Core Insights - The forum held on September 25, 2023, in Chongli, Hebei, focused on the development trends and paths of power engineering cost management under the reform of cost management systems, emphasizing the integration of big data technology in engineering economics [1][5] - Key figures from the China Electricity Council and industry experts participated, highlighting the importance of energy transition and digital technology in shaping the future of power engineering economics [3][5] Group 1: Forum Overview - The forum was themed "Exploring New Paths in Power Generation, Empowering with Digital Intelligence" and aimed to provide insights for high-quality development in the power industry [1] - Approximately 300 representatives from government, industry associations, power companies, universities, consulting firms, software companies, and international organizations attended the event [8] Group 2: Key Presentations and Discussions - Pan Yuelong emphasized the critical role of power engineering economics in energy security, industry development, and public interest, especially during the 14th Five-Year Plan's concluding year and the ongoing push for carbon neutrality [5] - Wang Wei summarized the achievements and challenges of market-oriented reforms in engineering cost management, advocating for a focus on market reform, digital thinking, and standardized approaches to drive high-quality development [7] Group 3: Industry Collaboration and Future Directions - The forum facilitated a platform for sharing industry experiences and building consensus on innovative management practices in power engineering economics, aiming to support the construction of new power systems and achieve high-quality development in the sector [7] - The Electric Power Engineering Cost Index (ECCI) for 2024 was released, covering various aspects of power construction costs, including indices for unit costs, major equipment prices, and cost forecasts [7]

Core Insights - Sichuan Ganzi Prefecture has announced the results of the preferred bidders for 3.75GW of photovoltaic projects, with the largest project awarded to Shudao Group at 2.3GW [1][2] - The projects are part of a broader strategy to enhance local development through innovative construction models, including "light grazing" and "light tourism" [1] Group 1: Project Overview - The total capacity of the announced photovoltaic projects is 3.75GW, with two batches of results published [1] - The first batch includes six projects with a total capacity of 950MW, while the second batch consists of five projects totaling 2.8GW [1][2] - The projects are scheduled to commence construction by the end of 2025 and be completed before 2027 [1] Group 2: Key Bidders and Project Sizes - Shudao Group is the leading bidder with a project size of 2.3GW [1] - Other notable bidders include: - BOE Technology Group & Ganzi Energy Development Group with 400MW [1] - CATL with 300MW [1] - Huadian & Ganzi Energy Development Group with 250MW [1] - Datang & Ganzi Energy Development Group with 200MW [1] - Additional smaller projects include various capacities awarded to other companies such as State Grid and China General Nuclear Power Group [2] Group 3: Project Construction Models - The projects will adopt a "1+N" construction model, emphasizing local adaptation and integration with the environment [1] - The focus is on promoting local economic development through innovative project designs that combine solar energy with agriculture and tourism [1]

2025.09. 24 本文字数：2404，阅读时长大约4分钟 作者 | 第一财经 祝嫣然 加快构建新型电力系统是助力实现"双碳"目标的有效举措。"十五五"时期是新型电力系统建设攻坚突 破的关键五年。 国家能源局副局长宋宏坤23日在2025新型电力系统发展（崇礼）论坛上表示，要把握好"十五五"战 略关键期，以加快构建新型电力系统为主题，以电力行业高质量发展为主线，统筹源网荷储各侧，科 学规划和实施一批重大战略任务、重大工程项目、重大改革举措，推动新型电力系统建设取得新的突 破。 中国电力企业联合会常务副理事长杨昆建议，大力推动电源清洁化、电网数字化、负荷柔性化、储能 多元化，实现系统多能互补、协同高效。聚焦新能源、新型储能、清洁耦合数字电网、电气化发展等 重点领域，实现核心技术自主可控，持续提升系统对可再生能源的消纳能力，打造新型电力系统的强 大科技引擎。 论坛上，国家电网、中国华能、中国大唐、国家能源集团、国家电投、哈电集团等多家能源央企从推 进新能源大规模高效开发利用、大力推进科技创新、提升系统调节能力、拓展产业发展空间、建设全 国统一电力市场等多个方面提出了面向"十五五"的思路和举措。 建设新型多元电力 ...

