Investment Rating - The report maintains a "Recommendation" rating for the environmental and public utility sector [2] Core Insights - The environmental and public utility sectors have shown an upward trend, with the environmental index rising by 1.06% and the public utility index by 0.28%. The cumulative increase for the environmental sector since the beginning of 2025 is 15.86%, outperforming the CSI 300 index but lagging behind the ChiNext index [5][22] - The report highlights that the total electricity consumption in China exceeded 1 trillion kilowatt-hours for the second consecutive month, driven by prolonged high temperatures and a recovering macroeconomic environment. In August, the total electricity consumption reached 1.02 trillion kilowatt-hours, a year-on-year increase of 5.0% [9][18] - Key recommendations include focusing on companies like Guodian Power, China Resources Power, and Sheneng Co., with a long-term positive outlook on nuclear and hydropower investments [5][9] Summary by Sections Key Event Interpretation - In August, total electricity consumption was 1.02 trillion kilowatt-hours, with a year-on-year growth of 5.0%. The second industry's electricity consumption growth rate increased to 5.0% [9] - President Xi Jinping announced at the UN Climate Change Summit that by 2035, China's wind and solar power capacity will reach six times that of 2020, aiming for a total of 3.6 billion kilowatts [18] Market Review - The environmental and public utility sectors experienced slight increases, with the environmental index up 1.06% and the public utility index up 0.28%. The electricity sector within public utilities rose by 0.37% [22] - The report notes that the environmental sector's cumulative increase of 15.86% since the start of 2025 is ahead of the CSI 300 but behind the ChiNext index [22] Key Data Tracking - As of September 26, 2025, the price of Qinhuangdao 5500 kcal thermal coal was 710 RMB/ton, a slight increase of 0.71% from the previous week, but down 18.9% year-on-year [38] - The average price of LNG at the port was 11.14 USD/million BTU (4113 RMB/ton), down 2.13% from the previous week and down 14.2% year-on-year [51][52] - The average electricity price in Guangdong reached a peak of 300.79 RMB/MWh on September 23, 2025, a decrease of 6.5% from the previous week [57] Key Events in the Industry - The report discusses various regulatory updates, including the implementation of market-oriented pricing reforms for renewable energy in Hainan Province and the public consultation on the long-term trading rules in Chongqing [65][66][70] Upcoming Events Reminder - Important announcements include dividend distributions by companies such as Blue Sky Gas and Yingke Recycling, as well as the resumption of trading for Guanzhong Ecology [71]

Core Insights - The Hang Seng Index data has been tracked since 1983, while the Hang Seng China Enterprises Index data began in 2006, indicating a long history of market performance analysis [1] - Current price-to-earnings (PE) ratios below the median line suggest relative undervaluation, while dividend yields above the median indicate potential investment opportunities [1] Index Composition Changes - Significant changes in the Hang Seng Index constituents include the inclusion of major state-owned enterprises and internet companies over the years, reflecting the evolving market landscape [6] - The number of constituents in the Hang Seng Index increased from 69 to 76 in 2022, with notable additions such as BYD, China Merchants Bank, and JD.com [6][7] - As of June 5, 2023, the number of constituents will rise to 80, with the addition of companies like China Resources Power and Zijin Mining [7] - Future adjustments include the removal of Country Garden and the addition of companies like Ideal Auto and WuXi AppTec, leading to a projected increase to 83 constituents by December 2024 [7]

