Core Viewpoint - The article discusses the procurement announcement for the climate feasibility study report preparation service for the Jiangxi Huadian Jishui 2×1000MW coal power project, which aims to establish two 1000MW ultra-supercritical coal-fired units in Jishui County, Jiangxi Province [1][10]. Procurement Details - Procurement Number: GX-202601-006043 [1] - Procurement Name: Climate feasibility study report preparation service for Jiangxi Huadian Jishui 2×1000MW coal power project [1] - Procurement Unit: Huadian Jiangxi Power Generation Co., Ltd. [1] - Procurement Method: Open inquiry procurement [1] - Procurement Type: Service [1] - Quotation Deadline: February 5, 2026, at 12:00 [1] - Service Start Date: February 27, 2026 [1] - Service Fee: 1.5% for service and goods projects, 1.2% for engineering projects, payable within ten days after receiving the service fee notification [1][10]. Supplier Qualifications - Suppliers must be legally registered independent entities in China with the ability to undertake civil responsibilities and contract rights [2][11]. - Suppliers must not be under production suspension, bankruptcy, or have their business licenses revoked [2][11]. - Suppliers must not be listed as serious violators of trust in the national enterprise credit information public system [2][12]. - Joint bids are not allowed for this project [2][12]. - Suppliers must have at least one similar performance record since January 1, 2020, and provide relevant documentation [3][12]. Procurement Process - Step 1: Registration on the Huadian Group e-commerce platform [4][13]. - Step 2: Online application through the platform [4][13]. - Step 3: Application for a mobile digital certificate [4][13]. - Step 4: Downloading the supplier client and operation manual [5][14]. - Submission of electronic response documents through the supplier client to the Huadian Group e-commerce platform [6][15]. Contact Information - Procurement Contact: Li Xiaozhang, Phone: 13607317450 [16]. - Agency Contact: Yang Cheng, Wang Hui, Phones: 15110555570, 17602397545 [16].

Core Insights - China has achieved significant advancements in wind power technology, including the development of a 26 MW offshore wind turbine, the highest elevation wind project at 5,370 meters, and the furthest offshore wind project at a distance of 85.5 kilometers [1][2] Group 1: Technological Achievements - The 26 MW offshore wind turbine has a hub height equivalent to over 50 stories and a swept area larger than 10.5 standard football fields [1] - The highest elevation wind project, located in Tibet, utilizes a single blade hoisting technology for the first time above 5,000 meters [1] - The Jiangsu Dafeng 800 MW offshore wind project marks a breakthrough in deep-sea wind power development, with its farthest point located 85.5 kilometers offshore [1] Group 2: Industry Growth and Projections - By 2025, the wind power generation capacity in China is expected to exceed 1 trillion kilowatt-hours, accounting for 10.8% of the national industrial power generation [1] - The installed wind power capacity in China is projected to reach 640 million kilowatts by the end of 2025, representing over 16% of the total power generation capacity [1] - The wind power industry has transitioned from "catching up" to "leading" in global terms, with approximately half of the world's wind power capacity now located in China [1] Group 3: Economic Impact - China's wind power equipment exports account for 70% of the global market, with products reaching over 60 countries and regions [2] - The annual output value of China's wind power industry is approximately 1.2 trillion yuan, supporting over 2 million direct and indirect jobs [2] - The "14th Five-Year Plan" aims to accelerate the construction of integrated renewable energy bases, with an expected addition of over 200 million kilowatts of wind and solar power capacity by 2026 [2]

Investment Rating - The report maintains a "Buy" rating for the public utility sector, indicating an expected investment return exceeding 15% over the next 6-12 months [5]. Core Insights - The public utility sector saw a 2.27% increase this week, ranking 15th among 31 sectors, while the Shanghai Composite Index rose by 0.84% [21]. - The total electricity market transaction volume for 2025 reached 66,394 billion kilowatt-hours, a year-on-year increase of 7.4%, accounting for 64.0% of total social electricity consumption [2][15]. - The peak electricity load in the country surpassed 1.4 billion kilowatts for the first time in winter, reaching 1.417 billion kilowatts due to a cold wave [2][15]. - The report highlights significant profit growth for companies like Qianyuan Power, which expects a net profit of 567-633 million yuan, a year-on-year increase of 160%-190% [10]. Summary by Sections Market Overview - The public utility sector's performance this week included a 2.71% increase in thermal power, a 7.21% increase in photovoltaic power, and a 4.56% increase in energy comprehensive services [21]. - Domestic and imported coal prices have decreased, with domestic coal prices dropping to below 700 yuan per ton [2][12]. Key Events - The report notes that the annual long-term contract bidding results are being disclosed, with expectations of reasonable outcomes due to the decline in coal prices [3]. - The average on-grid electricity price for 2025 is projected to be around 513.29 yuan per megawatt-hour, reflecting a slight increase compared to the previous year [11]. Company Performance - Companies like Longxin Technology and Guangdong Power A are expected to see significant profit growth, while Guangdong Power A anticipates a decline in profits by 21.45%-40.12% [10][11]. - The report suggests focusing on national thermal power operators such as Huaneng International and Guodian Power, which are expected to maintain stable dividends [3].

Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating a favorable investment environment for renewable energy and gas companies [2][3]. Core Insights - The report highlights a slight increase in overall power generation in 2025, primarily driven by wind and solar energy contributions, while traditional coal power generation shows a decline [8][9]. - The extreme cold weather in the U.S. has led to a significant spike in natural gas prices due to increased demand and supply constraints [18][22]. - The report suggests various investment opportunities across different segments of the energy sector, including coal power, hydropower, nuclear power, renewable energy, and gas companies [18][43]. Summary by Sections 1. Power Generation - In December 2025, total power generation was 858.6 billion kWh, a year-on-year increase of 0.1%. Coal power generation decreased by 3.2%, while renewable sources like wind and solar saw significant growth [10][11]. - For the entire year of 2025, total power generation reached 9715.9 billion kWh, up 2.2% from the previous year, with coal power down by 1.0% and solar power up by 24.4% [15][19]. 2. Natural Gas - As of January 23, 2026, the Henry Hub spot price surged to $30.72/mmBtu, reflecting a week-on-week increase of 903.53%. European gas prices also rose significantly due to low inventory levels and increased demand [20][28]. - The report notes that the extreme cold weather has tightened supply and demand dynamics, leading to higher global gas prices, particularly in Europe and Northeast Asia [22][37]. 3. Investment Recommendations - For coal power, companies like Guodian Power and Inner Mongolia Huadian are recommended due to their integrated coal and power operations [18]. - Hydropower companies such as Yangtze Power and State Power Investment Corporation are favored due to favorable conditions for energy storage and reduced capital expenditures [19]. - Nuclear power companies like China National Nuclear Power and China General Nuclear Power are highlighted for their stable cost structures and growth potential [18]. - Renewable energy operators such as Xinte Energy and Longyuan Power are recommended as new market rules enhance the stability of returns [18]. - Gas companies like Kunlun Energy and New Hope Liuhe are suggested for their potential recovery in profitability due to cost reductions and improved pricing mechanisms [43].

