Core Insights - The China Electric Power Construction Enterprise Association (CEPCA) released the Clean Energy Construction Prosperity Index (CEPI) and Power Construction Development Index (PCDI) for Q4 2025, indicating a stable recovery in the clean energy construction sector and an accelerated energy transition [1][11] CEPI Summary - The CEPI for Q4 2025 is 108.242, showing a year-on-year decrease of 8.22 points and a quarter-on-quarter decrease of 2.96 points, remaining within the prosperous range of 100-120 [2] - The index, based on 2017, focuses on hydropower, nuclear power, wind power, and solar power, with fluctuations attributed to a slowdown in the growth rate of new clean energy installed capacity [2] - By the end of 2025, the total installed power generation capacity reached 3.89 billion kilowatts, a year-on-year increase of 16.12%, with clean energy capacity at 2.35 billion kilowatts, accounting for over 60% [2] PCDI Summary - The PCDI for Q4 2025 is 93.29, showing a year-on-year decrease of 1.29 points but a quarter-on-quarter increase of 5.87 points, driven by improvements in all four sub-indices [9] - The economic efficiency sub-index performed best at 92.93, with a year-on-year increase of 3.53 points and a quarter-on-quarter increase of 9.15 points, despite slight declines in revenue and new contracts [10] - The green development sub-index is at 93.19, with a year-on-year decrease of 4.81 points but a quarter-on-quarter increase of 9.66 points, indicating a significant increase in non-fossil energy installed capacity [10] Investment and Capacity Insights - In Q4 2025, clean energy investment totaled 381 billion yuan, a year-on-year decrease of 23.97%, while the newly added power generation capacity was 17.944 million kilowatts, a year-on-year decrease of 5.88% but a quarter-on-quarter increase of 144.44% [2][5] - Clean energy generation reached 1,685.9 billion kilowatt-hours, a year-on-year increase of 20.65%, representing 53.34% of the national power generation, equivalent to a reduction of 138.4 million tons of CO2 emissions [5] Economic Context - In Q4 2025, China's GDP reached 38.791 trillion yuan, growing by 4.5% year-on-year and 1.2% quarter-on-quarter, with fixed asset investment (excluding rural households) at 11.3651 trillion yuan [11] - Power construction investment completed amounted to 695.8 billion yuan, with a quarter-on-quarter increase of 82.19%, reflecting its significance within fixed asset investment [11]

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分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。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00956） 2026年1月主要經營數據 新天綠色能源股份有限公司（「本公司」）謹此公佈，根據本公司初步統計，2026年1月，本公司及其附 屬公司（合稱「本集團」）按合併報表口徑完成發電量1,739,287.28兆瓦時，同比增加15.25%。截至2026 年1月31日，累計完成發電量1,739,287.28兆瓦時，同比增加15.25%。 | | | 發電量 | | | | --- | --- | --- | --- | --- | | | 2026年1月 | 同比變動 | 2026年累計 | 同比變動 | | 地區 | （兆瓦時） | (%) | （兆瓦時） | (%) | | 風電業務 | 1,711,823.87 | 15.28 | 1,711,823.87 | 15.28 | | 河北 | 1,342,453.21 | 19.03 | 1,3 ...

Group 1 - In December 2025, Qinghai Province generated 9.5 billion kilowatt-hours of electricity, representing a year-on-year increase of 7.3% [1] - In 2025, the total electricity generation in Qinghai Province reached 106.32 billion kilowatt-hours, with a year-on-year growth of 1.7% [1] - By energy type in 2025, thermal power generation was 14.22 billion kilowatt-hours, accounting for 13.4% of total generation, with a year-on-year increase of 6.8% [1] - Hydropower generation was 45.05 billion kilowatt-hours, making up 42.4% of total generation, but saw a year-on-year decline of 6.8% [1] - Wind power generation reached 14.18 billion kilowatt-hours, representing 13.3% of total generation, with a year-on-year increase of 6.6% [1] - Solar power generation amounted to 32.877 billion kilowatt-hours, accounting for 30.9% of total generation, with a year-on-year growth of 11.2% [1] Group 2 - The data source for the cumulative power generation statistics from 2018 to 2025 is the National Bureau of Statistics, organized by Zhiyan Consulting [2] - The statistical scope includes large-scale industrial enterprises with annual main business income of 20 million yuan and above [2] - To ensure comparability of data year-on-year, the calculation of product output and other indicators uses the same statistical scope for enterprises as the current year, which may differ from previously published data [2]

