Investment Rating - The report rates the gaming industry as "high" for investment [1] Core Views - The report emphasizes the importance of the "Solid Waste Comprehensive Treatment Action Plan," which aims for significant improvements in solid waste management by 2030, including a target of 4.5 billion tons of comprehensive utilization of major solid waste and 510 million tons of recycling of key resources [2][5][7] - It highlights the shift in the energy sector towards diversified revenue models for thermal power companies, recommending several key players in the industry [8] - The report discusses the current trends in natural gas pricing, noting a general decline in global gas prices due to mild weather conditions and stable supply [10][29] - It outlines the transition of hydrogen energy towards becoming a "regulator" of the power grid, emphasizing its role in energy storage and management [31][33] Summary by Sections 1. Environmental Protection - The "Solid Waste Comprehensive Treatment Action Plan" was released on January 4, aiming to enhance solid waste management and promote a green economy [5] - By 2030, the plan targets a comprehensive utilization of 4.5 billion tons of major solid waste and 510 million tons of recycling of key resources [2][6] - The focus is on industrial, urban, and agricultural waste, with a comprehensive governance approach to illegal dumping and construction waste [6][7] 2. Natural Gas - As of January 9, the Henry Hub spot price in the U.S. was $2.87/mmBtu, reflecting a weekly decline of 28.24% [10][11] - The report notes that the European gas prices have also decreased, with the TTF spot price at €29.00/MWh, down 1.43% week-on-week [10][16] - The overall gas market is characterized by stable supply and mild weather, leading to lower demand and prices [10][29] 3. Hydrogen Energy - The report discusses the integration of hydrogen energy into the power grid, highlighting its potential for large-scale energy storage and management [31] - It emphasizes the role of hydrogen in addressing renewable energy challenges and improving grid stability [31][33] - The report recommends companies involved in hydrogen production and technology as key investment opportunities [33] 4. Weekly Market Review - The report notes that the electric power equipment, gas, and environmental protection sectors outperformed the Shanghai and Shenzhen 300 index during the week of January 5 to January 9 [34] - It provides insights into the performance of various sectors, indicating a positive trend for certain energy and environmental stocks [36][39] 5. Company and Industry Dynamics - The report highlights the establishment of national zero-carbon parks, which will receive significant support for green energy initiatives [39] - It mentions the successful completion of green power transactions in Gansu, indicating a growing market for renewable energy [40][43] - The report includes updates on major companies' performance and strategic developments in the energy sector [44]

Investment Rating - The report maintains a positive outlook on the industry, indicating a "Look Favorably" investment rating [1]. Core Insights - The report highlights the release of the "Comprehensive Solid Waste Management Action Plan," which aims to enhance solid waste management and promote a circular economy by 2030, targeting a comprehensive utilization of 4.5 billion tons of major solid waste and 510 million tons of recyclable resources annually [2][6][8]. - Global natural gas prices have generally declined, influenced by mild weather conditions, with significant drops in prices across various markets, including a 28.24% decrease in the US Henry Hub spot price [11][12][18]. - The hydrogen energy sector is evolving towards becoming a key regulator in the power grid, with initiatives to integrate clean hydrogen production and utilization into microgrid systems, enhancing energy storage capabilities [35][37]. Summary by Sections 1. Environmental Protection - The "Comprehensive Solid Waste Management Action Plan" aims for significant improvements in solid waste management by 2030, with specific targets for waste recycling and resource utilization [2][6]. - The plan emphasizes the need for a circular economy that does not rely on subsidies, focusing on industrial collaboration and technological innovation to create a sustainable waste management system [7][8]. 2. Natural Gas - Natural gas prices have seen a significant decline, with the US Henry Hub spot price at $2.87/mmBtu, reflecting a 28.24% week-over-week drop [11][12]. - The report notes that the demand for natural gas is expected to remain weak in Northeast Asia, contributing to a slight decrease in LNG prices [11][30]. - Recommendations include focusing on integrated natural gas companies that are expected to benefit from cost reductions and improved profitability [32]. 3. Hydrogen Energy - The report discusses the strategic positioning of hydrogen energy as a flexible load regulator within the power grid, highlighting its potential to enhance energy storage and consumption efficiency [35][37]. - It emphasizes the importance of hydrogen energy in achieving energy security and autonomy, recommending companies involved in hydrogen production [35][37]. 4. Weekly Market Review - The report indicates that the electricity equipment, gas, and environmental protection sectors outperformed the Shanghai and Shenzhen 300 index during the review period [38]. 5. Company and Industry Dynamics - The report outlines significant developments in the renewable energy sector, including the establishment of national zero-carbon parks and the increase in green electricity trading volumes, which are expected to enhance market opportunities for leading companies in the sector [44][48].

