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 有關項目投資決策的綜合性諮詢服務合同 二零二六年三月十八日，日照風電（本公司一家間接全資擁有的附屬公司）與 山東院訂立了 有關項目投資決策的 綜合性諮詢服務合同 ，據此山東院將為投 資日照海上風電項目提供綜合性諮詢服務，代價人民幣 176,200,000 元（約 相等於 200,227,000 港元）。 於本公告日期，國家電投擁有本公司已發行股本約 65.61%。由於國家電投為 本公司的最終控股股東，根據上市規則定義，國家電投、其附屬公司及聯繫 人均為本公司的關連人士。 有關項目投資決策的綜合性諮詢服務合同 日期 二零二六年三月十八日 訂約方 (i) 日照風電（作為僱主）；及 (ii) 山東院（作為 ...

Summary of Key Points from the Conference Call Industry Overview - The focus is on the **China Power Equipment** sector, particularly gas turbine manufacturers such as **Dongfang Electric** and **Harbin Electric**. The analysis suggests a strong upside potential in earnings driven by both domestic and export markets, particularly to North America. Core Insights and Arguments 1. **Earnings and Price Target Revisions** - Price targets for key companies in the sector have been raised by **25-30%**. The 2027E target PE has been increased, reflecting expectations that domestic gas turbine OEMs will align more closely with international players as they enter the global supply chain [2][10][15]. 2. **Export Opportunities** - Gas turbine exports to North America are expected to start contributing to earnings as early as **2027**. This contrasts with consensus expectations that Chinese OEMs will only serve non-US markets. The anticipated electricity shortage in the US supports this bullish outlook [3][7][28]. 3. **Domestic Power Demand Growth** - A medium-term power demand growth forecast of **8-9%** is projected, significantly higher than the consensus estimate of **4-5%**. This growth is attributed to factors such as AI infrastructure, resilient manufacturing exports, and the need for electrification [4][31][33]. 4. **Replacement Demand** - Approximately **420GW** of coal-fired capacity (10% of total) is expected to require replacement over the next **five to eight years**, further driving domestic demand for power equipment [4][33]. 5. **Valuation Comparisons** - Current valuations of Chinese gas turbine manufacturers are still considered inexpensive compared to international peers. The sector's valuation is currently **1 standard deviation** above its historical average, but there is potential for further re-rating as domestic players enter the global supply chain [37][40]. Additional Important Insights 1. **Earnings Growth Estimates** - UBS estimates for earnings growth are **30%** above consensus, driven by anticipated gas turbine exports. The expected net profit increase from these exports is projected to be **16-20%** for major players like Dongfang and Harbin [10][12][54]. 2. **Investment in Infrastructure** - The State Grid's **Rmb4 trillion** investment plan under the 15th Five-Year Plan is expected to accelerate grid capex to an **11% CAGR** from **2026-2030**, supporting the bullish outlook on domestic demand [4][33]. 3. **Market Positioning of Yingliu** - Yingliu is positioned favorably due to its integration with the global supply chain and is trading at a valuation above its peers. The company is expected to benefit from a **60x 2027E PE** due to its strong order intake and improved earnings visibility [20][21][49]. 4. **Short Position Dynamics** - Dongfang Electric-H is heavily shorted by hedge funds, indicating a potential for a short position unwind as export execution becomes clearer [44][46]. 5. **SOTP Valuation Methodology** - A sum-of-the-parts (SOTP) valuation approach supports the price targets, suggesting a **50x 2027E PE** for gas turbine segments, which is justified by the expected growth from North American exports [25][54]. This comprehensive analysis highlights the optimistic outlook for the China Power Equipment sector, particularly in gas turbine manufacturing, driven by both domestic demand and export opportunities.

