Investment Rating - The report provides a "Buy" rating for several companies in the power and gas sectors, indicating a positive outlook for their performance [41]. Core Insights - The report highlights the recent adjustments in the value-added tax (VAT) policies for wind and nuclear power, which may impact profitability for operators in these sectors [9][10]. - It notes the competitive pricing results for electricity in Xinjiang and Gansu, with Xinjiang's prices nearing the upper limit of the bidding range, suggesting a favorable environment for renewable energy operators [8]. - The report discusses the decline in global LNG prices, with China's comprehensive LNG import price reaching a four-year low, which could benefit domestic gas companies [12][27]. Summary by Sections 1. Power Sector - Xinjiang's mechanism electricity bidding results show a scale of 36 billion kWh for solar and 185 billion kWh for wind, with prices at 0.235 CNY/kWh and 0.252 CNY/kWh respectively, indicating a competitive market [5][8]. - The VAT policy changes will eliminate the 50% VAT refund for onshore wind from November 1, 2025, while maintaining it for offshore wind until the end of 2027 [9][10]. - Recommendations include focusing on companies like Guodian Power, China Nuclear Power, and Longyuan Power due to their stable growth prospects [11]. 2. Gas Sector - Global gas prices have shown slight declines, with the US Henry Hub price at $2.82/mmBtu, reflecting a 2.90% weekly drop [12][15]. - China's LNG import price has dropped to 2852 CNY/ton, the lowest since mid-2021, driven by lower oil prices affecting long-term contracts [27][29]. - The report suggests a positive outlook for gas companies like Kunlun Energy and New Hope Energy, as cost reductions and economic recovery may enhance profitability [29]. 3. Environmental Sector - The report emphasizes the benefits of debt-for-equity swaps and the increasing stability of returns for green energy operators, recommending companies like China Everbright Environment and Hongcheng Environment [11]. - It highlights the ongoing rise in SAF (Sustainable Aviation Fuel) prices, suggesting investment opportunities in related companies [11]. 4. Key Company Valuations - The report includes a valuation table for key companies, with several rated as "Buy," indicating strong expected performance in the coming years [41].

Investment Rating - The report maintains a positive outlook on the power and gas sectors, highlighting potential investment opportunities in renewable energy and gas companies [3][12]. Core Insights - The report emphasizes the recent adjustments in value-added tax policies for wind and nuclear power, which may impact profitability in the short to medium term [10][11]. - It notes the significant drop in LNG import prices, reaching a four-year low, which could benefit gas companies and consumers [13][29]. - The report suggests that the competitive bidding results for electricity prices in Xinjiang and Gansu indicate varying strategies among renewable energy operators, which could lead to improved profit margins [9][12]. Summary by Sections 1. Power Sector - Xinjiang's competitive bidding results show a mechanism electricity price of 0.252 CNY/kWh for wind power, close to the upper limit, while Gansu's price is 0.1954 CNY/kWh, near the lower limit [5][9]. - The adjustment of the value-added tax policy for onshore wind power, effective November 1, 2025, will eliminate the 50% refund policy, while offshore wind will retain it until the end of 2027 [10][11]. - Recommendations include focusing on companies like Guodian Power, Sichuan Investment Energy, and China Nuclear Power due to their stable growth prospects [12]. 2. Gas Sector - The report highlights a slight decline in global gas prices, with the US Henry Hub price at $2.82/mmBtu, down 2.90% week-on-week, and LNG import prices in China dropping to 2852 CNY/ton, the lowest since mid-2021 [13][29]. - It suggests that the cost reduction in upstream resources and the recovery of the macro economy will benefit Hong Kong gas companies like Kunlun Energy and New Hope Energy [31]. - The report anticipates that the LNG prices may stabilize as demand increases with the onset of colder weather [29][31]. 3. Weekly Market Review - The public utility, power, gas, and environmental protection sectors outperformed the CSI 300 index during the week of October 13-17, 2025 [35]. - The report notes that the power equipment sector lagged behind the index, indicating potential investment opportunities in other sectors [35]. 4. Company and Industry Dynamics - The report discusses the upcoming competitive bidding for renewable energy projects in Anhui, with a bidding range set between 0.2 CNY/kWh and 0.3844 CNY/kWh [41][42]. - It highlights the performance of major companies, such as China General Nuclear Power and Longyuan Power, which reported varying results in their electricity generation [43][44].

