Core Viewpoint - China Resources Power Holdings Company Limited (华润电力) reported a slight decrease in electricity sales for its subsidiary power plants in October 2025, while renewable energy sources such as wind and solar showed growth in sales [1] Summary by Category Electricity Sales Performance - In October 2025, the total electricity sales from subsidiary power plants amounted to 16.6154 million megawatt-hours, representing a year-on-year decrease of 0.4% [1] - The subsidiary wind farms achieved electricity sales of 3.8806 million megawatt-hours, reflecting a year-on-year increase of 0.1% [1] - The subsidiary solar power stations recorded electricity sales of 0.9503 million megawatt-hours, showing a significant year-on-year increase of 39.4% [1] Cumulative Electricity Sales - For the first ten months of 2025, the cumulative electricity sales from subsidiary power plants reached 185 million megawatt-hours, which is a year-on-year increase of 6.5% [1] - The cumulative electricity sales from subsidiary wind farms during this period totaled 43.0807 million megawatt-hours, marking a year-on-year increase of 14.4% [1] - The cumulative electricity sales from subsidiary solar power stations amounted to 11.0109 million megawatt-hours, indicating a substantial year-on-year increase of 53.6% [1]

Core Insights - China Resources Power (00836) reported a decrease in electricity sales volume for its subsidiary power plants in October 2025, totaling 16.6154 million MWh, a year-on-year decline of 0.4% [1] - The subsidiary wind power plants achieved a sales volume of 3.8806 million MWh, reflecting a slight increase of 0.1% year-on-year [1] - The subsidiary solar power plants saw a significant increase in sales volume, reaching 950,300 MWh, which is a year-on-year increase of 39.4% [1] Summary by Category Electricity Sales Performance - In the first ten months of 2025, the cumulative electricity sales volume of subsidiary power plants reached 185 million MWh, marking a year-on-year increase of 6.5% [1] - The cumulative sales volume for subsidiary wind power plants was 43.0807 million MWh, representing a year-on-year increase of 14.4% [1] - The cumulative sales volume for subsidiary solar power plants was 11.0109 million MWh, showing a substantial year-on-year increase of 53.6% [1]

Core Viewpoint - China Resources Power Holdings Company Limited reported a slight decrease in electricity sales for October 2025, with a total of 16,615,409 MWh sold, representing a year-on-year decline of 0.4% [1] Summary by Category Electricity Sales Performance - The electricity sales from subsidiary wind farms reached 3,880,566 MWh in October 2025, showing a year-on-year increase of 0.1% [1] - The electricity sales from subsidiary solar power stations amounted to 950,348 MWh in October 2025, reflecting a significant year-on-year increase of 39.4% [1] Cumulative Sales Data - For the first ten months of 2025, the cumulative electricity sales from subsidiary power plants totaled 185,330,961 MWh, which is a year-on-year increase of 6.5% [1] - The cumulative electricity sales from subsidiary wind farms reached 43,080,726 MWh, marking a year-on-year increase of 14.4% [1] - The cumulative electricity sales from subsidiary solar power stations were 11,010,897 MWh, indicating a substantial year-on-year increase of 53.6% [1]

本公告乃本公司根據《證券及期貨條例》第XIVA部發出。 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份內容而產生或因倚 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） 2025年10月電廠售電量數據 所附的新聞稿載列華潤電力控股有限公司（「本公司」）及其附屬公司2025年10 月電廠售電量數據。新聞稿載列的資料可能為股價敏感資料。因此，本公告所 附的新聞稿乃按《證券及期貨條例》第XIVA部發出。新聞稿載列的資料根據內 部管理記錄編製，未經外聘核數師審核或審閱。 2025 年 11 月 17 日 華潤電力附屬電廠 2025 年首十個月售電量增加 6.5% 附屬風電場售電量增加 14.4%，光伏電站售電量增加 53.6% 本公告載列的資料根據內部管理記錄編製，未經外聘核數師審核或審閱，因此該 等數據僅供投資者參考。 投資者在買賣本公司股份時務必審慎行事。 承董事會命 華潤電力控股有限公司 主席 史寶峰 香港，2025年11月17日 於本公告日期，本公 ...

