华能国际电力股份有限公司 关于参加 2025 年中国华能集团有限公司 "发电板块上市公司"集体业绩说明会的公告 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。 重要内容提示： 证券代码：600011 证券简称：华能国际 公告编号：2025-025 一、会议内容 华能国际电力股份有限公司（"公司"或"华能国际"）已于 2025 年 3 月 25 日 和 4 月 28 日晚间分别披露公司 2024 年业绩情况和 2025 年第一季度业绩情况， 详见上海证券交易所网站（www.sse.com.cn）。为便于广大投资者更全面深入地 了解公司的经营成果及财务状况，公司将于 5 月 16 日参加中国华能集团有限公 司 2025 年"发电板块上市公司"集体业绩说明会，会议时间为下午 2 点 30 分至 5 点，会上公司将针对 2024 年和 2025 年第一季度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、会议召开时间与地点 日期：2025 年 5 月 16 ...

Market Overview - The Hang Seng Index rose 2.4% last week, closing at 22,504 points, recovering most of the losses since the "reciprocal tariffs" were implemented[1] - The Hang Seng Tech Index increased by 5.2%, closing at 5,244 points, with all 12 major sectors in the Hong Kong stock market showing gains[1] - Weekly trading volume decreased by 26.3% to HKD 170.5 billion, and net inflow from the Hong Kong Stock Connect dropped to HKD 1.24 billion[1] Economic Indicators - The global stock markets have largely recovered from the declines following the imposition of tariffs, with cyclical commodities like copper rebounding significantly, while safe-haven assets like gold have seen price declines[1] - Asian currencies showed volatility, with the New Taiwan Dollar rising 4.4% in a single day, and the offshore RMB increasing by 0.92% to 7.21, indicating capital inflow into the region[1] Investment Insights - The current forecasted PE for the Hang Seng Index has risen to 10 times, with risk premiums below one standard deviation of the rolling two-year average, indicating a significant recovery in valuations[2] - The April PMI data from China suggests increasing pressure on manufacturing and service sector activity, which may lead to downward pressure on prices and corporate earnings forecasts[2] Sector Performance - In the automotive sector, BYD's sales increased by 21.3% year-on-year, while Geely's sales rose by 52.7% year-on-year, with most automotive stocks rising between 2% and 7% last week[3] - The healthcare sector saw the Hang Seng Healthcare Index rise by 2.4%, with notable increases in companies like Innovent Biologics and Rongchang Biologics, reflecting strong operational performance[4] Policy and Regulatory Changes - Guangzhou announced a water price increase of up to 93.2%, with residential water prices rising significantly, which may influence water supply industries nationwide[11] - The adjustment in water pricing is expected to support the national water supply industry and may lead to similar price increases in other cities, such as Shenzhen[13]

Group 1 - The liquidity of the green power ETF showed a turnover of 2.76% with a transaction volume of 10.0083 million yuan [2] - The green power ETF experienced a significant growth in scale, increasing by 165 million yuan over the past three months [2] - In terms of shares, the green power ETF saw an increase of 18.4 million shares in the last month, indicating substantial growth [2] Group 2 - The latest net inflow of funds into the green power ETF was 9.3737 million yuan, with a total of 19.8745 million yuan accumulated over the last 18 trading days [2] - The price-to-earnings ratio (PE-TTM) of the index tracked by the green power ETF is currently at 18.37, which is in the 12.08% percentile over the past three years, indicating a historical low valuation [2] - As of April 30, 2025, the top ten weighted stocks in the National Green Power Index account for 58.04% of the index, including major companies like Yangtze Power and China Nuclear Power [2] Group 3 - The domestic public bidding market for wind power in Q1 2025 saw a new bidding volume of 28.6 GW, representing a year-on-year increase of 22.7% [3] - Wind turbine exports from China reached 14.6 million USD in March, with a month-on-month increase of 86.81% and a year-on-year increase of 50.54% [3] - The international bidding volume for Chinese wind turbine manufacturers is projected to reach 27.63 GW in 2024, showing a nearly 200% year-on-year growth [3]

丨证券研究报告丨 行业研究丨点评报告丨公用事业 [Table_Title] 核电审批维持高位，景气上行再获确认 报告要点 [Table_Summary] 4 月 27 日，国务院召开的常务会议决定核准浙江三门三期工程等 10 台核电机组。其中，广核 集团 4 台机组获得核准，中国核电、国家核电、华能核电分别有 2 台机组获得核准。此次核准 完成后，中广核集团与中国核电核准在建及待建机组分别达到 20 台、19 台，国家核电以及华 能核电在建项目将分别达到 9 台和 7 台。本次核准项目中 8 台机组均采用"华龙一号"技术。 随着"华龙一号"机组的持续投产入列，核电上市公司的 ROE 水平有望同步得到提振。随着 核电建设的加速，中国核电、中国广核等上市公司有望深度受益于行业的景气度提升。 分析师及联系人 [Table_Author] SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SAC：S0490523080003 SFC：BQT627 张韦华 司旗 宋尚骞 刘亚辉 请阅读最后评级说明和重要声明 %% %% %% %% research.955 ...

