% during the week of October 20-24. The coal sector rose by 1.74%, utilities by 1.02%, environmental protection by 1.75%, and carbon neutrality by 2.44% [1][12]. Industry Outlook Thermal Power - The report suggests focusing on thermal power companies with assets in regions where electricity supply is tight and competition is favorable, such as Sheneng Co. and Huadian International [4]. - Coal prices are expected to rise due to supply constraints from abnormal weather and regulatory checks, with a notable increase post-National Day [31]. - Electricity consumption in September showed a year-on-year growth of 4.5%, with industrial sectors growing at 7.3%, 5.7%, and 6.3% respectively [31]. Hydropower - The report recommends focusing on leading hydropower operators like Yangtze Power, as the sector benefits from stable electricity prices and regional supply-demand dynamics [4][32]. - Significant increases in inflow to major hydropower stations were noted, with a 80%+ year-on-year growth in inflow to the Three Gorges and Xiluodu reservoirs [32]. Nuclear Power - The report highlights the potential of China National Nuclear Power, as the market for electricity pricing becomes more favorable [4][32]. - The nuclear power sector is expected to stabilize, with new units coming online and electricity prices remaining steady [32]. Renewable Energy - The report suggests focusing on leading new energy companies like Longyuan Power, as the wind and solar sectors are expected to see stable growth despite recent slowdowns in installation rates [4][33]. Industry Data Tracking Coal Prices - The report tracks coal prices, noting that the European ARA coal price was $91.60/ton, up 1.66%, while Newcastle coal was $103.60/ton, down 0.48% [35]. - Domestic coal prices also saw increases, with the price at Guanzhou Port for Indonesian coal at 769.61 RMB/ton, up 1.27% [35]. Natural Gas Prices - The report notes that the ICE UK natural gas price rose to 81.31 pence/therm, a 1.71% increase, while the Henry Hub price was $3.33/million BTU, up 10.63% [51]. Carbon Market - The national carbon market's carbon emission allowance price was reported at 54.70 RMB/ton, reflecting a 4.77% increase [58]. Investment Recommendations - The report recommends focusing on thermal power companies with strong asset positioning, hydropower operators benefiting from stable pricing, and nuclear power companies with growth potential [4][65].

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][5][9]. Core Views - The report highlights the adjustment of value-added tax policies for renewable energy, particularly wind and nuclear power, which is expected to support the profitability of these sectors [3][18][19]. - The report emphasizes the ongoing government support for renewable energy development, indicating a gradual stabilization in profitability for new energy generation [4][29]. - The report suggests that the decline in coal and electricity prices may allow thermal power companies to maintain reasonable profit levels [4][29]. Summary by Sections Market Review - The Shanghai Composite Index fell by 2.22%, while the public utility index decreased by 0.69% and the environmental index dropped by 1.11% [1][15]. - Among the sub-sectors, thermal power decreased by 0.82%, hydropower increased by 1.69%, and new energy generation fell by 1.85% [1][15]. Important Events - The National Development and Reform Commission released a draft on renewable energy consumption targets, which includes both electricity and non-electric consumption minimum ratios [2][16]. - The government announced support for green methanol and sustainable aviation fuel projects, with funding covering up to 80% of project costs in certain regions [17]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and Shanghai Electric, as well as leading renewable energy firms such as Longyuan Power and Three Gorges Energy [4][29]. - The report also suggests focusing on stable dividend-paying hydropower stocks like Yangtze Power and gas companies with trade capabilities like Jiufeng Energy [4][29]. Key Company Earnings Forecasts and Investment Ratings - Huadian International: Outperform, EPS forecast for 2024A at 0.49 and 2025E at 0.62 [9]. - Longyuan Power: Outperform, EPS forecast for 2024A at 0.76 and 2025E at 0.81 [9]. - China Nuclear Power: Outperform, EPS forecast for 2024A at 0.43 and 2025E at 0.50 [9]. Environmental Sector Insights - The water and waste incineration sectors are entering a mature phase, with improved free cash flow and lower risk preferences among investors [30]. - The domestic scientific instrument market presents significant opportunities for domestic replacements, with a market size exceeding $9 billion [30].

