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。 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） 內幕消息 在中國境內發行人民幣 20 億元中期票據 本公告乃中國電力國際發展有限公司（「本公司」）根據香港聯合交易所有 限公司證券上市規則第13.09條及香港法例第571章《證券及期貨條例》第 XIVA 部內幕消息條文而作出。 二零二五年七月十六日，按現有在中國銀行間市場交易商協會發行債務融資工 具（DFI）的註冊下，本公司在中華人民共和國（「中國」）境內發行本年度 第三期中期票據（「中期票據–2025三期」）。 以下為中期票據–2025三期的主要條款： 1 發行人： 中國電力國際發展有限公司 本金額： 人民幣20億元 單位面值： 人民幣100元 期限： 3年 票面利率： 每年1.82% 擔保： 無擔保 評級 ...

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。 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） 關連交易 收購托里發電 31%股權 於二零二五年 七月十七日 ，本公司 、中電國際 、平煤神馬新疆、新疆能源及 目標公司訂立 了一份股權轉讓協議 ，據此本公司已同意收購及新疆能源已同 意出售托里發電 3 1%的股權，代價為人民幣 24,212,147 元，另加交割後的資 本承擔 人民幣 285,820,000 元 ，合共 人民幣 310,032,147 元 （約相等於 340,695,000 港元）。 於本公告日期，國家電投擁有本公司已發行股本約 65.40%，為本公司的最終 控股股東。中電國際為國家電投的全資擁有附屬公司， 並為本公司的直接控 股公司。新疆能源為國家電投的非全資擁有附屬公司。 根據上市規則定 ...

Group 1: European Heatwave and Energy Crisis - Europe is experiencing extreme heat, with temperatures reaching 46°C in Spain and 47°C in Portugal, causing significant discomfort and challenges for residents [1][3] - The air conditioning penetration rate in Europe is only 20%, and the high installation costs, around €7,000 (approximately 50,000 RMB), make it unaffordable for many [3] - The average electricity price in Germany is projected to be €39.5 per 100 kWh in 2024, leading to exorbitant monthly electricity bills for households, making air conditioning a financial burden [3] Group 2: China's High Voltage Transmission Technology - China's high voltage transmission technology, particularly UHV (Ultra High Voltage), has significantly improved energy distribution efficiency, addressing the mismatch between energy production and consumption across regions [6][7] - UHV technology reduces transmission losses to 2.8%, enhancing the economic viability of power plants in remote areas and overcoming distance limitations in electricity delivery [10] - China has successfully built 19 UHV AC lines and 20 UHV DC lines, totaling over 40,000 kilometers, showcasing rapid development in this technology over the past two decades [10] Group 3: Global Influence and Future Prospects - China's UHV technology has been implemented internationally, aiding countries like Egypt and Brazil in improving their electricity supply and reducing power outages [11] - By 2030, China aims to complete regional interconnections and by 2050, establish a global UHV network, positioning electricity as a critical strategic resource [11][12] - The development of UHV technology reflects China's commitment to addressing global energy challenges and enhancing its role in the international energy landscape [12]

Core Insights - China's electricity consumption has shown steady growth in 2023, with a total of 3.97 trillion kilowatt-hours used from January to May, representing a year-on-year increase of 3.4% [1] - The growth in electricity consumption reflects the resilience and vitality of the national economy, which is progressing steadily despite external pressures [1] Group 1: First Industry - Electricity consumption in the primary industry reached 54.3 billion kilowatt-hours, with a year-on-year growth of 9.6%, indicating a sustained rapid growth trend [1] - The modernization of agricultural infrastructure and the transformation of agricultural production methods have led to new electricity consumption scenarios [1] - Specific growth rates in electricity consumption for livestock, agriculture, and fisheries were 15.5%, 7.2%, and 4.5% respectively [1] Group 2: Second Industry - The secondary industry consumed 2.59 trillion kilowatt-hours, with a year-on-year increase of 2.2% [1] - High-tech and equipment manufacturing sectors saw a 3.3% increase in electricity consumption, surpassing the overall growth rate of the manufacturing sector [1] - Notable growth in electricity consumption was observed in the automotive, general equipment, specialized equipment, and computer/electronic device manufacturing sectors, all exceeding 4.5% [1] - Consumption in the consumer goods manufacturing sector decreased by 0.3%, but there has been a rebound in growth rates for most consumer goods manufacturing sub-sectors related to foreign trade since May [1] Group 3: Third Industry - The tertiary industry consumed 740.6 billion kilowatt-hours, with a year-on-year growth of 6.8% [2] - The information transmission/software and IT services sector experienced a significant increase of 13.8%, with the internet and related services growing by 26.2% [2] - The wholesale and retail sector also saw a year-on-year increase of 10.8%, with the charging and swapping service sector growing by 42.4% [2] - The rapid growth in the tertiary industry is driven by the booming digital economy and increasing demand for new energy vehicle charging services [2] Group 4: Future Projections - According to the "China Electric Power Industry Annual Development Report 2025," the total electricity consumption in 2024 is projected to reach 98.54 trillion kilowatt-hours, with a year-on-year growth of 6.8%, an increase of 0.1 percentage points from the previous year [2] - The national power system is expected to operate stably, with a general balance between electricity supply and demand [2]

