大唐国际发电股份有限公司("公司")指定信息披露媒体为《中国证券报》 《上海证券报》和上海证券交易所网站（www.sse.com.cn）。为拓宽信息披露覆 盖范围，进一步做好投资者关系管理工作，公司自 2026 年 1 月 1 日起增加《证 券日报》为公司指定信息披露媒体。 本次增加后，公司的指定信息披露媒体为：《中国证券报》《上海证券报》 《证券日报》和上海证券交易所网站（www.sse.com.cn）。公司所有公开披露的 信息均以上述指定媒体刊登的正式公告为准，敬请广大投资者知悉。 特此公告。 大唐国际发电股份有限公司 2025 年 12 月 30 日 证券代码：601991 证券简称：大唐发电 公告编号：2025-069 大唐国际发电股份有限公司 关于增加指定信息披露媒体的公告 特别提示 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个别及连带责任。 共 1页 第 1页 ...

证券代码：601991 证券简称：大唐发电 公告编号：2025-067 大唐国际发电股份有限公司 关于向参股企业增资暨关联交易的公告 特别提示 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个别及连带责任。 重要内容提示： 投资标的名称：中国大唐集团核电有限公司（"大唐核电公司"）。 1、本次交易概况 2025 年 12 月 30 日，公司与大唐集团、大唐核电公司共同签署《中国大唐 集团核电有限公司增资协议》。根据协议约定，大唐集团按照持股比例 60%出资 92,541.64 万元，公司按照持股比例 40%出资 61,694.43 万元，用于支付辽宁徐 大堡核电项目、宁德第二核电项目的基本建设费用及广东阳西核电项目的前期费 1 用等。本次增资完成后，大唐核电公司各方持股比例保持不变。 投资金额：大唐国际发电股份有限公司（"本公司"或"公司"）向大 唐核电公司增资金额约为 61,694.43 万元（人民币，下同）。 本次交易构成关联交易，未构成重大资产重组。 过去 12 个月，除公司与中国大唐集团财务有限公司签署的《金融服务 协议》外，本 ...

特别提示 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个别及连带责任。 重要内容提示： 2025 年 12 月 30 日，大唐国际发电股份有限公司（"公司"）与中国大 唐集团财务有限公司（"大唐财务公司"）、河北蔚州能源综合开发有限公司（"蔚 州能源公司"）签订《委托贷款合同》，公司通过大唐财务公司向蔚州能源公司提 供委托贷款 420 万元（人民币，下同），期限自委托贷款合同生效之日起至 2028 年 12 月 25 日，按季付息，年固定利率 2.50%。 本次财务资助事项已经公司第十二届董事会九次会议审议通过，尚需提 交公司股东会审议。 本次财务资助对象蔚州能源公司资产负债率超 70%，敬请投资者注意相 关风险。 证券代码：601991 证券简称：大唐发电 公告编号：2025-068 大唐国际发电股份有限公司 关于向合营公司提供财务资助的公告 一、财务资助事项概述 2025 年 12 月 30 日，公司与大唐财务公司、蔚州能源公司签订《委托贷款 合同》，公司通过大唐财务公司向蔚州能源公司提供委托贷款 420 万元，用于蔚 州能源公司 ...

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。 重要内容提示： 证券代码：601991 证券简称：大唐发电 公告编号：2025-065 大唐国际发电股份有限公司 2025年第三次临时股东会决议公告 本次会议是否有否决议案：无 一、 会议召开和出席情况 本次股东会的表决方式符合《公司法》及《大唐国际发电股份有限公司公司 章 程》的规定。本次股东会由公司董事会召集，董事长李霄飞先生主持。 (五) 公司董事和董事会秘书的列席情况 二、 议案审议情况 审议结果：通过 | 1、出席会议的股东和代理人人数 | 880 | | --- | --- | | 其中：A 股股东人数 | 878 | | 境外上市外资股股东人数（H 股） | 2 | | 2、出席会议的股东所持有表决权的股份总数（股） | 12,916,588,656 | | 其中：A 股股东持有股份总数 | 9,379,495,410 | | 境外上市外资股股东持有股份总数（H 股） | 3,537,093,246 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | ...