Core Insights - The report by Zhiyan Consulting highlights the growth of electricity generation in Tibet, with a total generation of 16.24 billion kWh in 2025, marking a year-on-year increase of 10.7% [1] Electricity Generation Breakdown - In 2025, the breakdown of electricity generation in Tibet is as follows: - Thermal power generation: 540 million kWh, accounting for 3.3% of total generation, with a year-on-year increase of 39.5% [1] - Hydropower generation: 13.57 billion kWh, making up 83.6% of total generation, with a year-on-year increase of 6% [1] - Wind power generation: 45 million kWh, representing 2.8% of total generation, with a year-on-year increase of 129.1% [1] - Solar power generation: 1.684 billion kWh, accounting for 10.4% of total generation, with a year-on-year increase of 30.3% [1] Statistical Methodology - The report's data is based on large-scale industrial enterprises, defined as those with annual main business revenues of 20 million yuan or more, ensuring comparability of data year-on-year [1]

Group 1 - The core viewpoint of the articles highlights the decline in electricity generation in Anhui Province for the year 2025, with a total generation of 352.26 billion kilowatt-hours, representing a year-on-year decrease of 0.9% [1] - In 2025, thermal power generation accounted for 87.5% of the total electricity generation in Anhui, amounting to 308.11 billion kilowatt-hours, which is a 2.8% decrease compared to the previous year [1] - Hydropower generation in Anhui was 7.05 billion kilowatt-hours, making up 2% of the total, with a year-on-year decline of 5.2% [1] - Wind power generation saw significant growth, reaching 20.01 billion kilowatt-hours, which is 5.7% of the total generation, reflecting a year-on-year increase of 26.7% [1] - Solar power generation in Anhui was 17.08 billion kilowatt-hours, representing 4.8% of the total, with a year-on-year growth of 14% [1] Group 2 - The report by Zhiyan Consulting provides a comprehensive analysis of the energy industry in China, covering the market research and investment outlook from 2026 to 2032 [1] - The statistical data in the report pertains to large-scale industrial enterprises, defined as those with annual main business revenues of 20 million yuan or more [2] - The report emphasizes the importance of consistent statistical criteria for year-on-year comparisons, noting that changes in the scope of large-scale industrial enterprises may affect the comparability of data [2]

Group 1: Production Overview - In December, the production of raw coal and crude oil in large-scale industries remained stable, while natural gas production showed steady growth and electricity production continued to increase [1] - The raw coal output in December was 440 million tons, a year-on-year decrease of 1.0%, with an average daily output of 14.1 million tons. For the entire year, the raw coal output was 4.83 billion tons, a year-on-year increase of 1.2% [2] - The crude oil output for the year was 21.605 million tons, reflecting a year-on-year increase of 1.5%. In December, the crude oil processing volume was 62.46 million tons, a year-on-year increase of 5.0%, with an average daily processing volume of 2.015 million tons [4] - Natural gas production in December reached 23 billion cubic meters, a year-on-year increase of 5.1%, with an average daily output of 740 million cubic meters. The total natural gas output for the year was 261.9 billion cubic meters, a year-on-year increase of 6.2% [8] Group 2: Electricity Production - The electricity production in large-scale industries maintained growth, with December's generation reaching 858.6 billion kilowatt-hours, a year-on-year increase of 0.1%, and an average daily generation of 27.7 billion kilowatt-hours. The total electricity generation for the year was 9.7159 trillion kilowatt-hours, a year-on-year increase of 2.2% [10] - In December, the decline in thermal power generation narrowed, while the growth rates of hydropower, nuclear power, wind power, and solar power slowed. Specifically, thermal power decreased by 3.2% year-on-year, hydropower increased by 4.1% (growth rate slowed by 13.0 percentage points), nuclear power increased by 3.1% (slowed by 1.6 percentage points), wind power increased by 8.9% (slowed by 13.1 percentage points), and solar power increased by 18.2% (slowed by 5.2 percentage points) [11]

Group 1: Energy Production Overview - In November, the production of raw coal remained stable, with an output of 430 million tons, a year-on-year decrease of 0.5% [2] - The average daily production of raw coal was 14.23 million tons [2] - From January to November, the total raw coal production reached 4.4 billion tons, showing a year-on-year increase of 1.4% [3] Group 2: Crude Oil Production - Crude oil production accelerated in November, with an output of 17.63 million tons, a year-on-year increase of 2.2%, which is 0.9 percentage points faster than October [5] - The average daily crude oil production was 588,000 tons [5] - From January to November, the total crude oil production was 198.25 million tons, reflecting a year-on-year growth of 1.7% [6] Group 3: Natural Gas Production - Natural gas production showed stable growth in November, with an output of 21.9 billion cubic meters, a year-on-year increase of 5.7% [9] - The average daily natural gas production was 730 million cubic meters [9] - From January to November, the total natural gas production reached 238.9 billion cubic meters, marking a year-on-year increase of 6.3% [10] Group 4: Electricity Production - Electricity production in November maintained growth, with a total generation of 779.2 billion kilowatt-hours, a year-on-year increase of 2.7% [12] - The average daily electricity generation was 25.97 billion kilowatt-hours [12] - From January to November, the total electricity generation was 8.8567 trillion kilowatt-hours, reflecting a year-on-year growth of 2.4% [12] - In November, thermal power generation decreased by 4.2%, while hydropower increased by 17.1% [12] - Nuclear power generation grew by 4.7%, and solar power generation increased by 23.4%, with wind power generation rising by 22.0% [12]

