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。 证券代码: 600011 证券简称: 华能国际 公告编号:2025-032 本期债券由中信证券股份有限公司、招商银行股份有限公司、中信建投证券 股份有限公司、长城证券股份有限公司作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。本期债券募集资金将用于补充 公司营运资金、调整债务结构、偿还银行借款及即将到期的债券。 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 华能国际电力股份有限公司（"公司"）2023年年度股东大会于2024年6月25 日通过决议，同意公司在自2023年年度股东大会批准时起至2024年年度股东大会 结束时止，经相关监管部门核准后，在中国境内或境外一次或分次发行本金余额 不超过等值于1300亿元人民币的境内外债务融资工 ...

Investment Rating - The report provides an "Outperform" rating for the industry, expecting a relative increase of over 10% compared to the benchmark index in the next 12-18 months [14][17]. Core Insights - The report highlights that coal prices are fluctuating, and with the onset of the rainy season, water inflow for hydropower may improve, potentially benefiting hydropower output in the coming week [3][4]. - In the week of June 3-6, Huaneng Power International saw a 0.7% increase, while Huadian Power International and China Yangtze Power experienced slight declines of 0.3% and 0.7% respectively. China Longyuan Power Group H increased by 5%, with the Shanghai Composite Index rising by 1.1% and the ChiNext Index by 2.3% [4]. - The report notes that in May, Guodian Changyuan Electric Power and China Longyuan Power Group showed improved power generation compared to the first four months of the year, indicating a positive trend in power demand [4]. - The report cites significant growth in global and Chinese renewable energy, with a projected increase of 590 million kilowatts in global renewable energy capacity in 2024, of which China will contribute 374 million kilowatts, accounting for 86.3% of the national new capacity [4]. - By the end of April, China's renewable energy capacity reached 2.02 billion kilowatts, with wind and solar power totaling 1.53 billion kilowatts, and a target for new energy utilization rate to be no less than 90% by 2027 [4]. - The average power outage time for urban and rural users in China is expected to decrease significantly by 2024, with major cities achieving an average outage time below 1 hour [4]. Summary by Sections Hydropower and Coal Market - The report anticipates an increase in hydropower output due to the rainy season, which may stabilize coal prices, particularly futures [3][4]. - The electricity prices in regions like Guangdong and Jiangsu-Zhejiang-Shanghai will depend on hydropower output [4]. Renewable Energy Development - The report emphasizes the rapid development of renewable energy in China, with a year-over-year increase of 17.3% in generation [4]. - Jiangsu province has initiated a long-term trial operation of its power spot market, with new energy capacity reaching 101 million kilowatts, representing 46% of the province's total capacity [4]. Infrastructure Developments - The report mentions the successful grid connection of Shandong's ultra-supercritical coal-fired unit, which is expected to generate 10 billion kilowatt-hours annually, impacting local coal consumption and electricity prices [4].

Core Viewpoint - The article emphasizes the importance of establishing and effectively operating an internal reporting reward mechanism for accident hazards across various industries, aiming for comprehensive coverage by the end of June and December for key and other industries respectively [1] Group 1: Company Practices - Huaneng Weihai Power Generation Co., Ltd. has successfully implemented a dual-win approach for safety production and operational efficiency by engaging all employees in the company's safety initiatives [2] - The company has established a Performance Management Committee led by the chairman, responsible for the investigation, analysis, and implementation of the reporting rewards system, with a total reward of 3.08 million yuan planned for 2024 and 486,000 yuan for January-February 2025 [3] - The reward system is directly linked to the risk assessment of hazards, with no upper limit on rewards for significant issues reported, as demonstrated by a case where a worker reported a potential underground pipeline issue, leading to a reward of 10,000 yuan for the worker and 5,000 yuan for the supervisor [4] Group 2: Reward Mechanism - The company encourages reporting of hazards and reasonable suggestions, with rewards for regular work activities to enhance the visibility and importance of safety management, thus boosting employee morale [5] - Shandong Luoxiang Automobile Manufacturing Co., Ltd. has proactively implemented a hazard reporting reward system to eliminate risks before they escalate into accidents [6] - The company has developed a comprehensive training program for management on reporting procedures and has established a dedicated assessment team to oversee the reporting process and ensure effective implementation [7][8] Group 3: Reporting and Management Systems - The company has created a mini-program for hazard reporting, establishing a closed-loop management mechanism that includes employee reporting, departmental review, and reward disbursement, resulting in 925 reported hazards and 45,810 yuan in rewards issued [10] - Shandong Heng'an Paper Industry Co., Ltd. has launched an internal reporting reward mechanism in 2024, ensuring a transparent and fair process with cash rewards ranging from 50 to 2,000 yuan based on the severity of the hazards reported [11] - The company has implemented a rapid response system for hazard reports, ensuring confirmation within 30 minutes and a corrective action plan within 24 hours, with a completion rate of 98% for reported hazards [11]