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The transition towards cleaner electricity generation is accelerating, highlighting the value of sector dividends [1] - The overall electricity consumption in 2025 is projected to grow by 5.0%, with significant contributions from the tertiary sector and urban-rural residents [3][15] - The generation capacity is shifting towards wind and solar, with these sources contributing 90.1% of the total generation increase in 2025 [3][15] - The annual long-term electricity prices are stabilizing, with expectations for improved pricing dynamics in 2026 [3][15] - Investment opportunities are emerging in thermal and hydropower sectors, emphasizing the defensive attributes of the sector [3][15] Summary by Sections Electricity Consumption - In 2025, total electricity consumption is expected to reach 10.37 trillion kWh, reflecting a year-on-year increase of 5.0% [15] - The contribution from the tertiary sector and urban-rural residents is projected to rise, accounting for 50.2% of the total increase in electricity consumption by 2025 [3][15] - The growth rates for different sectors in 2025 are as follows: primary industry +9.9%, secondary industry +3.7%, tertiary industry +8.2%, and urban-rural residents +6.3% [15][27] Generation Capacity - The total installed capacity of wind and solar is expected to increase by 360 GW, while the share of thermal power is projected to decrease to 40% [3][15] - In 2025, the generation increase from wind and solar is expected to dominate, with a significant contribution to the overall power generation structure [3][15] Electricity Pricing - The report indicates a downward trend in electricity prices in several provinces, with expectations for stabilization as the market matures [3][15] - The market share of electricity traded through market mechanisms is projected to reach 64.0% in 2025, with a notable increase in green electricity transactions [3][15] Investment Opportunities - The report highlights several companies with strong dividend yields and market management strategies, including Huaneng International Power and Huadian International Power [3][15] - There are also opportunities in hydropower, particularly for companies like Yangtze Power and Guigang Power, which are expected to see profit growth in the coming quarters [3][15]

Investment Rating - The investment rating for the electricity sector is "Maintain Buy" [5] Core Insights - The electricity sector's holdings by active funds have slightly decreased, while index funds have seen a slight increase. The overall holding ratio for both types of funds is at a low point, indicating potential for future increases [11][4] - Southern Power Grid plans to invest CNY 180 billion in fixed assets for 2026, marking a historical high for five consecutive years, with an average annual growth rate of 9.5% over the past five years [3][11] - The investment will focus on three areas: new power system construction, strategic emerging industry development, and enhancement of quality power supply services [3][11] Summary by Sections 1. Industry Overview - The Shanghai Composite Index closed at 4136.16 points, up 0.84%, while the CSI 300 Index closed at 4702.5 points, down 0.62%. The CITIC Power and Utilities Index closed at 3177.58 points, up 2.24%, outperforming the CSI 300 Index by 2.86 percentage points [65][66] - Active funds' holdings in the power and utilities sector decreased to 0.61% by the end of Q4 2025, down 1.31 percentage points year-on-year and 0.03 percentage points quarter-on-quarter [11][12] 2. Fund Allocation Changes - The top five stocks with increased allocation by active funds in Q4 2025 include: - Jiantou Energy (+1.00 percentage points) - Zhongmin Energy (+0.35 percentage points) - Jingneng Power (+0.29 percentage points) - Inner Mongolia Huadian (+0.25 percentage points) - Huaneng International (+0.20 percentage points) [12] - The top five stocks with decreased allocation include: - Xinnatural Gas (-0.46 percentage points) - Datang New Energy (-0.39 percentage points) - Huadian International Power (-0.35 percentage points) - Funiu Co. (-0.33 percentage points) - Huadian International (-0.28 percentage points) [12] 3. Investment Plans - Southern Power Grid's investment plan for 2026 includes CNY 180 billion, focusing on new power systems and supporting the integration of 40 million kilowatts of new energy installations [3][11] - The investment will also support the construction of cross-regional projects, such as the Yangjiang Sanshan Island offshore wind power project and the Cangyu DC project, which aims to optimize energy allocation [15][11] 4. Market Trends - The coal price for thermal power has decreased to CNY 691 per ton [16] - The carbon market saw a price increase of 3.18% week-on-week, with a trading volume of 2.4252 million tons and a total transaction value of CNY 176 million [60][61] 5. Key Stocks - Recommended stocks include: - Huaneng International (Buy) - Huadian International (Buy) - Guodian Power (Buy) - Datang Power (Buy) - Inner Mongolia Huadian (Buy) - Shaanxi Energy (Buy) [4][8]

