Investment Rating - The investment rating for the utility sector is "Positive" [2] Core Insights - The utility sector has shown resilience, with the sector index rising by 3.1% as of March 13, outperforming the broader market [4][12] - The electricity sector specifically saw a 3.42% increase, while the gas sector experienced a slight decline of 0.07% [16] - Key developments include the successful bid by Datang Group for a 2.6 million kW "computing and electricity synergy" project, indicating a shift towards integrating digital and green energy solutions [5] Summary by Sections Market Performance - As of March 13, the utility sector rose by 3.1%, outperforming the Shanghai Composite Index which increased by 0.2% [12] - The electricity sector's performance was particularly strong, with a 3.42% increase, while the gas sector saw a minor decline [16] Electricity Industry Data Tracking - The price of thermal coal at Qinhuangdao Port (Q5500) was 731 CNY/ton, down 14 CNY/ton week-on-week [21] - Coal inventory at Qinhuangdao Port increased to 6.6 million tons, up 930,000 tons week-on-week [27] - Daily coal consumption in inland provinces decreased to 3.113 million tons, down 544,000 tons/day week-on-week [29] Natural Gas Industry Data Tracking - Domestic LNG prices rose to 4,881 CNY/ton, a 12.31% increase week-on-week [55] - The European TTF spot price was 16.98 USD/MMBtu, up 25.2% year-on-year [58] - The EU's natural gas supply for week 9 of 2026 was 6.69 billion cubic meters, a 10.3% increase year-on-year [62] Industry News - Datang Group's project marks a significant step in the integration of computing power and electricity, aligning with national strategies for green energy [5] - Ongoing geopolitical tensions have raised concerns about the security of energy infrastructure, particularly in relation to Russian gas supplies [5] Investment Recommendations - The electricity sector is expected to see profit improvements and value reassessment, with a focus on leading coal power companies such as Guodian Power and Huaneng International [5] - Natural gas companies are also positioned to benefit from stable margins and increased sales volumes due to recovering domestic consumption [5]

Investment Rating - The investment rating for the utility sector is "Positive" [2] Core Views - The report highlights that the utility sector has outperformed the broader market, with a 3.1% increase as of March 13, 2026, compared to a 0.2% increase in the Shanghai Composite Index [4][12] - The report emphasizes the ongoing tension in the power supply-demand balance, which is expected to lead to improved profitability and a revaluation of the power sector [5] Summary by Sections Market Performance - As of March 13, 2026, the utility sector increased by 3.1%, outperforming the market, while the power sector rose by 3.42% and the gas sector fell by 0.07% [4][12] - The top-performing sub-sectors include thermal power, hydropower, and nuclear power, with respective increases of 1.97%, 1.58%, and 4.48% [16] Power Industry Data Tracking - The price of Qinhuangdao port thermal coal (Q5500) was 731 CNY/ton as of March 13, 2026, a decrease of 14 CNY/ton week-on-week [21] - The coal inventory at Qinhuangdao port increased to 6.6 million tons, up by 930,000 tons week-on-week [27] - The daily coal consumption in inland provinces was 3.113 million tons, down by 544,000 tons/day week-on-week [29] Natural Gas Industry Data Tracking - The LNG ex-factory price index in Shanghai was 4,881 CNY/ton as of March 13, 2026, reflecting a 6.88% year-on-year increase [55] - The European TTF spot price was 16.98 USD/million BTU, up 25.2% year-on-year [58] - The total natural gas supply in the EU for week 9 of 2026 was 6.69 billion cubic meters, a 10.3% year-on-year increase [62] Key Industry News - Datang Group won a bid for a 2.6 million kW "computing power and electricity collaboration" project, marking a significant step towards integrating computing power with renewable energy [5] - The report notes geopolitical tensions affecting energy supply, particularly in relation to Ukraine's actions against Russian gas infrastructure [5] Investment Recommendations - The report suggests focusing on leading coal power companies such as Guodian Power, Huaneng International, and Huadian International, as well as regional leaders in tight supply areas [5] - For natural gas, companies with low-cost long-term gas sources and receiving station assets are recommended for potential profit growth [5]

