Investment Rating - The industry investment rating is "Positive" and maintained [11] Core Insights - The increase in renewable energy consumption responsibility weight is expected to generate an additional demand of approximately 510 billion kilowatt-hours of new energy by 2025 [2][6][19] - The transition of the aluminum electrolysis industry from monitoring to assessment will significantly boost the demand for non-hydropower green certificates, estimated at around 150 million certificates [7][26] - The inclusion of four major energy-consuming industries (steel, cement, polysilicon, and data centers) into monitoring is projected to create a potential demand for approximately 800 million non-hydropower green certificates [8][29] Summary by Sections Renewable Energy Consumption Responsibility Weight - The responsibility weight for renewable energy consumption will significantly increase in 2025, with unfulfilled portions not carried over to the next year. The new policy mandates that the responsibility weight must be completed within the year [6][17] - The "Three North" regions have a higher responsibility weight, with provinces like Inner Mongolia, Gansu, Jilin, Heilongjiang, and Qinghai set at 30%, while regions like Shanghai and Guangdong remain below 15% [18] Electrolytic Aluminum Green Power Consumption - The green power consumption ratio for the electrolytic aluminum industry will shift from monitoring to assessment in 2025, leading to a significant increase in demand for non-hydropower green certificates [7][26] - The estimated demand for non-hydropower green certificates from the electrolytic aluminum sector is about 150 million certificates due to the new assessment requirements [26] Expansion of Monitoring to Other Industries - The addition of steel, cement, polysilicon, and data centers into the monitoring framework is expected to create a substantial potential demand for green certificates, estimated at around 800 million certificates [8][29] - The projected total demand from these sectors could reach approximately 980 billion kilowatt-hours of new energy, accounting for about 53% of the 2024 new energy volume [34] Supply and Demand Dynamics - The demand side is expected to expand significantly due to the assessment of the electrolytic aluminum industry and the inclusion of new energy-consuming sectors, while the supply side will see a reduction in the issuance of green certificates due to policy changes [8][34] - The overall market dynamics are anticipated to shift from a surplus supply to a more balanced state, providing long-term support for green certificate prices [8][34]

Investment Rating - The report maintains an "Overweight" rating for the industry [4] Core Viewpoints - The issuance of renewable energy power consumption responsibility weights for 2025 mandates green electricity consumption in five major industries, which is expected to alleviate renewable energy consumption issues [3][11] - The assessment scope has expanded to include steel, cement, polysilicon, and data centers, enhancing the focus on energy-intensive industries [3][12] - The provincial assessment targets for renewable energy consumption responsibility weights will range from 24.2% to 70% in 2025, with 19 provinces aiming for over 30% [3][15] Summary by Sections Industry Trends - The electricity and public utilities index rose by 1.60% during the week, outperforming the CSI 300 index by 0.78 percentage points [5][55] - The report highlights that over half of the listed companies in the electricity and public utilities sector experienced stock price increases [55] Key Industry Insights - The coal price has rebounded to 627 CNY/ton [13] - The inflow and outflow of water at the Three Gorges Dam decreased by 17.86% and 24.19% year-on-year, respectively [31] - The price of silicon materials remained stable, while mainstream silicon wafer prices decreased slightly [39] Investment Recommendations - Focus on the electricity sector due to the high temperatures across the country and the upcoming performance period [3] - Recommended stocks include Huaneng International, Jiantou Energy, Huadian International, and Qingda Environmental Protection, which are expected to have resilient quarterly earnings [3] - Emphasis on undervalued green electricity operators, particularly in Hong Kong and wind power sectors, such as Xintian Green Energy and Longyuan Power [3][8]

Investment Rating - The report suggests focusing on power generation assets in regions with tight supply-demand balance and favorable competition dynamics, particularly recommending companies like Anhui Energy and Huadian International in the thermal power sector [4]. Core Insights - The report highlights the performance of various sectors, with the carbon neutrality sector rising by 3.52% and the environmental protection sector increasing by 3.07% during the week [12]. - It emphasizes the importance of market dynamics and regulatory changes, such as the approval of the cross-grid electricity trading mechanism by the National Development and Reform Commission and the National Energy Administration [75]. Summary by Sections Market Review - The Shanghai Composite Index rose by 1.09% and the ChiNext Index increased by 2.36% during the week [12]. - The thermal power sector is recommended for investment due to its potential for asset value reassessment in regions with tight electricity supply [4]. Industry News - The report discusses the recent regulatory developments aimed at enhancing the electricity market's efficiency and interconnectivity, including the implementation of a market mechanism for cross-grid electricity trading [75]. - It also notes the ongoing reforms in the renewable energy sector, particularly in Hainan Province, to correct market interventions and ensure fair pricing for new energy projects [75]. Investment Recommendations - For thermal power, the report recommends Anhui Energy and Huadian International due to their strategic positioning in competitive markets [4]. - In the hydropower sector, it suggests focusing on Yangtze Power, while for nuclear power, China National Nuclear Power is highlighted as a key player [4]. - In the renewable energy segment, Longyuan Power is identified as a leading wind power operator worth monitoring [4].