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - In August, the electricity consumption growth rate in the secondary industry increased, contributing the largest increment to total electricity consumption, accounting for 59% of the total increase [3][7] - The total electricity consumption in August reached 10,154 billion kWh, a year-on-year increase of 5.0% [3][6] - The manufacturing sector saw a record monthly growth rate for the year, with high-tech and equipment manufacturing electricity consumption growing by 9.1%, surpassing the average manufacturing growth rate by approximately 4.6 percentage points [3][7] Summary by Sections 1. Electricity: August Secondary Industry Consumption Growth - The total electricity consumption in August was 10,154 billion kWh, with a year-on-year growth of 5.0% [3][6] - The first industry consumed 164 billion kWh (9.7% growth), the second industry consumed 5,981 billion kWh (5.0% growth), the third industry consumed 2,046 billion kWh (7.2% growth), and residential consumption was 1,963 billion kWh (2.4% growth) [3][8] - The secondary industry contributed the most to the total electricity consumption increase, with a significant growth in manufacturing, particularly in high-tech and equipment manufacturing [6][7] 2. Gas: Supply and Demand Stability - Global gas prices have shown narrow fluctuations, with the Henry Hub spot price at $2.90/mmBtu, a weekly increase of 0.17% [16][19] - The LNG national ex-factory price was 4,016 yuan/ton, with a slight weekly decrease of 0.07% [16][36] - The report suggests a positive outlook for city gas companies due to cost reductions and improved profitability [38] 3. Weekly Market Review - The public utility and environmental protection sectors underperformed compared to the CSI 300 index, while the electric equipment sector outperformed [40][42] 4. Company and Industry Dynamics - The report highlights recent government initiatives aimed at promoting high-quality development in energy equipment, focusing on enhancing the efficiency of energy conversion equipment and advancing renewable energy technologies [49] - Key announcements from companies include significant contract wins and strategic investments aimed at enhancing operational capabilities and market positioning [50]

Investment Rating - The report maintains a positive outlook on the power and gas sectors, recommending specific companies for investment based on their performance and market conditions [3][16][18]. Core Insights - The report highlights that in August, the total electricity consumption reached 10,154 billion kWh, marking a year-on-year growth of 5.0%. The second industry contributed the largest increase, accounting for 59% of the total electricity increment [3][8][9]. - The report notes that global gas prices are experiencing slight fluctuations, with the Henry Hub spot price at $2.90/mmBtu and the TTF spot price at €32.15/MWh as of September 26 [18][19]. - The report emphasizes the stable growth in electricity consumption driven by high temperatures and government policies aimed at boosting consumption [8][9]. Summary by Sections 1. Electricity Sector - In August, the second industry saw a significant increase in electricity consumption, with a year-on-year growth of 5.0% and contributing 59% to the total electricity increment [3][9]. - The manufacturing sector achieved a record monthly growth rate, particularly in high-tech and equipment manufacturing, which grew by 9.1% year-on-year [9][10]. - The report recommends investments in hydropower, green energy, nuclear power, and thermal power companies, citing favorable conditions for growth and profitability [16][17]. 2. Gas Sector - The report indicates that the supply-demand dynamics for gas remain stable, with slight fluctuations in global gas prices. The LNG price in Northeast Asia decreased by 2.61% to $11.20/mmBtu [18][19]. - It highlights the steady increase in U.S. natural gas inventories and the impact of mild weather on heating and cooling demands, leading to low price volatility [21][27]. - The report suggests focusing on integrated gas companies and city gas firms that are expected to benefit from cost reductions and improved profitability [41][42]. 3. Market Performance Review - The report notes that the public utility and environmental sectors underperformed compared to the Shanghai and Shenzhen 300 indices, while the power equipment sector outperformed [43][44]. 4. Company and Industry Dynamics - Recent government initiatives aim to enhance the quality of energy equipment and promote the development of renewable energy sources [52]. - The report includes updates on major companies' announcements, including contract wins and strategic investments, which are expected to positively impact their future performance [52][53]. 5. Key Company Valuation Table - The report provides a valuation table for key companies in the public utility and environmental sectors, indicating their market positions and potential for growth [54].

Group 1 - The company has completed its dividend distribution plan, which is based on its profit distribution matters [1] - The dividend distribution is not expected to have a significant adverse impact on the company's debt repayment ability [3] - The company will adhere to the interest payment conditions for its issued bonds, ensuring that all deferred interest will be paid as per the agreements [3]

