Core Viewpoint - Guangdong Yuedian Power A (000539.SZ) announced that its subsidiary, Guangdong Yuedian Dapu Power Co., Ltd., has successfully completed the 168-hour full-load trial operation of the No. 3 unit of the Guangdong Yuedian Dapu Power Plant Phase II project, officially commencing commercial operations [1] Group 1 - The No. 3 unit of the Guangdong Yuedian Dapu Power Plant has passed the full-load trial operation [1] - The project is now officially in commercial operation [1]

| 证券代码：000539、200539 | 证券简称：粤电力A、粤电力B | | 公告编号：2025-51 | | --- | --- | --- | --- | | 公司债券代码：149418 | 公司债券简称：21粤电02 | | | | 公司债券代码：149711 | 公司债券简称：21 03 | 粤电 | | 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 二 O 二五年十二月十日 2025 年 12 月 9 日，广东电力发展股份有限公司（以下简称"本公司"或"公 司"）控股子公司广东粤电大埔发电有限公司投资建设的广东粤电大埔电厂二期工 程项目（以下简称 "项目"）3 号机组通过 168 小时满负荷试运行，顺利实现并网 投产，正式投入商业运营。 1 特此公告。 广东电力发展股份有限公司 关于广东粤电大埔电厂二期工程项目 3 号机组投产的自愿性信息披露公告 广东电力发展股份有限公司董事会 广东粤电大埔电厂二期工程项目位于梅州市大埔县，规划建设两台 1000MW 超 超临界二次再热燃煤发电机组，项目总投资 81.22 亿元，预计年发电量可达 90 亿千 ...

人民财讯12月9日电，粤电力A(000539)12月9日公告，12月9日，公司控股子公司广东粤电大埔发电有限 公司投资建设的广东粤电大埔电厂二期工程项目3号机组通过168小时满负荷试运行，顺利实现并网投 产，正式投入商业运营。 ...

Group 1 - Weidi Co., Ltd. plans to acquire control of Jiuxing Precision Technology, which is expected to constitute a major asset restructuring. The company will pay cash to acquire 51% of the equity from Jiangsu Zhiyue Tiancheng Enterprise Management Co., Ltd. and Jiuxing Precision Technology, aiming to gain at least 51% voting rights [2] - Purun Co., Ltd. intends to purchase 49% equity of high-performance storage company Noah Changtian through issuing shares, convertible bonds, and cash payments. Upon completion, Purun will hold 100% of Noah Changtian, which specializes in high-performance 2D NAND and derivative storage products [3] - ST Yishite is undergoing a significant share transfer, with Jiangjiang Industrial Group acquiring 4.34 billion shares, representing 18.66% of the total share capital, at a price of 5.61 yuan per share, totaling 2.437 billion yuan [5] Group 2 - Midea Group has completed its share repurchase plan, buying back 135 million shares, accounting for 1.76% of the total share capital, with a total expenditure of approximately 10 billion yuan [6] - Jingji Agricultural plans to repurchase shares using self-raised funds, with a total amount between 100 million and 200 million yuan, at a maximum price of 23.7 yuan per share [6] - Helen Zhe intends to repurchase shares with a total amount between 50 million and 100 million yuan, at a maximum price of 7.5 yuan per share [7] Group 3 - Shengda Resources plans to acquire 60% equity of Yichun Jinshi Mining for 500 million yuan, which will become a subsidiary after the transaction [7] - Guangju Energy is participating in the public transfer of an 8% stake in Shenzhen Mawan Power, aiming to increase its holding from 6.42% to 14.42% [8] - Zhongrong Marine plans to invest 2.58 billion yuan in Guangdong Yantian Port for a 20% stake through its wholly-owned subsidiary [15]