Core Viewpoint - Citigroup's research report indicates that China Huadian International Power is benefiting from a decrease in unit fuel costs and a reduction in the extent of on-grid power generation cuts, which offsets the impact of lower on-grid electricity prices. As a result, the company is expected to see a year-on-year net profit growth of 40.7% to 2.4 billion yuan in the third quarter [1] Summary by Category - **Profit Forecast** - The company is projected to achieve a net profit of 6.4 billion yuan for the first three quarters of the year, representing a year-on-year growth of 22%, exceeding market expectations [1] - **Market Positioning** - Citigroup has initiated a 30-day positive catalyst observation for the company, maintaining a "Buy" rating with a target price set at 5.25 HKD [1]

Core Viewpoint - Huadian International announced a decline in power generation and on-grid electricity for the first three quarters of 2025 compared to the same period last year, indicating potential challenges in operational performance [1] Financial Performance - As of September 30, 2025, the cumulative power generation reached 201.329 billion kilowatt-hours, representing a decrease of approximately 5.87% compared to the adjusted figures from the previous year [1] - The on-grid electricity amounted to 189.243 billion kilowatt-hours, showing a decline of about 5.94% from the adjusted figures of the same period last year [1]

Core Viewpoint - Huadian International Power Co., Ltd. reported a decline in electricity generation and grid-connected electricity for the first three quarters of 2025, primarily due to the increasing installed capacity of renewable energy and reduced utilization hours of coal-fired units [1] Group 1: Financial Performance - As of September 30, 2025, the cumulative electricity generation was 201.33 million megawatt-hours, representing a decrease of approximately 5.87% compared to the adjusted figures from the previous year [1] - The total grid-connected electricity was 189.24 million megawatt-hours, showing a decline of about 5.94% from the adjusted figures of the same period last year [1] - The average grid-connected electricity price for the first three quarters of 2025 was approximately RMB 509.55 per megawatt-hour, which is a decrease of around 2.76% compared to the adjusted figures from the previous year [1] Group 2: Industry Trends - The primary reason for the decline in electricity generation and grid-connected electricity is the continuous increase in renewable energy installed capacity, leading to a reduction in the utilization hours of coal-fired power units [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。 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 二零二五年前三季度發電量及上網電價公告 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。 截至二零二五年九月三十日，華電國際電力股份有限公司（以下簡稱「本公司」）及其附属公司（以 下簡稱「本集團」）按照中國會計準則財務報告合併口徑計算的二零二五年前三季度累計完成發電 量 201.33 百萬兆瓦時，比追溯調整後的上年同期數據下降約 5.87%；完成上網電量 189.24 百萬兆 瓦時，比追溯调整后的上年同期数据下降约 5.94%。二零二五年前三季度發電量及上網電量下降的 主要原因是新能源裝機容量持續增加，煤電機組利用小時數下降。經初步核算，二零二五年前三 ...

Core Viewpoint - Huadian International (600027.SH) reported a decline in electricity generation and grid-connected electricity volume for the first three quarters of 2025, primarily due to the increasing installed capacity of renewable energy and reduced utilization hours of coal-fired units [1] Financial Performance - As of September 30, 2025, the cumulative electricity generation reached 201.329 billion kWh, a decrease of approximately 5.87% compared to the adjusted figures from the previous year [1] - The grid-connected electricity volume was 189.243 billion kWh, reflecting a decline of about 5.94% from the adjusted figures of the previous year [1] - The average grid-connected electricity price for the first three quarters of 2025 was approximately RMB 509.55 per MWh, down about 2.76% from the adjusted figures of the previous year [1]

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。 截至 2025 年 9 月 30 日，华电国际电力股份有限公司（以下简称"本公司"）及其 子公司（以下简称"本集团"）按照中国会计准则财务报告合并口径计算的 2025 年前 三季度累计完成发电量 2,013.29 亿千瓦时，比追溯调整后的上年同期数据下降约 5.87%； 完成上网电量 1,892.43 亿千瓦时，比追溯调整后的上年同期数据下降约 5.94%。2025 年 前三季度发电量及上网电量下降的主要原因是新能源装机容量持续增加，煤电机组利用 小时数下降。经初步核算，2025 年前三季度，本集团的平均上网电价约为人民币 509.55 元/兆瓦时，比追溯调整后的上年同期数据下降约 2.76%。 | 类型 | 发电厂/公司名称 | 2025 年 7-9 月 | 2025 年 7-9 月 | 2025 年 1-9 | 月 | 2025 年 1-9 | 月 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 发电量 （亿 ...

Core Viewpoint - China Huadian International (600027.SH) reported its cumulative power generation for the first three quarters of 2025, indicating significant operational performance [1] Financial Performance - The company and its subsidiaries achieved a cumulative power generation of 2.0 billion kWh by September 30, 2025, according to the financial report prepared under Chinese accounting standards [1]