Core Viewpoint - China Power (02380.HK) has announced a new entrusted management framework agreement with China Electric International, extending management services for three years from January 1, 2026, to December 31, 2028, after the current agreement expires on December 31, 2025 [1] Group 1 - The new agreement will allow China Power to continue providing planning, operation, and management services to the entrusted company [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。 由於新委託管理框架協議有關最高年度上限的 若 干 適用百分比率超過 0.1%，但低於 5%，故其須遵守根據上市規則第 14A 章申報、公告及年度 審核的規定，但可獲豁免遵守經獨立股東批准的規定。 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） 持續關連交易 重續委託管理框架協議 於二零二五年十二月二十九日，本公司與中電國際訂立新委託管理框架協 議，據此，在現有委託管理框架協議於二零二五年十二月三十一日屆滿 後，本公司已同意繼續向託管公司提供規劃、營運和管理服務，自二零二 六年一月一日起至二零二八年十二月三十一日止，期限為三年。 根據新委託管理框架協議，截至二零二六年、二零二七年及二零二八年十二 月三十一日止三個財政年度，中電國際應向本公司支付管理費的建議年 ...

格隆汇12月29日丨中国电力(02380.HK)公告，于2025年12月29日，公司与淮南矿业订立新煤炭供应框架 协议，据此，淮南矿业同意在现有煤炭供应框架协议于2025年12月31日届满后，继续向买方供应煤炭， 自2026年1月1日起至2028年12月31日止，为期三年。 ...

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） 持續關連交易 與淮南礦業重續煤炭供應框架協議 於二零二五年 十二月二 十九日，本公司與淮南礦業 訂立新煤炭供應框架 協議，據此， 淮南礦業同意在現有煤炭供應框架協議於二零二五年十二 月三十一日屆滿後，繼續向買方供應煤炭 ，自二零二六年一月一日起至 二零二八年十二月三十一日止，為期三年。 根據新煤炭供應框架協議，截至二零二六 年、二零二七年及二零二八 年 十二月三十一日止三個財政年度 各年的建議年度上限將不會超過人民幣 6 , 12 6,000,000 元（約相等於 6, 806,667,000 港元）。 於本公告日期，淮南礦業為本公司三家附屬公司的主要股東 。故根據上 市規則定義，淮南礦業 為本公司 附屬公司 ...

Group 1 - The core point of the article is that China Power Construction Group Co., Ltd. has undergone a business change, increasing its registered capital from approximately 31.86 billion yuan to about 32.16 billion yuan [2] Group 2 - The registered capital increase is a notable change in the company's financial structure, reflecting potential growth or investment strategies [2] - The change in registered capital is a minor increase of about 300 million yuan, indicating a strategic adjustment rather than a significant overhaul [2]

Core Insights - In the first eleven months of 2025, China's electricity market transaction volume exceeded 6 trillion kilowatt-hours, reaching 60,300 billion kilowatt-hours, a year-on-year increase of 7.6% [1] - The electricity market transactions accounted for 63.7% of the total electricity consumption in society, an increase of 1.3 percentage points year-on-year [1] Transaction Scope - Within the domestic market, the transaction volume was 45,830 billion kilowatt-hours, reflecting a year-on-year growth of 6.3% [1] - Cross-province and cross-region transactions amounted to 14,470 billion kilowatt-hours, showing a growth of 12.1% [1] Transaction Types - The medium and long-term transaction volume was 57,687 billion kilowatt-hours, while the spot transaction volume was 2,613 billion kilowatt-hours [1] - Green electricity transactions reached 2,967 billion kilowatt-hours, marking a significant increase of 41.3% [1] November Performance - In November 2025, the total electricity market transaction volume was 5,484 billion kilowatt-hours, with a year-on-year increase of 7.0% [1] - Domestic transactions in November were 4,243 billion kilowatt-hours, up by 5.7% year-on-year [1] - Cross-province and cross-region transactions in November were 1,241 billion kilowatt-hours, reflecting an 11.8% growth [1] November Transaction Types - Medium and long-term transactions in November totaled 5,206 billion kilowatt-hours, while spot transactions were 278 billion kilowatt-hours [1] - Green electricity transactions in November reached 336 billion kilowatt-hours, with a year-on-year growth of 42.8% [1]