Investment Rating - The investment rating for the electricity sector is maintained as "Increase" [5] Core Insights - In Q4 2025, the holdings of active funds in the electricity and public utilities sector slightly decreased, while index funds saw a slight increase. The overall holdings ratio for both types of funds was 1.18%, showing little change compared to Q3 [11] - Southern Power Grid plans to invest CNY 180 billion in fixed assets for 2026, marking a historical high for five consecutive years, with an average annual growth rate of 9.5% over the past five years. The investment will focus on new power system construction, strategic emerging industries, and enhancing quality power supply services [3][15] - The report suggests paying attention to high-dividend coal-fired power leaders and companies with stable electricity prices and coal-electric integration, such as Huaneng International and Huadian International, as well as flexible coal-fired power leaders like Qingda Environmental Protection [4] Summary by Sections Market Overview - The Shanghai Composite Index closed at 4136.16 points, up 0.84%, while the CSI 300 Index closed at 4702.5 points, down 0.62%. The CITIC Power and Utilities Index closed at 3177.58 points, up 2.24%, outperforming the CSI 300 Index by 2.86 percentage points [63] Fund Holdings - Active funds' holdings in the electricity and public utilities sector decreased to 0.61%, down 1.31 percentage points year-on-year and down 0.03 percentage points quarter-on-quarter. In contrast, index funds' holdings increased to 1.77%, down 1.35 percentage points year-on-year but up 0.02 percentage points quarter-on-quarter [11][12] Investment Plans - Southern Power Grid's investment plan for 2026 includes CNY 180 billion, focusing on three areas: new power system construction, strategic emerging industries, and quality power supply service enhancement. This investment will support the integration and consumption of 40 million kilowatts of new energy installations in the southern region [3][15] Key Stocks - Recommended stocks include Huaneng International (A+H), Huadian International (A+H), Guodian Power, and Datang Power, which are identified as high-dividend coal-fired power leaders. Additionally, attention is drawn to wind and solar sectors, including Xintian Green Energy and Longyuan Power [4][8]

1. Report Industry Investment Rating - The investment rating for the utilities industry is "Bullish" [2] 2. Core Viewpoints of the Report - The power sector is expected to see improved profitability and value re - evaluation after multiple rounds of power supply - demand contradictions. Coal - fired power's peak - shaving value is prominent, electricity prices may rise slightly, and the cost of coal - fired power enterprises is controllable. The performance of power operators is likely to improve significantly. For the natural gas sector, with the decline in upstream gas prices and the recovery of domestic consumption, the urban gas business can achieve stable gross margins and high growth in sales volume. Traders with low - cost long - term contract gas sources and receiving terminal assets may increase profits [5][98] 3. Summary by Relevant Catalogs 3.1 This Week's Market Performance - As of January 23rd, the utilities sector rose 2.3%, outperforming the market (CSI 300 fell 0.6% to 4,702.50). The top three industries in terms of gains and losses were building materials (9.2%), petroleum and petrochemicals (7.7%), and steel (7.3%), while the bottom three were banks (-2.7%), communications (-2.1%), and non - bank finance (-1.5%) [12] - The power sector rose 1.72%, and the gas sector rose 7.21%. Among sub - industries, thermal power generation rose 2.71%, hydropower generation fell 0.89%, nuclear power generation rose 0.33%, thermal services rose 2.09%, comprehensive power services rose 4.56%, photovoltaic power generation rose 7.21%, and wind power generation rose 2.82% [14] - In the power sector, the top three gainers were Nanwang Energy (16.26%), Shanghai Electric Power (11.95%), and Zhongmin Energy (7.76%); the bottom three were Yangtze Power (-1.96%), Huaneng Power International (-1.47%), and Huaneng Hydropower (-0.87%). In the gas sector, the top three gainers were Zhongtai Co., Ltd. (23.02%), Jiufeng