Core Viewpoint - In November, the industrial power generation in China showed a mixed performance, with a total generation of 779.2 billion kWh, reflecting a year-on-year growth of 2.7% [1] Group 1: Overall Power Generation - The average daily power generation in November was 25.97 billion kWh [1] - From January to November, the total industrial power generation reached 8,856.7 billion kWh, marking a year-on-year increase of 2.4% [1] Group 2: Breakdown by Power Source - In November, industrial thermal power generation shifted from growth to decline, with a year-on-year decrease of 4.2%, compared to a growth of 7.3% in October [1] - Industrial hydropower generation increased by 17.1%, although the growth rate slowed by 11.1 percentage points compared to October [1] - Industrial nuclear power generation grew by 4.7%, with an acceleration of 0.5 percentage points from October [1] - Industrial wind power generation rebounded with a growth of 22.0%, contrasting with a decline of 11.9% in October [1] - Industrial solar power generation surged by 23.4%, with an increase of 17.5 percentage points compared to October [1]

Group 1 - The core viewpoint of the articles highlights the performance of various energy generation sectors in Tianjin, with a notable decline in total electricity generation in 2025 compared to the previous year [1] - In the first ten months of 2025, Tianjin's total electricity generation was 632 billion kilowatt-hours, representing a year-on-year decrease of 9.2% [1] - Among the different types of electricity generation, thermal power accounted for 88.7% of the total generation, with a year-on-year decline of 11.4%, while wind power saw a significant increase of 31.4% [1] Group 2 - The report indicates that wind power generation reached 31.2 billion kilowatt-hours, making up 4.9% of the total generation, while solar power contributed 40.27 billion kilowatt-hours, or 6.4% of the total [1] - The data presented in the report is sourced from the National Bureau of Statistics and compiled by Zhiyan Consulting, focusing on industrial enterprises with annual main business revenues of 20 million yuan or more [1] - The report emphasizes the importance of consistent statistical criteria for comparing year-on-year growth rates, as the scope of large-scale industrial enterprises changes annually [2]

Group 1: Production of Coal, Oil, and Natural Gas - In September, the production of raw coal in large-scale industries was 410 million tons, a year-on-year decrease of 1.8%, with the decline narrowing by 1.4 percentage points compared to August; the average daily output was 13.72 million tons [2] - From January to September, the total raw coal production reached 3.57 billion tons, showing a year-on-year increase of 2.0% [2] - The production of crude oil in September was 17.77 million tons, reflecting a year-on-year growth of 4.1%, with an acceleration of 1.7 percentage points compared to August; the average daily output was 592,000 tons [2] - For the first nine months, the total crude oil production was 162.63 million tons, up by 1.7% year-on-year [3] - The crude oil processing volume in September was 62.69 million tons, a year-on-year increase of 6.8%, with an average daily processing of 2.09 million tons [4] - From January to September, the total crude oil processing volume was 550.81 million tons, increasing by 3.7% year-on-year [5] - Natural gas production in September reached 21.2 billion cubic meters, with a year-on-year growth of 9.4%, accelerating by 3.5 percentage points compared to August; the average daily output was 710 million cubic meters [5] - For the first nine months, the total natural gas production was 194.9 billion cubic meters, reflecting a year-on-year increase of 6.4% [6] Group 2: Electricity Production - The electricity production in large-scale industries in September was 826.2 billion kilowatt-hours, a year-on-year increase of 1.5%; the average daily generation was 27.54 billion kilowatt-hours [7] - From January to September, the total electricity production was 7,255.7 billion kilowatt-hours, showing a year-on-year growth of 1.6% [7] - In September, the production of thermal power decreased by 5.4% year-on-year, while hydropower increased by 31.9%, nuclear power growth slowed to 1.6%, wind power decreased by 7.6%, and solar power increased by 21.1%, with the latter accelerating by 5.2 percentage points compared to August [7]