重要内容提示： 一、电话会议内容 华能国际电力股份有限公司（"公司"）将于 2025 年 7 月 29 日晚间披露公司 2025 年中期业绩情况，为便于广大投资者更全面深入地了解公司 2025 年上半年 的经营成果及财务状况，公司决定于 2025 年 7 月 30 日下午 16 点至 17 点 30 分 召开 2025 年中期业绩推介全球投资者电话会议，公司将针对 2025 年上半年的经 营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的 范围内就投资者普遍关注的问题进行回答。 二、电话会议召开时间 证券代码：600011 证券简称：华能国际 公告编号：2025-041 华能国际电力股份有限公司 关于召开 2025 年中期业绩推介全球投资者 电话会议的公告 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。 2025 年 7 月 30 日（星期三）下午 16 点至 17 点 30 分 三、公司参加人员 公司参加本次会议的人员包括：董事长王葵先生，独立董事党英女士，副总 经理、董事会秘书黄朝全先生，副总经理 ...

证券代码: 600011 证券简称: 华能国际 公告编号:2025-042 特此公告。 华能国际电力股份有限公司董事会 2025 年 7 月 23 日 公司已于近日完成了华能国际电力股份有限公司2025年面向专业投资者公 开发行科技创新可续期公司债券（第一期）（"本期债券"）的发行。本期债券发 行额为人民币20亿元，发行利率为2.15%。本期债券基础期限为10年，在约定的 基础期限末及每个续期的周期末，公司有权行使续期选择权，按约定的基础期限 延长1个周期，或选择在该周期末到期全额兑付本期债券。 本期债券的募集资金扣除相关发行费用后，将全部用于偿还银行贷款、公 司债券及其他债务融资工具本金及利息。 本期债券发行的有关文件已在上海证券交易所网站上公告，网址为 www.sse.com.cn。 华能国际电力股份有限公司 关于公司债券发行的公告 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法律责任。 华能国际电力股份有限公司（"公司"）面向专业投资者公开发行面值不超过 人民币400亿元（含400亿元）的公司债券已经上海证券交易所审核同意，并经 ...

Core Viewpoint - Huaneng International Power Co., Ltd. has seen a significant increase in its stock price, reaching a new high, indicating positive market sentiment and potential growth opportunities for investors [1]. Group 1: Company Overview - Huaneng International is one of the largest publicly listed power generation companies in China, with a controllable installed capacity of 118,695 MW and an equity generation capacity of 103,875 MW as of December 31, 2021 [2]. - The company has a low-carbon clean energy installed capacity ratio of 22.39%, reflecting its commitment to sustainable energy practices [2]. - Huaneng International operates power plants across 26 provinces, autonomous regions, and municipalities in China, and has investments in Singapore and Pakistan [2]. Group 2: Historical Milestones - The company was established on June 30, 1994, and was the first power generation company to be listed in New York, Hong Kong, and Shanghai [2]. - It has successfully completed multiple rounds of public offerings and private placements, including 1.25 billion shares in its initial public offering [2]. - Huaneng International has pioneered several technological advancements in the power generation sector, including the introduction of the first 600,000 kW supercritical generator set in China [2]. Group 3: Business Strategy and Goals - The company focuses on technological innovation, management innovation, and optimizing its energy structure to enhance operational efficiency and competitiveness [2]. - Huaneng International aims to provide sufficient, reliable, and environmentally friendly electricity while delivering stable returns to shareholders [2]. - The company benefits from a strong governance structure, market reputation, and a highly skilled workforce, which supports its growth and expansion strategies [2].