Investment Rating - The investment rating for the utility sector is "Positive" [2] Core Insights - The report highlights the recent release of mechanism electricity prices for new projects in Xinjiang and Gansu, with solar power priced at 0.235 yuan/kWh and wind power at 0.252 yuan/kWh [4] - The report indicates that the power sector is expected to see profit improvement and value reassessment following multiple rounds of supply-demand tensions in the electricity market [4] - The ongoing market reforms in electricity pricing are anticipated to lead to a gradual increase in electricity prices, benefiting power operators [4] Summary by Sections Market Performance - As of October 17, the utility sector declined by 0.7%, outperforming the broader market, which saw a 2.2% drop [11] - The electricity sector specifically saw a decrease of 0.66%, while the gas sector fell by 0.99% [13] Electricity Industry Data Tracking - The price of thermal coal at Qinhuangdao Port (Q5500) increased by 34 yuan/ton week-on-week, reaching 740 yuan/ton as of October 17 [20] - Coal inventory at Qinhuangdao Port decreased by 960,000 tons week-on-week, totaling 5.45 million tons [25] - Daily coal consumption in inland provinces was 3.107 million tons, down 312,000 tons/day from the previous week [28] Natural Gas Industry Data Tracking - The LNG ex-factory price index in Shanghai was 4,013 yuan/ton, down 20.19% year-on-year and 0.32% week-on-week [51] - The EU's natural gas supply increased by 8.8% year-on-year, reaching 6.07 billion cubic meters in week 41 of 2025 [58] Key Industry News - The mechanism electricity prices for solar and wind projects in Xinjiang were announced, with a total of 67 projects selected [4] - The release of the "Regulations on Fair and Open Supervision of Oil and Gas Pipeline Facilities" marks a significant step in China's oil and gas market reform [4] Investment Recommendations - The report suggests focusing on national coal power leaders such as Guodian Power, Huaneng International, and Huadian International, as well as regional leaders in tight supply areas [4] - For natural gas, companies with low-cost long-term gas sources and receiving station assets are expected to benefit from market conditions [4]

Core Viewpoint - The announcement reveals that the first candidate for the procurement of wind turbine generators (including towers) for the China Resources New Energy Linwu County Longling Xianghuapu Wind Farm Project (150MW) is Dongfang Electric, with a bid price of 331.5 million yuan, equivalent to 2,210 yuan/kW [2][5]. Group 1: Project Overview - The Linwu County Longling Xianghuapu Wind Farm Project has a total capacity of 150MW and will consist of no more than 24 turbine units, with an average unit area of at least 6.0 m²/kW [2][3]. - The maximum capacity per turbine unit is set at 6.25MW, and the tower type is a full steel rigid tower [2][3]. Group 2: Procurement Details - The procurement process was conducted through public bidding, and the evaluation has been completed [3][4]. - The first candidate, Dongfang Electric, has met all quality and service requirements as per the bidding documents [5]. - The second candidate is CRRC Zhuzhou Electric Locomotive Research Institute Co., Ltd., with a bid price of 334.2 million yuan [5].

Core Viewpoint - China Dongfang Electric Corporation Limited and Shandong Energy Group Limited signed a strategic cooperation agreement on October 15, focusing on the "dual carbon" strategy to enhance efficient connections in technology, resources, and markets [1] Group 1 - The strategic cooperation agreement was signed in Jinan [1] - The collaboration aims to actively promote the alignment of technology, resources, and market [1] - The partnership is guided by the "dual carbon" strategy [1]

Core Viewpoint - Dongfang Electric (01072.HK) announced that its board meeting will be held on October 30, 2025, to review and approve the unaudited third-quarter results for the nine months ending September 30, 2025 [1] Summary by Category - **Company Announcement** - The board meeting will take place at the company's conference room located at 18 Xixin Avenue, High-tech West District, Chengdu, Sichuan Province [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，並 明 確 表 示，概 不對因本公告全部或任何部分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。 承董事會命 東方電氣股份有限公司 馮 勇 聯席公司秘書 中國‧四川省‧成都 2025年10月17日 董事會會議召開日期 東 方 電 氣 股 份 有 限 公 司（「本公司」）之 董 事 會（「董事會」）謹 此 宣 佈，董 事 會會議將於2025年10月30日（星 期 四）假 座 中 華 人 民 共 和 國 四 川 省 成 都 市 高新西區西芯大道18號 本 公 司 會 議 室 舉 行，藉 以（其 中 包 括）審 議 及 批 准 本公司及其附屬公司截至2025年9月30日止九個月的未經審計第三季度 業 績 及 其 發 佈。 道 榮 及 陳 宇 於 本 公 告 刊 發 日 期，本 公 司 董 事 如 下： 非 執 行 董 事： 羅 乾 宜（董 事 長）及 張 少 峰 董 事： 張彥軍及孫國君 獨 立 非 執 行 董 事： 黃 峰、曾 ...