Investment Rating - The report provides a positive investment outlook for various sectors within the energy industry, particularly highlighting opportunities in hydropower, thermal power, nuclear power, green energy, and gas companies [11][13]. Core Insights - The mechanism electricity pricing results across multiple regions are approaching their upper limits, indicating strong demand and government support for renewable energy projects [4][7]. - Natural gas prices in Europe are declining, while U.S. gas prices have reached a new high for 2023, driven by increased heating demand due to cold weather [13][20]. - The report emphasizes the importance of operational efficiency in renewable energy projects, as profitability varies significantly across different regions [10][11]. Summary by Sections 1. Electricity Pricing - Recent mechanism electricity pricing results show that several regions, including Hebei and Ningxia, have prices close to the upper limits, reflecting strong demand and sufficient mechanism electricity indicators [4][8]. - The competitive pricing results indicate a disparity based on local consumption capacity and policy direction, with some provinces achieving significantly lower prices due to weaker demand [9][10]. 2. Natural Gas Market - U.S. Henry Hub spot prices reached $5.19/mmBtu, marking a 12.91% increase week-on-week, while European gas prices, such as the TTF, have seen a decline [13][20]. - The report notes a 1.3% year-on-year decrease in China's natural gas consumption in October, with expectations for growth in the upcoming winter months due to heating demand [30][32]. 3. Investment Recommendations - Hydropower: Favorable conditions for winter and spring generation, with recommendations for companies like Yangtze Power and Guodian Power [11]. - Thermal Power: Companies with diversified income sources are recommended, including Guodian Power and Inner Mongolia Huadian [11]. - Nuclear Power: Continued growth expected with new approvals, suggesting a focus on China Nuclear Power and China General Nuclear Power [11]. - Green Energy: Increased stability in project returns with recommendations for companies like Xintian Green Energy and Longyuan Power [11]. - Gas Companies: Recommendations include Kunlun Energy and New Hope Energy, benefiting from cost reductions and improved profitability [32].

Group 1 - Cambridge Technology plans to invest 400 million yuan to establish a fund focused on optical devices and chips, aiming to invest in early-stage and growth-stage companies in the hard technology sector [1] - Tunnel Corporation's consortium won a bid for a highway project in Henan with a total investment of 6.49 billion yuan, using a BOT model for a 33.25-year cooperation period [2] - Hongrun Construction won a bid for a project worth 230 million yuan, which represents 3.88% of the company's projected revenue for 2024 [3] Group 2 - Tongrentang's product, Canling Baizhu Powder, received product registration approval from Health Canada, aimed at treating symptoms related to spleen and stomach weakness [4] - Hunan Baiyin announced a scheduled annual maintenance from December 9, 2025, to January 5, 2026, for equipment and facilities [5] - Changchun Gaoxin's subsidiary had two drugs included in the national medical insurance catalog for 2025 [6] Group 3 - Dongfang Securities' chairman resigned due to work relocation [7] - Xuantai Pharmaceutical's product, Sitagliptin Metformin Sustained-Release Tablets, was renewed for inclusion in the national medical insurance catalog [8] - ST Weihai was pre-selected for a smart agriculture EPC project with a bid of 652 million yuan, accounting for 26.27% of the company's projected revenue for 2024 [9] Group 4 - Guoxin Technology successfully tested an anti-quantum password financial POS chip, supporting both traditional and quantum-resistant algorithms [10] - Huaren Health's subsidiary received acceptance for a drug registration application for Lactulose Oral Solution, a common laxative [11] - Ankai Bus reported a 57.71% year-on-year increase in sales for the first 11 months of the year [12] Group 5 - Zhongyan Dadi's subsidiary won a bid for a project worth 73.86 million yuan [13] - Zhejiang Rongtai plans to invest 77 million USD in a factory in Thailand, focusing on mica paper and robot components production [14] - Optoelectronics plans to use up to 450 million yuan of idle funds for cash management [15] Group 6 - Tianyu Biological reported a 45.15% year-on-year decline in sales revenue from pig sales in November [16] - Daqin Railway's cargo transport volume increased by 1.75% year-on-year in November [17] - Yabo Co. won a bid for a heavy truck charging station project worth 3.616 million yuan [18] Group 7 - Hongri Pharmaceutical's product continues to be included in the national medical insurance catalog [19] - Jinggong Steel Structure signed a contract for steel structure installation worth approximately 470 million yuan for an overseas project [20] - Xizang Pharmaceutical's product, Xinhuasuan, continues to be included in the national medical insurance catalog [21] Group 8 - Guangdong Electric Power A announced the successful commissioning of a 1000MW unit at the Maoming Boge Power Plant [22] - Fuan Pharmaceutical's product, Palivizumab Injection, was newly included in the national medical insurance catalog [23] - Lizhu Group reported that 194 products were included in the 2025 national medical insurance catalog [24] Group 9 - Haisan Pharmaceutical's injection of Lantanol was included in the national medical insurance catalog [25] - Zhongtong Bus reported a 39.53% year-on-year increase in sales volume in November [26] - Shaanxi Coal Industry reported a 6.03% year-on-year increase in coal production in November [27] Group 10 - Haooubo's subsidiary received a medical device registration certificate for an IgG4 testing kit [28] - Yaopi Glass plans to invest 690 million yuan in new automotive glass production lines [30] - Huadian International completed the issuance of 2 billion yuan in medium-term notes [31] Group 11 - Zhongzai Zihuan's subsidiary won a bid for a green recycling project worth 205 million yuan [32] - Dabeinong reported a 25.26% year-on-year decline in sales revenue from pig sales in November [33] - Xiangjia Co. reported a 3.77% year-on-year increase in live poultry sales revenue in November [34] Group 12 - Huanxu Electronics reported a consolidated revenue of 5.198 billion yuan in November, a decrease of 3.34% year-on-year [35] - Aonong Biological reported a 72.21% year-on-year increase in pig sales volume in November [36] - Samsung Medical's subsidiary was pre-selected for a procurement project worth approximately 108 million yuan [37]