Group 1: Investment and Development Plans - The State Grid has invested an average of 574 billion yuan annually over the past five years, with expected investment reaching 677 billion yuan by 2025 [5] - The "14th Five-Year Plan" period is identified as a critical five years for the construction of a new power system [1] - The National Energy Administration has outlined a plan for the "14th Five-Year Plan" focusing on high-quality development in the power industry [1][2] Group 2: Renewable Energy and System Structure - As of July 2023, renewable energy installed capacity has surpassed 2 billion kilowatts, accounting for approximately 60% of total installed capacity, with wind and solar power exceeding thermal power for the first time [4] - The new power system is expected to play a central role in the new energy system, promoting the clean and efficient use of various energy types [2] - The energy structure is continuously optimizing, with significant achievements in the construction of a resilient power infrastructure [3][4] Group 3: Technological Innovation and Challenges - Technological innovation is deemed crucial for constructing the new power system, with a focus on advanced materials, high-end equipment, and digital operations [6] - The need for independent innovation in the power industry is emphasized, with a call for collaboration between academia and industry to tackle key technologies [6] - The current market environment poses challenges for investment in renewable energy projects, necessitating a comprehensive approach to ensure sustainable development [6]

Core Viewpoint - The company, Datang International Power Generation Co., Ltd., has provided a financing guarantee for its subsidiary, Datang Jixi Thermal Power Co., Ltd., amounting to 19.476 million yuan, to support its ongoing operations and debt management [2][4]. Summary by Sections 1. Guarantee Overview - The company has signed a guarantee contract with the Industrial and Commercial Bank of China, Jixi Yongchang Branch, to provide a joint liability guarantee for a loan application of 20 million yuan by Datang Jixi Thermal Power Co., Ltd. The guarantee amount is 19.476 million yuan, representing 97.38% of the total loan amount [4][8]. 2. Approval Process - The guarantee was approved during the board meetings held on March 25, 2025, and June 27, 2025, where the company agreed to provide a guarantee limit of 194.76 million yuan to its wholly-owned subsidiary, Datang Heilongjiang Power Co., Ltd., for replacing maturing guarantee debts [5]. 3. Basic Information of the Guaranteed Party - Datang Jixi Thermal Power Co., Ltd. was established on December 24, 1998, with a registered capital of 321 million yuan. The company is primarily engaged in power generation, transmission, and supply services [6][7]. 4. Financial Summary - As of the latest financial report, the company has provided a total of 882 million yuan in external guarantees, which accounts for 1.15% of the company's most recent audited net assets attributable to the parent company. There are no overdue guarantees [9]. 5. Necessity and Reasonableness of the Guarantee - The guarantee is deemed necessary to mitigate overall financial risks and ensure the continuous operation of Datang Jixi Thermal Power Co., Ltd., which has been facing ongoing losses. The support from the parent company is crucial for external financing [8].

Group 1 - The company announced that as of the date of the announcement, the total amount of external guarantees provided (including guarantees for subsidiaries) is 882 million yuan, which accounts for 1.15% of the company's most recent audited net assets attributable to the parent company [2] - All guarantees provided are for the company's controlling subsidiaries, and there are no overdue guarantees [2]

证券代码：601991 证券简称：大唐发电 公告编号：2025-045 大唐国际发电股份有限公司 关于提供融资担保的进展公告 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法律责任。 重要内容提示： 一、担保情况概述 （一）担保基本情况 大唐黑龙江发电有限公司（"黑龙江公司"）于2025年09月23日与中国工商 银行股份有限公司鸡西永昌支行签署了《保证合同》，黑龙江公司对鸡西热电公 司申请2,000万元的借款提供连带责任保证，本次担保金额1,947.60万元，提供 担保占贷款总额比例同股比97.38%。 （二）审议程序 公司于2025年3月25日、2025年6月27日召开第十一届四十次董事会及2024 年年度股东大会，审议通过了《关于2025年度委托贷款、担保、统借统还贷款预 算的议案》和《关于2025年度融资担保的议案》，同意公司全资子公司黑龙江公 1 被担保人：大唐鸡西热电有限责任公司（"鸡西热电公司"）为大唐国际发 电股份有限公司（"公司"或"本公司"）控股子公司。 本次担保金额及已实际为其提供的担保余额：本次担保金额合 ...

