格隆汇10月24日丨中国电力(02380.HK)发布公告，根据公司的初步统计，集团于2025年9月的合并总售 电量为946.57万兆瓦时，较去年同月减少11.51%，而2025年首九个月的合并总售电量为9626.7万兆瓦 时，较去年同期减少2.24%。 ...

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。 1 附註： 本公告所載數據僅基於內部管理紀錄，尚未經外部核數師審計或審閱。投資者於買 賣本公司股份時務請審慎行事。 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） 二零二五年九月售電量 中國電力國際發展有限公司（「本公司」）宣佈，根據本公司的初步統計，本公司及 其附屬公司（統稱「本集團」）於二零二五年九月的合併總售電量為 9,465,705 兆瓦時， 較去年同月減少 11.51%，而二零二五年首九個月的合併總售電量為 96,266,971 兆瓦時， 較去年同期減少 2.24%。 本集團於二零二五年九月及截至二零二五年九月三十日止九個月的總售電量，按發電 廠類型列示如下： | 全資擁有或 | | | 售電量（兆瓦時） | | | | | --- | --- ...

see of makes promote production whiles The Start The 标普全球（S&P）在10月份的一份报告中称，在数据中心、电动汽车（EV）和先进制造业的推动下，到2030年，中国的电力需求将以每年4-5%的速度增 长。 据估计，在第15个五年计划（2026-2030年）期间，电力使用量可能会增加2500TWh，大致相当于欧盟的全年电力需求。 报告称，更严格的碳控制和落后工业产能的关闭将使中国的电力增长与GDP更紧密地保持一致。"电力需求将转向技术和服务型行业，"标普全球公司的信用 分析师斯科特·崔说。 可再生能源预计将提供高达80%的新增需求，大型国有发电企业将引领新的投资。 煤炭仍将是基本负荷能源，但主要作为可再生能源的灵活备用。中国预计，电力行业的碳排放量将在2030年前达到峰值。 （素材来自：S&P 新能源网综合） ...

Summary of Earnings Preview for China Utilities Sector Industry Overview - The report focuses on the **China Utilities** sector, specifically highlighting the **Power, Renewables, and Power Grid** industries in the Asia Pacific region - The overall industry view is considered **Attractive** [4][6] Key Insights - **3Q25 Earnings Expectations**: - Continued margin recovery is anticipated for wind component and submarine cable players - Polysilicon earnings may see upside risks - Solar module producers are expected to maintain flat or show mild decline in losses quarter-over-quarter (QoQ) [1][6] - **Coal Prices and Power Tariffs**: - A slight weakening in unit profit is expected due to a small rise in coal prices and a persistently soft power tariff [6][8] - **Sector Performance**: - Wind sector is expected to see a sector-wide gross profit (GP) margin recovery, primarily driven by submarine cables with a favorable product mix in 3Q25 - Wind Turbine Generator (WTG) Original Equipment Manufacturers (OEMs) may experience a more muted recovery [6][8] Company-Specific Highlights - **CGN Power Co., Ltd (1816.HK)**: - On-grid power generation decreased by 3% year-over-year (YoY) in 3Q25 due to longer outage times - Estimated net profit of approximately **Rmb2.6 billion**, down 6% YoY [8][10] - **China Longyuan Power Group (0916.HK)**: - Forecasted net profit of **Rmb937 million** in 3Q25, down from **Rmb1,542 million** in 2Q25 - Net profit for 9M25 expected to be **Rmb4.5 billion**, down 22% YoY [8][10] - **Huaneng Power International Inc. (0902.HK)**: - Estimated net profit of **Rmb4.1 billion**, up approximately 38% YoY but down 5% QoQ - Unit fuel cost expected to decline by **Rmb0.036/kWh** (12% YoY) [8][10] - **Jiangsu Zhongtian Technology Co. Ltd. (600522.SS)**: - Forecasted net profit of **Rmb1.03 billion** for 3Q25, up 21.1% YoY and 9.6% QoQ [8][10] - **Goldwind (2208.HK)**: - Expected net profit of **Rmb953 million**, representing a 135.1% YoY increase [10][10] - **Tongwei Co. Ltd. (600438.SS)**: - Forecasted net loss of **Rmb2.2-2.4 billion** in 3Q25, with improvements in polysilicon business due to price rebounds [10][10] - **LONGi Green Energy Technology Co. Ltd. (601012.SS)**: - Expected loss of **Rmb1.0-1.3 billion** in 3Q25, with slight declines in wafer and module shipments [10][10] Additional Observations - **Polysilicon Players**: Potential earnings surprises are anticipated due to increases in shipments and average selling prices (ASP) in 3Q25 [6][8] - **Demand Outlook**: Weaker demand is expected in 4Q25 compared to 3Q25, particularly for solar products [6][8] This summary encapsulates the key points from the earnings preview for the China Utilities sector, highlighting both the overall industry outlook and specific company forecasts.

