Core Viewpoint - Datang International Power Generation Co., Ltd. has successfully issued the first phase of its medium-term notes for 2026, aimed at ensuring energy supply, with a total issuance amount of RMB 3 billion [1] Group 1: Issuance Details - The total issuance amount of the medium-term notes is RMB 3 billion [1] - The notes have a term of 2+N years and a face value of RMB 100 [1] - The coupon rate for the notes is set at 1.92%, with an interest start date of January 14, 2026 [1] Group 2: Underwriters - The lead underwriter and book manager for the issuance is CITIC Securities Co., Ltd. [1] - China International Capital Corporation and China Merchants Bank are acting as joint lead underwriters [1] Group 3: Fund Utilization - The funds raised from this issuance will be used entirely for repaying maturing debts [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 關於中期票據發行的公告 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 中 期 票 據 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 14 日 於 本 公 告 日，本 公 司 董 事 為： 大唐国际发电股份有限公司 关于中期票据 ...

Core Viewpoint - The third round of the fourth batch of central ecological environment protection inspections has been fully launched, focusing on five provinces and three central enterprises, emphasizing a problem-oriented approach and the need for effective supervision [1] Group 1: Inspection Overview - Eight central ecological environment protection inspection teams have been established to conduct inspections in Shanxi, Inner Mongolia, Shandong, Shaanxi, and Ningxia [1] - The inspections will also cover the Yellow River basin and three central enterprises: China Huaneng Group, China Datang Corporation, and State Power Investment Corporation [1] - The duration of the inspections is approximately one month [1] Group 2: Inspection Objectives and Methodology - The inspections aim to align with the overall economic and social development, focusing on a people-centered approach and a problem-oriented strategy [1] - The inspection teams will adhere to the spirit of the central eight regulations and implement measures to reduce the burden on grassroots levels [1] - During the inspection period, teams will set up contact numbers and postal addresses to receive reports related to ecological environment protection from the inspected entities [1] Group 3: Implementation Guidelines - The central ecological environment protection inspection work leadership office has issued a letter to the inspected entities, urging them to implement central decision-making and to avoid a "one-size-fits-all" approach [1] - The office emphasizes the need for precise, scientific, and lawful progress in addressing issues identified during inspections [1] - Simplification of inspection reception arrangements is encouraged to effectively reduce the burden on grassroots organizations [1]

Core Viewpoint - The A-share market saw a significant rise in power stocks on January 13, with notable gains from several companies, indicating a positive trend in the sector [1]. Group 1: Stock Performance - Yunnan Energy Holdings (豫能控股) experienced a surge of 9.98%, with a total market capitalization of 10.1 billion and a year-to-date increase of 27.12% [2]. - Jiaze New Energy (嘉泽新能) rose by 6.21%, reaching a market value of 14.9 billion and a year-to-date increase of 15.54% [2]. - Jilin Electric Power (吉电股份) saw a gain of 5.75%, with a market cap of 22.7 billion and a year-to-date increase of 10.82% [2]. - Xichang Electric Power (西昌电力) increased by 4.62%, with a market capitalization of 5.206 billion and a year-to-date increase of 9.26% [2]. - Leshan Electric Power (乐山电力) rose by 4.24%, with a total market value of 6.402 billion and a year-to-date increase of 13.54% [2]. - Beijing Energy (京能电力) increased by 3.17%, with a market cap of 37.1 billion and a year-to-date increase of 8.63% [2]. - Huaitian Thermal Power (惠天热电) saw a rise of 3.06%, with a market capitalization of 1.977 billion and a year-to-date increase of 7.85% [2]. - Datang Power (大唐发电) increased by 3.04%, with a market value of 6.92 billion and a year-to-date increase of 7.24% [2].

Group 1 - The A-share market saw a significant rise in power stocks during the afternoon session, indicating positive market sentiment in the energy sector [1] - Yunnan Energy Holdings surged to the daily limit, showcasing strong investor interest and confidence in the company [1] - Other notable performers included Jiaze New Energy, which increased by over 6%, and Huaguang Huaneng and Jidian Co., both rising by more than 5% [1] Group 2 - Leshan Electric and Xichang Electric both experienced gains exceeding 4%, reflecting a broader trend of growth among power companies [1] - Jingneng Electric, Huitian Thermal Power, and Datang Power all saw increases of over 3%, further contributing to the overall positive performance of the sector [1]

Core Viewpoint - Datang Power's stock price has shown a positive trend with a year-to-date increase of 6.88% and a market capitalization of 69.03 billion yuan as of January 13 [1] Group 1: Stock Performance - On January 13, Datang Power's stock rose by 2.19%, reaching 3.73 yuan per share, with a trading volume of 3.77 billion yuan and a turnover rate of 0.82% [1] - The stock has increased by 2.75% over the last five trading days, 5.07% over the last 20 days, and 5.22% over the last 60 days [1] Group 2: Financial Performance - For the period from January to September 2025, Datang Power reported operating revenue of 89.35 billion yuan, a year-on-year decrease of 1.80%, while net profit attributable to shareholders increased by 51.54% to 6.71 billion yuan [2] - Since its A-share listing, Datang Power has distributed a total of 23.48 billion yuan in dividends, with 2.84 billion yuan distributed over the last three years [3] Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Datang Power reached 196,400, an increase of 21.51% from the previous period [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 148 million shares, a decrease of 18.14 million shares from the previous period [3]

Core Viewpoint - The report highlights a decline in China's thermal power generation, with a notable decrease in production figures for 2025 compared to previous years [1] Group 1: Industry Overview - In November 2025, China's thermal power generation output was 497 billion kilowatt-hours, representing a year-on-year decrease of 4.2% [1] - From January to November 2025, the cumulative thermal power generation output in China was 57,124.6 billion kilowatt-hours, showing a cumulative decline of 0.7% [1] Group 2: Companies Involved - Listed companies in the thermal power sector include Huaneng International (600011), Datang Power (601991), Guodian Power (600795), Huadian International (600027), Jingneng Power (600578), Zhejiang Energy (600023), Yunnan Energy Holdings (001896), Sheneng Co. (600642), Jingtou Energy (000600), and Anhui Energy (000543) [1] Group 3: Research and Analysis - The report titled "2026-2032 China Thermal Power Industry Market Panorama Survey and Investment Potential Research Report" was published by Zhiyan Consulting, a leading industry consulting firm in China [1] - Zhiyan Consulting has over a decade of experience in industry research, providing comprehensive industry solutions to empower investment decisions [1]

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 ...