Investment Rating - The industry investment rating is "Buy" [5][9]. Core Viewpoints - By the end of this year, the electricity spot market is expected to achieve comprehensive coverage, indicating a deepening of electricity marketization and an anticipated increase in demand for ancillary services. It is recommended to focus on the value of flexible adjustment power sources [3][12]. - The State Council has approved 10 new nuclear power units, enhancing growth certainty. From 2019 to 2025, the number of approved nuclear power units in China has been consistently high, with a total of 56 units approved over seven years. Predictions suggest that by 2030, China's operational nuclear power capacity will rank first globally [3][12]. - The recent drop in coal prices to approximately 657 RMB/ton is expected to improve profitability for thermal power generation, highlighting excess opportunities in thermal power [3][12]. Summary by Sections Industry Viewpoints - The electricity spot market is set for full coverage by the end of this year, with a focus on the value of flexible power source configurations [3][12]. - The approval of 10 new nuclear power units by the State Council adds certainty to growth in the nuclear sector [3][12]. - Coal prices have decreased to 657 RMB/ton, which supports improved profitability for thermal power [3][12]. - Hydropower inflow and outflow at the Three Gorges Dam have decreased significantly, with inflow down 40% year-on-year and outflow down 39.73% [30]. - Silicon material prices remain stable, while mainstream silicon wafer prices have decreased, potentially enhancing the profitability of photovoltaic projects [37]. - The national carbon market saw a 5.68% decrease in trading prices, with a total trading volume of 171.11 million tons for the week [49]. Market Review - The Shanghai Composite Index closed at 3,279.03 points, down 0.49%, while the CSI 300 Index closed at 3,770.57 points, down 0.43%. The CITIC Power and Utilities Index closed at 2,846.13 points, down 1.68%, underperforming the CSI 300 Index by 1.24 percentage points [54][55]. Key Companies - Recommended stocks include Huadian International, Waneng Power, Zheneng Power, Huaneng International, and Jiantou Energy, all rated as "Buy" [9]. - The report also suggests focusing on undervalued green electricity sectors, particularly in Hong Kong, and highlights companies like Xintian Green Energy and Longyuan Power [3][9].

Core Viewpoint - The article discusses the declining perceived value of overseas degrees, particularly among female students, and how this has led to increased scrutiny in various sectors, including the dating market, employment, and public service [45][49][50]. Group 1: Dating Market - In the past, female students studying abroad were viewed as high-achieving individuals, but this perception began to shift around 2015, with increasing skepticism about their qualifications [4][6]. - By 2019, the questioning of the value of overseas degrees became widespread, with women also feeling the pressure to justify their qualifications in the dating market [6][25]. - The emergence of "watered-down" master's degrees, particularly from the UK, has created a perception that these degrees do not equate to real skills, impacting women's prospects in the dating scene [12][13][16]. Group 2: Employment Market - Starting around 2017, companies began emphasizing the importance of "first degree" in hiring processes, reflecting a growing concern over the legitimacy of overseas qualifications [28][32]. - Employers are increasingly wary of candidates with overseas degrees that do not align with their first degree, as they seek to avoid hiring individuals who may have taken shortcuts in their education [29][34]. - The trend of questioning the value of overseas degrees has also reached the public sector, with many government positions beginning to restrict or reject applicants with certain overseas qualifications [36][49]. Group 3: Overall Impact - The article suggests that the issues surrounding the value of overseas degrees are interconnected across different sectors, with the dating market being the first to react, followed by employment and finally public service [45][46][48]. - The culmination of these trends is expected to lead to significant changes in how overseas qualifications are perceived and evaluated in the future [49][50].

Group 1 - The banking and insurance sectors have seen a sudden downturn, while small-cap stocks have surged, with over 20 stocks hitting the daily limit up on the ChiNext board [1] - The People's Bank of China has injected significant liquidity into the market, with a total of 9.228 billion yuan in just four days, indicating a strong effort to stabilize the financial system ahead of the holiday [3] - Manufacturing data has shown a decline, with the PMI dropping to 49%, prompting the government to announce subsidies for domestic GPU purchases and investments in satellite internet [3] Group 2 - The semiconductor sector has gained attention, with stocks like SMIC seeing a 15% increase over three days, driven by government support for AI computing companies [6] - The high-dividend sector is experiencing fluctuations, with Longjiang Power's stock rising for 18 consecutive days, while coal stocks like China Shenhua have seen significant declines [6] - The tourism sector is showing signs of pre-holiday behavior, with China Duty Free Group's stock dropping 8% over three days, while film stocks have gained momentum due to strong pre-sale figures [8] Group 3 - The STAR Market has seen mysterious funds supporting key stocks, pulling the index from a decline to positive territory, reminiscent of previous market rescue tactics [10] - The ST stocks are facing a severe sell-off, with over 30 stocks hitting the daily limit down, while some stocks are experiencing speculative trading despite the risk of delisting [10] - The power sector is showing mixed signals, with Longjiang Power reaching new highs while thermal power stocks are struggling due to coal price pressures [10]

