证券分析师 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 邹佩轩 SAC：S1350524070004 zoupeixuan01@huayuanstock.com 戴映炘 SAC：S1350524080002 daiyingxin@huayuanstock.com 邓思平 SAC：S1350524070003 dengsiping@huayuanstock.com 市场表现： | 基本数据 | 2025 | 年 09 | 月 | 08 日 | | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | 3.48 | | 一年内最高/最低（港 | | | | 4.00/2.73 | | 元） | | | | | | 总市值（百万港元） | | | | 43,048.13 | | 流通市值（百万港元） | | | | 43,048.13 | | 资产负债率（%） | | | | 67.99 | | 资料来源：聚源数据 | | ...

国网能源研究院有限公司总经理、党委副书记魏玢介绍了专委会的未来发展规划与具体实施路径。她表 示，专委会将充分发挥专业、信息、人才和机制等优势，统筹能源数字技术、能源数据资产、能源数字 金融、能源数字市场等重点领域，形成集政策研究、成果推广、标准引领、产业服务、信息共享于一体 的综合服务体系，赋能电力行业数字化转型与创新升级。 中国工程院院士刘合分享了油气行业大模型发展的挑战与展望。他表示，大模型的性能高度依赖海量、 高质量的训练数据。然而，当前油气行业普遍面临数据不足与质量不高的双重困境。当训练样本激增而 数据质量参差不齐时，模型容易产生"幻觉"现象，即生成内容与事实严重不符，导致模型能力下降，内 容可信度大打折扣。此外，大模型的训练与部署成本高昂，已成为制约其广泛应用的关键障碍。同时， 模型的持续优化、迭代更新以及反复调优均需投入巨额资金，导致总体成本持续攀升。他建议以大模型 应用为契机，加强数据全生命周期管理，提升数据治理能力；推动大小模型联动，取长补短，实现成本 效益优化。 会议期间，国家能源局信息中心原主任梁建勇、国家电网有限公司数字化工作部主任助理赵永彬、中国 长江三峡集团有限公司战略与发展研究中心 ...

1 September 2025 Global Energy Storage Electric China: If power is the bottleneck to AI, is China winning? Neil Beveridge, Ph.D. +852 2123 2648 neil.beveridge@bernsteinsg.com Brian Ho, CFA +852 2123 2615 brian.ho@bernsteinsg.com Hengliang Zhang +852 2123 2629 hengliang.zhang@bernsteinsg.com China's power demand surpassed 1,000TWh last month with growth likely to be far stronger than many expect. Annual demand reached c. 10,000TWh last year (2.5x US) and will reach 13,500TWh by 2030 and 25,000TWh by 2050, dr ...

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 (A). 股份期權（根據發行人的股份期權計劃） | 1. 股份分類 | | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號(如上市) | | 02380 | | 說明 | | | | | | | | | | | 上月底結存的股份期權數 | | | 本月底結存的股份期權數 | | 本月內因此發行的新股數 | 本月内因此自庫存轉讓的 | 本月底因此可能發行或自 | 本月底可於所有根據計劃 授出的股份期權予以行使 | | | 股份期權計劃詳情 | | 目 | | 本月內變動 | 目 | | 目 (A1) | 庫存股份數目 (A2) | 庫存轉讓的股份數目 | 時發行或自庫存轉讓的股 | | | | | | | | | | | | | 份總數 | | | 1). | 股票期權激勵計劃 行權價格：4.82港元 | | 41,493, ...