Group 1 - The article reports that Ukraine's energy infrastructure was targeted by a large-scale attack from Russia, leading to power outages in multiple regions [3] - The attack primarily focused on energy facilities in Kyiv city and Kyiv region, with additional damage reported in other areas due to ongoing shelling [3] - As a result of the attacks, Ukraine's national electricity company had to temporarily adjust the planned electricity rationing measures for the day, affecting both duration and coverage [3]

Investment Rating - The report maintains a positive investment rating for the clean energy sector, particularly focusing on the growth of installed capacity and the rationalization of electricity pricing mechanisms [2][5][24]. Core Insights - The "14th Five-Year Plan" emphasizes the tenfold increase in non-fossil energy over the next decade, with significant growth expected in clean energy installations. The establishment of a unified national electricity market is anticipated to enhance the flexibility and reliability of various power sources [2][5][9]. - The report highlights the importance of developing green hydrogen and green fuels, which are expected to experience explosive demand, contributing to energy security and the promotion of new energy policies [2][5][9]. - The report outlines specific quantitative targets for energy installations, including 100 million kilowatts of pumped storage, offshore wind, and nuclear power by 2030, laying a solid foundation for achieving carbon peak and non-fossil energy doubling by 2035 [5][19][24]. Summary by Sections Non-fossil Energy Tenfold Increase - The report indicates a shift from energy consumption control to carbon emission control, with a focus on hydrogen and green fuels as emerging energy sources. This transition aims to address challenges in renewable energy consumption and enhance energy security [9][10]. - The "14th Five-Year Plan" sets ambitious targets for renewable energy installations, predicting that by 2035, total installed capacity for non-fossil energy will reach 4.83 billion kilowatts, representing a 105% increase from 2025 [19][24]. National Unified Electricity Market - The report discusses the ongoing efforts to establish a national unified electricity market, with a target to complete this by 2030. The market's design will focus on breaking local protectionism and enhancing competition [24][25][26]. - By 2025, the market share of electricity transactions is expected to reach 64%, with significant growth in both inter-provincial and cross-regional electricity transactions [30][31]. Investment Recommendations and Profit Forecasts - The report suggests focusing on companies in the thermal power sector, such as Huaneng International and Guodian Power, as well as in the hydropower sector, including Yangtze Power and China Power Investment [2][5]. - The report anticipates that the clean energy sector will continue to be the main contributor to new installations, with an average annual increase of 20-30 million kilowatts during the "14th Five-Year Plan" period [19][20].

Group 1 - The ongoing Middle East turmoil exceeds market expectations, leading to increased global risk aversion and a rise in risk assessment. The implied geopolitical risk premium for commodities has not yet reached historical extremes, indicating potential for further price increases in commodities if Middle Eastern disturbances persist beyond expectations, which would boost price expectations in related cyclical sectors such as petrochemicals, coal, natural gas, electricity, and agriculture [5][8][19] - As geopolitical tensions rise, the geopolitical risk index is also increasing. This escalation in geopolitical risk will have two main impacts: an upward shift in inflation expectations and a downward shift in risk appetite, leading to negative impacts on global equity markets [5][12] - The direct impact of geopolitical disturbances is seen in commodities. Statistical results show that since the changes in the Middle East situation in March, commodities with a higher correlation to geopolitical risks have experienced significantly greater price increases [5][19] Group 2 - The implied geopolitical risk premium index for commodities is currently above historical averages but remains significantly below the peak observed during the 2022 Russia-Ukraine conflict. This suggests that the market has not overly priced in potential future conflicts, and if the Middle East turmoil continues to exceed expectations, commodity prices still have room for growth [5][21][24] - In the medium term, there is no need for excessive concern as the negative impact of rising geopolitical risks on stock markets in various countries is increasing, while the impact on the Chinese stock market is actually decreasing. Statistical analysis shows that the correlation between rising geopolitical risks and volatility in US stock indices is strengthening, while the impact on domestic stock index volatility is diminishing [5][12][19] Group 3 - The methodology for calculating the implied geopolitical risk premium for commodities involves four steps: 1. Rolling correlation statistics of commodity price changes against the geopolitical risk index over 12 months to identify high and low correlation commodities [20] 2. Averaging the prices of high and low correlation commodities to create two price indices, with the ratio of these indices serving as the first factor of the implied geopolitical risk premium [20] 3. Calculating the price increase diffusion index, which measures the proportion of commodities that have increased in price each month, serving as the second factor [20] 4. A weighted average of the two factors to derive the implied geopolitical risk premium index, which historically correlates with geopolitical risks [21]