2025 年 10 月 22 日，公司收到中国银行间市场交易商协会的《接受注册通 知书》（中市协注〔2025〕TDFI43 号），接受公司债务融资工具注册，注册额 度自 2025 年 5 月 23 日起 3 年内有效。 公司于近日完成了"大唐国际发电股份有限公司 2026 年度第一期超短期融 资券"（"本期超短期融资券"）的发行。本期超短期融资券的发行额为人民币 20 亿元，期限为 89 天，单位面值为人民币 100 元，发行票面利率为 1.50%，起 息日为 2026 年 1 月 12 日。 本期超短期融资券由中国光大银行股份有限公司作为主承销商及簿记管理 人，招商银行股份有限公司作为联席主承销商，募集资金全部用于偿还有息债务 及补充营运资金。 特此公告。 证券代码：601991 证券简称：大唐发电 公告编号：2026-001 大唐国际发电股份有限公司 关于超短期融资券发行的公告 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。 大唐国际发电股份有限公司("公司")于 2025 年 12 月 30 日召开的 2 ...

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 關於超短期融資券發行的公告 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 超 短 期 融 資 券 發 行 的 公 告》，僅 供 參 閱。 承董事會命 孫延文 聯席公司秘書 中 國，北 京，2026 年 1 月 12 日 於 本 公 告 日，本 公 司 董 事 為： 李霄飛、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 本公司董事会及全体董事保证 ...

Core Viewpoint - The report highlights the growth of China's nuclear power generation, indicating a positive trend in the industry with significant year-on-year increases in output [1]. Group 1: Industry Overview - In November 2025, China's nuclear power generation reached 39.8 billion kilowatt-hours, representing a year-on-year growth of 4.7% [1]. - From January to November 2025, the cumulative nuclear power generation in China was 436.56 billion kilowatt-hours, showing an 8.1% increase compared to the previous year [1]. Group 2: Companies Involved - Listed companies in the nuclear power sector include China General Nuclear Power (003816), China National Nuclear Power (601985), Sheneng Co., Ltd. (600642), Zhejiang Energy Power (600023), Hubei Energy (000883), Huaneng International (600011), Datang Power (601991), Jiangsu Guoxin (002608), China Nuclear Technology (000777), and Funiu Co., Ltd. (600483) [1]. Group 3: Market Research - The report titled "2026-2032 China Nuclear Power Industry Market Development Scale and Investment Opportunity Analysis" by Zhiyan Consulting provides insights into the market trends and investment opportunities in the nuclear power sector [1].

"传统风电场依赖人工巡检和高空作业，这些'智能员工'将取代人工，全天候监测设备状态，及时识别异常并发出预警风险，安全性能提升3倍至5 倍，每年可节约超1200个小时的巡检工时。"侯英俊说。 该项目是大唐辽宁分公司新能源事业部在铁岭打造百万千瓦新能源基地的重要一环。此前，这里已建成4座升压站、8个新能源项目；"十四五"期 间，大唐铁岭500兆瓦风电工程投资35.47亿元，加速打造百万千瓦新能源基地。 空中俯瞰大唐辽宁开原庆云堡200兆瓦风电项目。 整个风电场站仅需一名值守人员，巡检工作全由"智能员工"完成。不久前，大唐辽宁首个智慧化无人场站正式投入运营，这意味着我省的风力发电 进入智慧化时代。 "现场人员注意，准备进行第一次冲击！"操作员通过对讲机下达指令。几秒钟后，电脑屏幕上闪过一串串数据，表明升压站受电一次成功。大唐辽 宁开原庆云堡200兆瓦风电项目的升压站里响起欢呼声。 "该项目总投资约11.85亿元，投产后年发电量可达6.08亿千瓦时，可满足近20万户家庭年用电量，相当于节约标准煤18.65万吨，减少二氧化碳排放 49.6万吨。绿色效益非常显著。"项目经理侯英俊介绍，项目建设过程并不轻松，为了确保一次成 ...

