News Focus - In January and February, the total electricity consumption in China increased by 6.1% year-on-year, reaching 165.46 billion kilowatt-hours. The first industry consumed 22.3 billion kilowatt-hours, up 7.4%, while the second industry consumed 1,027.9 billion kilowatt-hours, up 6.3%. Industrial electricity consumption grew by 6.4%, and high-tech and equipment manufacturing electricity consumption rose by 10.6%. The third industry consumed 323.1 billion kilowatt-hours, up 8.3%, with the charging and swapping service industry and internet data service industry growing by 55.1% and 46.2%, respectively. Urban and rural residents' electricity consumption was 281.3 billion kilowatt-hours, up 2.7% [2]. Domestic News - Six cities were listed in the first batch of national new-type industrialization demonstration zones, including Beijing Daxing District and Tianjin Binhai New Area [3]. - By 2025, electrical faults are expected to cause 30.8% of all fire incidents in China, with a projected total of 841,000 fire reports nationwide [3]. - China's geothermal industry remains the largest in the world, with a projected growth rate of around 7% in geothermal heating and cooling areas over the next decade, reaching a cumulative area of 3 billion square meters by 2035 [3]. Corporate News - A new international standard for pipeline geological disaster monitoring in the oil and gas industry was released, led by a Chinese state-owned enterprise. This standard integrates various technologies, including satellite remote sensing and intelligent sensing, creating a comprehensive monitoring system [7].

Core Viewpoint - China Shenhua Energy Co., Ltd. is conducting a share issuance and cash payment to acquire equity from its controlling shareholder, China Energy Investment Corporation, and its wholly-owned subsidiary, involving 12 target companies [2][3][4]. Group 1: Issuance Overview - The share issuance involves 1,363,248,446 shares at a price of 29.40 RMB per share [2][6]. - The new shares will be listed on the Shanghai Stock Exchange after the lock-up period, which starts from the end of the issuance [2][11]. - The transaction has completed all necessary decision-making and approval processes, including approvals from the board of directors and regulatory bodies [3][4]. Group 2: Asset Transfer and Registration - All relevant equity of the 12 target companies has been transferred to the listed company, and the transfer procedures have been completed [9][10]. - The registered capital of the company has increased by 1,363,248,446 RMB due to this issuance, bringing the total registered capital to 21,231,768,401 RMB [10][11]. Group 3: Lock-up Period and Shareholder Changes - The shares acquired by China Energy Group will be locked for 36 months post-issuance, with specific conditions for extension if stock prices fall below the issuance price [7][15]. - The transaction will not change the control of the listed company, with China Energy Group remaining the controlling shareholder [16]. Group 4: Financial and Legal Opinions - Independent financial and legal advisors have confirmed that the transaction complies with legal regulations and that all necessary approvals have been obtained [12][14]. - The transaction is expected to have a positive impact on the company's financial status and governance [16].

Core Viewpoint - The company anticipates a significant increase in power generation by 2025, driven by recent growth in installed capacity and the realization of generation capabilities [1] Group 1: Company Strategy - The company has prioritized power generation and pricing as its "number one project," focusing on enhancing power supply and consumption to ensure investment returns [1] Group 2: Market Influences - Power generation and pricing are influenced by factors such as resource endowment, regional policies, and supply-demand dynamics, which introduce a degree of uncertainty [1]