Core Viewpoint - China Power (02380) announced a contract with Shandong Luyuan for the provision of dust removal facilities, indicating a strategic move to enhance its operational capabilities in environmental management [1] Group 1: Contract Details - The contract was signed on March 13, 2026, between Far East Engineering Company, a subsidiary indirectly owned by China Power, and Shandong Luyuan [1] - The contract involves the supply of a complete set of dust removal equipment and components, along with related services for the Liutang project [1] - The total value of the contract is approximately RMB 59.8604 million [1]

智通财经APP讯，中国电力(02380)公布，于2026年3月13日， 远达工程公司(公司一 家间接非全资拥有 的附属公司)，与山东鲁电订立一份与提供除尘设施相关的买卖合同，据此远达工程公司将为柳塘项目 提供全套除尘设备和组件及其相关服务，代价约人民币5986.04万元。 ...

Core Viewpoint - China Power (02380.HK) announced a contract with Shandong Ludian for the provision of dust removal facilities, indicating a strategic move to enhance its service offerings in environmental technology [1] Group 1: Contract Details - The contract was signed on March 13, 2026, between Far East Engineering Company, a subsidiary of China Power, and Shandong Ludian [1] - The total value of the contract is RMB 59.86 million, which is approximately HKD 68.02 million [1] Group 2: Project Implications - Far East Engineering will provide a complete set of dust removal equipment and components along with related services for the Liutang project [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 有關提供除塵設施的買賣合同 於二零二六年 三月十三日， 遠達工程公司（本公司一 家間接非全資擁有的 附屬公司），與山東魯電訂立一份與提供除塵設施相關的買賣合同，據此 遠達工程公司將為柳塘項目提供全套除塵設備和組件及其相關服務，代價人 民幣 59,860,397 元（約相等於 68,023,000 港元）。 於本公告日期，國家電投擁有本公司已發行股本約 65.61%。由於國家電投 為本公司的最終控股股東，根據上市規則定義，國家電投、其附屬公司及 聯繫人均為本公司的關連人士。 山東魯電為國家電投間接非全資擁有的附屬公司。因此，山東魯電為本公 司的關連人士，而 訂 立 買 賣 合 同 根據上市規則屬於本公 ...

Group 1 - South Korean retail investors have significantly increased their net purchases of Chinese assets, particularly in sectors such as power equipment, engineering machinery, and chemicals, which are classified as HALO assets by Goldman Sachs [1] - The top net bought A-shares by South Korean investors include companies like SANY Heavy Industry, China Power Construction, and Guangxun Technology, while the leading Hong Kong stocks include China Energy Construction and Baidu [1] - The current trend indicates that as risk appetite rises among investors, there is a shift towards HALO assets, suggesting that AI technology stocks are perceived to be overvalued [1] Group 2 - The performance of US tech stocks has been mediocre this year, while the South Korean stock market has shown strong growth but recently experienced volatility [1] - Global capital is increasingly seeking certainty in investments, especially following geopolitical events in the Middle East, indicating that HALO assets are unlikely to be replaced by AI and some sectors are entering a price increase cycle [1]

Group 1 - The UK government has announced the removal of 33 import tariffs on wind turbine components, effective from April 1, 2026, aiming to strengthen the offshore wind supply chain and enhance the competitiveness of domestic manufacturing [1] - The UK is expected to experience a sustained peak in offshore wind grid connection over the next five years, benefiting domestic companies with cost and capacity advantages, particularly in the areas of tower and submarine cable production [1] - The global electricity infrastructure is undergoing rapid upgrades due to a simultaneous push for renewable energy and the emergence of new technologies driving electricity demand [1] Group 2 - The synergy between electricity and computing power is gaining momentum, driven by top-level policy design and explosive demand for AI applications, leading to a significant increase in electricity consumption in data centers [2] - By 2026, the share of intelligent computing power in China is projected to rise from 3% in 2016 to 73%, with ongoing electricity shortages in key regions like the Yangtze River Delta [2] - In response to the electricity demand surge, U.S. grid operators have approved $75 billion in transmission expansion projects, focusing on building 765 kV ultra-high voltage lines, which will quadruple the existing mileage [2] Group 3 - Domestic companies with core technology in transformer and grid equipment are expected to achieve volume and profit growth through international expansion, capitalizing on global grid upgrades and increased electricity consumption driven by AI [3] - Key areas of focus include the export chain for power equipment, where domestic firms can leverage their complete industrial chain and delivery capabilities to meet the demand for transformers and switches in the U.S. [3] - The migration of data centers to regions rich in renewable energy is anticipated to improve the operational challenges faced by renewable energy operators, highlighting the importance of integrated energy service providers [3] Group 4 - The UK’s tax exemption policy and the acceleration of domestic offshore wind construction are expected to benefit core components such as piles, submarine cables, and complete machines [4]