Core Viewpoint - Huadian International has recently completed the issuance of short-term financing bonds and medium-term notes, which are aimed at repaying maturing debts and supplementing working capital [1][2][6]. Group 1: Financial Performance - As of July 11, 2025, Huadian International's stock closed at 5.55 yuan, down 1.25% from the previous week [1]. - The company's total market capitalization is 60.531 billion yuan, ranking 13th in the power sector and 232nd among all A-shares [1]. Group 2: Financing Activities - The company issued 20 billion yuan in short-term financing bonds with a maturity of 85 days and a coupon rate of 1.64% [1]. - Additionally, Huadian International completed the issuance of 20 billion yuan in medium-term notes with a maturity of 3+N years and a coupon rate of 1.89% [2]. Group 3: Corporate Governance - The independent financial advisor for Huadian International has changed, with Mr. Shen Di stepping down and Mr. Wu Sihang taking over [3]. Group 4: Asset Acquisition - Huadian International has completed the transfer of multiple companies' equity through a combination of share issuance and cash payment, with all target assets registered under the company [4].

Investment Rating - The investment rating for the utility sector is "Positive" [2] Core Insights - The report highlights that the renewable energy power consumption responsibility weights for 2025 have been issued, indicating a focus on increasing the use of green electricity in various industries [5] - The LNG import volume in May 2025 decreased by 26.3% year-on-year, while domestic natural gas consumption showed a slight increase of 2.4% [5] - The report suggests that the power sector is expected to see profit improvement and value reassessment due to previous supply-demand tensions [5] Summary by Sections Market Performance - As of July 11, the utility sector rose by 1.1%, outperforming the broader market, with the electricity sector up by 1.10% and the gas sector up by 1.22% [4][12] - Key companies in the electricity sector showed varied performance, with notable increases for companies like Guikuan Electric and Guangdong Electric A [13] Electricity Industry Data Tracking - The price of thermal coal at Qinhuangdao Port (Q5500) increased by 8 CNY/ton week-on-week, reaching 624 CNY/ton [4][21] - Coal inventory at Qinhuangdao Port decreased to 5.6 million tons, down 100,000 tons week-on-week [26] - Daily coal consumption in inland provinces was reported at 3.55 million tons, a decrease of 95,000 tons/day week-on-week [28] Natural Gas Industry Data Tracking - The LNG ex-factory price index in Shanghai was reported at 4,460 CNY/ton, a year-on-year decrease of 1.13% but a week-on-week increase of 1.09% [48] - The European TTF spot price increased by 23.0% year-on-year, reaching 11.86 USD/MMBtu [53] - Domestic natural gas apparent consumption in May 2025 was 36.42 billion cubic meters, a year-on-year increase of 2.4% [5] Industry News - The National Development and Reform Commission and the National Energy Administration issued guidelines for renewable energy consumption responsibilities, emphasizing the use of green electricity in high-energy-consuming industries [5] - The largest medium and shallow coalbed methane field in China has surpassed a cumulative gas production of 20 billion cubic meters [5] Investment Recommendations - The report recommends focusing on national coal power leaders such as Guodian Power, Huaneng International, and Huadian International, as well as regional leaders in tight supply areas [5] - For natural gas, companies with low-cost long-term gas sources and receiving station assets are expected to benefit from market conditions [5]

Group 1 - The core point of the announcement is the change in the independent financial advisor for Huadian International Power Co., Ltd.'s restructuring project, with Wu Sihang replacing Shen Di due to personal work changes [1] - Huatai United Securities has appointed Wu Sihang and Luo Yiping as the new independent financial advisors for the restructuring project [1] - The company expresses gratitude to Shen Di for his contributions during the restructuring process [1] Group 2 - Wu Sihang holds a master's degree and is a deputy director at Huatai United Securities, with experience in several IPO projects [2]