绿电直连试点政策三大亮点值得关注 华能集团能源研究院副院长 陈大宇 在全球气候治理格局深度重构的背景下，"绿电直连"作为破解能源转型与碳关税壁垒双重挑战的制度创 新，逐渐进入人们的视野。国家发展改革委、国家能源局印发《关于有序推动绿电直连发展有关事项的 通知》（以下简称《通知》）开展绿电直连试点项目，旨在提升清洁能源利用效率、提升绿电的物理属 性，这种创新模式将绿电消费在时间精度和发用电位置上的颗粒度进一步提升，为全国新能源产业的发 展提供了有益的探索和借鉴。 从国际视角来看，根据欧盟去年4月公布的《新电池法案》下的碳足迹计算规则草案及各国对于电力直 连的概念，"连接独立发电站点与独立用户之间的电力线路，或连接发电企业与电力供应商直接为其自 有场所、子公司及客户供电的电力线路"，"绿电直连"应是通过"拉专线"的方式连接新能源电站与用 户。有意思的是，在欧盟各国实践中并未切断与大电网的联系，根据美国国际开发署（USAID）统 计，在欧盟已经展开绿电直连实践的国家中，拉脱维亚直连线路的用户有权保持与系统的永久连接作为 备用，或者在用户没有安装永久连接的情况下，要求系统运营商安装备用连接。波兰政府认为，将"直 连线 ...

- The Hang Seng Index rose by 2.2% over the week, closing at 23,792 points, while the Hang Seng Tech Index also increased by 2.2%, closing at 5,286 points[1] - The market was influenced by the anticipation of a call between the US and Chinese presidents, leading to increased trading volume to HKD 235.6 billion, although the average daily turnover decreased by 7.6% to HKD 203.9 billion[1] - The materials and healthcare sectors saw significant gains, with their respective indices rising by 5.6% and 4.1%, driven by stocks in gold, copper, and innovative drug BD transactions in China[1] - The net inflow of HKD 14.9 billion into the Hong Kong Stock Connect indicated a continued preference for high-dividend stocks[1] - The overall market sentiment was supported by a rise in global risk appetite, although the current valuation has significantly recovered, leading to a low AH premium index and a generally volatile market[1] - The call between the US and Chinese presidents helped ease bilateral tensions and reduce uncertainty, potentially improving market sentiment in Hong Kong[1] - However, significant differences remain between the US and China on issues such as tariffs, high-end chip imports, market reforms, industrial subsidies, and fentanyl, suggesting slow and repetitive progress in reaching consensus[1]

证券研究报告 | 行业周报 gszqdatemark 2025 06 08 年 月 日 在新一代煤电方面，提出对照《新一代煤电升级专项行动实施方案 （2025—2027 年）》要求，推动具备条件的现役机组和新建机组针对清 洁降碳、高效调节两类指标分别开展试点，通过采用零碳低碳燃料掺烧、 CCUS（（碳集、、利用与存））等降碳施施，著降降低煤电碳放；；开展 主辅机装备技术创新应用和系统、成优化，提高煤电机组快速变负荷、 深度调峰和宽负荷高效调节能力，同时需具备安全可靠启停调峰能力。 ➢ 多地发布高温预警，迎峰度夏开启有望提振用电需求，煤价跌至 618 元 /吨。4 月，国家能源局曾预计今年度夏期间，全国用电负荷将快速增长， 最高负荷同比增长约 1 亿千瓦，电力保供面临着一定压力。综合研判， 迎峰度夏期间，全国电力供应总体有保障，局部地区高峰时段可能）在 电力供应紧张的情况。本周，多地地表温度超过 60℃，高温范围持续扩 大。今年 1-4 月全社会用电量 31566 亿千瓦时，同比增长 3.1%，整体 用电需求偏弱。进入迎峰度夏，高温天气或催化用电需求提升。成本端 煤价持续下跌，本周北港动煤 5500K 跌至 6 ...

Investment Rating - The industry investment rating is maintained as "Increase" [5] Core Insights - The construction of a new power system is expected to alleviate renewable energy consumption issues, with pilot projects focusing on seven key areas including power and computing collaboration and coal power transformation [2][11] - The summer peak demand is anticipated to boost electricity consumption, with coal prices dropping to 618 RMB/ton, enhancing profitability for thermal power generation [3][12] Summary by Sections Industry Outlook - The National Energy Administration has initiated pilot projects for a new power system, emphasizing collaboration between computing and electricity, large-scale renewable energy delivery, and next-generation coal power [2][11] - High-temperature warnings have been issued in multiple regions, indicating a potential increase in electricity demand during the summer peak, with a projected maximum load increase of approximately 100 million kilowatts year-on-year [3][12] Market Performance - The Shanghai Composite Index closed at 3385.36 points, up 1.13%, while the CSI 300 Index closed at 3873.98 points, up 0.88%. The CITIC Power and Utilities Index fell by 0.12%, underperforming the CSI 300 by 1.00 percentage points [58][59] Key Companies and Recommendations - Recommended stocks include Huadian International, Huaneng International, Datang Power, and JianTou Energy for thermal power, as well as Qingda Environmental Protection for coal power transformation equipment [3][8] - In the renewable energy sector, focus on undervalued green power operators, particularly in Hong Kong, such as Xintian Green Energy and Longyuan Power [3][8]

