董 事 會 欣 然 宣 佈，於 2025 年 12 月 19 日，本 公 司 與 潮 州 發 電 及 中 國 銀 行 訂 立 委 託 貸 款 協 議，據 此，本 公 司 同 意 委 託 中 國 銀 行 向 潮 州 發 電 提 供 本 金 金 額 為人民幣 6 億 元 的 委 託 貸 款。 上市規則涵義 於本公告日期，大唐集團及其子公司合計持有本公司約53.04%的已發行股本。 由於潮州發電由本公司及大唐集團分別持有 52.5% 及 42.5% 股 權，根 據 上 市 規則第 14A.16 條，潮 州 發 電 為 本 公 司 的 關 連 附 屬 公 司，亦 為 本 公 司 的 關 連 人 士。因 此，委 託 貸 款 協 議 項 下 提 供 委 託 貸 款 構 成 本 公 司 的 關 連 交 易。 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之任何損失承擔 任 何 責 任。 00991 公 告 關連交易 提供委託貸款 委託貸 ...

Group 1: Core Insights - The future narrative for thermal power is expected to shift towards enhanced profitability stability and increased dividends due to rising capacity prices and deeper assessments by the State-owned Assets Supervision and Administration Commission (SASAC) [2][60] - In the short term, integrated coal power companies are likely to have a comparative advantage as coal prices rise, with a consensus forming around an increase in the coal price baseline for next year [2][6] - Renewable energy companies, despite facing challenges such as supply-demand imbalance and subsidy delays, have shown considerable absolute returns, supported by improving policies for green energy development [6][8] Group 2: Thermal Power Analysis - Historical performance of thermal power shows a certain "counter-cyclical" nature, with earnings often moving inversely to coal prices, which are now market-driven [19][26] - The current policy framework limits the duration of profitability expectations for thermal power, leading to a "high first, low second" characteristic in the market for 2023 and 2024 [6][45] - The expected increase in capacity prices across provinces by 2026 will enhance the fixed cost recovery ability of coal power plants, significantly improving profitability stability [60][64] Group 3: Renewable Energy Insights - The renewable energy sector is currently facing multiple issues, including market price pressure and subsidy delays, but the gradual improvement in policy support is expected to create investment opportunities [6][8] - Companies with low valuations, high wind power ratios, and strong regional price certainty are still worth considering for investment despite the uncertain timing of policy impacts [2][6] Group 4: Hydropower and Nuclear Power - Leading hydropower companies exhibit high earnings certainty and dividend ratios, making them attractive for long-term investment [7] - Nuclear power is anticipated to see significant capacity growth during the 14th Five-Year Plan, with stable long-term price expectations despite some market price fluctuations [8][60] Group 5: Investment Recommendations - Recommended companies include quality thermal power operators such as Huaneng International, Datang Power, and China Power, as well as leading hydropower firms like Yangtze Power and Guotou Power [9] - In the renewable sector, companies like Longyuan Power and China Nuclear Power are highlighted as potential investment opportunities [9]

Investment Rating - The report maintains a positive outlook on the power sector, particularly following the increase in coal power capacity pricing in Yunnan, which is expected to stabilize revenue for coal power companies [6][8]. Core Insights - Yunnan has announced an increase in the coal power capacity price recovery of fixed costs to 100%, effective from 2026, which will enhance the stability of coal power revenues and support the integration of renewable energy sources [6][7]. - The report highlights a significant drop in natural gas prices in the U.S. and Northeast Asia, with the latter reaching a 20-month low, indicating a favorable environment for gas companies [10][24]. - The investment analysis suggests a diversified revenue model for coal power companies, transitioning from reliance on electricity sales to a combination of electricity, capacity, and ancillary service revenues [8]. Summary by Sections 1. Power Sector - Yunnan's new policy sets the coal power capacity price at 330 RMB per kilowatt per year, allowing full recovery of fixed costs, which is expected to improve the profitability of coal power plants [6][7]. - The province's total installed power capacity exceeds 168 million kilowatts, with over 90% being green energy, necessitating coal power for peak load support [7]. - The report recommends several companies, including Guodian Power and Inner Mongolia Huadian, for their integrated coal power operations [8]. 2. Natural Gas Sector - U.S. Henry Hub spot prices fell to $4.07/mmBtu, a decrease of 21.56% week-on-week, while Northeast Asia LNG prices dropped to $10/mmBtu, down 6.19% [10][11]. - The report notes that strong supply and high inventory levels in Northeast Asia are contributing to the price decline, with expectations of further price sensitivity from buyers as prices approach $10/mmBtu [24][26]. - Investment recommendations include companies like Kunlun Energy and New Hope Energy, which are expected to benefit from lower costs and improved margins [31][32]. 3. Market Performance - The report indicates that the power and equipment sectors outperformed the Shanghai Composite Index during the review period, while the gas and environmental sectors lagged [34]. - It provides a detailed valuation table for key utility companies, highlighting their earnings per share (EPS) and price-to-earnings (PE) ratios [46]. 4. Company and Industry Dynamics - Recent government policies emphasize the development of a clean, low-carbon energy system, with a target of 25% non-fossil energy consumption by 2030 [40][41]. - The report discusses the ongoing transition in the energy sector towards market-driven growth, particularly in new energy storage solutions [41].