Group 1 - The company signed a significant contract with Turkey's Taman Oil and Gas Company for the construction of four gas booster stations, with a total contract value of approximately 6.626 billion RMB [1] - The project includes the overall design, procurement, installation, and commissioning of major equipment such as compressors, gas turbines, pipelines, air compressors, air coolers, and black powder filters [1] - The contract duration is approximately 55 months, indicating a long-term commitment to the project [1] Group 2 - The company reported its main operating conditions for the period from January to November 2025, ensuring the accuracy and completeness of the information provided [4][5] - The business types include energy and power, water resources and environmental services, urban construction and infrastructure, and other services [6] - The company signed new contracts exceeding 500 million RMB for individual projects in November 2025, reflecting ongoing business activity [7]

美银发表研究报告，将中国电力目标价由3.1港元上调至3.5港元，并重申"中性"评级。该行下调对公司 今年至2027年盈利预测平均2%，反映低于预期的电价，但预测今年盈利将按年基本保持稳定。该行表 示，他们参访中国电力持有50%权益的江苏常熟电厂，管理层预计明年江苏省年度长约每度电电价将下 降5至6分人民币，主要因为煤价下跌及容量电价上升。该电厂计划将年度长约比例从76%降至50%，并 增加现货市场交易量，认为区位优势能在现货市场获得更佳电价。 ...

Core Viewpoint - The board of directors of China Power Construction Corporation has made several key decisions during its 15th meeting, including the appointment of new board members and management positions, as well as the approval of various operational agreements and financial transactions [1][2][5][17]. Group 1: Board and Management Appointments - The board approved the nomination of Mr. Wang Xiaojun as a candidate for the board of directors, with a term aligned with the current board [2][3]. - Mr. Wang Xiaojun was also appointed as the general manager of the company, with the same term as the board [5][6]. - Mr. Qian Shangyou was appointed as the assistant to the general manager, also with a term aligned with the board [8][9]. Group 2: Amendments to Governance Rules - The board approved amendments to the rules of procedure for the strategic committee, human resources and compensation committee, and audit and risk management committee [10][11][12]. Group 3: Related Party Transactions - The board approved the 2026 annual routine related party transaction plan and the signing of related agreements, which will require shareholder approval [13][16]. - The board also approved a financial service framework agreement with China Power Construction Group, which will also require shareholder approval [17][19]. Group 4: Charitable Contributions - The board agreed to donate HKD 10 million to support the relief and reconstruction efforts following the fire incident in Tai Po, Hong Kong [20]. Group 5: Project Investments - The board approved the investment in the construction of a coal transfer station and dedicated railway line project in Yushuwan, Ordos, with a total investment of approximately RMB 1.024 billion [20][21]. - The board approved a change in the total investment for the Bala Hydropower Station project from RMB 7.672 billion to RMB 8.399 billion [23][24]. Group 6: Upcoming Shareholder Meeting - The company will hold its second extraordinary general meeting of 2025 on December 31, 2025, to discuss the approved resolutions [26][28].

Core Insights - The demand for power fuses is increasing due to their excellent current-limiting characteristics, rapid response capabilities, and high reliability in key sectors such as new energy vehicles, energy storage systems, rail transit, and smart grids [1][12] - The market size of China's power fuse industry is projected to grow from 600 million yuan in 2019 to 1.68 billion yuan in 2024, with a compound annual growth rate (CAGR) of 22.87% [1][12] - By 2025, the market size is expected to reach 1.91 billion yuan, driven by industrial policy support and technological advancements [1] Industry Overview - Power fuses are essential circuit protection devices that disconnect circuits when current exceeds a specified value, preventing potential damage [4][12] - The industry has a diverse product range, including semiconductor protection fuses, DC fuses, and general-purpose fuses, catering to various applications [4][5] Market Dynamics - The power fuse industry is supported by national policies aimed at enhancing the independent R&D capabilities of high-end components and improving the supply chain [7] - The industry is experiencing rapid growth due to the increasing demand from sectors such as new energy, industrial control, and communication [12] Application Trends - The new energy vehicle market is identified as the most promising application area for power fuses, with significant growth expected as electric vehicle adoption accelerates [10] - In 2024, China's new energy vehicle production and sales are projected to exceed 10 million units, reflecting a year-on-year growth of over 30% [10] Competitive Landscape - The power fuse market in China features a mix of foreign brands and domestic companies, with local firms like Zhongrong Electric and Haoli Technology enhancing their product performance and market share [13][15] - Domestic companies are increasingly focusing on technological breakthroughs and market expansion to replace imports and diversify the competitive landscape [13] Future Development Trends - The industry is moving towards smart integration, with power fuses expected to incorporate sensors and IoT capabilities for enhanced monitoring and predictive maintenance [16] - There is a growing emphasis on high-performance materials and environmentally friendly designs, aligning with sustainability goals and the need for reliable performance in extreme conditions [17][18]