Group 1 - The core viewpoint of the news is that China Power Construction Group Co., Ltd. has received an "AAAsti" rating for its 2025 public issuance of corporate bonds, indicating strong creditworthiness and solid market position in the construction sector, particularly in energy and power design and construction [1] - The company has a strong competitive advantage in energy and power design and construction, supported by favorable policy directions that drive continuous growth in new contract amounts and a favorable owner structure [1] - The company has a diversified business model with a significant synergy in the hydropower construction industry chain, and its engineering contracting and design services are complemented by power investment, real estate development, and equipment manufacturing and leasing [2] Group 2 - In 2024, the company achieved a total operating revenue of 718.289 billion yuan, showing consistent growth in recent years [2] - The company faces challenges such as low industry sentiment in construction and real estate, uncertainties in overseas and real estate businesses, and rising scales of receivables and payables, which may impact its overall credit status [1]

Overview - The report focuses on the cybersecurity of power industrial control systems in China, detailing the current state, challenges, and future opportunities in the industry [2][3][4]. Industry Concepts - Cybersecurity is defined with its essential attributes and boundaries, emphasizing the protection framework necessary for industrial control systems [3]. - The report outlines the basic concepts of industrial control systems and their specific characteristics within the power sector [3][4]. Regulatory Framework - The report discusses the regulatory standards relevant to the cybersecurity of power industrial control systems, including national and industry-specific guidelines [3][4]. - It highlights the existing regulatory framework and the roles of various supervisory bodies in China [4][5]. Current Industry Status - An analysis of the current development status of China's cybersecurity industry reveals significant growth, with a focus on the distribution of clients across different sectors [4][5]. - The report identifies key cybersecurity risks faced by power industrial control systems, citing notable cyberattack cases as examples [4][5]. Market Demand and Supply - The demand for cybersecurity products in the power sector is increasing, driven by the rising number of vulnerabilities in industrial control systems [5][6]. - The report provides insights into the competitive landscape, including the market concentration and the bargaining power of suppliers and consumers [5][6]. Future Opportunities - Future opportunities in the cybersecurity sector are identified, including advancements in ICT infrastructure and the need for enhanced security measures in energy networks [6][7]. - The report suggests that the integration of cloud security and proactive defense technologies will be crucial for addressing cybersecurity challenges [6][7]. Competitive Landscape - The competitive dynamics of the cybersecurity market for power industrial control systems are analyzed, including strategic comparisons among key players [5][6]. - The report discusses the market positioning of various companies and their respective product offerings [6][7]. Investment Insights - The report outlines potential investment opportunities within the cybersecurity sector, focusing on weak links in the industry chain and specific market segments [10][11]. - It emphasizes the importance of understanding market entry and exit barriers for effective investment strategies [10][11].