Core Viewpoint - China Power (02380) announced the appointment of Mr. Wang Zichao as the executive director, chairman of the board, and authorized representative starting from October 17, 2025, while Mr. He Xi has resigned from these positions due to work arrangements [1] Group 1 - Mr. Wang Zichao will also chair the Risk Management Committee, Strategic and Sustainable Development Committee, and Executive Committee [1] - Mr. He Xi has stepped down from his roles as executive director, chairman of the board, and chairman of the aforementioned committees [1] - The changes in leadership are effective from the same date, October 17, 2025 [1]

Core Viewpoint - China Power (02380) announced the appointment of Mr. Wang Zichao as the executive director, chairman of the board, and authorized representative starting from October 17, 2025, while Mr. He Xi has resigned from these positions on the same date [1] Group 1 - Mr. Wang Zichao will also chair the Risk Management Committee, Strategic and Sustainable Development Committee, and Executive Committee [1] - Mr. He Xi has stepped down due to work arrangement changes and will no longer serve in any of the aforementioned roles [1]

Core Viewpoint - China Power (02380.HK) announced the appointment of Wang Zichao as the executive director, chairman of the board, and authorized representative, effective from October 17, 2025, succeeding He Xi [1] Group 1 - Wang Zichao will also chair the company's Risk Management Committee, Strategic and Sustainable Development Committee, and Executive Committee following He Xi's resignation [1]

胡建東 周杰 黃青華 陳鵬君 董事名單及其角色與職能 獨立非執行董事 中國電力國際發展有限公司董事局（「董事局」）成員載列如下。 董事局主席兼執行董事 王子超 執行董事兼總裁 高平 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） 非執行董事 李方 邱家賜 許漢忠 董事局已成立五個委員會，董事在各委員會擔任的職位如下。 | | 委員會 | 審核 | 薪酬及提名 | 風險管理 | 戰略與 可持續發展 | 執行 | | --- | --- | --- | --- | --- | --- | --- | | 董事 | | 委員會 | 委員會 | 委員會 | 委員會 | 委員會* | | 王子超 | | | | C | C | C | | 高平 | | | | M | M | M | | 胡建東 | | | | | M | | | 周杰 | | | | | M | | | 黃青華 | | | M | | | | | 陳鵬君 | | | | M | | | | 李方 | | ...

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） 董事、授權代表 及董事局委員會成員之變更 董事局欣然宣佈以下變更，自二零二五年十月十七日起生效： 王子超先生獲委任為本公司執行董事、董事局主席及授權代表。王先生獲委 任以接替已辭任上述職務的賀徙先生。 1 王先生亦於賀先生辭任後獲委任為本公司風險管理委員會、戰略與可持續發 展委員會及執行委員會的主席。 董事的辭任 中國電力國際發展有限公司（「本公司」）董事局（「董事局」）宣佈，由於 工作安排調動，賀徙先生已辭任本公司執行董事、董事局主席，以及本公司風 險管理委員會、戰略與可持續發展委員會和執行委員會的主席職務，自二零二 五年十月十七日起生效。 同日，賀先生亦不再擔任香港聯合交易所有限公司證券上市規則（「《上市 ...

Summary of Key Points from the Conference Call Industry Overview - The focus is on the **China power grid equipment sector**, which is expected to outperform in the fourth quarter of 2025 due to several driving factors [2][5][6]. Core Insights and Arguments 1. **Drivers for Outperformance**: - **Spillover from Clean Energy Sectors**: The power grid equipment sector has underperformed compared to other clean energy sectors year-to-date (YTD). Favorable policies in renewable energy and energy storage systems (ESS) are anticipated to positively impact the grid equipment sector [2][5]. - **Defensive Investment Rotation**: Amid rising geopolitical tensions, there is a potential shift towards defensive investments in grid equipment, which is supported by domestic growth certainty and policy backing [2][5]. - **Upcoming Policies**: Expectations of new policies regarding grid capital expenditure (capex) in the next 3-6 months, with current growth expectations being low [2][5]. 2. **Stock Recommendations**: - **Nari Technology**: Identified as a defensive stock with a domestically-driven portfolio and a valuation approximately one standard deviation below its historical average [2][5]. - **Huaming Equipment**: Expected to benefit from increased domestic demand and global transformer capacity expansion. The company has shown a year-to-date performance of +27%, compared to over +70% for Korean transformer manufacturers [2][5]. 3. **Historical Context**: - The sector previously outperformed the index by approximately 70% in the second half of 2021, driven by optimism regarding China's energy transition and geopolitical uncertainties [5][6]. 4. **Catalysts for Growth**: - Anticipated announcements regarding grid capex plans and a share incentive scheme from Nari Technology, along with China's clean energy targets for the 15th Five-Year Plan [5][6]. Financial Metrics and Valuations - **Huaming Equipment**: - Market Cap: CNY 2,695 million - Current Price: CNY 21.46 - Price Target (June 2026): CNY 24.00, reflecting a valuation multiple increase from 22x to 25x [3][34][35]. - **Xuji Electric**: - Market Cap: CNY 3,960 million - Current Price: CNY 27.73 - Price Target (June 2026): CNY 30.00, with a valuation multiple increase from 17x to 19x [3][51][55]. Important but Overlooked Content - **Earnings Expectations**: For Nari Technology, earnings growth is expected to remain stable at 6-8% year-over-year, while Huaming's earnings growth is projected in the mid-to-high teens [27][35]. - **Investment Risks**: Potential risks include slower-than-expected domestic revenue growth, lower market share gains, and fluctuations in exchange rates and freight costs [46][44]. Conclusion - The China power grid equipment sector is poised for potential outperformance driven by favorable policies, defensive investment trends, and upcoming catalysts. Key players like Nari Technology and Huaming Equipment are highlighted as strong investment opportunities, with revised earnings estimates reflecting positive growth prospects.