Energy (14.70%), and Furan Energy (13.15%); the bottom three were Shuifa Gas (0.00%), ENN Energy (1.45%), and Dazhong Public Utilities (2.26%) [17] 3.2 Power Industry Data Tracking 3.2.1 Thermal Coal Prices - In January, the annual long - term contract price of Qinhuangdao Port thermal coal (Q5500) was 684 yuan/ton, a month - on - month decrease of 10 yuan/ton. As of January 23rd, the market price of Shanxi - produced thermal coal (Q5500) at Qinhuangdao Port was 686 yuan/ton, a week - on - week decrease of 11 yuan/ton [23] - As of January 23rd, the pit - mouth price of Shaanxi Yulin thermal lump coal (Q6000) was 770 yuan/ton, a week - on - week decrease of 15 yuan/ton; the pit - mouth price (tax - included) of Datong南郊 coking coal (Q5500) was 626.08 yuan/ton, a week - on - week decrease of 1.82 yuan/ton; the wagon - loading price of Inner Mongolia Dongsheng large - sized clean coal (Q5500) was 564 yuan/ton, a week - on - week decrease of 5 yuan/ton [23] - As of January 22nd, the FOB spot price of Newcastle NEWC 5500 kcal thermal coal was 73.55 US dollars/ton, a week - on - week increase of 0.05 US dollars/ton; the ARA 6000 kcal thermal coal spot price was 101.5 US dollars/ton, a week - on - week increase of 4.80 US dollars/ton; the Richards Bay thermal coal FOB spot price was 80 US dollars/ton, a week - on - week increase of 3.95 US dollars/ton. As of January 23rd, the Newcastle NEWC index price was 108.4 US dollars/ton, a week - on - week increase of 1.2 US dollars/ton. The ex - warehouse price of Indonesian coal (Q5500) at Guangzhou Port was 731.9 yuan/ton, a week - on - week decrease of 3.81 yuan/ton; the ex - warehouse price of Australian coal (Q5500) at Guangzhou Port was 737.15 yuan/ton, a week - on - week decrease of 3.36 yuan/ton [26] 3.2.2 Thermal Coal Inventory and Power Plant Daily Consumption - As of January 23rd, the coal inventory at Qinhuangdao Port was 582 tons, a week - on - week increase of 32 tons [30] - As of January 22nd, the coal inventory of 17 inland provinces was 9,010.4 tons, a week - on - week decrease of 290.3 tons (3.12%); the daily consumption of power plants in 17 inland provinces was 445.9 tons, a week - on - week increase of 33.7 tons/day (8.18%); the available days were 20.2 days, a decrease of 2.4 days compared to last week [32] - As of January 22nd, the coal inventory of 8 coastal provinces was 3,299.4 tons, a week - on - week decrease of 49.5 tons (1.48%); the daily consumption of power plants in 8 coastal provinces was 241.7 tons, a week - on - week increase of 23.9 tons/day (10.97%); the available days were 13.7 days, a decrease of 1.7 days compared to last week [32] 3.2.3 Hydropower Inflow Situation - As of January 23rd, the Three Gorges outbound flow was 9,180 cubic meters per second, a year - on - year increase of 13.05%, and flat week - on - week [45] 3.2.4 Key Power Market Transaction Electricity Prices - In the Guangdong day - ahead spot market, as of January 16th, the weekly average price was 349.15 yuan/MWh, a week - on - week increase of 10.85% and a year - on - year decrease of 6.2%. In the real - time spot market, the weekly average price was 291.58 yuan/MWh, a week - on - week decrease of 0.83% and a year - on - year decrease of 22.2% [52] - In the Shanxi day - ahead spot market, as of January 22nd, the weekly average price was 377.70 yuan/MWh, a week - on - week increase of 253.77% and a year - on - year increase of 15.9%. In the real - time spot market, the weekly average price was 385.26 yuan/MWh, a week - on - week increase of 194.3% and a year - on - year increase of 7.5% [59] - In the Shandong day - ahead spot market, as of January 18th, the weekly average price was 221.85 yuan/MWh, a week - on - week increase of 9.59% and a year - on - year decrease of 15.4%. In the real - time spot market, the weekly average price was 275.45 yuan/MWh, a week - on - week increase of 50.11% and a year - on - year increase of 11.9% [60] 3.3 Natural Gas Industry Data Tracking 3.3.1 Domestic and International Natural Gas Prices - As of January 23rd, the national index of LNG ex - factory prices at the Shanghai Oil and Gas Trading Center was 3,992 yuan/ton (about 2.85 yuan/cubic meter), a year - on - year decrease of 7.44% and a month - on - month increase of 3.72%. In November 2025, the average import price of domestic LNG was 490.97 US dollars/ton (about 2.48 yuan/cubic meter), a year - on - year decrease of 17.25% and a month - on - month increase of 2.80%. As of January 23rd, the CIF price of imported LNG in China was 11.32 US dollars/million British thermal units (about 2.93 yuan/cubic meter), a year - on - year decrease of 19.80% and a month - on - month increase of 