智通财经APP讯，粤电力A(000539.SZ)公告，公司控股子公司广东粤电博贺能源有限公司投资建设的茂 名博贺电厂3、4号2×1000MW机组工程项目3号机组通过168小时满负荷试运行，顺利实现并网投产，正 式投入商业运营。 ...

广东电力发展股份有限公司 关于茂名博贺电厂 3、4 号 2×1000MW 机组 工程项目 3 号机组投产的自愿性信息披露公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 | 公司债券代码：149418 | 公司债券简称：21粤电02 | | | | --- | --- | --- | --- | | 证券代码：000539、200539 公司债券代码：149711 | 证券简称：粤电力A、粤电力B 公司债券简称：21 03 | 粤电 | 公告编号：2025-50 | 2025 年 12 月 8 日，广东电力发展股份有限公司（以下简称"本公司"或"公 司"）控股子公司广东粤电博贺能源有限公司投资建设的茂名博贺电厂 3、4 号 2 ×1000MW 机组工程项目（以下简称 "项目"）3 号机组通过 168 小时满负荷试运 行，顺利实现并网投产，正式投入商业运营。 茂名博贺电厂 3、4 号 2×1000MW 机组工程项目位于茂名市滨海新区电城镇， 规划建设两台 1000MW 超超临界二次再热燃煤发电机组，项目总投资 74.84 亿元， 预计年发电量可达 86 亿千 ...

格隆汇12月8日丨粤电力Ａ(000539.SZ)公布，控股子公司广东粤电博贺能源有限公司投资建设的茂名博 贺电厂3、4号2×1000MW机组工程项目3号机组通过168小时满负荷试运行，顺利实现并网投产，正式投 入商业运营。茂名博贺电厂3、4号2×1000MW机组工程项目位于茂名市滨海新区电城镇，规划建设两台 1000MW超超临界二次再热燃煤发电机组，项目总投资74.84亿元，预计年发电量可达86亿千瓦时，项 目机组综合能耗处于国内先进水平。项目投产有助于为广东省提供稳定充足的电力供应保障，推动茂名 滨海新区及粤西区域经济高质量发展；同时有助于公司扩大发电装机规模，增强综合市场竞争力，对公 司进一步优化电源结构和未来可持续发展具有重要意义。 ...

截至发稿，粤电力Ａ市值为242亿元。 每经头条（nbdtoutiao）——处方药变"瘾品"：国内首次报告普瑞巴林滥用致成瘾病例，网络平台暴 露"无病历可购药"漏洞，列管与否尚需科学考量 （记者 王晓波） 每经AI快讯，粤电力A12月8日晚间发布公告称，2025年12月8日，公司控股子公司广东粤电博贺能源有 限公司投资建设的茂名博贺电厂3、4号2×1000MW机组工程项目（以下简称"项目"）3号机组通过168小 时满负荷试运行，顺利实现并网投产，正式投入商业运营。 茂名博贺电厂3、4号2×1000MW机组工程项目位于茂名市滨海新区电城镇，规划建设两台1000MW超超 临界二次再热燃煤发电机组，项目总投资74.84亿元，预计年发电量可达86亿千瓦时，项目机组综合能 耗处于国内先进水平。 2025年1至6月份，粤电力Ａ的营业收入构成为：电力占比99.49%，其他业务占比0.51%。 ...