近期，国家电力投资集团有限公司与中国长江三峡集团有限公司对内部组织架构进行了调整。具体变动如下： 国家电投 ▲ 国家电投最新组织架构图 国家电投的调整主要涉及纪检监察、战略规划、科技产业及党建群团等多个领域，具体变化包括： 国家电力投资集团有限公司与中国长江三峡集团有限公司对内部组织架构进行了调整 。 2、战略与人力资源："战略规划与发展部（改革办、专家委办公室）"现调整为"战略规划与发展部（融合办公室）"，原改革办的职能 已划转至人力资源部。 3、科技与专项："科技与数智化部"现加挂"重燃重大专项办公室、杜基熔盐堆办公室"牌子，承担相关重大专项工作。 4、战略性新兴产业部：原"战略性新兴产业部（重燃重大专项办公室、融合办公室）"现精简为"战略性新兴产业部"，相关专项及融合 职能已划转至其他部门。 5、安全与核监督："安全环保部"调整为"安全环保部（核安全监督部）"。 6、党建与群团："党建部"调整为"党建部（统战部、直属党委、直属纪委、团委、乡村振兴办公室）"；原"群团部（工委办公室）"调 整为"工会工作部"。 三峡集团 1、派驻机构：原"纪检监察组"已更名为"中央纪委国家监委驻国家电力投资集团有限公司纪检 ...

Investment Rating - The report maintains a "Recommended" rating for the environmental and public utility sector [2] Core Insights - The environmental and public utility sectors have seen an increase, with the environmental index rising by 0.79% and the public utility index by 3.07%, outperforming the overall market [5][14] - The report highlights the impact of geopolitical risks, particularly the Iran crisis, leading to a potential increase in international natural gas prices and favoring investments in hydropower and nuclear power as safe assets [5] - The "14th National People's Congress" has approved the "14th Five-Year Plan" emphasizing the construction of a new energy system and the transition to non-fossil energy sources [9][10] Industry Size - The environmental and public utility sector consists of 244 listed companies with a total market capitalization of 4,521.1 billion and a circulating market capitalization of 4,119.9 billion [2] Industry Performance - Year-to-date, the environmental sector has increased by 11.66%, while the power sector has risen by 14.36%, both exceeding the performance of the CSI 300 and ChiNext indices [5][14] - The report notes that the power sector's sub-sectors have varied performance, with the electricity segment increasing by 3.43% and the gas segment decreasing by 0.07% [5][14] Key Data Tracking - As of March 13, 2026, the price of Qinhuangdao 5500 kcal thermal coal is 735 yuan/ton, a decrease of 2.65% from March 6, 2026, but up 5% year-on-year [29] - The LNG import price is 18.92 yuan/million BTU (6,790 yuan/ton), down 5.57% from March 6, 2026, but up 40.6% year-on-year [42] - The average electricity price in Guangdong Province reached a peak of 406.49 yuan/MWh on March 10, 2026, an increase of 58.1% week-on-week [48] Key Events - The report discusses the approval of the "Ecological Environment Code," marking a significant step in environmental law and governance in China [12][13] - The report highlights the development of various energy projects, including the construction of hydropower and wind energy bases, as part of the new energy system outlined in the "14th Five-Year Plan" [11]

Investment Rating - The report maintains an investment rating of "Leading the Market-A" for the industry [4]. Core Insights - The report emphasizes the importance of "computing power and electricity synergy," which was mentioned for the first time in the government work report, highlighting the integration of computing infrastructure with the power system to optimize supply and demand [20][21]. - The demand for AI computing power is leading to a "power shortage anxiety," with a significant increase in electricity consumption by data centers, projected to reach 150 billion kWh in 2023, a 15.4% year-on-year increase [3][23]. - The report identifies a mismatch between the distribution of renewable energy resources and the demand for computing power, particularly in eastern regions, necessitating the "East Data West Computing" initiative to optimize resource allocation [3][27]. Summary by Sections 1. Special Research - The government work report highlights the implementation of large-scale intelligent computing clusters and computing power synergy as key infrastructure projects [20]. - The synergy involves two main aspects: providing stable, low-cost, and zero-carbon electricity to computing centers and using AI algorithms to optimize electricity supply based on demand fluctuations [21]. - The report notes that while the overall power supply is adequate, there is a significant mismatch in the timing and location of renewable energy and computing power needs [27]. 2. Market Review - From February 28 to March 13, the public utility index increased by 6.6%, outperforming the Shanghai Composite Index by 8.22 percentage points [38]. 3. Investment Directions - The report suggests focusing on green electricity operators, as the rapid growth of AI is making green electricity a core infrastructure and scarce resource [35]. - It also highlights the importance of ultra-high voltage (UHV) construction, with a projected scale of over 420 million kW for the "West-to-East Power Transmission" project [33]. - The report recommends attention to energy storage and integrated energy service providers, as they can enhance the reliability and efficiency of power supply for data centers [34]. - Additionally, it emphasizes the need for intelligent scheduling systems and virtual power plants to meet the high reliability and volatility demands of data centers [36].

