Core Viewpoint - China Resources Power has officially surpassed a management and grid-connected installed capacity of 100 million kilowatts, marking a significant milestone in its green transformation and high-quality development during the 14th Five-Year Plan period [2]. Group 1: Green Development Goals - The company set a challenging goal at the beginning of the 14th Five-Year Plan to exceed 100 million kilowatts in management and grid-connected capacity, achieving this through a comprehensive layout across resource-rich areas in northern and southeastern coastal regions [3]. - The first million-kilowatt wind power project in Xinjiang, the Santanghu 1 million-kilowatt wind power project, has become a benchmark for local clean energy development [3]. - The Cangnan No. 1 offshore wind power project in Zhejiang has set multiple national records, including completing all 49 single pile sinking tasks in 82 days, which was approximately 120 days ahead of schedule [3]. Group 2: Technological Innovation - The company focuses on technological innovation to empower green transformation, with continuous growth in R&D investment and breakthroughs in key technology areas, including energy storage, thermal power upgrades, and carbon capture [4]. - Significant achievements during the 14th Five-Year Plan include the inclusion of two technologies in the national first set of equipment catalog, such as a 300 MW coal-fired power unit transformation technology [4]. - The world's first 100 MWh intelligent string-type energy storage system has been developed, addressing renewable energy consumption challenges and filling a technological gap in the field [4]. Group 3: Comprehensive Energy Services - Comprehensive energy services play a crucial role in promoting low-carbon transformation in the energy industry, enhancing energy efficiency, and reducing energy costs [5]. - The company has accelerated the layout of diverse charging networks, including 114 centralized public charging stations and 2,059 charging terminals, with a total charging power of 65 MW by the end of 2024 [5]. - The smart energy management cloud platform has connected 1,133 industrial enterprises, 313 photovoltaic stations, 8 energy storage projects, and 25 smart parks by the end of November 2025 [5]. Group 4: Social Responsibility and Community Development - The company actively integrates corporate development with rural revitalization, ecological protection, and public welfare, achieving a win-win situation for ecological, economic, and social benefits [6]. - The Chibi Riyue photovoltaic project has innovated the "photovoltaic + ecological agriculture" model, significantly increasing regional agricultural output and creating over 150 stable jobs [6]. - The company has established 31 "Energy Classrooms" across the country, benefiting over 23,000 students through various initiatives aimed at improving rural education by the end of 2025 [6]. Group 5: Environmental Protection Initiatives - The company adheres to the philosophy that "lucid waters and lush mountains are invaluable assets," committing to a sustainable development path [7]. - Over 160 million yuan has been invested this year in ecological restoration and afforestation projects, including a dual protection system for fish species and rare plants in Yunnan [7]. - The company has made significant contributions to biodiversity protection through various ecological projects, demonstrating its commitment to environmental sustainability [7].

Summary of Key Points from Conference Call Records Industry Overview - The focus is on the public utility and environmental protection sectors, particularly in the context of coal-fired power, renewable energy, and waste-to-energy industries [1][6][10]. Core Insights and Arguments Coal-Fired Power Sector - In 2025, the coal-fired power sector is expected to perform well with a growth rate of approximately 13.3%, primarily due to declining coal prices [2]. - The flexibility and scarcity value of coal-fired power are highlighted, especially in regions with a high proportion of renewable energy [2][3]. - By 2026, the power supply-demand relationship is anticipated to shift towards structural looseness, leading to pressure on coal-fired utilization hours and market prices [1][3]. - New coal-fired power units are projected to peak in 2025-2026, with an annual addition of about 70 GW, increasing revenue pressure due to rising renewable energy installations [3]. Investment Strategies - Investment strategies should focus on companies with controllable electricity price declines, new quality asset additions, or high dividend yields, such as Inner Mongolia Huadian and Huaneng International [1][3]. - Recommended stocks include national players like Huaneng International, Datang Power, and local companies like Inner Mongolia Haitan and Shaanxi Energy [3]. Renewable Energy Sector - The renewable energy sector is characterized by low valuations among Hong Kong-listed wind power operators, benefiting from reduced capital expenditure expectations and accelerated government subsidy recoveries [1][4]. - The cancellation of VAT refund policies in 2025 is expected to lead to more cautious capital expenditures among renewable energy operators [16]. - The sector is projected to see a significant increase in installed capacity, with annual additions expected to be between 150-200 GW over the next decade [16]. Waste-to-Energy and Biomass Diesel - The waste-to-energy sector is highlighted as a key emerging area for 2026, with significant growth potential and policy support [1][5]. - The industry has seen a substantial increase in the number of waste incineration facilities, with capacity rising from 25.59 million tons/day in 2016 to 115 million tons/day by 2024 [8]. - The sector's capital expenditure peaked in 2020 at 22.3 billion yuan, declining to 10.742 billion yuan by 2024, while free cash flow turned positive for the first time in 2024 [8]. Financial Performance and Market Dynamics - The public utility sector overall saw a 3.6% increase in 2025, outperforming the CSI 300 index by 12.8 percentage points, while the environmental sector rose by 16.1% [6]. - Concerns regarding subsidy delays and accounts receivable are gradually easing, with companies exploring new business models to enhance profitability [7][10]. Other Important Insights - The SAF (Sustainable Aviation Fuel) industry is entering a growth phase, with demand expected to rise significantly due to EU regulations [21][22]. - The supply of Yoko (waste cooking oil) is limited, but its price has stabilized, and demand is expected to increase, benefiting companies with expansion plans [23]. - The waste-to-energy sector is also exploring international opportunities, such as projects in Indonesia, which could provide significant growth avenues for Chinese companies [9]. Recommended Companies - Key companies to watch include: - Waste-to-energy: Weiming Environmental, Huaneng International, and Longyuan Power [10][24]. - Gas sector: Hong Kong gas companies like Towngas and integrated gas companies in A-shares [13][24]. - Biomass diesel: Companies with scarce Yoko resources like Shanhai Environmental and Jiaao Environmental [24].

