Core Viewpoint - Datang New Energy (01798) reported a preliminary statistic indicating that the company and its subsidiaries achieved a total power generation of 3.272 million megawatt-hours (MWh) in January 2026, representing a year-on-year increase of 6.69% compared to 2025 [1] Group 1: Power Generation Overview - The total power generation of the group reached 3.272 million MWh in January 2026, up 6.69% year-on-year from 2025 [1] - Wind power generation accounted for 2.8806 million MWh, reflecting a year-on-year increase of 4.34% compared to 2025 [1] - Solar power generation reached 391,600 MWh, showing a significant year-on-year increase of 27.89% compared to 2025 [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。 公 告 – 2 – | | | | | 2026年 | 2025年 | 年累計 | | --- | --- | --- | --- | --- | --- | --- | | 業務板塊及 | 2026年 | 2025年 | 1月同比 | 累 計 | 同期累計 | 發電量同比 | | 地區分佈 | 1月發電量 | 1月發電量 | 變化率 | 發電量 | 發電量 | 變化率 | | | （兆 瓦 時） | （兆 瓦 時） | (%) | （兆 瓦 時） | （兆 瓦 時） | (%) | | 光伏業務 | 391,576 | 306,189 | 27.89 | 391,576 | 306,189 | 27.89 | | 河 北 | 1,740 | – | – | 1,740 | – | – | | 山 西 | 20,528 | 2,456 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國大唐集團新能源股份有限公司（「本公司」） 呈交日期: 2026年2月4日 備註： 第 1 頁 共 11 頁 v 1.2.0 FF301 FF301 本公司乃於中華人民共和國註冊成立的股份有限公司。本公司並無「法定股本」。在上述第I部顯示「法定/註冊股本」的資料是指本公司的「註冊股本」。 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01798 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,501,071,100 | RMB | | 1 RMB | | 2,501,071,100 | | 增加 / 減少 ( ...

Group 1: Energy Sector Overview - As of the end of 2025, the cumulative installed power generation capacity in the country reached 3.89 billion kilowatts, with a total of 434 GW of new energy capacity added throughout the year, exceeding market expectations. This includes 119 GW from wind power and 315 GW from solar power. Notably, thermal power added 95 GW [1][4]. - In December alone, solar power saw an addition of 41 GW and wind power added 38 GW, significantly higher than the monthly figures from June to November, likely due to the grid connection of large wind and solar projects at year-end [1][4]. Group 2: Storage and Pricing Mechanisms - The National Development and Reform Commission and the National Energy Administration issued a notice to improve the capacity pricing mechanism for power generation, which is expected to accelerate the introduction of independent storage capacity pricing policies at the provincial level. This is anticipated to expand the domestic independent storage market, benefiting storage integrators, upstream component manufacturers, and battery companies [2][3]. - The notice is seen as a significant step in establishing a unified framework for pricing and profitability for gas-fired power plants, which may enhance their construction enthusiasm and profitability [3]. Group 3: Investment Recommendations - Companies to watch in the storage sector include integrators such as Haibo Shichuang, Sunshine Power, and Canadian Solar, as well as battery manufacturers like CATL, EVE Energy, and others [2]. - In the power generation sector, companies with significant natural gas generation capacity such as Huadian International and Guangdong Power Development are recommended, along with those offering a combination of dividend yield and growth potential like Gui Guan Power [4][5]. Group 4: Carbon Market Developments - The "14th Five-Year Plan" emphasizes carbon reduction as a key development line, with stricter carbon emission controls expected. The carbon market is projected to expand, with additional industries being incorporated by 2027 [5][6]. - New methodologies for CCER (China Certified Emission Reduction) are being introduced, expanding the market's support to various sectors, including oil and gas recovery and green hydrogen, which may create new investment opportunities [6].

