Core Points - Huaneng International's stock price increased by 2.05% on November 27, reaching 7.96 CNY per share, with a total market capitalization of 124.96 billion CNY [1] - The company reported a year-to-date stock price increase of 22.46%, with a recent 5-day increase of 1.27% and a 20-day decrease of 5.01% [1] - For the first nine months of 2025, Huaneng International achieved operating revenue of 172.98 billion CNY, a year-on-year decrease of 6.19%, while net profit attributable to shareholders increased by 42.52% to 14.84 billion CNY [2] Financial Performance - The company has cumulatively distributed dividends of 67.86 billion CNY since its A-share listing, with 7.38 billion CNY distributed over the past three years [3] - As of September 30, 2025, the number of shareholders decreased by 1.99% to 94,600, with an average of 0 circulating shares per person [2][3] Shareholder Structure - China Securities Finance Corporation is the sixth largest circulating shareholder, holding 466 million shares, unchanged from the previous period [3] - Hong Kong Central Clearing Limited is the tenth largest circulating shareholder, holding 164 million shares, a decrease of 65.5 million shares from the previous period [3]

时值2025年末，全球能源转型浪潮奔涌不息。近日，一则来自北京的签约消息，再次彰显了中国基建力 量在全球绿色能源领域的卓越影响力。中国电力建设集团（简称"中国电建"）所属的骨干企业山东电建 三公司，与全球能源巨头法国ENGIE集团正式签署合作协议。 双方将携手建设阿联酋阿布扎比的哈兹纳150万千瓦光伏发电项目。这一项目的落地，不仅是中国高端 制造与工程实力出海的又一力证，也为阿联酋的能源结构多元化注入了强劲动力。 此次合作的双方均是各自领域的佼佼者。中国电建作为全球清洁低碳能源建设的引领者，业务遍及全 球，在电力能源项目的设计、施工与管理方面积累了雄厚经验。其子公司山东电建三公司更是深耕国际 市场多年，以卓越的工程质量和项目执行力闻名。 此外，项目还将配备高效的平单轴跟踪支架、集中式逆变器和箱式变电站等先进设施。这些技术的综合 运用，将确保电站能够长期稳定地输出清洁电力。 项目建成后，预计每年可满足约16万户当地家庭的用电需求，同时每年减少超过240万吨的二氧化碳排 放。这将极大丰富阿联酋的电网供电结构，为当地工业和民用发展提供坚实保障。 03 战略契合：深度融入阿联酋"2050愿景" 哈兹纳光伏项目的建设， ...

2025年11月27日，新能源概念股再度走强，碳中和ETF（159790）翻红上涨0.92%，持仓股迈为股 份涨超8%，璞泰来涨超3%，中国宝安涨超2%。资金面上，碳中和ETF（159790）连续四日获资金持续 布局超2800万元。 每日经济新闻 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 中银证券认为，四季度是新能源汽车销售旺季，预计 2025 年国内新能源汽车销量同比保持高增， 将带动电池和材料需求增长。 相关产品： 碳中和ETF（159790）是全市场规模最大的碳中和主题ETF基金。跟踪中证内地低碳经济主题指 数，聚焦电池、电力、光伏设备等低碳主题公司，受益于国家"3060"碳达峰、碳中和，相关新能源、节 能环保公司，业绩增长空间广阔。指数覆盖社会经济各领域与减碳相关的行业及企业，便于投资者精准 全面把握市场热点。 ...

Core Viewpoint - The development of nuclear fusion technology in China is progressing rapidly, with significant projects underway that aim to harness fusion energy for practical applications, including electricity generation, which could lead to a transformative impact on the energy sector [4][16]. Group 1: Nuclear Fusion Projects - The BEST (Broadly Enhanced Superconducting Tokamak) project in Hefei is under construction, aiming to achieve the first demonstration of fusion energy generation by 2027 [4][8]. - The project involves creating conditions similar to those in the sun, with temperatures exceeding one hundred million degrees Celsius to facilitate nuclear fusion reactions [6][7]. - The experimental device consists of millions of components, weighing a total of 6,000 tons, and is designed to provide critical data for the commercialization of fusion energy [8]. Group 2: Advancements in Nuclear Power - During the 14th Five-Year Plan, China has made significant breakthroughs in fourth-generation nuclear power technology, with the world's first commercially operational fourth-generation nuclear power plant in Rongcheng, Shandong [10][14]. - The operational and construction scale of nuclear power in China is the largest globally, with a notable increase in domestic innovation capabilities [14][15]. - The domestic equipment localization rate in nuclear power has reached 93.4%, with plans to achieve 100% localization during the 15th Five-Year Plan [15]. Group 3: Market and Investment Trends - The nuclear fusion sector is experiencing accelerated investment, with over 10 billion yuan raised in the primary market since 2025, indicating strong market expectations for the development of the fusion industry [19]. - The 15th Five-Year Plan period is seen as a pivotal time for the transition from demonstration to large-scale application of controllable nuclear fusion, potentially unlocking a trillion-yuan market [19]. - China has established partnerships with over 50 countries and 140 research institutions globally, positioning controllable nuclear fusion as a key element in achieving carbon neutrality goals [19].