Core Viewpoint - The report outlines the completion of the share issuance and asset acquisition by China Huadian International Power Co., Ltd, including the transfer of ownership for various assets from related parties [1][4]. Group 1: Transaction Implementation - The company has completed the issuance of shares for asset acquisition and the registration of these shares, with the transfer of the targeted assets finalized [1][4]. - The targeted assets include an 80% stake in Jiangsu Company from China Huadian, a 51% stake in Shanghai Fuxin from Huadian Furi, and other stakes in various subsidiaries [4][6]. - As of the report date, all necessary approvals and registrations for the transaction have been completed without any significant discrepancies from previously disclosed information [4][5]. Group 2: Changes in Management - There have been changes in the board of directors and management personnel of the targeted companies following the completion of the asset transfer, which are necessary for governance and control [6]. - The changes in management have not adversely affected the operations of the targeted companies [6]. Group 3: Financial and Legal Compliance - The independent financial advisors have confirmed that the transaction complies with all relevant laws and regulations, and the process has been executed legally and effectively [7]. - There have been no instances of non-operational asset occupation or guarantees provided to related parties during the transaction period [6][7].

股票代码：600027.SH 股票简称：华电国际 上市地点：上海证券交易所 特别提示 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 实施情况报告书 独立财务顾问 二〇二五年七月 一、截至本报告书出具日，公司已完成发行股份购买资产部分的股份发行和 登记，并已完成标的资产过户。 二、公司尚需在中国证监会批复的有效期内发行股份募集配套资金，并按照 有关规定办理发行股份募集配套资金涉及新增股份的相关登记、上市手续。 1 上市公司声明 本部分所述词语或简称与本报告书"释义"所述词语或简称具有相同含义。 1、本公司及全体董事、监事、高级管理人员保证本报告书内容的真实、准 确、完整，并对其虚假记载、误导性陈述或者重大遗漏承担法律责任。 2、本公司负责人和主管会计工作的负责人、会计机构负责人保证本报告书 中所引用的相关数据真实、准确、完整。 3、本次交易完成后，本公司经营与收益的变化，由本公司自行负责；由此 变化所引致的投资风险，由投资者自行负责。投资者在评价本次交易时，除本报 告书内容以及与其同时披露的相关文件外，还应认真考虑本次交易的其他全部信 息披露文件。投资者若对本报告书存在任何疑问 ...

为本次交易，本所已于 2024 年 11 月 29 日出具《北京市金杜律师事务所关于 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 交易的法律意见书》（以下简称《法律意见书》），于 2025 年 3 月 13 日出具 北京市金杜律师事务所 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 之标的资产过户的法律意见书（二） 致：华电国际电力股份有限公司 北京市金杜律师事务所（以下简称本所）接受华电国际电力股份有限公司 （以下简称上市公司、公司或华电国际）委托，担任华电国际通过发行股份及支 付现金的方式向中国华电集团有限公司购买其持有的华电江苏能源有限公司 80% 股权，向福建华电福瑞能源发展有限公司购买其持有的上海华电福新能源有限公 司 51%股权、上海华电闵行能源有限公司 100%股权、广州大学城华电新能源有 限公司 55.0007%股权、华电福新广州能源有限公司 55%股权、华电福新江门能源 有限公司 70%股权、华电福新清远能源有限公司 100%股权，向中国华电集团北 京能源有限公司（原名中国华电集团发电运营有限公司，现更名为中国华电集团 北京能源 ...

北京市金杜律师事务所 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 实施情况的法律意见书 致：华电国际电力股份有限公司 北京市金杜律师事务所（以下简称本所）接受华电国际电力股份有限公司 （以下简称上市公司、公司或华电国际）委托，担任华电国际通过发行股份及支 付现金的方式向中国华电集团有限公司购买其持有的华电江苏能源有限公司 80% 股权，向福建华电福瑞能源发展有限公司购买其持有的上海华电福新能源有限公 司 51%股权、上海华电闵行能源有限公司 100%股权、广州大学城华电新能源有 限公司 55.0007%股权、华电福新广州能源有限公司 55%股权、华电福新江门能源 有限公司 70%股权、华电福新清远能源有限公司 100%股权，向中国华电集团北 京能源有限公司（原名中国华电集团发电运营有限公司，现更名为中国华电集团 北京能源有限公司，以下简称华电北京）购买其持有的中国华电集团贵港发电有 限公司 100%股权，并向不超过 35 名特定投资者发行股份募集配套资金（以下简 称本次交易）的专项法律顾问。 为本次交易，本所已于 2024 年 11 月 29 日出具《北京市金杜律师事务 ...