Investment Rating - The report maintains a "Buy" rating for the public utility sector [6] Core Insights - The commercial model of the power sector is continuously transforming, with a reduced reliance on annual long-term contracts for electricity and prices. The sector is shifting towards mid-to-long-term markets, spot markets, and capacity markets, indicating a comprehensive push for marketization [19][3] - The capacity price mechanism is being refined, with the aim to optimize the electricity market and ensure fair compensation reflecting the contributions of different power plants to peak demand [15][3] - The report highlights the importance of capacity market development, with current subsidies in Gansu and Yunnan reaching 330 RMB/kW·year, which helps offset the decline in electricity prices [19][3] Summary by Sections Market Performance - The SW public utility sector index fell by 1.66% this week, ranking 16th among 31 SW sectors. In comparison, the CSI 300 index rose by 0.08%, while the Shanghai Composite Index and Shenzhen Component Index fell by 0.44% and 1.62%, respectively [33][33] - Within sub-sectors, thermal power decreased by 2.78%, hydropower increased by 0.3%, while solar and wind power fell by 4.53% and 2.49%, respectively [33][33] Price Updates - Domestic and imported thermal coal prices have rebounded slightly, with domestic Qinhuangdao port 5500 kcal thermal coal rising by 4 RMB/ton, remaining below 700 RMB/ton. Imported coal prices also saw a slight increase [12][12] - The average clearing price for electricity in Shanxi and Guangdong has significantly increased due to cold weather, while the monthly agent purchase electricity costs are trending upwards due to rising capacity prices and the entry of renewable energy into the settlement cycle [13][12] Key Events - The National Development and Reform Commission and the National Energy Administration issued a notice to improve the capacity price mechanism for power generation, which includes optimizing compensation for coal and gas power generation [3][15] - Recent policy changes include relaxing the annual long-term contract signing ratio for coal-fired power companies and the cancellation of time-of-use electricity pricing in multiple regions [3][15] Recommendations - The report suggests focusing on national thermal power operators such as Huaneng International and Guodian Power, which are expected to maintain stable cash dividends. The profitability of thermal power is anticipated to gradually detach from coal cost dependency, shifting towards multiple influencing factors [19][3] - For long-term stable investment needs, the report recommends attention to companies like Yangtze Power, State Power Investment Corporation, and China National Nuclear Power [19][3]

Summary of Conference Call Industry Overview - The conference focused on the real estate chain logic and investment opportunities within the real estate sector, highlighting the recent strong performance of real estate-related stocks [1][2]. Key Points and Arguments Market Sentiment - The speaker emphasized a positive outlook for the market, predicting a potential rise to 4200 points before the Spring Festival, indicating a strong market sentiment despite regulatory interventions [2][3]. - The speaker noted that while 300 stocks appeared constrained, the majority of stocks performed well, suggesting a broader market strength [2][3]. Real Estate Sector Insights - The real estate sector has seen significant declines, with residential investment as a percentage of GDP dropping to 4.5%, and real estate investment growth decreasing by nearly 60% [6]. - Sales area has fallen by approximately 50% from peak levels, and housing prices have decreased by 30% to 40% [6]. - The speaker highlighted the critical role of stabilizing the real estate market for national economic stability and internal demand growth, especially in the face of external uncertainties [6][7]. Investment Opportunities - The speaker identified three key investment directions: 1. Quality real estate companies with a price-to-book (PB) ratio below one, indicating deep discounts [9]. 2. Companies in the real estate supply chain, particularly in construction materials, chemicals, and appliances, which have seen improved competitive dynamics due to market consolidation [10]. 3. Urban renewal projects that will drive demand for construction materials and related services [10]. Regulatory Environment - The speaker discussed the regulatory environment, suggesting that early interventions by regulators could lead to a more stable market and longer-term growth [4][5]. Additional Insights - The real estate and related sectors currently represent only 8.1% of the total A-share market capitalization, while consumer goods account for 9.4% despite contributing 43% to GDP [8]. - The speaker noted that the current low expectations and stock valuations create a favorable environment for potential recovery in the real estate sector [8]. Transportation Sector Insights - The transportation sector, particularly aviation and oil shipping, is expected to see increased demand during the upcoming Spring Festival, with passenger traffic projected to reach 9.5 billion, a 5% increase from the previous year [12][13]. - The oil shipping market has seen a significant rise in freight rates, with expectations for continued profitability in Q1 2026 [14]. Chemical Sector Insights - The chemical sector is closely tied to the real estate chain, with optimism regarding demand recovery for products like MDI, PVC, and soda ash due to improving internal demand [17][18]. - Key companies in the chemical sector, such as Wanhua Chemical and Boryung Chemical, are highlighted for their competitive advantages and growth potential [19][21]. Metal Sector Insights - The metal sector remains bullish, with expectations for continued price increases driven by supply disruptions and strong demand from sectors like AI and renewable energy [26][29]. - Industrial metals, particularly copper and aluminum, are seen as strategic resources with strong long-term demand prospects [29][30]. Energy Sector Insights - Oil prices are expected to remain stable around $60-$65 per barrel, with limited downside risk due to production cost considerations [34][35]. - The speaker noted that geopolitical factors could temporarily influence prices, but the overall supply-demand balance suggests a bearish outlook for the next 1-2 years [35][36]. Coal Sector Insights - The coal market is experiencing fluctuations due to seasonal demand, with expectations for price pressures in the spring as new projects commence [42][43]. - The speaker indicated that without significant fiscal stimulus, coal prices may face downward pressure in the upcoming quarters [42][43].