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，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴該等內容而引致的任何損失 承擔任何責任。 （ 於開曼群島註冊成立之有限公司） （股份代號︰3393） 自願公告 海外中標結果 本公告由威勝控股有限公司（「本公司」），連同其附屬公司（「本集團」）自願刊發。 本公司董事（「董事」）會（「董事會」）欣然宣佈本集團於巴西附屬公司WASION ENERGIA DO BRASIL LTDA（「 威 勝 能 源 巴 西 」）於 二 零 二 六 年 三 月 成 功 獲 得 巴 西 最 大 的 電 力 公 司 之 一 Companhia Energ ética de Minas Gerais S.A.（「CEMIG」）公開招標的供貨合約。根據該中標結 果，威勝能源巴西將作為唯一供貨商，向CEMIG提供重合器，按完稅後交貨條件計算，合 約總金額約為138.00百萬巴西雷亞爾（ 約人民幣182.20百萬元或約206.48百萬港元 ），並將在 未來兩年內分批交付完成。 CEMIG是巴西最大及最重要的綜合電力集團之一，業 ...

Investment Rating - The report initiates coverage on Datang Power with a "Buy" rating, assigning a target price of RMB 5.06 for A-shares and HKD 3.25 for H-shares based on a 2026E PE of 13.0x [1][6][8] Core Views - Datang Power serves as the integration platform for Datang Group's thermal power business, primarily located in northern China, which supports resilient electricity pricing. The company is also expanding its renewable energy capacity in hydro, nuclear, wind, and solar, contributing to a second growth curve [1][18] - The company is actively promoting a green low-carbon transition, with the share of clean energy capacity expected to reach 43% by the end of 2025, up from 30% at the end of 2017. The contribution of new energy profits is projected to continue increasing [3][20] - The H-share dividend yield is expected to be attractive, with estimates of 6.3% for 2026, reflecting the company's commitment to returning profits to shareholders [4][21] Summary by Sections Company Overview - Datang Power is a major independent power producer in China, focusing on the construction and operation of power plants, electricity sales, and coal production. The company has diversified into renewable energy, including hydro, wind, and solar power, and aims to enhance its operational efficiency [23][24] Thermal Power Business - The company's coal-fired power units are primarily located in North China, with a projected 45% of coal-fired capacity in the Hebei, Inner Mongolia, Shanxi, and Tianjin regions by 2024. The efficiency of power generation is improving as older assets are phased out, leading to a decrease in coal consumption per unit of electricity generated [2][19] - The company anticipates a positive shift in coal power profitability, with a projected profit of RMB 0.013 per kWh by 2024, supported by declining coal prices and improved pricing dynamics in the northern electricity market [2][19] Renewable Energy Expansion - Datang Power has made significant strides in expanding its renewable energy portfolio, with a focus on high-quality projects in regions with excellent wind and solar resources. By 2024, the contribution of new energy profits is expected to reach 33% of total profits [3][20] - The company also holds stakes in nuclear power plants, which are expected to provide stable investment returns, with projected contributions from the Ningde and Xudabao nuclear projects [3][20] Dividend Policy - The company revised its dividend policy in May 2025, committing to distribute at least 50% of its distributable profits to shareholders. This is expected to result in a minimum dividend per share of RMB 0.141 for 2025, with H-share yields projected at 6.3% for 2026 [4][21] Market Perspective - The report contrasts with market views that perceive Datang Power as primarily a thermal power company. It emphasizes the company's dual focus on thermal and clean energy, which positions it as a comprehensive energy operator [5][22]

