Core Viewpoint - Huaneng International Power Co., Ltd. has successfully completed the issuance of its second phase of medium-term notes for 2026, specifically designated as special bonds for energy supply security [1] Group 1: Bond Issuance Details - The total issuance amount for this bond is RMB 2 billion [1] - The bond has a term of 2+N years with a face value of RMB 100 per unit [1] - The issuance interest rate is set at 1.87% [1] Group 2: Fund Utilization - The funds raised from this bond issuance will be entirely used to repay the special bonds for energy supply security [1]

公司已于近日完成了华能国际电力股份有限公司2026年度第二期中期票据 （能源保供特别债）（"本期债券"）的发行。本期债券发行额为20亿元人民币， 期限为2+N年，单位面值为100元人民币，发行利率为1.87%。 本期债券由中信证券股份有限公司、中信建投证券股份有限公司和招商银行 股份有限公司为主承销商组织承销团，通过簿记建档、集中配售的方式在全国银 行间债券市场公开发行。本期债券募集资金穿透将全部用于偿还能源保供特别债。 本期债券发行的有关文件已在中国货币网和上海清算所网站上公告，网址分 别为www.chinamoney.com.cn和www.shclearing.com.cn。 特此公告。 华能国际电力股份有限公司董事会 证券代码: 600011 证券简称: 华能国际 公告编号:2026-006 华能国际电力股份有限公司 关于中期票据发行的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 华能国际电力股份有限公司（"公司"）2024年年度股东大会于2025年6月24 日通过决议，同意公司自2024年年度股东大会批准 ...

Group 1 - The core viewpoint of the news highlights the performance of the National Green Power Index, which fell by 1.36% as of February 5, 2026, with mixed results among constituent stocks [1] - In 2025, China's new energy installed capacity reached a historical high, with a total of 434.4 GW added, accounting for 80.2% of all new power generation installations; solar power capacity reached 1.2 billion kW, a year-on-year increase of 35.4%, while wind power capacity reached 640 million kW, a year-on-year increase of 22.9% [1] - Zhongyuan Securities suggests a "barbell strategy" for power asset allocation, focusing on cutting-edge areas like virtual power plants and controllable nuclear fusion for offensive investments, while defensive investments should target large hydropower and high-dividend thermal power companies with stable profitability [1] - Galaxy Securities notes the introduction of a capacity price mechanism for coal, gas, pumped storage, and new energy storage, marking a significant upgrade for storage from an auxiliary service role to a core function of the power system, which is expected to enhance profitability stability and construction enthusiasm [1] Group 2 - As of January 30, 2026, the top ten weighted stocks in the National Green Power Index include China Nuclear Power, Yangtze Power, Three Gorges Energy, and others, collectively accounting for 52.75% of the index [2] - The Green Power ETF by Harvest (159625) closely tracks the National Green Power Index, serving as a convenient tool for investing in the overall performance of listed companies related to green power [2] Group 3 - Investors can seize investment opportunities through the corresponding Green Power ETF linked fund (017057) [3]

Group 1: Energy Sector Developments - The total income of central enterprise leaders in the energy sector is composed of annual salary and term incentive income, with the latter being distributed every three years. The companies involved include major players like China National Petroleum Corporation and State Grid Corporation of China [2] - China’s crude oil production reached a historical high of 216 million tons, while natural gas production (including coal-derived gas) was 2,638 billion cubic meters, marking a continuous increase of over 10 billion cubic meters for nine consecutive years [3] - Sinopec reported advancements in the industrial application of medium and deep geothermal resources, successfully replacing traditional gas heating with heat extracted from 3,200 meters underground [6] Group 2: Infrastructure and Technological Advancements - Beijing has achieved full coverage of supercharging stations across its highway service areas, with 42 supercharging stations built and 530 charging piles installed, resulting in a 26% ratio of charging spaces to small car parking spaces [4] - The Jiangxi Provincial Development and Reform Commission announced a public list of proposed zero-carbon parks, including 15 parks such as Nanchang High-tech Industrial Development Zone and Jiujiang Economic and Technological Development Zone [4] Group 3: Nuclear Energy Developments - The installation of the inner dome of the Unit 3 of Zhangzhou Nuclear Power, utilizing China's self-developed third-generation nuclear technology "Hualong One," has been successfully completed, marking a transition from construction to equipment installation [3]