证券代码：601991 证券简称：大唐发电 公告编号：2025-066 大唐国际发电股份有限公司 董事会决议公告 特别提示 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个别及连带责任。 大唐国际发电股份有限公司（"大唐国际"或"公司"）第十二届九次董事 会于 2025 年 12 月 30 日（星期二）在公司本部召开。会议通知已于 2025 年 12 月 15 日以书面形式发出。会议应到董事 15 名，实到董事 13 名。王剑峰董事、 韩放董事由于公务原因不能亲自出席本次会议，已分别授权赵献国董事、李忠猛 董事代为出席并表决。会议的召开符合《中华人民共和国公司法》和《大唐国际 发电股份有限公司章程》（"《公司章程》"）的规定，会议合法有效。根据《公 司章程》规定，会议由董事长李霄飞先生主持。经出席会议的董事或其授权委托 人表决，会议审议并一致通过如下决议： 一、审议通过《关于向部分公司提供委托贷款的议案》 表决结果：有权表决票数 15 票，15 票同意，0 票反对，0 票弃权 同意公司向福建大唐国际宁德发电有限责任公司、河北蔚州能源综合 ...

Core Viewpoint - The company has signed a capital increase agreement with Datang Group and Datang Nuclear Power Company to fund nuclear power projects in Liaoning, Ningde, and Guangdong [1] Group 1: Capital Increase Details - Datang Group will contribute 925 million yuan, representing 60% of the investment [1] - The company will contribute 617 million yuan, representing 40% of the investment [1] - The funds will be used for the basic construction costs of the Liaoning Xudabao Nuclear Power Project and Ningde Second Nuclear Power Project, as well as preliminary expenses for the Guangdong Yangxi Nuclear Power Project [1] Group 2: Shareholding Structure - After the completion of the capital increase, the shareholding ratios of all parties in Datang Nuclear Power Company will remain unchanged [1]

电话: 010-5817 3701 传真: 010-8525 1268 地址：北京市朝阳区景华南街 5 号远洋光华国际 C 座 22-23 层 关于大唐国际发电股份有限公司 2025年第三次临时股东会之法律意见书 北京市京都律师事务所 北京市京都律师事务所 关于大唐国际发电股份有限公司 2025 年第三次临时股东会之 北京市京都律师事务所 关于大唐国际发电股份有限公司 2025 年第三次临时股东会之 法律意见书 京都津师事务所 King & Capital Law Firm 法律意见书 京都 20251689 号-内核文件 04 致:大唐国际发电股份有限公司 北京市京都律师事务所(简称"本所")接受大唐国际发电股份有限公司(简称 "公司") 委托、指派樊利涛律师、王颖律师(简称"本所律师") 出席公司 2025 年第三次临时股东会(统称"本次股东会"),并对本次股东会进行见证及出具本法 律意见书。 本法律意见书系根据现行《中华人民共和国公司法》(简称"《公司法》")、 《中华人民共和国证券法》(简称"《证券法》")《上市公司股东会规则》(简称 "《股东会规则》")等有关法律、法规和规范性文件以及《大唐国际发电 ...

Core Viewpoint - The company announced an investment of approximately 617 million yuan into its affiliate, Datang Nuclear Power Company, primarily for the construction costs of nuclear power projects in Liaoning, Ningde, and Guangdong [1] Group 1 - The investment has been approved by the board of directors and does not require shareholder approval [1] - The funds will be allocated to the basic construction costs of the Liaoning Xudabao Nuclear Power Project and Ningde Second Nuclear Power Project, as well as preliminary expenses for the Guangdong Yangxi Nuclear Power Project [1] - After the completion of the investment, the shareholding ratios among stakeholders in Datang Nuclear Power Company will remain unchanged [1] Group 2 - This transaction is classified as a related party transaction but does not constitute a major asset restructuring [1]

