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 ...

Summary of Datang Power's Conference Call Company Overview - **Company**: Datang Power - **Industry**: Power Generation Key Points Financial Performance and Strategy - Datang Power has significantly improved its profitability by addressing historical issues and optimizing its asset structure, particularly during the "14th Five-Year Plan" period, leading to an upward correction in performance [2][3] - The company is actively diversifying its energy structure, with non-coal power assets accounting for nearly 41% as of mid-2025, effectively reducing reliance on traditional coal-fired power and enhancing profit stability [2][3] - Datang Power's revenue trends align with industry patterns, experiencing growth from 2020 to 2022 due to rising electricity prices, but facing a decline in revenue in the first half of 2024-2025 [4] Competitive Advantages in Thermal Power - Datang Power's competitive advantages in thermal power include: 1. **Efficient Power Generation Units**: 15% of its units are ultra-supercritical coal-fired and 13% are gas-fired, contributing to higher operational efficiency [5] 2. **Geographic Asset Distribution**: Concentrated in stable demand regions such as Hebei, Beijing, Tianjin, and Inner Mongolia, providing a competitive edge in annual trading negotiations [5] 3. **Low Coal Consumption**: The company's comprehensive heating business helps dilute fuel costs, resulting in relatively low coal consumption levels among major power generation groups [5] 4. **High Utilization Hours**: Datang Power shows good performance in utilization hours, indicating high equipment usage rates that enhance competitiveness [5] Renewable Energy Initiatives - Datang Power has accelerated its development of renewable energy assets during the "14th Five-Year Plan," with wind and solar installed capacity reaching 17 million kilowatts, primarily in the Beijing-Tianjin-Hebei and Inner Mongolia regions [9][10] - The company maintains a conservative approach to new projects, ensuring economic viability and stable profit contributions [10] Hydropower and Nuclear Investments - Datang Power has a competitive hydropower capacity of 9.2 million kilowatts, primarily in Yunnan and Sichuan, benefiting from improved electricity demand due to enhanced transmission channels and high-energy-consuming industries [11] - The company holds a stake in Ningde Nuclear Power, which is expected to contribute approximately 1.3-1.4 billion yuan in investment income in 2024, with future earnings projected to increase to 4.6-7.1 billion yuan as new units come online [12] Industry Challenges and Opportunities - The Chinese power industry has undergone significant changes, with the disposal of inefficient fixed assets, leaving only top-tier infrastructure [7] - The thermal power sector faces challenges such as price mechanism reforms and potential oversupply, but these reforms are expected to enhance profitability stability in the long run [8] Future Outlook - Datang Power is expected to achieve around 7 billion yuan in performance by 2025, with a potential decline in profits limited to within 10% due to high coal price levels [13] - The company is projected to maintain a dividend yield of around 7%, despite anticipated performance declines [13][14] Conclusion - Datang Power's strategic focus on asset optimization, energy diversification, and efficient operations positions it well for future competitiveness in the power generation sector, despite facing industry-wide challenges and market fluctuations [6][13]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 致：香港交易及結算所有限公司 公司名稱: 大唐國際發電股份有限公司 呈交日期: 2026年1月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00991 | 說明 | H股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 6,110,621,398 | RMB | | 1 | RMB | | 6,110,621,398 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 6,110,621,398 | RMB | | 1 | RMB | | 6,110,621,398 | | 2. 股份分類 | 普通股 | 股份類別 | A ...

Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating potential investment opportunities in these areas [1]. Core Insights - The 2026 long-term electricity prices are under pressure, with significant declines observed in transaction prices across various provinces, reflecting a shift in the power generation model from reliance on thermal power to a more diversified income structure [6][7]. - Natural gas consumption saw a year-on-year increase of 5.1% in November 2025, indicating a recovery in demand, particularly due to heating needs during the winter season [34]. - The report highlights the importance of optimizing the electricity market mechanism and restructuring the power generation mix as key future trends [7]. Summary by Sections 1. Electricity: 2026 Long-term Electricity Prices - The annual transaction results for 2026 show a total transaction volume of 2,724.81 billion kWh in Jiangsu, with a weighted average price of 344.19 yuan/MWh, down 16.55% from the previous year [6][8]. - Similar trends are observed in Guangdong and Anhui, with prices decreasing by 5.03% and 10.09% respectively [6][8]. - The report suggests that coastal provinces will face significant pricing pressure in 2026, as the role of thermal power shifts from being the main energy source to a regulatory support role [7]. 2. Gas: November Natural Gas Consumption - In November 2025, the apparent consumption of natural gas reached 362.8 billion m³, marking a 5.1% increase year-on-year, while the total consumption from January to November was 3,880 billion m³, a slight decline of 0.1% [34]. - The report notes that the increase in consumption is attributed to a low base from the previous year and a recovery in industrial gas demand [34]. - The report also highlights a favorable trend in natural gas pricing, with a decrease in costs due to lower international oil prices and improved supply conditions [36]. 3. Investment Analysis Recommendations - For thermal power, the report recommends companies with integrated coal and power operations, such as Guodian Power and Inner Mongolia Huadian, as well as those with significant large unit ratios like Datang Power and Huaneng International [10]. - In the hydropower sector, companies like Yangtze Power and Guotou Power are recommended due to their sufficient capacity and expected improvements in profit margins [10]. - The report suggests focusing on nuclear power companies like China Nuclear Power and China General Nuclear Power, which have stable cost structures and high utilization hours [10]. - For green energy, companies such as Xintian Green Energy and Longyuan Power are highlighted for their stable returns and increasing operational benefits from environmental value releases [10].