Core Viewpoint - The State-owned Assets Supervision and Administration Commission (SASAC) announced the incentive income for executives of central enterprises for the 2022-2024 term, with a total of 87 enterprises disclosing their incentive income figures. Group 1: Incentive Income Overview - The total incentive income for central enterprise executives consists of annual salary and term incentive income, with the latter being distributed every three years [1]. - Notable figures include: - Jiao Houliang, Chairman of China National Petroleum Corporation, with an incentive income of 86.21 million RMB for the 2022-2024 term [1]. - Ma Yongsheng, Chairman of Sinopec, with an incentive income of 84.81 million RMB [3]. - Wang Dongjin, Chairman of China National Offshore Oil Corporation, with an incentive income of 86.06 million RMB [4]. Group 2: Specific Executive Incentive Income - Zhang Wei, Chairman of the National Oil and Gas Pipeline Group, has an incentive income of 78.17 million RMB [6]. - Meng Zhenping, Chairman of China Southern Power Grid, has an incentive income of 83.54 million RMB [8]. - Temperature of incentive income varies across different enterprises, with some executives like Liu Mingsheng from China Power Investment Corporation receiving 26.02 million RMB for the 2022-2024 term [13]. Group 3: Additional Notable Executives - Chen Zhongyue, Chairman of China Unicom, has an incentive income of 80.49 million RMB [17]. - Xu Peng, from China First Automobile Group, has an incentive income of 82.54 million RMB [23]. - Wang Xianming, Chairman of China Resources Group, has an incentive income of 82.44 million RMB [54].

Core Viewpoint - China General Nuclear Power Group (CGN) is strengthening collaborations with major power companies in nuclear energy, new energy, and technological innovation to promote high-quality development in the energy sector and contribute to the construction of a strong energy nation [2][4][6]. Group 1: Collaboration with China Huaneng - CGN's Chairman Yang Changli and General Manager Pang Songtao visited China Huaneng to discuss deepening cooperation in nuclear power projects, new energy, and digital control technologies [2]. - Yang expressed gratitude for China Huaneng's support and highlighted the successful collaboration on projects like Shidaowan Nuclear Power [2]. - Both parties aim to solidify existing cooperation and enhance collaboration in various fields to contribute to the energy sector's development [3]. Group 2: Collaboration with China Datang - CGN's leadership met with China Datang to discuss enhancing industrial cooperation, particularly in nuclear energy project operations and technological innovation [4]. - Yang congratulated China Datang on its achievements and emphasized the importance of their partnership, citing successful projects like Ningde Nuclear Power [4]. - The focus is on further collaboration in nuclear and new energy projects to support the construction of a strong energy nation [5]. Group 3: Collaboration with State Power Investment Corporation - CGN engaged in discussions with State Power Investment Corporation (SPIC) to reinforce cooperation in nuclear energy, new energy, and policy alignment [6]. - Yang acknowledged SPIC's ongoing support and highlighted the fruitful outcomes of their partnership [6]. - The goal is to deepen practical cooperation in energy projects to contribute to the construction of a strong energy nation and achieve high-level technological self-reliance [7].