证券研究报告 公用事业 行业定期报告 hyzqdatemark 2025 年 12 月 22 日 证券分析师 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 邓思平 SAC：S1350524070003 dengsiping@huayuanstock.com 戴映炘 SAC：S1350524080002 daiyingxin@huayuanstock.com 秦雨茁 qinyuzhuo@huayuanstock.com 投资评级： 看好（维持） 2026 年能源工作会议召开，北美 AI 缺电持续演绎 ——大能源行业 2025 年第 51 周周报（20251221） 投资要点： 电力：2026 年全国能源工作会议召开 多省"十五五"能源建设方向明确 全国能源工作会议召开，2026 年新增新能源装机 2 亿千瓦以上。12 月 15 日，2026 年全国能源工作会议在北京召开。会议肯定了 2025 年的能源保供成绩，预期以火电 为主的调节性电源在"十五五"期间仍将受到重 ...

Core Viewpoint - China Resources Power has achieved a significant milestone with its grid-connected installed capacity exceeding 100 million kilowatts, reflecting its commitment to green and low-carbon development in alignment with the national "dual carbon" goals [1][5]. Group 1: Green Transition and Growth Foundation - The company focuses on optimizing its business structure, promoting the synergy between thermal power and clean energy, and aims for sustainable energy supply through energy-saving transformations and clean upgrades [5]. - By June 2025, the proportion of renewable energy in the company's grid-connected installed capacity is expected to reach 49.9%, an increase of 18.8% compared to the end of the 13th Five-Year Plan [5]. - The company is enhancing the clean and efficient use of coal while transforming its thermal power assets to support low-carbon transitions, aiming to redefine the long-term value of thermal power [5]. Group 2: Strategic Development and Innovation - China Resources Power is committed to large-scale development of clean energy, focusing on wind and solar power, particularly in the "Three North" regions and coastal areas [6]. - The company plans to increase its research and development investment, with a projected 89% year-on-year growth in 2024, and aims to integrate AI and digital technologies into its operations [10]. - A comprehensive smart power plant technology system has been established, enhancing operational efficiency and safety through AI and data integration [11][12]. Group 3: Comprehensive Energy Services - The company aims to become a leading clean energy supplier and comprehensive energy service provider, focusing on energy efficiency and cost reduction [16]. - As of the end of 2024, the company has launched 114 centralized public charging stations and connected 1,133 industrial enterprises to its smart energy management cloud platform [16]. - China Resources Power is actively involved in urban charging network construction and provides comprehensive energy services to various sectors, including parks and public buildings [16]. Group 4: Social Responsibility and Community Engagement - The company has invested over 160 million yuan in ecological restoration and environmental protection projects since 2025, contributing to carbon reduction [19]. - It is also engaged in rural revitalization projects, integrating renewable energy with agricultural practices to enhance local economies and create job opportunities [20]. - The company has established "Energy Classrooms" to improve educational environments in rural areas, benefiting over 23,000 students [20]. Group 5: Future Outlook - Looking ahead, China Resources Power will focus on green development, enhance comprehensive energy services, and strengthen technological innovation to build a new development pattern [21].