Investment Rating - The report maintains a "Buy" rating for several companies in the power and gas sectors, including China Power Investment Corporation, Inner Mongolia Huadian, and China Resources Power [48]. Core Insights - Yunnan Province has increased the coal power capacity price recovery of fixed costs to 100%, which is expected to stabilize revenue for coal power companies and enhance their role in supporting renewable energy integration [7][8]. - The report highlights a significant drop in natural gas prices, with Northeast Asia LNG prices reaching a 20-month low, driven by strong supply and mild weather conditions [12][26]. - The investment analysis suggests a diversified revenue model for coal power companies, transitioning from reliance on electricity sales to a combination of electricity revenue, capacity income, and ancillary service income [9]. Summary by Sections 1. Power: Yunnan Increases Coal Power Capacity Price - Yunnan has announced a new mechanism for coal power capacity pricing, allowing for full recovery of fixed costs starting in 2026, set at 330 RMB per kilowatt per year [7][8]. - The province's total installed power capacity exceeds 168 million kilowatts, with over 90% from green energy sources, necessitating coal power for peak load support [8]. 2. Gas: Global Gas Price Trends - As of December 12, the Henry Hub spot price in the U.S. was $4.07/mmBtu, down 21.56% week-on-week, while Northeast Asia LNG prices fell to $10/mmBtu, a decrease of 6.19% [12][13]. - The report notes that the overall supply of natural gas remains robust, contributing to lower prices in Northeast Asia [26][28]. 3. Weekly Market Review - The power and power equipment sectors outperformed the CSI 300 index, while the public utility, gas, and environmental protection sectors lagged behind [36]. 4. Company and Industry Dynamics - Recent government meetings and policy announcements emphasize the importance of a clean, low-carbon energy system and the development of a new energy system by 2030 [40][43]. - The report includes updates on major companies, such as China Resources Power and Longyuan Power, highlighting their financial activities and operational performance [44][46].

Group 1 - The core viewpoint of the article highlights the growth in China's electricity generation, with a reported production of 800.2 billion kilowatt-hours in October 2025, reflecting a year-on-year increase of 7.9% [1] - Cumulative electricity generation from January to October 2025 reached 8,062.55 billion kilowatt-hours, showing a cumulative growth of 2.3% [1] - The article references a market research report by Zhiyan Consulting, which assesses the investment prospects in the Chinese energy industry from 2026 to 2032 [1] Group 2 - The listed companies in the energy sector include Huaneng International (600011), Datang Power (601991), Guodian Power (600795), Huadian International (600027), Changjiang Power (600900), State Power Investment (600886), Chuanwei Energy (600674), Guiguan Power (600236), Inner Mongolia Huadian (600863), and Zhejiang Energy (600023) [1] - The data source for the statistics mentioned is the National Bureau of Statistics, with the information organized by Zhiyan Consulting [1]

