Group 1 - The company, China Resources Power Holdings Company Limited, announced the issuance of a new tranche of corporate bonds aimed at professional investors [1] - The total issuance amount for this tranche of bonds, referred to as "22 China Resources Y2," is set at 3 billion yuan [1] - The coupon rate for the bonds is established at 2.72%, with interest payments scheduled from September 26, 2024, to September 25, 2025 [1]

Core Viewpoint - China Resources Power (00836) announced the issuance of a new tranche of perpetual corporate bonds aimed at professional investors, indicating a strategic move to raise capital for future investments [1] Group 1: Bond Issuance Details - The company’s wholly-owned subsidiary, China Resources Power Investment Co., Ltd., will issue the bonds, which are set to pay interest and principal on September 26, 2025, for the period from September 26, 2024, to September 25, 2025 [1] - The total issuance amount for this tranche of bonds is 3 billion yuan, with a coupon rate of 2.72% [1]

Core Viewpoint - China Resources Power Holdings Company Limited announced the issuance of a new tranche of corporate bonds aimed at professional investors, with a fixed interest rate and specific payment terms [1] Group 1: Bond Issuance Details - The company is issuing a new tranche of corporate bonds, referred to as "22 China Resources Y2" with bond code 148076.SZ [1] - The bonds will pay interest and principal on September 26, 2025, covering the period from September 26, 2024, to September 25, 2025 [1] - The coupon rate for this bond issuance is set at 2.72%, and the total amount payable per bond (including tax) is 1,027.20 CNY for each 1,000 CNY face value [1]

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） 海外監管公告 本海外監管公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條刊發。 以下為華潤電力控股有限公司（「本公司」）就本公司全資附屬公司華潤電力投資有 限公司於2025年9月24日在深圳證券交易所網站(http://www.szse.cn)刊發的資料全 文，僅供參閱。 承董事會命 華潤電力控股有限公司 主席 史寶峰 香港，2025年9月24日 於本公告日期，本公司的董事會包括四名執行董事，即史寶峰先生（主席）、王波 先生、宋葵先生及劉秀生先生；三名非執行董事，即周波先生、李傳吉先生及曾 俊先生；及六名獨立非執行董事，即楊玉川先生、梁愛詩女士、錢果豐博士、蘇 澤光先生、陳克勤先生及陳勇先生。 华润电力投资有限公司 2022 年面向专业投资者公开发行可续期公司债券（第二期） 2025 年本息兑付及摘牌公告 本公司全体董事保证 ...

Core Insights - The Huaren Power Fish-Solar Complementary Project in Lianyungang City has completed 65% of its construction, with an expected annual power generation exceeding 460 million kWh, sufficient to meet the electricity needs of approximately 300,000 households [2][4] - The project is part of a broader initiative in the Haizhou District, which includes six key fish-solar complementary projects with a total planned investment of 2.163 billion yuan [2] - The innovative "fishing and solar power" integration model allows for the installation of solar panels above fish ponds, optimizing space utilization while supporting both energy generation and aquaculture [4] Project Progress - The construction of the Huaren Power project has seen the completion of pile foundation work across 5,038 acres in several villages, with ongoing installation of support structures and electrical systems [4] - Another key project, the New Energy Xincheng Agricultural-Solar Complementary Power Generation Project, has completed its foundation and support installations, with a total installed capacity of 38 MWp on the DC side and 28 MW on the AC side, expected to generate an average annual power output of 45.67 million kWh [4] Technological Innovations - The project employs specialized construction equipment and techniques to address the challenges of "water-based operations and cross-construction," ensuring stability and efficiency in a coastal environment prone to typhoons [2] - The introduction of a "solar array spacing optimization model" enhances power generation efficiency while facilitating the movement of fishing vessels, thus benefiting aquaculture operations [4] Economic and Environmental Impact - The fish-solar complementary projects are anticipated to optimize the regional energy structure and promote sustainable development in aquaculture, contributing to both economic and ecological benefits [4]