Core Viewpoint - The news highlights the dedication and hard work of employees at Huaneng Group during the May Day holiday, showcasing their commitment to ensuring stable energy supply across various regions in China. Group 1: Operational Excellence - The integrated control center in Jilin Province monitors 16 wind farms, 5 solar power stations, and 1 hydropower station, employing a "centralized monitoring + regional operation and maintenance" model to ensure efficient energy supply [2] - The S09 unit experienced an abnormal drop in power generation, which was quickly addressed by on-site repair personnel, demonstrating the effectiveness of the smart operation and maintenance platform [5] - Huaneng's team has developed innovative technologies, including a monitoring device for wind turbine blade bolt fractures and a hydrogen-powered drone inspection system, resulting in 5 invention patents and 13 utility model patents [5] Group 2: Commitment to Safety and Reliability - At the Huaneng Cangmu Hydropower Station in Tibet, the team conducted thorough inspections to ensure the safety and stability of equipment, with a cumulative power generation exceeding 20 billion kilowatt-hours [7] - The team leader, a young minority cadre, has been instrumental in addressing significant equipment defects and has developed numerous technical solutions to enhance operational safety [9] - The North China wind power base emphasizes the importance of equipment inspections during holidays to prevent any operational errors, showcasing a proactive approach to maintenance [10] Group 3: Community Engagement and Social Responsibility - The project manager at the Huaneng Hotan solar project in Xinjiang has been working on-site during the May Day holiday, ensuring the precision of solar panel installations under challenging conditions [16] - The project not only contributes to energy supply but also supports local communities by providing assistance to underprivileged groups, reflecting the company's commitment to social responsibility [16]

专题讲座环节，中国社会科学院农村发展研究所研究员李国祥从六个方面对2025年中央一号文件进行了 系统解读，并提出电力与农业融合的创新方向。 大会由中电联党委委员、秘书长郝英杰主持，举办了乡村振兴电力专业委员会成立揭牌仪式，并公布了 组织机构及成员名单。专委会主任由中电联党委委员、秘书长郝英杰兼任，副主任及委员来自国家电 网、南方电网、华能集团、大唐集团、华电集团等电力央企及地方龙头电力企业的相关负责人。专委会 秘书处设在《中国电力企业管理》杂志社，杂志社社长管永生任副主任兼秘书长。未来，专委会将通过 政策研究、技术推广和成果共享等方式，推动电力行业乡村振兴项目落地。 中国经济网北京4月30日讯（记者 佟明彪）4月29日，中国电力企业联合会乡村振兴电力专业委员会 （以下简称"专委会"）在北京正式成立，标志着电力行业服务乡村振兴工作迈入协同发力新阶段。来自 国家能源局、中国电力企业联合会、国家电网公司、南方电网公司、中国华能集团等单位的近百位嘉宾 参加了成立大会。 国家能源局新能源和可再生能源司副司长潘慧敏在致辞中指出，近年来，国家能源局推动我国农村地区 用能保障、清洁替代水平不断迈上新台阶：农村分布式新能源加快 ...

Core Viewpoint - In Q1 2025, the company reported a revenue of 60.335 billion yuan, a year-on-year decrease of 7.70%, while net profit attributable to shareholders increased by 8.19% to 4.973 billion yuan, indicating a mixed performance driven by various factors [1][2]. Revenue and Profit Analysis - The company's Q1 2025 revenue decreased by 7.70% year-on-year to 60.335 billion yuan, primarily due to a decline in on-grid electricity generation [1]. - The net profit attributable to shareholders rose by 8.19% to 4.973 billion yuan, and the non-recurring net profit increased by 9.61% to 4.798 billion yuan, reflecting improved profitability despite lower revenue [1][2]. Electricity Generation and Pricing - The total on-grid electricity generation in Q1 2025 was 106.633 billion kWh, a decrease of 5.66% year-on-year, with coal, gas, wind, solar, hydro, and biomass generation showing varied changes [1]. - The average on-grid electricity settlement price was 488.19 yuan per MWh, a slight decline of 1.96% year-on-year, indicating limited overall price drop [1]. Fuel Cost and Profitability - The unit fuel cost decreased significantly due to falling coal prices, leading to a 10.97% reduction in operating costs [2]. - Profit margins for coal and gas-fired power generation increased by 40.96% and 40.58% respectively, contributing over 60% to the total profit in Q1 2025 [2]. Financial Performance - Financial expenses decreased by 15.12% to 1.738 billion yuan, attributed to lower interest rates on domestic interest-bearing liabilities [2]. - Investment income rose by 37.63% to 525 million yuan, further enhancing the company's performance [2]. Profit Forecast and Valuation - The company is expected to achieve net profits attributable to shareholders of 12.3 billion, 14.6 billion, and 17 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 21.29%, 19.04%, and 16.42% [2]. - As of April 30, 2025, the stock price corresponds to PE ratios of 9.14, 7.68, and 6.60 for the respective years [2].