Core Viewpoint - The management of state-owned enterprises (SOEs) in China has shifted from policy advocacy to substantive implementation, with expectations for valuation restructuring and market confidence enhancement as assessment mechanisms and supporting policies improve [1][5]. Group 1: SOE Value Management - The State-owned Assets Supervision and Administration Commission (SASAC) has emphasized improving the quality of SOEs' listed companies and enhancing value management to stabilize market expectations [1][4]. - Several SOEs have held performance briefings and investor engagement activities, committing to increase dividend payouts and enhance shareholder returns while focusing on core business improvement and innovation [1][2]. - China National Nuclear Corporation (CNNC) reported a market value of approximately 260 billion yuan, with a year-on-year increase of over 30%, highlighting its commitment to shareholder value through strategic investments [1][2]. Group 2: Dividend Policies - China National Power has maintained a cash dividend payout ratio exceeding 35% for ten consecutive years, with the 2024 dividend ratio reaching a historical high of 41.92%, totaling over 24 billion yuan in cumulative dividends [2]. - China Nuclear Technology has consistently returned cash dividends for 18 years, with a 2024 payout ratio of 32.43% and an average payout ratio exceeding 30% from 2020 to 2024 [2]. - China Huaneng Group is focused on enhancing dividend frequency and amounts across its listed companies to stabilize market value [2]. Group 3: Innovation and Reform - Accelerating innovation and deepening reforms are crucial for SOEs to enhance value management and improve the quality of listed companies [3][4]. - The State Grid Corporation is implementing multiple measures to promote high-quality development of its listed companies, focusing on energy transition and new power system construction [3]. - China Aerospace Science and Technology Corporation aims to enhance innovation capabilities and integrate technology and industry innovation to improve value creation [3]. Group 4: Regulatory Framework - The SASAC has issued guidelines to improve the market value management of SOEs, emphasizing the importance of maintaining investor rights and promoting healthy capital market development [3][4]. - Recent analyses indicate that value management is essential for listed companies to enhance intrinsic value and market performance through various compliant methods [4][5]. - SOEs are increasingly formalizing their value management practices, including the establishment of value enhancement plans and regular communication with investors [5].

Core Viewpoint - The public REITs market in China is experiencing significant growth, with increasing participation from fund managers and a diverse range of underlying assets, indicating a promising future for the sector [1][4][7]. Group 1: New Entrants and Fund Management - Huaneng International plans to issue infrastructure public REITs through its subsidiary, with Changcheng Fund as the fund manager, marking the entry of another player into the public REITs space [2][3]. - As of June 6, 2023, there are 27 fund managers involved in public REITs, with over 80 products launched, showcasing a growing interest in this investment vehicle [1][4]. Group 2: Market Performance and Valuation - The total market capitalization of listed public REITs has surpassed 200 billion yuan, with 66 products achieving this status, reflecting a significant milestone in market maturity [5][6]. - The average return for public REITs has reached 19.34% year-to-date, with several funds exceeding 30% returns, indicating strong performance in the sector [6][7]. Group 3: Future Development and Challenges - The public REITs market is expected to expand further, driven by improvements in market efficiency, asset diversity, and investor awareness [7]. - Challenges remain, including the need for better liquidity, comprehensive tax policies, and legal frameworks to support the growth of REITs in China [8].

Group 1 - The liquidity of the green power ETF showed a turnover of 3.17% with a transaction volume of 10.83 million yuan, and the average daily transaction volume over the past month reached 19.32 million yuan [3] - The green power ETF experienced a significant growth in scale, increasing by 65.56 million yuan over the past three months, ranking first among comparable funds [3] - The green power ETF's share increased by 2 million shares in the past week, also ranking first among comparable funds [3] Group 2 - The price-to-earnings ratio (PE-TTM) of the index tracked by the green power ETF is currently 18.62 times, which is below 85.71% of the historical data over the past three years, indicating a historical low valuation [3] - The top ten weighted stocks in the National Green Power Index account for 58.12% of the total, including major companies such as Yangtze Power, China Nuclear Power, and Three Gorges Energy [3] Group 3 - The recent policy notification regarding the orderly promotion of green electricity direct connection is the first national-level policy to permit and regulate green electricity direct connection, which aims to facilitate the consumption of renewable energy and reduce costs for end users [4] - The green electricity direct connection projects will require investors to bear transmission and distribution costs, but can also lower operational costs by reducing grid connection capacity requirements [4] - Investors can leverage the corresponding green power ETF linked fund (017057) to seize investment opportunities in this sector [4]