Investment Rating - The report maintains a "Positive" outlook on the public utilities and environmental protection sectors [3] Core Insights - The report highlights a significant increase in electricity production in October, with total generation reaching 800.2 billion kWh, a year-on-year growth of 7.9% [4][11] - Hydropower and thermal power contributed the most to the increase in electricity generation, while wind power saw a decline of 11.9% compared to the previous year [4][10] - Natural gas prices showed mixed trends globally, with stable prices in Asia and fluctuations in Europe and North America [22][40] Summary by Sections 1. Electricity Production - In October, thermal power generation was 513.8 billion kWh, up 7.3% year-on-year, while hydropower generation reached 135.1 billion kWh, up 28.2% [4][11] - The total increase in electricity generation for October was approximately 58.6 billion kWh, with thermal power contributing 35 billion kWh and hydropower contributing 29.7 billion kWh [10][11] - The Three Gorges Reservoir achieved its water storage target of 175 meters, supporting future hydropower generation [10] 2. Natural Gas Market - As of November 14, the Henry Hub spot price in the U.S. was $3.49/mmBtu, a weekly decrease of 7.32% [22] - The TTF spot price in Europe was €30.80/MWh, showing a slight weekly change of 0.81% [22] - Northeast Asia's LNG spot price remained stable at $11.10/mmBtu, with domestic supply being sufficient [22][40] 3. Investment Recommendations - For hydropower, the report recommends companies like Guotou Power, Chuan Investment Energy, and Huaneng Hydropower due to favorable autumn water conditions [20] - In the green energy sector, companies such as Xintian Green Energy and Longyuan Power are suggested for their stable returns and high utilization hours [20] - For nuclear power, the report highlights China Nuclear Power and China General Nuclear Power as key players due to ongoing approvals for new units [20] - In the thermal power sector, companies like Guodian Power and Inner Mongolia Huadian are recommended due to decreasing fuel costs [20] - The report also suggests focusing on integrated natural gas companies like Kunlun Energy and New Hope Energy for their potential recovery in profitability [42][43]

Core Insights - The report highlights the increasing importance of renewable energy in China's power generation, with renewable capacity exceeding 1.7 billion kilowatts, accounting for 46% of the total installed capacity of 3.7 billion kilowatts as of September 2025 [1][2] - The gap between renewable energy capacity and the annual peak electricity load, which increases by approximately 10 million kilowatts, is expected to widen, indicating a need for coordinated development between renewable energy and the power system over the next decade [1][2] Power Sector - The electricity market framework is gradually improving, with significant solar photovoltaic (PV) installations reported in the first three quarters of 2025, totaling 240 GW, of which distributed PV accounted for 128 GW, surpassing centralized PV installations [3] - The report notes that the majority of new installations are concentrated in East China, South China, and the Northwest, with distributed PV becoming increasingly rationalized due to new policies [3] - The document emphasizes the importance of the 1360 document in addressing renewable energy consumption and development issues [2] Storage Sector - In October 2025, the bidding data for energy storage projects showed a significant year-on-year increase, with new projects totaling 12.7 GW/38.7 GWh, representing an 85% growth [4] - The weighted average price of lithium iron phosphate battery storage systems reached 0.5248 yuan/Wh in October 2025, reflecting a 10% increase from the previous month [5] - The prices of upstream battery materials have also risen significantly, with lithium hexafluorophosphate and vinyl carbonate prices increasing by 13.45% and 77.69% respectively compared to the previous week [5] Investment Recommendations - The report suggests focusing on companies with strong business models in the power sector, such as Yangtze Power, Guotou Power, and others, as well as those with potential installation growth and dividend yields [3] - In the energy storage sector, it recommends monitoring companies involved in energy storage integration, inverters, and battery production, including CATL and EVE Energy [5]