2025年第三次臨時股東會適用之代理人委任表格 本代理人委任表格所代表之 股份數目 （附註1） 00991 本人╱吾等 （附註2） 地址為 持有大唐國際發電股份有限公司（「本公司」或「公司」）股票，H股 股 （附註3） ， 為公司之股東，現委任大會主席，或 （附註4） （附註6） ： 附註： 1. 請填上以 閣下名稱登記於本代理人委任表格有關之股份數目，如未有填上數目，則代理人委任表格將被視為以 閣下名 稱登記之所有公司股份有關。 2. 請用正楷填上登記在股東名冊上的全名及地址。 3. 請填上以 閣下名稱登記之本公司股份數目，並刪去不適用者。 4. 如欲委派大會主席以外之人士為代理人，請將「大會主席，或」之字樣刪去，並在空格內填上所擬委派之代理人姓名，各名 股東可委派一位或多位代理人出席及投票，受委任代理人毋須為公司股東，本代理人委任表格之更改，須由簽署人簽字方 可。 5. 注意， 閣下如欲投票贊成任何議案，請在「贊成」欄內加上「✓」；如欲投票反對任何議案，則請在「反對」欄內加上「✓」； 如欲就任何議案投棄權票，則請在「棄權」欄內加上「✓」，則您的投票將計入有關決議案的投票總數，以計算該決議案的表 決結果；如 ...

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通知的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本通知全部或任何部份內容 而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 00991 2025年第三次臨時股東會通知 茲通告於2025年12月30日（星期二）上午10時30分，在中華人民共和國（「中國」）北京市 西城區廣寧伯街9號大唐國際發電股份有限公司（「大唐國際」或「本公司」）本部1616會議 室舉行本公司2025年第三次臨時股東會（「臨時股東會」），以審議並通過（如認為適宜） 下列決議案： 普通決議案 1. 審議並批准《關於聘用2025年度內部控制審計會計師事務所的議案》 （附註1） 1 附註： 1. 經第十二屆七次董事會會議審議通過，同意聘用中興華會計師事務所（特殊普通合夥）為 本公司2025年度內部控制審計機構，聘期一年，審計費用為人民幣139萬元。 有關本決議案的詳情，請參閱本公司日期均為2025年11月26日的有關董事會決議以及變 更內部控制審計會計師事務所的海外監管公告。 2. 經第十二屆八次董事會會議審議通過，同意大唐國際母公司2026年度融資方案。2026 ...

证券代码：601991 证券简称：大唐发电 公告编号：2025-064 大唐国际发电股份有限公司 关于召开2025年第三次临时股东会的通知 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： 一、 召开会议的基本情况 (一) 股东会类型和届次 2025年第三次临时股东会 召开的日期时间：2025 年 12 月 30 日 10 点 30 分 召开地点：北京市西城区广宁伯街 9 号大唐国际发电股份有限公司（"公司" 或"本公司"）本部 1616 会议室 股东会召开日期：2025年12月30日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 (二) 股东会召集人：董事会 (三) 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合 的方式 (四) 现场会议召开的日期、时间和地点 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025 年 12 月 30 日 至2025 年 12 月 30 日 采用上海证券交易所网络投票系统，通过 ...

来源：中国能源网 天眼查App显示，近日，大唐国际核电有限公司发生工商变更，注册资本由约2.8亿人民币增至约3.15亿 人民币，增幅12.5%。 该公司成立于2009年12月，法定代表人为董贵林，经营范围为核电前期开发、核电站建设和管理、核电 设备检修及维护、核电投资、核电技术研发、技术服务与咨询，电力生产及供应。股东信息显示，该公 司由大唐发电（601991）全资持股。 ...

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之任何損失承擔任何責任。 聯席公司秘書 公告 暫停辦理H股股份過戶登記 大唐國際發電股份有限公司（「本公司」）謹此宣佈，本公司擬於2025年12月30日（星期 二）上午10時30分舉行本公司2025年第三次臨時股東會（「臨時股東會」）。 根據本公司之《公司章程》，於2025年12月23日（星期二）至2025年12月30日（星期二） （包括首尾兩日），本公司將暫停辦理H股股份過戶登記手續。於2025年12月23日（星 期二）已登記在本公司股東名冊上的H股股東（「H股股東」），有權出席臨時股東會並表 決。有意獲得資格出席臨時股東會之H股股東，須於2025年12月22日（星期一）下午4時 30分或之前，將過戶證明及有關股份證明遞交至本公司H股股份過戶登記處，即地址為 香港灣仔皇后大道東183號合和中心17樓1712-1716號舖的香港中央證券登記有限公司。 一份載有（其中包括）將於臨時股東會上提呈的決議案的詳細資料的臨時股東會通告將於 ...