Core Viewpoint - The event organized by China Resources Power in the Central and Western regions emphasizes the company's commitment to green development and community engagement through innovative family interaction activities [1] Group 1: Event Overview - The public open month event was themed "Electricity Initiates a New Chapter, Green Innovation for the Future" and involved over 60 employees' family members and local residents [1] - The event introduced a "Family Interaction Day," allowing family members to visit key production areas and understand the thermal power generation process and environmental technology applications [1] Group 2: Green Innovation and Corporate Responsibility - The event highlighted the company's green innovation initiatives and showcased its technological breakthroughs in low-carbon transformation of traditional thermal power [1] - A cultural promotion segment included viewing promotional videos about China Resources Group and China Resources Power, reflecting on the company's historical development [1] - The company distributed "Integrity Family Letters" to employees' families, promoting integrity education and encouraging the establishment of a "family integrity defense line" [1] Group 3: Future Plans and Achievements - The company plans to continue optimizing its public open platform to enhance social trust through transparent operations and drive low-carbon development via technological innovation [1] - The company aims to strengthen emotional ties with employees' families and local communities, contributing to the high-quality development goals of China Resources Power during the 14th Five-Year Plan [1] - As a benchmark enterprise under China Resources Power, the company has achieved significant results in environmental renovation and technological innovation, being recognized as a provincial-level environmental benchmark enterprise [1]

(Incorporated in Hong Kong with limited liability under the Companies Ordinance) （根據公司條例在香港註冊成立之有限責任公司） (Stock Code / 股份代號：836) Dear non-registered shareholder(s), 26 September 2025 Yours faithfully, China Resources Power Holdings Company Limited Note: Corporate Communication means any document issued or to be issued by the Company for the information and action of holders of any of its securities, including but not limited to (a) the report of directors, its annual accounts together with a copy of the audi ...

Shareholders who for any reason have difficulty in accessing the Current Corporate Communication posted on the Company Website and the HKEx Website, please send your request (specifying your name, address and request) by email at crpower.ecom@computershare.com.hk or by notice in writing to the Company's share registrar (the "Share Registrar"), Computershare Hong Kong Investor Services Limited, at 17M Floor, Hopewell Centre, 183 Queen's Road East, Wan Chai, Hong Kong. The Company will upon receipt of your re ...