Investment Rating - The report does not explicitly state an investment rating for the industry Core Views - The report highlights that in August 2025, the average daily power generation exceeded 30 billion kilowatt-hours for the first time, with a total industrial power generation of 936.3 billion kilowatt-hours, reflecting a year-on-year growth of 1.6% [4][7][53] - The report emphasizes the continuous improvement in the power generation structure, with significant contributions from clean energy sources such as wind and solar power, amidst ongoing dual carbon policies and the development of a new power system [8][9][12] Summary by Sections 1. Power Generation - In August 2025, the total power generation reached 936.3 billion kilowatt-hours, with a daily average of 30.2 billion kilowatt-hours, marking a 1.6% increase year-on-year [4][7] - The breakdown of power generation types shows that thermal power generation increased by 1.7%, nuclear power by 5.9%, wind power by 20.2%, and solar power by 15.9%, while hydropower decreased by 10.1% [9][12] - Wind power contributed the most to the increase in power generation, adding 12.4 billion kilowatt-hours compared to the same month last year [8][9] 2. Natural Gas - The report indicates a stable supply-demand balance in the natural gas market, with global gas prices experiencing slight fluctuations [18][19] - As of September 19, 2025, the Henry Hub spot price was $2.89/mmBtu, reflecting a weekly decrease of 1.80% [19][21] - The report suggests that the LNG prices in Northeast Asia remained stable at $11.50/mmBtu, with expectations of a further decline in prices as summer heat waves end [18][35] 3. Investment Analysis - Recommendations for investment include: - Hydropower: Favorable financial conditions due to interest rate cuts, with suggested companies being Guotou Power, Chuan Investment Energy, and Yangtze Power [16] - Green Energy: Increased stability in returns for renewable energy operators, with a focus on companies like Xintian Green Energy and Longyuan Power [16] - Nuclear Power: Continued approval of new units, with recommendations for China Nuclear Power and China General Nuclear Power [16] - Thermal Power: Improved profitability due to falling coal prices, with recommendations for Guodian Power and Huaneng International [16] - Gas Utilities: Favorable conditions for city gas companies, with recommendations for Kunlun Energy and New Hope Energy [40]

Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating a favorable investment environment for these industries [4]. Core Insights - In August, the average daily power generation exceeded 30 billion kilowatt-hours for the first time, with total industrial power generation reaching 936.3 billion kilowatt-hours, a year-on-year increase of 1.6% [9][57]. - The report highlights the continued growth of thermal power and the significant contribution of renewable energy sources, particularly wind and solar power, to the overall power generation increase [10][11]. - Global gas prices are experiencing narrow fluctuations, with a stable supply-demand balance in the market, particularly in the U.S. and Europe [20][29]. Summary by Sections 1. Power Generation - In August, the total power generation was 936.3 billion kilowatt-hours, with a daily average of 30.2 billion kilowatt-hours, marking a 1.6% increase year-on-year [9][57]. - The breakdown of power generation types shows thermal power at 6,274 billion kilowatt-hours (up 1.7%), hydropower at 1,479 billion kilowatt-hours (down 10.1%), nuclear power at 645 billion kilowatt-hours (up 5.9%), wind power at 738 billion kilowatt-hours (up 20.2%), and solar power at 538 billion kilowatt-hours (up 15.9%) [11][58]. - The report emphasizes the strong growth of renewable energy, with wind and solar power showing significant year-on-year increases of 20.2% and 15.9%, respectively [10][11]. 2. Natural Gas - As of September 19, the Henry Hub spot price was $2.89/mmBtu, reflecting a weekly decrease of 1.80%, while the TTF spot price in Europe remained stable at €32.00/MWh [20][21]. - The report notes that U.S. natural gas production remains high, contributing to a stable supply-demand balance and low price fluctuations [23][29]. - The LNG ex-factory price in China was 4,019 yuan/ton, with a weekly decrease of 0.84%, indicating a softening market due to weak domestic demand [41][44]. 3. Investment Recommendations - For hydropower, the report recommends companies like Guotou Power, Chuan Investment Energy, and Yangtze Power due to stable growth and financial benefits from interest rate cuts [18]. - In the renewable energy sector, companies such as Xintian Green Energy and Funi Co. are highlighted for their stable returns and high profitability [18]. - The report suggests focusing on integrated natural gas traders like New Hope Energy and Shenzhen Gas, as well as city gas companies benefiting from cost reductions [44].