Group 1: Liquidity and Scale of Green Power ETF - The Green Power ETF had an intraday turnover of 3.03%, with a transaction volume of 9.51 million yuan. Over the past week, the average daily transaction volume reached 22.38 million yuan [2] - The Green Power ETF experienced a scale increase of 13.62 million yuan over the past week, ranking first among comparable funds. The number of shares increased by 8.40 million, also the highest among comparable funds [2] - In terms of net fund inflow, the Green Power ETF saw continuous inflows over three days, with a maximum single-day net inflow of 7.04 million yuan, totaling 9.82 million yuan [2] Group 2: Valuation and Index Composition - The latest price-to-earnings ratio (PE-TTM) of the index tracked by the Green Power ETF is 18.77 times, which is below the 81.36% historical level over the past three years, indicating a low valuation [2] - As of June 30, 2025, the top ten weighted stocks in the National Green Power Index include Changjiang Electric Power, Three Gorges Energy, China Nuclear Power, and others, collectively accounting for 56.91% of the index [2] Group 3: Market Dynamics and Policy Changes - The National Development and Reform Commission has released a plan for a normalized electricity trading mechanism across grid operation areas, aiming for optimized resource allocation during peak summer periods in 2025 [3] - The number of market participants in the national electricity market is projected to reach 816,000 in 2024, a year-on-year increase of 8.9%, with 35,000 power generation companies and 777,000 electricity users [3] - The release of three major factors—consumption, electricity prices, and subsidies—will likely lead to a reversal for green electricity operators, with market-driven pricing expected to guide renewable energy investments back to actual demand [3]

Group 1 - The fund reported a profit of 135 million yuan in Q2 2025, with a weighted average profit per fund share of 0.0419 yuan. The net value growth rate for the fund was 4.12%, and the fund size reached 3.328 billion yuan by the end of Q2 [2][15] - The fund is classified as a flexible allocation fund, primarily investing in cyclical stocks. As of July 21, the unit net value was 1.074 yuan, with the fund manager managing three funds that have all yielded positive returns over the past year [2][3] - The fund's main investment focus is on dividend-paying infrastructure sectors, with a significant portion of investments in Hong Kong stocks due to their lower valuations and better cost-effectiveness [3] Group 2 - As of July 21, the fund's one-year net value growth rate was 10.76%, ranking 43 out of 77 comparable funds. The three-month growth rate was 8.67%, ranking 46 out of 82, and the six-month growth rate was 13.10%, ranking 24 out of 82 [3] - The fund's three-year Sharpe ratio was 0.3857, ranking 16 out of 57 comparable funds, while the maximum drawdown over the past three years was 19.81%, ranking 49 out of 57 [9][11] - The fund's top ten holdings include companies such as China Resources Gas, Longyuan Power, and Funen Co., indicating a focus on energy and environmental sectors [18]

Core Insights - The article highlights a significant increase in the registration of energy storage-related companies, with 48,920 new companies registered in the first half of 2025, marking an 18.91% year-on-year growth [1][8] - The total number of energy storage-related companies has exceeded 353,420, with a notable portion (12.77%) operating in an abnormal state [8][15] Company Developments - Huaneng International has established a new energy storage technology company with a registered capital of 500,000 RMB, focusing on energy storage technology services and related areas [1] - China Energy Engineering has formed a new energy storage technology company, which is indirectly wholly owned by the parent company, with a focus on energy storage and power generation services [2] - Harbin Yuyao New Energy Technology Co., Ltd. has been established with a registered capital of 1 million RMB, focusing on energy storage technology services and photovoltaic equipment [3] - Ganfeng Lithium has invested in Shenzhen Heli Energy Technology Co., Ltd., which has a registered capital of 5 million RMB and offers energy storage technology services [4] - Shenzhen Yichu also announced the establishment of a software development company related to energy storage, with an investment of 50 million RMB [5] Industry Trends - In April 2025, the highest number of new energy storage companies was registered, totaling 10,048, while May saw a significant drop to 7,881 [8][10] - The majority of new energy storage companies are concentrated in Guangdong and Jiangsu, with over 5,000 new registrations in each province [12] - The fastest-growing regions for new energy storage companies include Henan (64.90% increase) and Hebei (60.03% increase) compared to the previous year [13] Company Composition - Among the newly established energy storage companies, 93.71% are private enterprises, while state-owned enterprises account for 973, showing a slight decline from the previous year [15] - The majority of new companies have a registered capital of less than 1 million RMB, with 39.72% falling within this category [15]

Group 1 - Huaneng (Shanghai) Energy Storage Technology Co., Ltd. has been established with a registered capital of 500,000 RMB [1] - The legal representative of the new company is Zhu Ping [1] - The business scope includes energy storage technology services, electrical equipment repair, power generation technology services, centralized fast charging stations, and contract energy management [1] Group 2 - Huaneng International (600011) holds 100% ownership of the newly established company [1]