Investment Rating - The report assigns an "Overweight" (OW) rating to Tenaga Nasional Berhad (TNB) and several Chinese power equipment players, indicating a positive outlook for these entities within the ASEAN Power Grid initiative [4]. Core Insights - The ASEAN Power Grid (APG) initiative is expected to gain momentum over the next 5-10 years, primarily driven by Singapore's goal to import approximately 6GW of electricity by 2035, positioning TNB as a key beneficiary [2][6]. - The report anticipates that annual grid capital expenditures (capex) will double from around $10 billion to $20 billion in the coming years, with projections of over $43 billion by 2050 [6][28]. - The APG aims to enhance energy security and efficiency across ASEAN countries by facilitating cross-border electricity trade and optimizing energy resource utilization [18][19]. Summary by Sections Investment Ratings for Thematic Stocks - TNB MK: OW, Price Target (PT) 16, Upside 12% - SG Gencos: SCI SP: OW, PT 7.6, Upside 11%; YTLP MK: UW, PT 3.0, Downside 23%; MER PM: OW, PT 620, Upside 16% - ASEAN Renewables: ADRO IJ: UW, PT 2000, Upside 12% - China Power Equipment: Sieyuan: OW, PT 86, Upside 19%; Huaming Equipment: OW, PT 19, Upside 14%; Orient Cables: OW, PT 68, Upside 35% [4]. Current Status and Future Projections - Currently, only about 3GW of the identified 25GW regional interconnections are operational, but pilot projects indicate renewed momentum for the APG [6][20]. - The report outlines that the APG could require a minimum investment of $100 billion in transmission lines by 2045 to fully integrate the power grids of Southeast Asian countries [19]. Country-Specific Grid Investment Targets - Malaysia: $9.5 billion capex from 2025-2027, with an annual grid capex of $3.2 billion [30]. - Thailand: $11.4 billion capex from 2024-2030, with an annual grid capex of $1.6 billion [30]. - Vietnam: $18.1 billion capex from 2026-2030, with an annual grid capex of $3.6 billion [30]. - Indonesia: $36 billion capex from 2025-2034, with an annual grid capex of $3.6 billion [30]. - Philippines: $19.3 billion capex from 2025-2034, with an annual grid capex of $1.9 billion [30]. Key Drivers for APG Development - Singapore's electricity import demand is a significant driver for the APG, with the country aiming to import low-carbon electricity despite high transmission costs [6][36]. - The report highlights that the APG could facilitate a transition to renewable energy sources, reducing reliance on fossil fuels and potentially lowering electricity costs [60]. Challenges to APG Implementation - The report identifies differing regulatory frameworks and market structures across ASEAN countries as major hurdles to the APG's success [73][80]. - Lack of grid infrastructure standardization and harmonization is also noted as a challenge, necessitating consistent investment in grid infrastructure to facilitate seamless cross-border power trading [80].

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。 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） 二零二五年五月售電量 | 主要聯營公司或 | | | 售電量（兆瓦時） | | | | | --- | --- | --- | --- | --- | --- | --- | | 合營公司的發電廠 | 2025 年 | 2024 年 | 同比變化 | 2025 年 | 2024 年 | 同比變化 | | | 5 月 | 5 月 | | 首五個月 | | | | 風力發電(1) | 138,576 | 111,846 | 23.90% | 791,794 | 1,419,284 | -44.21% | | 光伏發電 | 23,867 | 24,205 | -1.40% | 107,637 | 79,775 | ...

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） 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。 二零二五年六月二十四日舉行的股東大會投票表決結果 資產重組建議 二零二五年六月二十四日，中國電力國際發展有限公司（「本公司」）以虛擬會議方 式舉行股東大會（「股東大會」）。股東大會主席要求就日期為二零二五年五月二十日 的股東大會通告所載的提呈決議案，按股數投票方式表決。 於股東大會當日，本公司已發行股份總數為 12,370,150,983 股。中國電力發展有限公 司、中國電力國際有限公司、中國電力（新能源）控股有限公司、國家電投香港財資 管理有限公司及國家電投集團創新投資有限公司（「國家電投聯繫人」）於股東大會 當日合共持有本公司 8,076,833,175 股股份。鑒於國家電投聯繫人須於本公司日期為 二零二 ...

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。 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） 自願性公告 有關資產重組建議之 須予披露及關連交易 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（「該通函」）， 內容有關資產重組建議。除文義另有所指外，本公告所使用的全部詞彙與該 通函所賦予者具有相同涵義。 二零二五年六月二十一日，遠達環保公佈其於二零二五年六月二十日舉行股 東大會的投票結果，所有與資產重組建議相關的決議均已於該股東大會上獲 其股東投票贊成及通過。 本公司亦謹此澄清，本公司日期為二零二五年六月九日的補充公告所披露目 標公司的參考性財務資料，乃根據遠達環保所刊發目標公司截至二零二四年 十二月三十一日止年度的參考性財務報表 ...