Group 1 - The article discusses the ongoing military conflict between Israel and Iran, which has escalated over 17 days, impacting global oil prices and causing significant market reactions in Japan and South Korea [4][5]. - Brent crude oil prices have surged past $100 per barrel, leading to economic concerns, particularly in Japan, where GDP could potentially decline by 0.65% over the next year [4][5]. - In contrast, China, as the world's largest oil importer, has shown resilience, with its stock market remaining stable and even seeing slight gains in the A-share market [6][5]. Group 2 - China has prepared for energy security over the past two decades, establishing a robust energy import network that includes pipelines from Russia and Central Asia, which can quickly ramp up supply [8][13]. - China's oil reserves are estimated to be sufficient to cover 110 to 140 days of consumption, providing a buffer in case of supply disruptions [8][9]. - The diversification of China's oil import sources has reduced reliance on traditional suppliers, with increasing contributions from countries in the CIS, South America, and even North America and Europe [15][19]. Group 3 - China is actively reducing its dependence on oil by investing in nuclear, wind, and hydroelectric power, aiming to create a significant "electric power empire" [20][21]. - By 2025, China's electricity consumption is projected to reach 10.37 trillion kilowatt-hours, surpassing the total consumption of the EU, Russia, India, and Japan combined [21][22]. - The share of electricity in China's total energy consumption has exceeded 30%, significantly higher than the global average of around 20% [24][25]. Group 4 - China's renewable energy capacity is expected to reach 1.84 billion kilowatts by 2025, with wind and solar power surpassing traditional coal power for the first time [26][27]. - The penetration rate of new energy vehicles in China is projected to exceed 50% by 2025, indicating a shift towards electric vehicles amidst rising oil prices globally [28][29]. - The development of green energy not only enhances energy security but also positions China favorably in future global competition, particularly in the context of AI and technology [29][30]. Group 5 - China has a unique advantage in coal chemical technology, allowing it to convert coal into various products, including oil and gas, which can mitigate the impact of oil supply disruptions [33][34]. - The coal chemical industry in China is expected to replace approximately 14% of the country's oil and gas consumption by 2024, providing a buffer against supply shocks [34][35]. - This capability ensures that China can maintain its industrial output even in the face of external supply challenges, securing critical chemical raw materials domestically [36][37]. Group 6 - The Chinese government is investing heavily in new power systems, with a planned investment of 4 trillion yuan during the 14th Five-Year Plan period, reflecting a proactive approach to energy security [38][39]. - The current geopolitical climate, characterized by unilateralism and protectionism, necessitates a focus on energy, food, and gold reserves as essential components of national security [39][40].

Core Viewpoint - The company reported a slight increase in revenue and profit for the fiscal year 2025, while continuing to focus on sustainable development and reducing carbon emissions through ongoing projects [1] Financial Performance - Revenue for the year reached HKD 12.125 billion, representing a year-on-year growth of 0.6% [1] - Profit attributable to shareholders was HKD 3.149 billion, an increase of 1.2% year-on-year [1] - Earnings per share stood at HKD 0.3564 [1] Development Projects - The company is advancing its development plan for 2024-2028, which includes the construction of a new gas combined cycle generator unit L13 and three new single-cycle fuel oil units [1] - These projects aim to enhance power generation safety, ensure system reliability, and further reduce carbon emissions [1] - The installation of smart meters for all customers has been largely completed [1] Future Outlook - Affordable electricity prices remain a key concern for customers [1] - The company plans to reduce net electricity tariffs by 2.2% to HKD 1.633 per kWh starting January 2026, primarily due to a decrease in fuel adjustment fees [1] - Despite an increase in basic electricity fees due to ongoing capital investments, the net electricity fee will still see a reduction [1] - The company is committed to balancing electricity affordability, reliability of supply, and long-term sustainability [1]