12月6日，华电能源股份有限公司发布《投资管理规定》，就投资项目前期立项的审批、备案，后期的投资评价以及并购、收益率等给出明确规定。 规定指出，对风电光伏项目总投资20亿元以内自建项目、10亿元以内并购项目以及煤电、气电、供热项目总投资5亿元以内项目等施行分级分类决策机 制。 在具体收益率要求方面，风电光伏及大型风光水火储基地、氢基能源、新型独立储能等项目，资本金内部收益率投资决策标准不低于6.5%；屋顶分布式 光伏、生物质能、光热、地热、海洋能项目不低于7%；火电、天然气项目不低于8%。 类等科技项目投入;(4)数智化投资,指以计算机、通信技术、 互联网及其他新一代信息技术为主要手段的信息网络、网络安全 和应用等投资项目:(5)小型基建投资,指为生产经营服务的 非经营性基建项目投资,包括相关建筑物的新建、购置、改造、 装修等。 股权投资是指为参与或控制企业经营活动并以持有一年及 以上股权为目的的投资活动,主要包括新设、增资(增持)、对 外投资并购等投资活动,及其他按照国资委相关制度文件规定应 当纳入股权投资管理的项目。 第四条 本规定所称战略性投资项目是指对公司未来发展 产生长远影响的区域布局、资源控制、实 ...

Core Viewpoint - Huadian Energy (600726) plans to invest in the Heilongjiang Huadian Fularji Power Plant, focusing on a combined heat and power project and a renewable energy integration project, with a total investment of 120.43 billion yuan [2][3] Group 1: Coal Power Project - The coal power project involves the expansion of two 660,000 kW ultra-supercritical coal-fired heat and power units, which will replace six existing 200,000 kW units, with a total investment of 59.6 billion yuan [2] - The project is scheduled to start construction in July 2026 and aims for completion by the end of 2028 [2] Group 2: Renewable Energy Projects - The renewable energy component consists of six wind power projects totaling 1.4 million kW, with a total investment of 60.83 billion yuan [3] - Specific projects include: - Mudanjiang Muling Majiao River 300,000 kW wind project: 1.271 billion yuan, planned to start in April 2027 and operational by April 2028 [3] - Harbin Hulan Phase III 300,000 kW wind project: 1.331 billion yuan, planned to start in April 2027 and operational by April 2028 [3] - Qiqihar Fularji 200,000 kW wind project: 790 million yuan, planned to start in July 2027 and operational by July 2028 [3] - Shuangyashan Sifangtai 100,000 kW wind project: 453 million yuan, planned to start in July 2027 and operational by July 2028 [3] - Heihe Wudalianchi Lianhua 200,000 kW wind project: 961 million yuan, planned to start in October 2027 and operational by October 2028 [3] - Heihe Wudalianchi Xingshan 300,000 kW wind project: 1.277 billion yuan, planned to start in October 2027 and operational by October 2028 [3] Group 3: Financial Structure - The projects will be financed with a capital ratio of 20%, requiring 2.409 billion yuan in equity, while the remaining 9.634 billion yuan will be sourced through loans [3]

Core Insights - National energy investment in China has shown rapid growth, with key projects completing investments of 1.97 trillion yuan in the first eight months of the year, representing an 18.2% year-on-year increase [1] Group 1: Investment Growth Characteristics - Nuclear power, power grids, new energy storage, and coal power have been significant drivers of investment growth in energy projects [1] - Wind power, modern coal chemical industry, oil and gas storage facilities, charging infrastructure, and hydrogen energy investments have seen rapid increases, with wind power investment growing over 40% year-on-year [2] - Solar power generation, integrated energy systems, oil and gas exploration, and pumped storage investments have steadily increased, with solar power project investments rising by 17.5% year-on-year [3] Group 2: Regional Investment Highlights - Six provinces (Shandong, Jiangsu, Guangdong, Xinjiang, Yunnan, Inner Mongolia) each completed investments exceeding 100 billion yuan in the first eight months [1] - Significant investment in wind power projects has been noted in regions such as Xinjiang, Hebei, Guangxi, Shandong, and Hunan [2] - Major oil and gas projects are progressing in the Bohai Sea and Jianghan shale gas fields, with proven reserves of 165 billion cubic meters [3]

Group 1 - The construction of the Jinshan Thermal Power Plant's 2×1000 MW coal-fired expansion project is progressing rapidly, with over 3,000 workers striving to achieve high-quality dual commissioning by the end of the year [1][7] - The company emphasizes the importance of safety in development, implementing standardized safety management to ensure institutional safety, standardized facilities, modular construction, customized material placement, regulated personnel behavior, and normalized environmental protection [3][16] - The project has completed 23 milestone tasks to date, with significant progress in various critical operations, including the installation of the main turbine and boiler systems [7][13] Group 2 - The construction site of the Jun Da Thermal Power Plant's 2×1000 MW coal-fired integrated expansion project is also bustling, with over 2,000 workers and 120 large machines actively contributing to the accelerated construction [7][9] - The Jinshan Fourth Power Company has initiated the construction of a chimney, which consists of a 200-meter high reinforced concrete outer cylinder and a 210-meter high double steel inner cylinder, marking the start of this significant project [13][16] - The Baotou Xiguitu Thermal Power Project has achieved 100% completion of the foundation for the first boiler and is making steady progress on the second boiler and chimney foundations [16][18]

Core Viewpoint - The company, backed by China Resources Group, has strong thermal power assets and operational management capabilities, with significant growth in renewable energy capacity expected during the 14th Five-Year Plan period. The planned spin-off of China Resources New Energy for A-share listing is anticipated to alleviate capital expenditure pressure. The initial coverage gives a "Buy" investment rating [1]. Group 1: Company Overview - The company is the only power platform under China Resources Group, with rapid growth in renewable energy capacity in recent years. By the end of 2024, the total installed capacity will reach 72.43 GW, with thermal power, wind power, solar power, and hydropower accounting for 53%, 33%, 13%, and 1% respectively [1]. - The company's revenue for 2024 is projected to be HKD 105.284 billion, a year-on-year increase of 1.9%, with a net profit attributable to shareholders of HKD 14.388 billion, reflecting a year-on-year growth of 30.8% [1]. Group 2: Operational Efficiency - The company has a competitive edge in thermal power generation, with coal power utilization hours projected at 4,731, 4,688, and 4,625 hours for 2022-2024, respectively. The unit fuel costs are expected to decrease from 0.339 to 0.276 CNY/kWh over the same period, indicating superior operational management [2]. - Compared to other national thermal power companies, the company has lower unit fuel costs and higher thermal power profit margins, showcasing its operational excellence [2]. Group 3: Renewable Energy Strategy - The company has a differentiated competitive advantage in wind power projects, primarily located in Class IV resource areas, with less pressure on subsidy repayments compared to large base projects. The focus is on project profitability rather than scale, with wind and solar utilization hours exceeding industry averages [2]. - For 2025, the company plans to commission 10 GW of new renewable energy and 6.09 GW of coal power, aiming for renewable energy to account for 50% of its installed capacity, aligning with its 14th Five-Year Plan goals [2]. Group 4: Financial Outlook - The planned spin-off of China Resources New Energy is expected to raise HKD 24.5 billion for developing 7.175 million kW of renewable and energy storage projects, alleviating capital expenditure pressure [3]. - Revenue projections for 2025-2027 are HKD 105.744 billion, HKD 114.065 billion, and HKD 121.665 billion, with net profits of HKD 14.789 billion, HKD 15.484 billion, and HKD 16.082 billion, reflecting growth rates of 0.4%, 7.9%, and 6.7% respectively [3].