姜鹏在致辞中表示，将以此次签约为契机，把华能的创新链、产业链、资金链优势与泰安优越的投资环 境、丰富的资源禀赋相衔接，在传统能源转型升级、绿色清洁能源开发、综合智慧能源布局中展现更大 作为，为泰安新时代社会主义现代化强市建设作出新的更大贡献。 李兰祥代表市委、市政府对长期以来关心支持泰安发展的华能山东公司表示感谢。他说，近年来，华能 山东公司与泰安市保持着良好合作关系，双方在能源安全保供、新能源开发建设等领域结出了累累硕 果，燃煤发电、集中式风电、光伏等一批重点项目建成投运，华能泰安燃机、新型储能等项目顺利开工 建设。本次签约标志着双方的战略合作迈向了全面深化的新阶段，必将为泰安市绿色低碳高质量发展增 添新活力、注入新动能。希望双方以此次签约为契机，不断深化沟通联系，强化战略协同，全力推动合 作早见成效、早结硕果。泰安市委、市政府将始终以最大的诚意，一如既往提供最优的政策支持、最佳 的政务服务、最好的合作环境，全力支持华能山东公司在泰安开展业务、发展壮大。 中国发展网讯 11月25日，山东省泰安市人民政府与华能山东公司战略合作签约仪式举行，市委书记杨 洪涛出席活动，华能山东公司党委书记、董事长姜鹏，市委副书记 ...

Core Insights - The International Energy Agency (IEA) projects strong global electricity demand growth of 3.3% in 2025 and 3.7% in 2026, driven by industrial demand, air conditioning, data centers, and electrification, despite a slowdown in global economic growth [19][36] - Renewable energy sources, particularly wind and solar, are expected to dominate the increase in electricity supply, covering over 90% of new demand, with renewable generation surpassing coal-fired generation as early as 2025 [2][25] - Regional electricity prices are experiencing significant variations, with wholesale prices in the EU and US rising by 30-40% due to higher gas prices, while prices in India and Australia are declining by 5-15% [3][31] Demand - Global electricity demand is forecasted to grow at an average annual rate of 3.3% in 2025 and 3.7% in 2026, which is a moderation from the 4.4% surge in 2024 but still among the highest rates in the past decade [36] - China and India are expected to contribute 60% of global electricity demand growth, with China's demand projected to increase by 5% in 2025 and India's by 4% [20][49] - The United States is experiencing above-trend electricity demand growth, projected at 2.3% in 2025, driven by data center expansion and electrification [21][51] Supply - Renewable energy sources are set to cover over 90% of the increase in global electricity demand, with wind and solar generation expected to surpass 5,000 TWh in 2025 and 6,000 TWh in 2026 [24][25] - Global coal-fired generation is forecasted to decline slightly in 2025 and further in 2026, while gas-fired generation is expected to increase by 1.3% in 2025 [26][28] - Nuclear power generation is on track to reach a record high in 2025, driven by plant restarts and new reactor commissioning [29] Emissions - Global carbon dioxide emissions from electricity generation are expected to plateau in 2025, with a slight decline forecasted for 2026 as low-emission sources displace fossil fuels [30] - The rapid deployment of renewables is limiting increases in fossil fuel power generation, contributing to a decrease in carbon emissions intensity [30] Prices - Wholesale electricity prices in the EU and US rose by 30-40% in the first half of 2025, while prices in India and Australia decreased by 5-15% [31][33] - The occurrence of negative electricity prices is increasing, highlighting the need for greater flexibility in supply and demand [32] Security and Infrastructure - Recent blackouts in regions like Chile and Spain underscore the importance of electricity security, necessitating robust grid infrastructure and diverse flexibility resources [34]