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Investment Rating - The report maintains a "Positive" investment rating for the utility sector [9] Core Insights - In August, the national power generation reached 936.3 billion kWh, a year-on-year increase of 1.6%, while the cumulative generation from January to August was 6419.3 billion kWh, up 1.5% year-on-year [2][19] - Thermal power generation in August grew by 1.7% year-on-year, but the growth rate decreased by 2.6 percentage points month-on-month due to weakening demand from high temperatures [6][54] - Hydropower generation saw a significant decline of 10.1% year-on-year in August, with the drop expanding by 0.3 percentage points month-on-month [7][25] - Non-hydropower clean energy showed a mixed performance, with wind power generation increasing by 20.2% year-on-year and solar power generation rising by 15.9% year-on-year, although the latter's growth rate decreased by 12.8 percentage points month-on-month [7][32] Summary by Sections Power Generation Data - In August, the total power generation was 936.3 billion kWh, with thermal power contributing 627.4 billion kWh, hydropower at 147.9 billion kWh, nuclear power at 42.6 billion kWh, wind power at 64.5 billion kWh, and solar power at 53.8 billion kWh [18] - For the first eight months of 2025, thermal power generation was 4175.3 billion kWh, down 0.8% year-on-year, while hydropower was 838.7 billion kWh, down 5.5% year-on-year [18] Clean Energy Performance - Wind power generation in August increased significantly, with a year-on-year growth of 20.2%, while solar power generation grew by 15.9% [7][40] - Nuclear power generation maintained a steady growth of 5.9% year-on-year in August, although the growth rate decreased by 2.4 percentage points month-on-month [7][43] Market Trends - The report highlights a recovery in green certificate trading, with 48.38 million certificates traded in August, a year-on-year increase of 105% [33] - The average price of green certificates rose to 5.66 yuan per certificate in August, reflecting a 22.77% month-on-month increase [33] 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][60][61]

Group 1 - The 2025 International Digital Energy Exhibition main forum was held in Shenzhen, focusing on how digital transformation can empower high-quality development in the energy industry, gathering top experts and industry leaders to discuss future trends and challenges in digital energy [1][3] - Zhao Tianshou, Director of the Carbon Neutral Energy Research Institute at Southern University of Science and Technology, highlighted that despite China's wind and solar installed capacity surpassing coal power, the average curtailment rate for wind and solar energy is 5%, with some regions exceeding 30%, indicating the need for long-duration energy storage technologies [5] - The China Electric Power Construction Group is exploring intelligent construction development systems for major clean energy projects, utilizing drones and satellite remote sensing to enhance surveying efficiency and create a comprehensive digital design system [5] Group 2 - Liang Rui, Vice President and Chief Sustainability Officer of Xinwanda Electronics, emphasized the strategic value of new energy storage in achieving carbon peak and carbon neutrality, noting that electrochemical storage is becoming a major growth direction in the rapidly expanding global storage market [7] - Kiu Kin Hong, Executive Director of Honghua Smart Energy, stated that the company is investing in photovoltaic and storage assets while applying AI technology for energy management and power trading predictions, aiming for overall optimization of energy, heat, and cooling [7] - The roundtable discussion on "Opportunities and Challenges of Digital Energy in Global Energy Transition" concluded that digital technology is a core driver to solve the energy "impossible triangle," advocating for enhanced standard collaboration, data sharing, and financial innovation [9] Group 3 - China General Nuclear Power Group has been undergoing digital transformation since 2012, achieving real-time monitoring and maintenance of equipment through comprehensive data collection [11] - China Resources Power, which has nearly 50% of its installed capacity in clean energy, is developing smart power plants and has established an AI laboratory to foster talent and explore digital applications in the energy sector [12] - Shenzhen Energy Group has developed a comprehensive smart energy management platform, successfully implementing it in various scenarios to maximize economic benefits and balance energy supply and consumption [12]