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 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第 13.10B 條而作出。 茲 載 列 大 唐 國 際 發 電 股 份 有 限 公 司（「 本公司 」）在 上 海 證 券 交 易 所 網 站 ( http://www.sse.com.cn )刊登的《大唐國際發電股份有限公司關於提供融資擔保的 進展公告》，僅供參閱。 承董事會命 孫延文 聯席公司秘書 中國，北京，2025 年 9 月 2 3 日 於本公告日，本公司董事為： 李凱、蔣建華、龐曉晉、馬繼憲、朱梅、王劍峰、趙獻國、李忠猛、韓放、金生祥、 宗文龍*、趙毅*、尤勇*、潘坤華*、謝秋野* * 獨立非執行董事 关于提供融资担保的进展公告 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法律责任。 重要内容提示： 一、担保情况概述 （一）担保基本 ...

Group 1 - The core viewpoint of the article highlights the growth in China's electricity generation, with a reported production of 737.8 billion kilowatt-hours in May 2025, reflecting a year-on-year increase of 0.5% [1] - Cumulative electricity generation from January to May 2025 reached 3,726.6 billion kilowatt-hours, showing a cumulative growth of 0.3% [1] - The article references a report by Zhiyan Consulting, which focuses on the investment potential and development trends in the Chinese electricity industry from 2025 to 2031 [1] Group 2 - Listed companies in the electricity sector include Huaneng International (600011), Datang Power (601991), Guodian Power (600795), Huadian International (600027), and others [1] - The data presented is sourced from the National Bureau of Statistics and organized by Zhiyan Consulting, indicating a strong foundation for industry analysis [1]

Core Viewpoint - The decline in on-grid electricity prices has significantly impacted the performance of major power generation companies, exceeding expectations [1] Group 1: Financial Performance of Major Power Companies - All five major power generation companies reported a year-on-year decline in revenue for the first half of the year, compared to only three companies experiencing a decline in the same period last year [1] - Huaneng International (600011.SH) reported revenue of 112.032 billion yuan, a decrease of 5.7% year-on-year, primarily due to a drop in both electricity volume and price, with an average on-grid price of 485.27 yuan/MWh, down 2.69% [2] - Guodian Power (600795.SH) saw revenue of 77.655 billion yuan, down 9.52% year-on-year, attributed to a decrease in the selling price of electricity, with an average on-grid price of 409.7 yuan/MWh, down 6.72% [2] - Huadian International (600027.SH) reported revenue of 59.953 billion yuan, a decrease of 8.98%, mainly due to reduced power generation and lower electricity prices, with an average on-grid price of 516.8 yuan/MWh, down approximately 1.44% [2] - Datang Power (601991.SH) had operating revenue of 57.193 billion yuan, down 1.93%, with an average on-grid settlement price of 444.48 yuan/MWh, a decrease of about 3.95% [2] - China Power (02380.HK) reported main business revenue of 23.858 billion yuan, down 9.87%, with wind power average price at 410.66 yuan/MWh, down 8.05%, and solar power at 376.80 yuan/MWh, down 5.97% [3] Group 2: Market Dynamics and Price Trends - The decline in on-grid electricity prices is attributed to the accelerated construction of a unified national electricity market, increasing market-based trading volumes, and the entry of renewable energy sources, which have led to intensified competition and lower prices [4][8] - During peak output periods for renewable energy, aggressive pricing strategies are employed to ensure power clearance, with some regions reporting prices as low as 0.04 yuan/kWh, and instances of negative pricing [4][5] - The current market environment has resulted in a competitive landscape where renewable energy sources are prioritized for dispatch due to their lower marginal costs, leading to a homogenized competition pattern across different power sources [5] - The performance of nuclear power companies has also been affected, with China General Nuclear Power (003816.SZ) reporting revenue of 39.167 billion yuan, down 0.53%, and China Nuclear Power (601985.SH) seeing a decline in net profit margins due to falling electricity prices [6] - The overall electricity supply has outpaced demand growth, contributing to the downward pressure on prices, with total installed capacity reaching 3.65 billion kW, a year-on-year increase of 18.7% [7] Group 3: Regulatory Changes and Future Outlook - Recent regulatory changes, including the issuance of documents promoting market-oriented pricing for renewable energy, are expected to further influence electricity pricing dynamics [8] - The transition to a spot market for electricity trading is anticipated to enhance price discovery and reflect supply-demand relationships more accurately, potentially leading to continued price declines [8][9] - The current trend of declining electricity prices may persist unless new supportive policies are introduced to stabilize the market [9]