Core Viewpoint - The company reported a revenue decline of 9.9% year-on-year in H1 2025, while net profit attributable to shareholders increased by 0.8% year-on-year, indicating mixed performance across different segments [1][2]. Revenue Breakdown - In H1 2025, the company's total revenue was 23.86 billion yuan, with thermal power revenue at 9.57 billion yuan, down 17.8% year-on-year due to the change in accounting treatment of a power generation subsidiary [1]. - Hydropower revenue was 2.29 billion yuan, down 14.8% year-on-year, primarily due to lower water inflow, resulting in a 23% decrease in hydropower sales volume [1]. Profit Analysis - The net profit from thermal, hydropower, wind, and solar segments was 1.43 billion, 0.55 billion, 2.12 billion, and 0.72 billion yuan respectively, showing a year-on-year increase of 29.1% for thermal power, but declines of 28.2% for hydropower, 36.6% for solar, and an 8.2% increase for wind [1][2]. - The net profit per kilowatt-hour for coal power was 0.058 yuan, up 1.9 fen year-on-year, with a decrease in unit fuel costs by 3.9 fen per kilowatt-hour [1]. Wind and Solar Performance - Wind and solar segments saw net profit changes of +8.2% and -36.6% respectively, with wind sales volume increasing by 26.9% due to a change in accounting treatment of a wind power subsidiary [2]. - The net profit per kilowatt-hour for wind and solar was 0.127 yuan and 0.056 yuan respectively, reflecting declines of 2.2 and 4.0 fen year-on-year due to increased grid parity projects [2]. Future Outlook - The company anticipates steady growth in performance driven by declining coal prices and increased wind power installations, with projected revenues of 54.7 billion, 57.6 billion, and 60.5 billion yuan for 2025-2027, and net profits of 3.77 billion, 3.81 billion, and 3.89 billion yuan respectively [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，概不就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 的任何損失承擔任何責任。 茲提述中國電力國際發展有限公司（「本公司」）日期為二零二五年四月十六日 的公告及本公司日期為二零二五年五月二十日的通函（「通函」），內容有關資產 重組建議。除另有指明外，本公告所用的全部詞彙與通函所界定者具有相同涵 義。 中 國 電 力 國 際 發 展 有 限 公 司 China Power International Development Limited （在香港註冊成立的有限責任公司） （股份代號：2380） 補充公告 有關資產重組建議之 須予披露及關連交易 背景 於二零二五年四月十六日，本公司、湘投國際及遠達環保訂立股權轉讓協議 I， 據此本公司及湘投國際有條件同意分別向遠達環保轉讓五凌電力的 63%及 37% 股權，總代價人民幣 24,667,342,000.00 元，該款項將由遠達環保以代價股份及 現金方式支付。同日，本公司、湘投國際及遠達環保訂立五凌電力補償協議， 協定有關五凌電力業績承諾 ...

2025 年 09 月 01 日 公司研究 评级：买入(维持) [Table_Title] 煤价下降&风电并表装机增长， 公司业绩稳健增长 ——中国电力（02380）动态点评报告 最近一年走势 | 相对恒生指数表现 | | | 2025/08/29 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 中国电力 | -0.9% | 2.7% | -5.9% | | 恒生指数 | -1.8% | 6.4% | 41.0% | | 市场数据 | 2025/08/29 | | --- | --- | | 当前价格（港元） | 3.13 | | 周价格区间（港元） 52 | 2.73-4.00 | | 总市值（百万港元） | 38,718.57 | | 流通市值（百万港元） | 38,718.57 | | 总股本（万股） | 1,237,015.10 | | 流通股本（万股） | 1,237,015.10 | | 日均成交额（百万港元） | 62.69 | | 近一月换手（%） | 0.23 | 研究所： 证券分析师： 钟琪 S0350523080002 zhong ...

ab 26 August 2025 Global Research China Power Equipment Sector Smart meter: Domestic demand recovered in State Grid's 2nd round tendering What's new State Grid recently announced its 2nd round tendering plan for smart meters and power communication products. Though the smart meters with new standard are not in the procurement list, we still see overall demand recovery happening. In the 2nd round tendering, the volume of smart meter increased by 12% YoY, and volume of power communication products (including ...