Financial Performance - For the six months ended June 30, 2025, the turnover was HK$50,266,881, a slight decrease from HK$51,119,684 in the same period of 2024[12]. - Profit attributable to owners of the Company was HK$7,872,138, down from HK$9,362,748 in 2024, reflecting a decrease of approximately 15.9%[12]. - The company's turnover for the first half of 2025 was HK$50,267 million, slightly down from HK$51,120 million in the first half of 2024[17]. - Basic earnings per share attributable to owners of the company was HK$1.52 in the first half of 2025, down from HK$1.95 in the first half of 2024[27]. - Operating profit decreased to HK$12,146,453, down 8.43% from HK$13,266,437 in the previous year[73]. - Total operating expenses for the first half of 2025 amounted to HK$38,961 million, a decrease of HK$1,305 million or 3.2% from HK$40,266 million in the first half of 2024[98]. - Profit for the period attributable to owners of the Company was HK$7,872,138, a decline of 15.93% compared to HK$9,362,748 in 2024[73]. - Total comprehensive income for the period, net of tax, increased to HK$10,856,040, up 22.98% from HK$8,828,236 in 2024[74]. Generation and Capacity - Total gross generation volume for operating power plants reached 131,075,587 MWh, compared to 130,243,729 MWh in 2024, indicating a growth of 0.6%[12]. - The total net generation volume was 123,378,799 MWh, an increase from 120,120,268 MWh in 2024, representing a growth of 2.3%[12]. - The net generation volume of operating power plants reached 123.4 million MWh, an increase from 120.1 million MWh in the first half of 2024[15]. - The attributable installed capacity of renewable energy surged to 38,955 MW in the first half of 2025, up from 24,662 MW in the first half of 2024, representing a growth of 58.2%[15]. - As of June 30, 2025, the total attributable grid-connected installed capacity was 78,094 MW, up from 62,758 MW in 2024, marking an increase of approximately 24.4%[12]. - The attributable installed capacity in Central China reached 20,630 MW, up from 16,929 MW in 2024, showing a growth of 21.5%[12]. Financial Position - Non-current assets increased to HK$328,201,131 from HK$284,258,453 in 2024, reflecting a growth of 15.4%[12]. - The net debt to total equity ratio improved to 145.3% from 156.2% in 2024, indicating a strengthening of the Company's financial position[12]. - Total equity attributable to owners of the Company increased to HK$105,517,094 from HK$99,151,499 at the end of 2024[77]. - Total assets reached HK$390,711,807, up from HK$362,464,381 as of 31 December 2024[77]. - Total liabilities increased to HK$258,932 million from HK$242,512 million as of December 31, 2024, representing a growth of approximately 6.5%[78]. - The Group's net current liabilities stood at HK$45,524 million as of June 30, 2025, indicating a need for careful management of working capital[83]. Renewable Energy Focus - The company is focusing on expanding its renewable energy capacity, which has shown significant growth over the past year[15]. - The company continues to explore new strategies for market expansion and technological advancements in renewable energy[15]. - The Group's new grid-connected installed capacity for wind and photovoltaic projects in the first half of 2025 was approximately 4,839 MW[50]. - The Group obtained renewable energy development and construction permits totaling 5,874 MW in the first half of 2025, including 3,996 MW for wind power and 1,878 MW for photovoltaic projects[47]. - The Group plans to achieve an additional 10,000 MW of newly grid-connected installed capacity for wind and photovoltaic projects in 2025[61]. Operational Efficiency - The average utilization hours for wind farms increased by 45 hours (3.7%) to 1,268 hours compared to the first half of 2024, exceeding the national average by 181 hours[52]. - The average utilization hours for photovoltaic power plants decreased by 29 hours (4.1%) to 676 hours compared to the first half of 2024, exceeding the national average by 116 hours[52]. - The average on-grid tariff for the Group's consolidated coal-fired power plants was RMB391.2 per MWh, a year-on-year decrease of 6.1%[54]. - The average unit cost of standard coal for the consolidated coal-fired power plants was RMB823.8 per tonne, representing a decrease of 11.8% year-on-year[58]. Investment and Capital Expenditure - The Group's cash capital expenditure in the first half of 2025 amounted to approximately HK$21,067 million, with HK$15,800 million allocated for wind and photovoltaic power plants[59]. - The Group expects cash capital expenditure in 2025 to be approximately HK$56,800 million, with HK$42,000 million for wind and photovoltaic power plants[67]. - The Group's capital contributions into associates and joint ventures were HK$23,205 and HK$18,932 respectively, reflecting ongoing investment in strategic partnerships[80]. Employee and Operational Costs - Employee benefit expenses rose by HK$345 million or 10.2% to HK$3,721 million in the first half of 2025, driven by new projects[104]. - Depreciation and amortisation increased by HK$643 million or 8.0% to HK$8,696 million in the first half of 2025, mainly due to new project commissioning[103]. - Repairs and maintenance expenses increased by HK$176 million or 17.0% to HK$1,211 million in the first half of 2025, attributed to maintenance needs of newly acquired projects[105]. Dividends and Shareholder Returns - The Board declared an interim dividend of HK$0.356 per share for the six months ended 30 June 2025, compared to HK$0.455 per share in 2024, totaling approximately HK$1,843 million[138]. - The final dividend paid in July 2025 was approximately HK$3,577 million, compared to HK$2,824 million in 2024[139]. - Shareholders can elect to receive the 2025 Interim Dividend in RMB at an exchange rate of HK$1.0 to RMB0.91155, resulting in a dividend of RMB0.32451 per share[143].

同时，深圳海事部门还持续加强与气象部门会商研判，累计向辖区船舶、航运公司、码头作业单位发送 预警信息7600余条，动态覆盖所有在港船舶及涉海企业。 为预防突发事件发生，深圳海事部门在大亚湾核电站、赤湾、大铲湾等重点水域继续增派应急力量，截 至23日12时，共预置26艘应急船舶。 人民网深圳9月23日电 （王星）据深圳海事局消息，为防御台风"桦加沙"，该局已于9月23日12时提前 将防御台风应急响应升级为一级，全力开展防台风组织工作。目前深圳辖区海上防台情况总体平稳有 序。 当天，深圳海事部门再次派出执法人员，对码头防台工作落实情况进行核查。截至23日12时，全市休闲 船、游艇已全部做好绑扎、加固，客船、内河船及其他小型海船已全部回到深中通道以北遮蔽水域避 风，大型海船已全部离港防台。 ...