Core Viewpoint - The company plans to divest its electronic information segment assets to Shenzhen Fuje Technology Co., Ltd., focusing on enhancing its power sector and IT solutions business [1][3]. Group 1: Transaction Details - The transaction involves the transfer of assets from subsidiaries including New Huikai Technology (Shenzhen) Co., Ltd. and others, excluding non-electronic information assets [1]. - The deal is expected to be classified as a major asset restructuring under the regulations, without changing the controlling shareholder or actual controller [3]. - The transaction is in the planning stage and requires further internal decision-making and approval processes [3]. Group 2: Financial Implications - The company anticipates a significant influx of cash post-transaction, which will support investments in new productive capacities and enhance its focus on advanced technology sectors [3][4]. - The transaction is expected to improve the company's financial strength, reduce the debt-to-asset ratio, and optimize the asset structure [4]. Group 3: Performance Forecast - The company has projected a net loss of 350 million to 450 million yuan for the fiscal year 2025, a significant decline from a profit of 21.46 million yuan in the previous year [4][5]. - The anticipated losses are attributed to goodwill impairment from acquired subsidiaries and decreased performance in the touch display segment due to international market conditions and intensified competition [5].

Core Viewpoint - China Power (02380) announced a contract with Shandong Luyuan for the provision of dust removal facilities, indicating a strategic move to enhance its operational capabilities in environmental management [1] Group 1: Contract Details - The contract was signed on March 13, 2026, between Far East Engineering Company, a subsidiary indirectly owned by China Power, and Shandong Luyuan [1] - The contract involves the supply of a complete set of dust removal equipment and components, along with related services for the Liutang project [1] - The total value of the contract is approximately RMB 59.8604 million [1]

Core Viewpoint - China Power (02380.HK) announced a contract with Shandong Ludian for the provision of dust removal facilities, indicating a strategic move to enhance its service offerings in environmental technology [1] Group 1: Contract Details - The contract was signed on March 13, 2026, between Far East Engineering Company, a subsidiary of China Power, and Shandong Ludian [1] - The total value of the contract is RMB 59.86 million, which is approximately HKD 68.02 million [1] Group 2: Project Implications - Far East Engineering will provide a complete set of dust removal equipment and components along with related services for the Liutang project [1]

Core Viewpoint - The approval of the Huaneng Kubuqi "Shagehuang" base coal power project marks a significant step in the development of China's energy strategy during the 14th Five-Year Plan period, highlighting the project's role in promoting green energy transition and effective investment expansion [1][3]. Group 1 - The Kubuqi base project includes four coal power units with a total capacity of 660,000 kilowatts, officially entering the substantial development phase [1]. - This project is a key component of China Huaneng's strategic goals for the 14th Five-Year Plan, representing a major achievement in stabilizing the start of the plan and expanding investments [3]. - The total installed capacity of the Kubuqi base is approximately 15 million kilowatts, expected to be operational during the 14th Five-Year Plan, with an annual CO2 emission reduction of over 17 million tons [5]. Group 2 - The project will significantly enhance the green and low-carbon benefits, promoting the energy structure transition and energy conservation in the Shanghai region [5]. - It will improve the cross-regional optimization of electricity resources, ensuring stable power supply for the Shanghai area, and has strategic significance for optimizing the national energy structure and advancing green development practices [5].

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） 香港，2026年3月13日 2026年2月電廠售電量數據 所附的新聞稿載列華潤電力控股有限公司（「本公司」）及其附屬公司2026年2月 電廠售電量數據。新聞稿載列的資料可能為股價敏感資料。因此，本公告所附 的新聞稿乃按《證券及期貨條例》第XIVA部發出。新聞稿載列的資料根據內部 管理記錄編製，未經外聘核數師審核或審閱。 本公告乃本公司根據《證券及期貨條例》第XIVA部發出。 本公告載列的資料根據內部管理記錄編製，未經外聘核數師審核或審閱，因此該 等數據僅供投資者參考。 投資者在買賣本公司股份時務必審慎行事。 承董事會命 華潤電力控股有限公司 主席 史寶峰 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、宋葵先生及后永傑先生；三名非執行董事，即周波先生、李傳吉先生及曾 俊先生；及七名獨立非執行董事，即楊玉川 ...