Investment Rating - The report maintains a "Positive" investment rating for the utility sector [8] Core Insights - In October, the national power generation increased by 7.9% year-on-year, driven by abnormal high temperatures in southern regions, marking the highest monthly growth rate of the year [2][18] - Hydropower continues to perform strongly with a 28.2% year-on-year increase in October, while thermal power shows significant recovery with a 7.3% increase [2][24] - The report highlights the improvement in the operational environment for thermal power, with a narrowing decline of 0.4% for the year-to-date [11][45] Summary by Sections Power Generation Data - In October, total power generation reached 800.2 billion kWh, with thermal power contributing 513.8 billion kWh, hydropower 135.1 billion kWh, nuclear power 38.7 billion kWh, wind power 73.3 billion kWh, and solar power 39.4 billion kWh [17][24] - For the first ten months of 2025, total power generation was 8062.5 billion kWh, reflecting a 2.3% year-on-year growth [17][18] Thermal Power Insights - Thermal power generation in October saw a significant turnaround with a 7.3% increase, alleviating previous pressures, and the year-to-date decline has narrowed to 0.4% [2][45] - The average coal price at Qinhuangdao port was 746.89 RMB/ton in October, down 105.22 RMB/ton year-on-year, contributing to the improved operational environment for thermal power [11][45] Hydropower Performance - Hydropower generation in October was 135.1 billion kWh, up 28.2% year-on-year, supported by improved rainfall and a low base from the previous year [11][26] - The average rainfall in October was 51.5 mm, significantly above the historical average, enhancing hydropower generation capacity [26] Renewable Energy Trends - Wind power generation decreased by 11.9% year-on-year in October, while solar power generation increased by 5.9%, although the growth rate has slowed [11][32] - The report notes that the cumulative installed capacity for wind and solar power has seen a decline in new installations compared to previous years [32][40] Investment Recommendations - The report recommends focusing on quality thermal power operators such as Huaneng International, Datang Power, and Guodian Power, as well as hydropower companies like Yangtze Power and State Power Investment Corporation [11][50] - For renewable energy, it suggests companies like Longyuan Power and China Nuclear Power, highlighting their potential for growth in the current market environment [50][52]

Investment Rating - Investment rating: Positive (maintained) [1] Core Insights - The importance of renewable energy in the power system is increasingly prominent, with renewable energy installed capacity exceeding 1.7 billion kilowatts, accounting for 46% of the total installed capacity as of September 2025 [3][11][13] - The power market framework is gradually improving, with provincial-level electricity spot markets achieving basic coverage and some entering formal operation [3][18] - The report highlights the significant growth in photovoltaic installations, particularly distributed solar power, which has outpaced centralized installations in the first three quarters of 2025 [4][19] Summary by Sections Power Sector - As of September 2025, China's total installed power capacity reached 3.7 billion kilowatts, with renewable energy surpassing 1.7 billion kilowatts [3][11] - The average annual increase in peak electricity load is approximately 10 million kilowatts, indicating a widening gap between renewable energy capacity and peak load [13] - The "1360 Document" provides a pathway for the development and consumption of renewable energy [13][14] Photovoltaic Installations - In the first three quarters of 2025, a total of 240 GW of new photovoltaic capacity was added, with distributed solar power accounting for 128 GW, surpassing centralized installations [4][19] - The report anticipates that the fourth quarter will see continued growth driven by large-scale project commissioning [4][19] Energy Storage - In October 2025, new energy storage bidding projects totaled 12.7 GW/38.7 GWh, representing an 85% year-on-year increase [5][24] - The average price of lithium iron phosphate battery storage systems increased by 10% to 0.5248 yuan/Wh in October 2025 [5][30] - The report suggests that the energy storage industry remains robust, supported by favorable policies and evolving business models [5][33] Investment Recommendations - The report recommends focusing on companies with strong business models in hydropower and undervalued wind power, as well as those with potential capacity increases and dividend yields [4][22][23] - Specific companies to watch include Yangtze Power, Guotou Power, and Ningde Times in the energy storage sector [6][33]