Summary of Conference Call on PRC Power Industry and AI Token Export Industry Overview - **Industry**: PRC Power Industry - **Focus**: Opportunities from the export of AI tokens to the US and implications for PRC power companies Key Insights 1. **Competitive Electricity Pricing**: - PRC electricity prices in western China range from Rmb0.4-0.6 yuan/kWh, which is approximately one-third of US prices. This pricing structure allows for competitive AI inference services to the US through computing power centers priced in tokens, with 1 million tokens costing between US$1.1-2.55, which is 10% lower than the US price of US$25 [1][2][3]. 2. **Projected Market Share of PRC Tokens**: - It is projected that PRC tokens could account for 30%-40% of US demand in 2026-2027, potentially exceeding 50% in the long term [1]. 3. **Limited Benefits for PRC Renewable Power Operators**: - The incremental benefits for PRC renewable power plant operators are expected to be limited, as data centers will only represent 2.4% of PRC electricity consumption in 2025, increasing to 4.8% over the next three years [1][3]. 4. **Business Model of Token Export**: - The export of AI tokens is characterized as "export of heavy-duty energy products," leveraging green electricity from hydro, solar, and wind sources. This model circumvents customs and energy export controls, presenting a significant cost advantage due to lower green electricity costs in China [2]. 5. **Role of PRC Power Companies**: - PRC power companies do not sell AI tokens directly but provide long-term power supply agreements to domestic computing centers that meet an 80% green electricity requirement. The electricity consumption by data centers in China is expected to double within 2-3 years [3]. Risks and Challenges 1. **Regulatory Risks**: - Potential US regulatory risks include data security reviews and the possibility of a digital services tax. Continuous monitoring of US regulatory developments is deemed necessary [6]. 2. **Geopolitical Factors**: - Escalating geopolitical tensions could impact the market dynamics and regulatory landscape for PRC power companies [6]. 3. **Market Competition**: - Increased competition from multinational companies like Nvidia, which are partnering with firms such as Lenovo and Foxconn to develop intelligent computing centers, poses a risk to PRC power companies [6]. 4. **Capacity Addition Trends**: - It is anticipated that PRC renewable capacity additions may drop year-over-year in 2026 but could rise again in 2027 based on interactions with major power generating groups [6]. Additional Insights - **Data Center Growth**: - The rapid increase in data center electricity consumption in China is notable, with projections indicating it will rise from 1.68% of total electricity consumption in 2024 to 4.8% in the next three years [3]. - **Profitability from Renewable Capacity**: - PRC power companies are expected to enhance profits through renewable capacity expansions rather than from increased electricity sales prices, as there is sufficient renewable electricity supply in China [3]. This summary encapsulates the key points discussed during the conference call regarding the PRC power industry and the implications of AI token exports, highlighting both opportunities and risks for stakeholders in the sector.

Group 1 - The company announced its main operational performance for January to February 2026, providing data for investor reference [2][5] - The energy and power business includes various sectors such as hydropower, wind power, solar power, thermal power, new energy storage, nuclear power, and more [3] - The water resources and environmental business encompasses water conservancy, water treatment, environmental remediation, and energy-saving projects [3] Group 2 - The company signed a major contract with a consortium for the design and construction of the Montenegro Mateshevo-Andrijevica highway project, valued at approximately 5.636 billion RMB [8] - The project spans 22 kilometers and is a crucial part of the transportation route connecting Montenegro's capital Podgorica to the Serbian border, designed as a dual four-lane highway with a speed limit of 100 km/h [8] - The contract stipulates a construction period of 60 months and a warranty period of 24 months [8]