Group 1 - The company announced that Mr. Liu Xiusheng has resigned from the position of Executive Director effective December 19, 2025 [1] - Mr. Hou Yongjie has been appointed as the new Executive Director [1] - Ms. Wen Yingyi has been appointed as an Independent Non-Executive Director and a member of the Audit and Risk Committee as well as the Remuneration Committee [1]

Group 1 - The company announced that Mr. Liu Xiusheng will resign from the position of executive director effective December 19, 2025 [1] - Mr. Hou Yongjie has been appointed as the new executive director [1] - Ms. Wen Yingyi has been appointed as an independent non-executive director and a member of the audit and risk committee as well as the remuneration committee [1]

Group 1 - The core announcement is that China Resources Power (00836.HK) has made significant changes to its board of directors effective December 19, 2025 [1] - Liu Xiusheng has resigned from his position as an executive director [1] - Hou Yongjie has been appointed as an executive director [1] - Wen Yingyi has been appointed as an independent non-executive director and a member of the Audit and Risk Committee as well as the Remuneration Committee [1]

（根據公司條例在香港註冊成立之有限責任公司） （股份代號：836） 董事名單與其角色和職能 執行董事： 史寶峰 （董事會主席） 王波 （總裁） 宋葵 （董事會副主席） 后永傑 非執行董事： 周波 李傳吉 曾俊 獨立非執行董事： 楊玉川 （首席獨立非執行董事） 梁愛詩 錢果豐 蘇澤光 陳克勤 陳勇 文頴怡 1 於本公告日期，華潤電力控股有限公司董事會（「董事會」）成員載列如下： 董事會設立四個委員會。下表提供自2025年12月19日起各董事會成員在該等委員 會中所擔任的職位： | | | | | 委員會職位 | | | --- | --- | --- | --- | --- | --- | | 董事 | | 可持續發展 | 審核與風險 | 提名 | 薪酬 | | 史寶峰 | （董事會主席） | M | | C | | | 王波 | （總裁） | | | | | | 宋葵 | （董事會副主席） | | | | | | 后永傑 | | | | | | | 周波 | | | M | | | | 李傳吉 | | | M | | | | 曾俊 | | | M | | | | 楊玉川 | | | | | | | （首席獨立 ...

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，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 （根據公司條例在香港註冊成立的有限責任公司） （股份代號：836） 執行董事之辭任、 執行董事之委任 及 1 (1) 劉秀生先生已辭任執行董事職務； (2) 后永傑先生獲委任為執行董事；及 (3) 文頴怡女士獲委任為獨立非執行董事、審核與風險委員會成員及薪酬委員 會成員。 獨立非執行董事及董事會委員會成員之委任 董事會謹此宣佈，自2025年12月19日起： 執行董事之辭任 華潤電力控股有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈，劉秀 生先生（「劉先生」）因其他工作安排已辭任執行董事職務，自2025年12月19日生 效。 劉先生已確認彼與董事會之間並無意見分歧，亦概無需要提請本公司證券持有人 及香港聯合交易所有限公司（「聯交所」）垂注的事項。 董事會謹此向劉先生作為董事期間對本公司作出之寶貴貢獻致以衷心感謝。 執行董事之委任 董事會欣然宣佈，自2025年12月19日起，后永傑先生（「后 ...

Core Viewpoint - The National Development and Reform Commission and the National Energy Administration have issued a notice to enhance the signing and performance of medium- and long-term electricity contracts for 2026 through four key measures, aiming to ensure effective implementation and quality of these contracts [22][25]. Group 1: Contract Signing Requirements - The total signed electricity volume for medium- and long-term contracts by coal-fired power enterprises in each province should not be less than 70% of the actual online electricity volume from the previous year, with monthly contract signing volumes not less than 80% of the expected market-based online electricity volume [10][26]. - The electricity consumption side must ensure that the monthly contract signing volume is not less than 80% of the expected electricity consumption [2][27]. - For cross-provincial and cross-regional contracts, there should be clear arrangements for supporting renewable energy in transmission projects, encouraging green electricity trading to fulfill priority generation plans [3][28]. Group 2: Quality Improvement Measures - There should be a mechanism for time-segmented and curve-based signing in annual electricity medium- and long-term transactions, with at least 24 trading periods in regions where the electricity spot market is operational [5][28]. - The pricing mechanism for medium- and long-term electricity contracts should be flexible, allowing for adjustments based on market supply and demand, and not mandating fixed prices [6][29]. - A balance management system for electricity supply and demand should be established to avoid significant discrepancies in electricity volume across trading periods [12][29]. Group 3: Efficient Contract Performance - Continuous and flexible trading of medium- and long-term contracts within provinces should be promoted, considering the characteristics of renewable energy generation and load [8][30]. - The quality of cross-provincial and cross-regional medium- and long-term transactions should be improved by enhancing trading frequency and optimizing transaction organization [14][30]. - Monitoring of medium- and long-term trading behaviors should be strengthened to prevent market manipulation and ensure compliance with regulations [15][31]. Group 4: Contract Assurance Mechanism - A mechanism to promote high-quality signing and performance of medium- and long-term contracts should be established, ensuring compliance with policy requirements [16][32]. - The priority generation plan for cross-provincial and cross-regional electricity should be effectively implemented, ensuring that annual delivery needs are met [17][33]. Group 5: Timeline - Local government departments and the National Energy Administration should complete the necessary preparations for the medium- and long-term electricity market by December 10, 2025, and finalize cross-provincial contract signing by December 25, 2025 [18][34].