9.58% [58] - As of January 21st, the European TTF spot price was 13.79 US dollars/million British thermal units, a year - on - year decrease of 10.3% and a week - on - week increase of 21.0%; the US HH spot price was 4.98 US dollars/million British thermal units, a year - on - year increase of 12.9% and a week - on - week increase of 68.8%; the Chinese DES spot price was 10.6 US dollars/million British thermal units, a year - on - year decrease of 22.6% and a week - on - week increase of 6.5% [61] 3.3.2 EU Natural Gas Supply, Demand, and Inventory - In the third week of 2026, the EU's natural gas supply was 6.34 billion cubic meters, a year - on - year increase of 14.8% and a week - on - week increase of 4.6%. Among them, LNG supply was 3.21 billion cubic meters, a week - on - week increase of 12.6%, accounting for 50.6% of the natural gas supply; imported pipeline gas was 3.13 billion cubic meters, a year - on - year increase of 4.2% and a week - on - week decrease of 2.6%. From January to March 2026, the EU's cumulative natural gas supply was 18.28 billion cubic meters, a year - on - year increase of 11.2% [65] - In the fourth week of 2026, the EU's natural gas inventory was 54.489 billion cubic meters, a year - on - year decrease of 14.60% and a week - on - week decrease of 4.45%. As of January 21st, 2026, the EU's natural gas inventory level was 47.6% [73] - In the third week of 2026, the EU's estimated natural gas consumption was 11.82 billion cubic meters, a week - on - week increase of 0.8% and a year - on - year increase of 6.2%. From January to March 2026, the EU's estimated cumulative natural gas consumption was 33.49 billion cubic meters, a year - on - year increase of 13.4% [75] 3.3.3 Domestic Natural Gas Supply and Demand - In November 2025, the apparent domestic natural gas consumption was 36.28 billion cubic meters, a year - on - year increase of 4.1%. From January to November 2025, the cumulative apparent domestic natural gas consumption was 388 billion cubic meters, a cumulative year - on - year decrease of 0.1% [78] - In December 2025, the domestic natural gas production was 22.98 billion cubic meters, a year - on - year increase of 5.4%. The LNG import volume was 8.48 million tons, a year - on - year increase of 18.8% and a month - on - month increase of 22.2%. The PNG import volume was 4.97 million tons, a year - on - year increase of 12.7% and a month - on - month decrease of 0.8%. From January to December 2025, the cumulative domestic natural gas production was 261.89 billion cubic meters, a cumulative year - on - year increase of 6.3%. The cumulative LNG import volume was 68.43 million tons, a cumulative year - on - year decrease of 10.7%. The cumulative PNG import volume was 59.43 million tons, a cumulative year - on - year increase of 8.0% [79] 3.4 This Week's Industry News 3.4.1 Power Industry - Related News - In December 2025, the power generation of above - scale industrial enterprises was 858.6 billion kWh, a year - on - year increase of 0.1%. From January to December 2025, it was 9,715.9 billion kWh, a year - on - year increase of 2.2%. In December 2025, the decline of thermal power narrowed, and the growth rates of hydropower, nuclear power, wind power, and solar power generation slowed down [87] - Facing the severe test of winter power supply, the national energy system took multiple measures to ensure stable supply. After winter 2026, the national electricity load increased rapidly, exceeding 1.4 billion kilowatts for the first time on January 20th, reaching 1.417 billion kilowatts and setting three consecutive winter records. The daily electricity consumption also exceeded 30 billion kWh for the first time in winter, reaching 30.47 billion kWh on January 19th [87] 3.4.2 Natural Gas Industry - Related News - From January to December 2025, the natural gas production of above - scale industrial enterprises was 261.9 billion cubic meters, a year - on - year increase of 6.2%. In December, the production was 23 billion cubic meters, a year - on - year increase of 5.1% [88] 3.5 This Week's Important Announcements - Shenergy Co., Ltd.: In 2025, the power generation of its controlled power plants was 57.654 billion kWh, a year - on - year decrease of 1.7%. The on - grid electricity was 55.376 billion kWh, with an average on - grid electricity price of 0.494 yuan/kWh (tax - included). In the fourth quarter of 2025, it added 2.0672 million kilowatts of controlled installed capacity. As of the end of 2025, its controlled installed capacity was 20.6611 million kilowatts, a year - on - year increase of 15.1% [89] - Shanghai Electric Power Co., Ltd.: From January to December 2025, its combined power