Core Insights - China is expected to increase its oil consumption before 2030 while continuing to lead in green energy initiatives, balancing energy security, economic growth, and structural emissions reduction [1][2] Group 1: Renewable Energy Development - China has become a global leader in renewable energy, with significant investments in green technology inspiring other developing nations [1] - By October 2025, China's total installed power generation capacity is projected to reach 3.75 billion kilowatts, with solar power capacity at 1.14 billion kilowatts (up 43.8% year-on-year) and wind power capacity at 590 million kilowatts (up 21.4% year-on-year) [1][3] - In the first quarter of 2025, renewable energy generation is expected to account for approximately 35.9% of total power generation, accelerating the process to achieve peak carbon emissions before 2030 [3] Group 2: Fossil Fuel Dependency and Future Projections - Despite rapid growth in renewable energy, China's reliance on fossil fuels remains significant, with coal consumption expected to peak around 2027 and oil consumption projected to peak during the 14th Five-Year Plan (2026-2030) [2] - To ensure a stable transition from fossil fuels to renewable energy, China is accelerating the development of a new energy system characterized by integration, storage, large renewable energy bases, and modernized power grids [2] - Long-term goals include increasing the total installed capacity of solar and wind energy to over six times that of 2020 by 2035, with a target of exceeding 360 million kilowatts [3]

长江证券研究所电力设备与新能源研究小组 2025-11-26 %% %% %% %% research.95579.com 1 分析师 邬博华 分析师 曹海花 SAC执业证书编号：S0490514040001 SAC执业证书编号：S0490522030001 SFC执业证书编号：BQK482 分析师及联系人 证券研究报告 • 证券研究报告 • 评级 看好 维持 新能源作为产业发展新增长的现状与 未来 %% %% %% %% research.95579.com 2 01 现状：全球竞争力突出，供需矛盾导致盈利承压 02 未来：迈向高质量发展，业务延伸打造新增长点 目 录 2.1 从高速发展迈向高质量发展 2.2 企业谋求出海带动量利齐升 2.3 业务延伸打造第二增长曲线 %% research.95579.com 3 01 现状：全球竞争力突出，供需矛盾导致盈利承压 %% %% %% %% research.95579.com 在光伏需求爆发背景下，供给端迎来快速扩张，目前各环节产能均超过1000GW，产能利用率大幅下降，其中硅料环节甚至低于50%。 图：2020年以来全球光伏装机快速增长 0% 10% 20 ...

Group 1 - The core viewpoint of the articles emphasizes the importance of achieving peak carbon emissions and transitioning to a greener economy, particularly focusing on coal and oil consumption reaching their peak during the 14th Five-Year Plan period [1][2] - The articles highlight that coal and oil consumption is expected to peak around 2027 and 2026 respectively, with fossil energy consumption's share projected to drop below 75% by 2030 [2] - The need for a structured approach to energy supply, storage, and sales is stressed, aiming for a smooth transition from fossil to non-fossil energy sources while ensuring energy security [3] Group 2 - The development of non-fossil energy sources is prioritized, with plans to enhance clean energy bases such as wind, solar, and nuclear power, aiming for non-fossil energy consumption to reach about 25% by 2030 [4] - Capacity regulation is crucial as the peak in coal and oil consumption may lead to structural issues in the coal and refining industries, necessitating optimization of production capacity and investment adjustments [5]