Core Viewpoint - The company maintains a "buy" rating, projecting a target price of HKD 3.63 based on a 11.5x PE for 2025, supported by expected integration of hydropower assets and a current dividend yield of over 5% [1] Financial Performance - For the first half of 2025, the company reported a revenue of CNY 23.9 billion, a year-on-year decrease of 10% - The profit attributable to equity holders was CNY 2.83 billion, up 1.2% year-on-year, while the profit attributable to ordinary shareholders was CNY 2.59 billion, an increase of 0.65% year-on-year [1] Segment Analysis - **Thermal Power**: Net profit of CNY 1.43 billion, an increase of CNY 320 million year-on-year, with a profit per kWh of CNY 0.058, up CNY 0.019. The coal power price decreased by CNY 0.019 to CNY 0.373, while fuel costs dropped by CNY 0.039 to CNY 0.235 (corresponding to a decrease of approximately CNY 118 per ton of standard coal) [1] - **Hydropower**: Net profit of CNY 550 million, down CNY 220 million year-on-year, with a profit per kWh of CNY 0.067, down CNY 0.005, primarily due to a decrease in utilization hours by 434 to 1387 hours [1] - **Wind Power**: Net profit of CNY 2.12 billion, an increase of CNY 160 million year-on-year, with a profit per kWh of CNY 0.127, down CNY 0.022. The electricity price decreased by CNY 0.036 to CNY 0.411, while utilization hours increased by 56 to 1122 hours [1] - **Photovoltaics**: Net profit of CNY 720 million, down CNY 420 million year-on-year, with a profit per kWh of CNY 0.055, down CNY 0.041. The electricity price decreased by CNY 0.024 to CNY 0.377, and utilization hours decreased by 73 to 665 hours [1] Future Projections - For 2025, the company expects thermal power net profit to reach CNY 2.03 billion, a year-on-year increase of CNY 500 million, assuming a coal price decrease of CNY 100 per ton and a maintained electricity price drop of 2 cents - Combined net profits from hydropower, wind power, and photovoltaics are projected to be CNY 5.2 billion, a decrease of CNY 200 million year-on-year, with expected utilization hours adjusted accordingly [2]

Investment Rating - The report maintains a "Buy" rating for China Power (2380) [6][10]. Core Views - The company is expected to benefit from the recovery in thermal and wind power, compensating for the decline in hydropower and photovoltaic segments. The report anticipates a profit of 25.9 billion RMB attributable to ordinary shareholders for the first half of 2025, reflecting a year-on-year increase of 0.65% [2][10]. Financial Summary - Total revenue for 2023 is projected at 47.058 billion RMB, with a year-on-year growth of 5.3%. The revenue is expected to reach 54.213 billion RMB in 2024, followed by a decline to 50.610 billion RMB in 2025, and then a recovery to 53.830 billion RMB in 2026 and 56.813 billion RMB in 2027 [4]. - Gross profit is forecasted to increase from 5.739 billion RMB in 2023 to 9.893 billion RMB in 2025, with net profit expected to rise from 2.660 billion RMB in 2023 to 3.607 billion RMB in 2025 [4]. - The report estimates the company's PE ratio to decrease from 12.3 in 2023 to 9.9 in 2025, indicating a potential undervaluation [4]. Segment Performance - Thermal power is expected to see a net profit of 20.3 billion RMB in 2025, a year-on-year increase of 5 billion RMB, driven by a slight rebound in coal prices [10]. - Wind power is projected to achieve a net profit of 21.2 billion RMB, with an increase in utilization hours contributing positively [10]. - Hydropower and photovoltaic segments are expected to face challenges, with net profits of 5.5 billion RMB and 7.2 billion RMB respectively, reflecting declines due to reduced utilization hours [10]. Valuation and Target Price - The report suggests a target price of 3.63 HKD for the stock, based on a PE ratio of 11.5 for 2025, which reflects a premium valuation due to the anticipated integration of hydropower assets [10][12].