Investment Rating - The report maintains a "Positive" investment rating for the utility sector [8] Core Insights - The adjustment of coal power capacity prices in Tianjin exceeds expectations, with the fixed cost recovery ratio increasing to 70% from January 1, 2026, which is higher than the previously planned minimum of 50% [2][11] - The January 2026 proxy purchase electricity prices show a general decline across most provinces, with significant regional disparities; northern inland areas exhibit more resilience compared to coastal regions facing greater pressure [2][11] Summary by Sections Capacity Price Adjustment - Tianjin's coal power capacity price will rise from 100 yuan per kilowatt per year to 231 yuan, enhancing the fixed cost recovery ratio to 70% [2][11] - The adjustment is expected to yield an increase of approximately 0.035 yuan per kilowatt-hour in electricity pricing, although actual capacity fees may rise more significantly due to declining coal power utilization hours [11] Proxy Purchase Electricity Prices - January 2026 proxy purchase prices show a decline, with Guangdong and Jiangsu reporting average transaction prices of 372.14 yuan per megawatt-hour and 344.19 yuan per megawatt-hour, respectively, reflecting year-on-year decreases of 19.72 yuan and 68.26 yuan [11] - Northern inland regions, such as Inner Mongolia, show a year-on-year increase in proxy purchase prices, while coastal provinces like Guangdong and Jiangsu face declines exceeding 5 fen per kilowatt-hour [11] Investment Recommendations - The report recommends focusing on quality coal power operators such as Huaneng International, Datang Power, and Guodian Power, as well as hydropower companies like Yangtze Power and State Power Investment Corporation [11][16][17] - It also highlights the potential of new energy companies like Longyuan Power and China Nuclear Power, suggesting a favorable long-term outlook for the sector [11][20]

Investment Rating - The report suggests a "Buy" rating for several companies in the power sector, including Huaneng International, Huadian International, Guodian Power, and Datang Power, among others [9]. Core Insights - The National Energy Administration has released detailed regulations for green certificate management, which is expected to reshape market rules and enhance the trading price of green certificates by 2026 [2][14]. - The new regulations clarify that independent energy storage discharge will no longer be eligible for green certificate issuance, which may lead to a reduction in the overall circulation of green certificates and an increase in their trading prices [2][14]. - The guidelines for industrial microgrid construction require that new renewable energy generation in industrial parks must have a self-consumption ratio of at least 60% annually, promoting local production and consumption of green electricity [6][16]. Summary by Sections Green Certificate Regulations - The new regulations maintain the core measurement standard of issuing one green certificate for every 1,000 kWh of renewable energy generated [2][14]. - Independent energy storage discharge will not receive green certificates, and projects must measure generation and storage separately [2][17]. - From January 1, 2026, the production year of the electricity must match the consumption year for green certificate cancellation, changing the previous practice of purchasing historical certificates [2][17]. Industrial Microgrid Guidelines - The guidelines aim to enhance the capacity for local production and consumption of green electricity in industrial sectors [6][16]. - New renewable energy projects in industrial parks must achieve a minimum self-consumption ratio of 60% [6][16]. - The guidelines introduce a requirement for integrating various systems, including renewable energy generation and energy management technologies [6][16]. Market Performance - The report notes that the Shanghai Composite Index rose by 3.82% during the week of January 5-9, with the power and utilities sector index increasing by 2.4%, underperforming the broader market [66][67]. - The report highlights that most listed companies in the power and utilities sector experienced stock price increases during this period [66].

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。 誠 如 該 公 告 所 披 露，增 資 總 額（即 人 民 幣 154,236.07 萬 元）乃 協 議 各 方 根 據 大 唐 核 電 公 司 發 展 及 項 目 建 設 資 金 需 求 而 釐 定，用 於 支 付 遼 寧 徐 大 堡 核 電 項 目、 寧 德 第 二 核 電 項 目 的 基 本 建 設 費 用 及 廣 東 陽 西 核 電 項 目 的 前 期 費 用。本 公 司 謹 此 提 供 以 下 有 關 上 述 項 目 資 金 需 求 的 進 一 步 資 料： 1 (1) 遼寧徐大堡核電項目預計需要人民幣85,621萬元，作為項目基本建設費用， 主 要 用 於 建 安 工 程 及 設 備 購 置 等； (2) 寧德第二核電項目預計需要人民幣61,698.07萬元，作為項目基本建設費用， 主 要 用 於 工 程 費 用 等；及 (3) 廣 ...

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。 聯席公司秘書 1 (1) 遼寧徐大堡核電項目預計需要人民幣85,621萬元，作為項目基本建設費用， 主 要 用 於 建 安 工 程 及 設 備 購 置 等； (2) 寧德第二核電項目預計需要人民幣61,698.07萬元，作為項目基本建設費用， 主 要 用 於 工 程 費 用 等；及 (3) 廣東陽西核電項目預計需要人民幣 6,917 萬 元，作 為 項 目 前 期 費 用，主 要 用 於 項 目 開 發、工 程 及 管 理 費 用 等。 因 此，董 事（包 括 獨 立 非 執 行 董 事）認 為 增 資 協 議 乃 根 據 一 般 商 業 條 款 訂 立， 相 關 條 款 公 平、合 理，符 合 本 公 司 及 股 東 的 整 體 利 益。 承董事會命 孫延文 00991 關於增資協議的進一步公告 茲 提 述 大 唐 國 際 發 電 股 份 有 ...