Core Viewpoint - Datang New Energy (01798) announced a projected decrease in total power generation for 2025 compared to 2024, with specific changes in wind and solar power outputs [1] Group 1: Power Generation Overview - The total power generation for the group in 2025 is expected to be 3.453 million megawatt-hours, a decrease of 0.33% compared to 2024 [1] - Wind power generation is projected to be 3.094 million megawatt-hours, reflecting a decline of 5.38% year-on-year [1] - Solar power generation is anticipated to reach 358,900 megawatt-hours, showing a significant increase of 49.48% compared to 2024 [1] Group 2: Cumulative Power Generation - As of December 31, 2025, the cumulative power generation is expected to be 35.105 million megawatt-hours, representing a year-on-year increase of 9.40% [1] - Cumulative wind power generation is projected at 29.994 million megawatt-hours, which is an increase of 4.69% compared to 2024 [1] - Cumulative solar power generation is expected to be 5.111 million megawatt-hours, reflecting a growth of 41.57% year-on-year [1]

Core Viewpoint - 大唐新能源 (01798) announced a projected decrease in total power generation for 2025, with specific changes in wind and solar energy outputs compared to 2024 [1] Group 1: Power Generation Forecast - The company expects to complete a total power generation of 3.453 million megawatt-hours (MWh) in 2025, a decrease of 0.33% compared to 2024 [1] - Wind power generation is projected to be 3.094 million MWh, reflecting a decline of 5.38% year-on-year [1] - Solar power generation is anticipated to reach 358,900 MWh, showing a significant increase of 49.48% compared to 2024 [1] Group 2: Cumulative Power Generation - As of December 31, 2025, the cumulative power generation is expected to be 35.105 million MWh, representing a year-on-year increase of 9.40% [1] - Cumulative wind power generation is projected at 29.994 million MWh, which is an increase of 4.69% from 2024 [1] - Cumulative solar power generation is expected to be 5.111 million MWh, marking a growth of 41.57% compared to the previous year [1]

Core Viewpoint - 大唐新能源 (01798.HK) reported a slight decrease in total power generation for 2025 compared to 2024, with a notable increase in solar power generation and a decrease in wind power generation [1] Group 1: Power Generation Statistics - The company and its subsidiaries achieved a total power generation of 3,452,979 MWh in December 2025, representing a 0.33% decrease year-on-year from 2024 [1] - Wind power generation amounted to 3,094,039 MWh, reflecting a 5.38% decrease compared to 2024 [1] - Solar power generation reached 358,941 MWh, showing a significant increase of 49.48% year-on-year [1] Group 2: Cumulative Power Generation - As of December 31, 2025, the cumulative power generation for the year was 35,105,104 MWh, which is a 9.40% increase from 2024 [1] - Cumulative wind power generation totaled 29,994,258 MWh, marking a 4.69% increase compared to the previous year [1] - Cumulative solar power generation was 5,110,846 MWh, indicating a 41.57% increase year-on-year [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。 – 2 – 公 告 2025年12月 發電量 本 公 告 乃 由 中 國 大 唐 集 團 新 能 源 股 份 有 限 公 司（「本公司」）根 據 香 港 聯 合交易所有限公司證券上市規則第13.09(2)條及香港法例第571章《證 券 及 期 貨 條 例》第XIVA部 項 下 內 幕 消 息 條 文 而 作 出。 本 公 司 董 事 會（「董事會」）宣 佈，根 據 本 公 司 初 步 統 計，2025年12月本公 司 及 其 附 屬 公 司（統 稱「本集團」）按 合 併 報 表 口 徑 完 成 發 電 量3,452,979兆 瓦 時，較2024年同比 下 降0.33%。其 中，完 成 風 電 發 電 量3,094,039兆 瓦 時， 較2024年同比 下 降5.38%；光 伏 發 電 量358,941兆 瓦 時，較2024年同比增加 4 ...