Group 1: Major Investment Projects - The State-owned Assets Supervision and Administration Commission hosted a conference in Lhasa, resulting in 16 major investment project agreements with a total investment of 317.54 billion yuan [1][3] - The signed projects focus on key areas such as clean energy, infrastructure, and strategic emerging industries, addressing urgent needs in Tibet [3][4] Group 2: Energy Development Initiatives - The Yarlung Tsangpo River downstream hydropower development project officially commenced, marking a significant milestone in China's hydropower development [3] - Key leaders from major energy state-owned enterprises attended the project launch, indicating strong governmental support for energy initiatives in Tibet [3][4] Group 3: Company Involvement - State Grid, China Southern Power Grid, China Three Gorges Corporation, and China Power Construction Corporation were present at the project launch, highlighting their roles in the energy sector [3] - China Huaneng Group has been active in Tibet since 2005, focusing on hydropower development and supporting local energy needs [7][8] - China Huadian Corporation is also engaged in discussions to enhance energy cooperation and development in Lhasa [10] Group 4: Local Government Support - The Lhasa municipal government expressed strong support for energy companies, emphasizing the importance of clean energy development and collaboration with state-owned enterprises [10][11] - The local government aims to create a favorable environment for investment and operational activities of energy companies in the region [10]

Group 1 - The core viewpoint of the news highlights the positive market response to the commencement of the Yarlung Tsangpo River downstream hydropower project, which involves the construction of five cascade power stations with a total investment of approximately 1.2 trillion yuan, primarily focusing on power transmission and consumption [1] - The public utility ETF (560190.SH) has seen an increase of 0.91%, with significant gains in major constituent stocks such as Datang Power (up 6.02%) and Huaneng International (up 1.85%), reflecting market optimism regarding industry policy support and infrastructure investment [1] - The Ministry of Industry and Information Technology is set to issue a work plan to stabilize growth in the power equipment sector, which is expected to enhance the quality of supply capacity, further benefiting the public utility sector, especially hydropower and power operators [1] Group 2 - According to GF Securities, the public utility sector has shown a steady upward trend since 2020, outperforming the CSI 300 index by 32.92 percentage points as of July 18, 2025, with current sample stock PE-TTM at 16.99 times, indicating a historical low valuation level [2] - The industry is characterized by strong dividend capabilities due to stable free cash flow, with the latest dividend yield of the CSI All Index Free Cash Flow Index at 4.37%, suggesting that companies in this sector can provide ample cash flow and perform relatively well in volatile markets [2] Group 3 - Related products include the public utility ETF (560190) [3] - Associated stocks in the sector include Yangtze Power, China Nuclear Power, Three Gorges Energy, Guodian Power, Guotou Power, Yongtai Energy, Huaneng International, Chuanwei Energy, China General Nuclear Power, and Zhejiang Energy [3]

Core Viewpoint - Central enterprises in China are facing challenges but are maintaining overall economic stability, with significant contributions to the national economy through various sectors [1][2]. Group 1: Economic Performance - From January to June, central enterprises achieved a value-added output of 5.2 trillion yuan and completed fixed asset investments of 2 trillion yuan [1]. - Strategic emerging industries have seen strong investment, with significant increases in electricity sales, crude oil production, air transport turnover, and container throughput [1]. - The sales of new energy vehicles from major automotive companies like China FAW, Dongfeng, and Changan grew by over 20% in the first half of the year [1]. Group 2: Technological Innovation - Central enterprises are actively implementing the "Artificial Intelligence+" initiative, with over 800 application scenarios developed [2]. - Major telecommunications companies have launched general models capable of complex reasoning and multimodal capabilities [2]. - R&D expenditure for central enterprises reached 413.98 billion yuan, maintaining a research intensity of 2.26% compared to the previous year [2]. Group 3: Strategic Goals and Future Directions - Central enterprises are at a critical juncture for high-quality development, emphasizing the need for improved productivity and innovation [3]. - The focus is on enhancing core functions and competitiveness while achieving this year's targets [3]. - The State-owned Assets Supervision and Administration Commission (SASAC) aims to improve original technology supply capabilities and promote deep integration of industry, academia, and research [4].