Market Overview - The Hong Kong stock market showed a positive trend on November 13, with the Hang Seng Index rising by 0.56% to close at 27,073.03 points, the Hang Seng Tech Index increasing by 0.80% to 5,981.30 points, and the National Enterprises Index up by 0.63% to 9,599.06 points [1]. Trading Activity - The Hang Seng Index opened lower at 26,779.48 points, down by 143.25 points, but experienced a recovery in the afternoon, ultimately gaining 150.30 points by the end of the trading session. The main board recorded a trading volume exceeding 270.6 billion HKD [1]. - The southbound trading (Hong Kong Stock Connect) saw a net outflow of over 3.5 billion HKD [1]. Sector Performance - Most sectors experienced gains, particularly in biotechnology, semiconductors, gold, non-ferrous metals, brokerage, building materials, and sports goods. However, sectors such as port transportation, technology, banking, and insurance showed mixed results, while oil and gas, telecommunications, new consumption, and coal sectors generally declined [1]. Individual Stock Movements - Notable stock performances included: - Semiconductor Manufacturing International Corporation (SMIC) up by 3.21% - Meituan up by 0.29% - Ganfeng Lithium up by 12.09% - Zijin Mining up by 4.23% - BYD Company up by 2.29% - China Ping An up by 1.08% - Industrial and Commercial Bank of China down by 0.15% - China Resources Power down by 0.41% - Li Auto down by 0.88% - China Mobile down by 1.13% - WuXi AppTec up by 3.85% - China Construction Bank up by 0.24% - Anta Sports up by 1.21% - China Petroleum & Chemical Corporation down by 0.67% [1]. Top Traded Stocks - The top three traded stocks were: - Alibaba up by 3.32% with a trading volume exceeding 24.8 billion HKD - Tencent Holdings down by 0.15% with a trading volume exceeding 11.2 billion HKD - Xiaomi Group down by 0.46% with a trading volume exceeding 6.9 billion HKD [2].

Investment Rating - The industry investment rating is "Positive" and maintained [9] Core Insights - The recent guidance from the National Development and Reform Commission and the National Energy Administration emphasizes that by 2030, the new electricity demand will primarily be met by new energy generation, reinforcing the commitment to the "dual carbon" goals. The annual addition of over 200 million kilowatts of new capacity aligns with the overall target of reaching 3.6 billion kilowatts of wind and solar capacity by 2035 [2][12] - The report highlights that the market system will be improved to accommodate the characteristics of new energy output, which will alleviate pricing pressures and stabilize long-term revenue expectations for projects. The adjustment of pricing mechanisms for regulating power sources is expected to provide marginal support for industry value [12][12] Summary by Sections Policy Developments - The recent policy aims to enhance the consumption and regulation of new energy, supporting the construction of a new energy system and power system [6] - The policy sets a target for significant new energy capacity additions, indicating a shift towards high-quality development rather than merely increasing capacity [12] Market Mechanisms - The report discusses the need for a market system that adapts to the volatility of new energy output, including shortening trading cycles and promoting long-term purchase agreements to stabilize revenue expectations [12] - The development of a green certificate market and the integration of "electricity-certificates-carbon" markets are expected to effectively realize the environmental value of green electricity [12] Pricing Mechanisms - The report emphasizes the need to improve pricing mechanisms for regulatory resources, which will enhance the profitability of adjustment resources and stabilize revenue expectations [12] - The promotion of time-of-use pricing for residential users is expected to facilitate the reform of the electricity system and improve cost-sharing mechanisms [12] Investment Recommendations - As 2025 marks the end of the 14th Five-Year Plan, the report suggests focusing on wind power over solar energy and recommends companies such as Longyuan Power, New Energy Green, and Huadian International for investment opportunities [12]