Core Viewpoint - The power sector experienced significant declines, particularly in thermal power stocks, due to downward pressure on long-term electricity prices for 2026, which fell short of market expectations [2][5]. Group 1: Stock Performance - Major thermal power stocks saw substantial declines, with Guodian Power down 7.96%, Anhui Energy down 6.46%, and Huaneng International down 5.07% [2][3]. - Other notable declines included Shanghai Electric and Inner Mongolia Huadian, both dropping over 5% [2]. Group 2: Electricity Price Trends - The long-term electricity price for Guangdong in 2026 was set at 372.14 cents/kWh, a decrease of 19.72 cents/kWh from the previous year, nearing the lower limit of the benchmark price [5]. - In Jiangsu, the average price for January 2026 was 324.71 yuan/MWh, down 19.9% year-on-year, reflecting significant downward pressure on electricity prices in economically developed regions [5]. Group 3: Market Analysis - Analysts suggest that the ongoing market reforms may lead to a gradual increase in electricity prices, with the introduction of capacity pricing mechanisms reinforcing the foundational role of coal power [4]. - Despite the current downward trend, some institutions believe that the electricity market may not be overly pessimistic for 2026, as the government is beginning to focus on stabilizing electricity prices [7]. Group 4: Competitive Landscape - The retail electricity market has seen irrational competition, with companies engaging in aggressive pricing strategies to capture market share, leading to a temporary failure in price discovery [6]. - The introduction of new policies may help mitigate the excessive price competition among retail electricity companies, potentially restoring order to the market [7]. Group 5: Future Outlook - The construction of a new power system under the "dual carbon" goals is expected to rely on enhanced system regulation and support from the government, which may improve the performance of power operators in the future [8].

Investment Rating - The report provides a positive investment outlook for various sectors within the energy industry, particularly recommending companies involved in coal power, hydropower, nuclear power, green energy, and gas [1]. Core Insights - The report highlights that in November 2025, the total electricity consumption reached 835.6 billion kWh, marking a year-on-year increase of 6.2%. The growth contributions from the primary, secondary, and tertiary industries, as well as residential consumption, were 2%, 49%, 29%, and 19% respectively [4][6]. - The secondary industry remains the largest contributor to electricity consumption, accounting for over 60% of the total, with significant growth in high-tech and equipment manufacturing sectors [5][6]. - Natural gas prices have shown fluctuations, with the U.S. Henry Hub spot price at $3.31/mmBtu, reflecting a weekly decline of 7.30%. The report notes that the domestic LNG ex-factory price is 3915 yuan/ton, down 2.85% week-on-week [1][16]. Summary by Sections Electricity Sector - In November 2025, the electricity consumption by the first, second, and third industries grew by 7.9%, 4.4%, and 10.3% respectively, while residential consumption increased by 9.8% [4][6]. - The high-tech and equipment manufacturing sectors saw a 6.7% increase in electricity consumption, with automotive manufacturing leading at a 10% growth rate [5][6]. Natural Gas Sector - The report indicates that global gas prices are experiencing slight fluctuations, with the U.S. market showing a significant drop in spot prices. The report anticipates that the demand for natural gas will increase as winter approaches, potentially stabilizing prices [1][16]. - Recommendations include focusing on integrated gas companies and those benefiting from cost reductions and improved profitability due to lower oil prices [39][40]. Investment Recommendations - For coal power, companies like Guodian Power and Inner Mongolia Huadian are recommended due to their diversified revenue sources [1]. - Hydropower companies such as Yangtze Power and State Power Investment Corporation are favored due to expected improvements in profit margins from reduced capital expenditures [1]. - Nuclear power firms like China National Nuclear Power and China General Nuclear Power are highlighted for their stable cost structures and growth potential [1]. - In the green energy sector, companies like Xintian Green Energy and Longyuan Power are recommended for their stable returns and increasing operational value [1]. - The report also suggests investment in gas companies like Shenzhen Energy and Kunlun Energy, which are expected to benefit from cost reductions and improved market conditions [1][39].