Group 1 - The core objective of the "14th Five-Year Plan" for the industrial communication sector in Shanghai is to achieve energy conservation and carbon reduction, with significant progress made in energy audits and diagnostics, resulting in a total energy saving of 125,000 tons of standard coal [1][3][21] - Shanghai has established a local carbon footprint accounting system and is advancing the construction of green and low-carbon supply chains, with over 160 companies completing carbon footprint reports [4][6][26] - By the end of the "14th Five-Year Plan," Shanghai has created 196 national-level green factories and 17 national-level green supply chain management enterprises, with a focus on zero-carbon manufacturing as an advanced form of green manufacturing [9][29][31] Group 2 - A new energy storage testing base has been established in collaboration with various institutions, aimed at bridging the gap between basic research and large-scale application [5][11][34] - The city is promoting a dual transformation of digitalization and greening, with numerous technologies compiled into a catalog to support the development of smart and green factories [6][13][35] - Policies have been introduced to optimize the business environment, allowing companies to access funding support without application, significantly reducing the cost of project submissions [7][16][37] Group 3 - The first "Green and Low-Carbon Exhibition" was held at the China Industry Fair, showcasing Shanghai's zero-carbon park construction and the latest developments in industrial green transformation [9][18][39] - The establishment of the Yangtze River Delta Offshore CCUS Industry Alliance aims to create a collaborative innovation system, with significant advancements in carbon capture technology [10][20][41]

Group 1 - The total income of central enterprise leaders consists of annual salary and term incentive income, with the latter being distributed every three years [1] - The term incentive income for central enterprise leaders for the period 2022-2024 has been publicly disclosed [1] - The disclosure includes various state-owned enterprises such as China National Petroleum Corporation and State Grid Corporation of China [1]

Core Viewpoint - The report highlights the recent announcement by the National Development and Reform Commission and the National Energy Administration regarding the improvement of the capacity price mechanism for power generation, which includes an increase in the coal power capacity price recovery ratio and the inclusion of new energy storage, gas power, and pumped storage in the capacity compensation framework [1][2]. Group 1: Investment Highlights - The coal power capacity recovery ratio is set to increase from approximately 30% in 2024-2025 to no less than 50%, enhancing revenue certainty for coal power operators [1]. - The average capacity fee revenue for coal power is expected to rise from 0.027 yuan/kWh to 0.040 yuan/kWh by 2026 due to the increased recovery ratio [1]. - Local governments are encouraged to adjust the lower limit of medium- and long-term trading prices for coal power and relax the signing ratio requirements for medium- and long-term contracts, promoting flexible pricing mechanisms [1]. Group 2: Capacity Compensation Mechanism Expansion - A new capacity price mechanism for independent new energy storage on the grid side has been established, with compensation standards based on local coal power, calculated according to peak capacity [2]. - The pumped storage capacity price mechanism has been improved, categorizing old and new plants for cost recovery, with new plants participating in market revenue sharing [2]. - A capacity price mechanism for gas power generation may be established by provincial pricing authorities, determining capacity prices based on a fixed cost recovery ratio [2]. Group 3: Reliable Capacity Compensation Mechanism - A reliable capacity definition has been established, referring to the capacity that can provide stable power during peak demand periods [3]. - A reliable capacity compensation mechanism will be developed to replace the original capacity price, focusing on compensating for unrecovered fixed costs of marginal units while considering supply-demand relationships and user affordability [3]. - The compensation scope will include coal power, gas power, and independent new energy storage, gradually expanding to pumped storage, ensuring unified evaluation of capacity contribution value [3]. Group 4: Investment Recommendations - Coal power, gas power, and pumped storage operators are expected to benefit from the increased fixed cost recovery ratio and market revenue sharing mechanisms [3]. - The implementation of capacity prices will significantly improve the revenue model for independent energy storage stations, favoring quality storage asset operations [3]. - Regulatory resources will support the construction of new power systems and facilitate the absorption of renewable energy [3]. Recommended companies include Huaneng International, Huadian International, and Longyuan Power [3].

Core Viewpoint - The report highlights a decline in China's thermal power generation, with a projected decrease in output for 2025 compared to previous years, indicating potential challenges for the industry [1]. Industry Summary - According to the National Bureau of Statistics, the thermal power generation output in December 2025 is expected to be 581.2 billion kilowatt-hours, representing a year-on-year decrease of 3.2% [1]. - The cumulative thermal power generation output for the entire year of 2025 is projected to be 6,294.55 billion kilowatt-hours, reflecting a cumulative decline of 1% [1]. - The report is part of a comprehensive market survey and investment potential research for the thermal power industry in China from 2026 to 2032, published by Zhiyan Consulting [1].