Core Viewpoint - The article emphasizes the importance of developing distributed energy and integrated energy services to enhance the efficiency and cleanliness of energy consumption, aligning with the goals of carbon neutrality [1] Group 1: Training Overview - The training titled "Distributed Energy Planner (Integrated Energy Service Direction)" is organized to address the shortage of professionals skilled in energy planning, conversion, and intelligent control, which is crucial for the transition to integrated energy services [1] - The training will be conducted online from December 10 to December 13, 2025 [2] - The training is organized by the Human Resources and Social Security Department's Social Security Capacity Building Center and hosted by China Energy News [2] Group 2: Target Audience - The training targets various stakeholders including provincial and municipal power companies, energy groups, and enterprises involved in renewable energy such as wind, solar, and storage [2] - It also includes energy service companies, equipment manufacturers, and investment firms focused on integrated energy services [2] Group 3: Course Outline - The course covers a comprehensive overview of integrated energy services, including its development trends and project planning [3] - It includes modules on the application of distributed photovoltaic projects, natural gas distributed energy, wind energy, hydrogen energy, and new energy storage systems within integrated energy services [4] - The training also addresses near-zero carbon factory and park construction evaluation, focusing on energy-saving and carbon reduction methods [4] Group 4: Training Costs - The training fee is set at 3,600 yuan per person, which includes training materials and certification costs [4]

Core Insights - BYD is actively participating in COP30, showcasing its electric vehicles as symbols of low-carbon transportation and contributing to the global dialogue on climate change [1][2]. Group 1: Technological Innovations - BYD emphasizes the importance of electric vehicle adoption as a key pathway for carbon reduction in the transportation sector, leveraging its fifth-generation DM super hybrid technology and megawatt fast charging to facilitate the transition from traditional fuel vehicles [2]. - The fifth-generation DM super hybrid technology has achieved a fuel consumption rate of 2.6L/100km, significantly reducing carbon emissions [2]. - The megawatt fast charging technology allows for a rapid charge of 5 minutes to enable a travel range of 400 kilometers, enhancing the accessibility of electric vehicles [2]. Group 2: Market Performance in Brazil - BYD has achieved a cumulative sales figure of over 87,000 vehicles in Brazil from January to October 2025, with an 80% market share in pure electric models and 25% in hybrid models [3]. - In less than three years, BYD's total sales in Brazil have surpassed 180,000 vehicles, setting an industry record [3]. - A recent report indicates that BYD has become the most satisfying automotive brand for Brazilian consumers, surpassing major brands like Fiat, Honda, and Volkswagen [3]. Group 3: Global Expansion and Recognition - BYD's global footprint extends to 117 countries and regions, with overseas sales of passenger cars and pickups exceeding 785,000 units from January to October 2025, marking a historical high [4]. - The company has established an 8-vessel roll-on/roll-off fleet to support its global strategy for efficient product distribution [4]. - BYD has been recognized in the Kantar BrandZ Top 10 Global Automotive Brands for three consecutive years and ranked 91st in the Fortune Global 500 [4].

Core Viewpoint - The article discusses the development and implementation of green finance in Huzhou, China, highlighting its role in supporting the green transformation of industries and addressing technological and funding challenges [3][5]. Group 1: Green Finance Initiatives - Huzhou has been a pioneer in green finance, becoming one of the first national pilot zones for green finance reform in 2017, with a focus on practical applications of green finance concepts [3][5]. - The establishment of the "Digital Green Finance" system aims to enhance the efficiency of green finance by integrating various data sources to support financial institutions in identifying and funding green projects [9][10]. Group 2: Virtual Power Plant Development - Wu Xing Guo Kong Digital Energy has developed a virtual power plant that integrates distributed energy resources, benefiting from 840 million yuan in loans from local financial institutions [5][6]. - The virtual power plant acts as an aggregator, matching renewable energy generation with local consumption, thus facilitating more efficient energy management [5][6]. Group 3: Carbon Accounting and Green Certificates - The company has implemented a system for distinguishing between green and conventional electricity, which is crucial for industries with specific green energy requirements [7][9]. - Green certificates are issued to companies based on their consumption of renewable energy, which can be traded on a green electricity certificate trading platform [7][9]. Group 4: Financial Data Engine and Support Systems - The "Financial Data Engine" developed by Huzhou integrates government, credit, and third-party data to help financial institutions better assess and support green projects [10][11]. - A regional "Transformation Financial Support Activity Directory" has been established, outlining 106 transformation technologies or pathways for key industries [11][12]. Group 5: Risk Management and Client Profiling - The development of a "Transformation Financial Client Profile" system allows for precise identification of enterprises with potential for low-carbon transformation, enhancing risk management and service support [12][13]. - Huzhou aims to achieve carbon peak by 2028 and carbon neutrality by 2058 for all banking operations, reflecting a commitment to sustainable finance [13].