generation was 78.232 billion kWh, a year - on - year increase of 1.41%. The on - grid electricity was 74.979 billion kWh, a year - on - year increase of 1.49%. The average on - grid electricity price was 0.58 yuan/kWh. As of the end of December 2025, its controlled installed capacity was 26.3213 million kilowatts, and clean energy accounted for 62.59% of the installed capacity [90] - Hubei Energy Group Co., Ltd.: As of the end of 2025, its total assets were 100.081 billion yuan, a year - on - year increase of 1.83%. The attributable net profit was 1.896 billion yuan, a year - on - year increase of 4.51% [91] - SDIC Power Holdings Co., Ltd.: From October to December 2025, the power generation of its controlled enterprises was 33.142 billion kWh, and the on - grid electricity was 32.229 billion kWh, a year - on - year decrease of 14.22% and 14.43% respectively. From January to December 2025, the power generation was 158.093 billion kWh, and the on - grid electricity was 154.209 billion kWh, a year - on - year decrease of 8.12% and 8.06% respectively. In the fourth quarter, it added 2.1471 million kilowatts of controlled installed capacity. As of the end of the fourth quarter, its installed controlled capacity was 46.8956 million kilowatts [92] - Guanghui Energy Co., Ltd.: It is estimated that the attributable net profit in 2025 will be between 1.32 billion yuan and 1.47 billion yuan, a year - on - year decrease of 50.03% - 55.13% [93] - Furan Energy Group Co., Ltd.: In 2025, its natural gas supply was 4.931 billion cubic meters, and its operating revenue was 33.754 billion yuan, a year - on -

Group 1 - The core viewpoint of the report indicates that the fund, AI Fund China Europe Dividend Select Mixed Initiation A, has shown a profit of 1.5113 million yuan in Q4 2025, with a weighted average profit per fund share of 0.032 yuan. The fund's net value growth rate for the reporting period was 2.8%, and the fund size reached 61.4973 million yuan by the end of Q4 [3][15] - The fund is categorized as a mixed equity fund, with a unit net value of 1.29 yuan as of January 22. The fund managers are Liu Yong and Zhang Xue Ming [3] - The fund management expresses optimism about the future of dividend investment in China, suggesting there is still room for further development and deeper exploration. They plan to enhance research in this area and refine existing dividend strategies [3] Group 2 - As of January 22, the fund's three-month cumulative net value growth rate is 4.09%, ranking 514 out of 689 comparable funds. The six-month growth rate is 6.58%, ranking 603 out of 689, and the one-year growth rate is 18.55%, ranking 581 out of 673 [3] - The fund's Sharpe ratio since inception is 1.3735, indicating a favorable risk-adjusted return [8] - The maximum drawdown since inception is 6.78%, occurring in Q2 2025, which is the highest quarterly drawdown recorded [11] Group 3 - The average stock position since inception is 86.6%, compared to the peer average of 84.04%. The fund reached its highest stock position of 92.16% at the end of Q3 2025 and its lowest of 67.43% at the end of Q3 2024 [14] - As of the end of Q4 2025, the fund's top ten holdings include Guangzhou Development, Nanjing High-Tech, Weifu High-Tech, Huadian International, Ordos, Nanjing Steel, Wuxi Bank, Shandong Publishing, Guiyang Bank, and Zhongchuang Zhiling [18]

Core Viewpoint - Huadian International Power Co., Ltd. reported a year-on-year increase in electricity generation and on-grid electricity volume for the year ending December 31, 2025, despite a decline when adjusted for previous year data, primarily due to the increasing capacity of renewable energy and reduced utilization hours of coal-fired units [1] Group 1: Financial Performance - The total electricity generation for 2025 is projected to be 262 million megawatt-hours, an increase of 17.81% compared to the previous year's announcement, but a decrease of approximately 6.99% when adjusted for the previous year's data [1] - The on-grid electricity volume is expected to reach 246 million megawatt-hours, reflecting an 18.22% increase from the previous year's announcement, while showing a decline of about 7.09% when adjusted for the previous year's data [1] - The average on-grid electricity price for 2025 is estimated to be RMB 513.29 per megawatt-hour, which is a 0.27% increase from the previous year's announcement, but a decrease of approximately 2.34% when adjusted for the previous year's data [1] Group 2: Operational Developments - A 494.6 megawatt gas-fired generator unit, owned by a subsidiary of Huadian Jiangsu Energy Co., Ltd. (80% owned by the company), has recently commenced commercial operations [1]