Core Insights - The 2025 World Maritime Equipment Conference's forum on high-quality development of the offshore wind power industry chain was held in Fuzhou, focusing on the theme "Chasing Wind and Electricity, Driving the Future" [3][4] Group 1: Forum Highlights - The forum featured a keynote report by Carlos G. Suárez, a member of the Portuguese Academy of Engineering and recipient of the 2024 China Government Friendship Award, discussing the prospects for floating offshore wind development [3] - Experts from various organizations presented on topics including the practical outlook of the offshore wind power industry chain, integrated design and application of floating platforms and turbines, and future directions for large-capacity offshore wind turbine research [3] - The event included a visit to the "Wind from the Sea" exhibition, showcasing achievements from key companies in the offshore wind power industry chain in Fujian [3][4] Group 2: Participants and Organizers - The forum was guided by the China Electrotechnical Society and organized by the Fuzhou Municipal Government, State Grid Fujian Electric Power Co., and China Three Gorges Corporation Fujian Branch [4] - Approximately 230 participants from government agencies, research institutions, and industry experts attended the forum [4]

Core Viewpoint - Citigroup forecasts that China's nuclear power installation capacity will increase at a compound annual growth rate (CAGR) of 17.6% from 2025 to 2030 [1] Company Analysis - Each nuclear power unit is estimated to contribute 1.3 billion yuan in new orders for both Dongfang Electric and Shanghai Electric, as both companies hold one-third market share in China's nuclear power equipment bidding [1] - Citigroup prefers Dongfang Electric due to its higher profit growth potential, greater contribution of nuclear power business to profits, and a more complete nuclear product line [1] - The bank raised its net profit forecasts for Dongfang Electric for 2026 and 2027 by 1% to 3%, based on improved gross margins from nuclear equipment sales, benefiting from price increases from 2023 to 2025 compared to pre-2023 levels, and recent cancellations of reference prices in multiple bids [1] - Citigroup increased the target price for Dongfang Electric from 20 HKD to 22 HKD, citing its more attractive valuation compared to global peers and limited exposure to overseas trade risks, maintaining a "Buy" rating [1] - Shanghai Electric also received a "Buy" rating with a target price of 4.2 HKD [1]

Core Viewpoint - Dongfang Electric experienced a stock price decline of 2.02% on October 17, 2023, with a current price of 20.35 CNY per share and a total market capitalization of 70.378 billion CNY [1] Group 1: Stock Performance - Year-to-date, Dongfang Electric's stock price has increased by 31.40%, with a recent decline of 2.12% over the last five trading days [1] - The stock has shown a 5.77% increase over the past 20 days and a 20.36% increase over the past 60 days [1] - The company has appeared on the "龙虎榜" (a stock trading list) once this year, with the most recent appearance on July 22 [1] Group 2: Company Overview - Dongfang Electric, established on December 28, 1993, and listed on October 10, 1995, is located in Chengdu, Sichuan Province [2] - The company specializes in the research, manufacturing, sales, and service of various power generation equipment, including thermal, hydro, wind, nuclear, and gas power generation [2] - The revenue composition includes: 43.95% from clean and efficient energy equipment, 27.32% from renewable energy equipment, 11.52% from emerging growth industries, 8.98% from modern manufacturing services, and 8.23% from engineering and supply chain services [2] Group 3: Financial Performance - For the first half of 2025, Dongfang Electric reported a revenue of 38.151 billion CNY, representing a year-on-year growth of 14.03% [2] - The net profit attributable to shareholders was 1.910 billion CNY, reflecting a year-on-year increase of 12.91% [2] Group 4: Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 10.68% to 92,000 [2] - The company has distributed a total of 8.575 billion CNY in dividends since its A-share listing, with 3.892 billion CNY distributed over the last three years [3] - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, with notable changes in their holdings [3]