Core Viewpoint - Guangzhou Development's stock has shown a positive trend with a year-to-date increase of 8.78%, reflecting a stable performance in the energy and infrastructure sectors [1][2]. Company Overview - Guangzhou Development Group Co., Ltd. is located in Tianhe District, Guangzhou, Guangdong Province, and was established on November 13, 1992, with its listing date on July 18, 1997 [1]. - The company's main business involves investment, construction, production management, and operation in energy, infrastructure, and logistics [1]. Business Composition - The revenue composition of Guangzhou Development is as follows: coal (50.72%), natural gas (20.30%), coal-fired power generation (10.48%), natural gas power generation (6.75%), oil products (4.21%), wind power (4.03%), photovoltaic power (1.78%), coal power heat (0.85%), gas power heat (0.36%), autoclaved aerated concrete (0.20%), financial services (0.12%), property leasing (0.12%), hazardous chemical storage (0.04%), charging piles (0.02%), and energy storage (0.00%) [1]. Financial Performance - For the first half of 2025, Guangzhou Development achieved an operating income of 23.334 billion yuan, representing a year-on-year growth of 2.01%, and a net profit attributable to shareholders of 1.635 billion yuan, reflecting a significant increase of 42.56% [2]. Shareholder Information - As of June 30, 2025, the number of shareholders for Guangzhou Development was 51,600, a decrease of 1.59% from the previous period, with an average of 67,765 circulating shares per shareholder, an increase of 1.61% [2]. - The company has distributed a total of 10.341 billion yuan in dividends since its A-share listing, with 2.525 billion yuan distributed in the last three years [3]. Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited was the sixth-largest circulating shareholder, holding 23.6297 million shares, an increase of 41,000 shares from the previous period. Southern CSI 500 ETF ranked as the eighth-largest circulating shareholder, holding 15.6273 million shares, an increase of 1.9676 million shares [3].

Core Viewpoint - Guangzhou Development's stock has experienced fluctuations, with a recent decline of 2.07% and a total market capitalization of 23.25 billion yuan. The company has shown a year-to-date increase of 7.80% in stock price, but a recent drop of 4.33% over the last five trading days [1]. Company Overview - Guangzhou Development Group Co., Ltd. is located in Tianhe District, Guangzhou, Guangdong Province, and was established on November 13, 1992. The company was listed on July 18, 1997. Its main business involves investment, construction, production management, and operation in sectors such as energy, infrastructure, and logistics [1]. - The revenue composition of the company includes coal (50.72%), natural gas (20.30%), coal-fired power generation (10.48%), natural gas power generation (6.75%), oil products (4.21%), wind power (4.03%), solar power (1.78%), and other minor segments [1]. Financial Performance - For the first half of 2025, Guangzhou Development achieved an operating income of 23.33 billion yuan, representing a year-on-year growth of 2.01%. The net profit attributable to shareholders increased by 42.56% to 1.635 billion yuan [2]. - The company has distributed a total of 10.34 billion yuan in dividends since its A-share listing, with 2.53 billion yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders for Guangzhou Development was 51,600, a decrease of 1.59% from the previous period. The average circulating shares per person increased by 1.61% to 67,765 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 23.63 million shares, an increase of 41,000 shares from the previous period. Southern CSI 500 ETF ranks as the eighth largest circulating shareholder with 15.63 million shares, an increase of 1.97 million shares [3].

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。 1 附註： （在香港註冊成立的有限責任公司） （股份代號：2380） 二零二五年七月售電量 中國電力國際發展有限公司（「本公司」）宣佈，根據本公司的初步統計，本公司及 其附屬公司（統稱「本集團」）於二零二五年七月的合併總售電量為 12,543,235 兆瓦 時，較去年同月增加 2.45%，而二零二五年首七個月的合併總售電量為 75,079,795兆瓦 時，較去年同期減少 1.97%。 本集團於二零二五年七月及截至二零二五年七月三十一日止七個月的總售電量，按發 電廠類型列示如下： | 全資擁有或 | | | 售電量（兆瓦時） | | | | | --- | --- | --- | --- | --- | --- | --- | | 控制的發電廠 | 2025 年 | 2024 年 | 同比變化 | 2025 年 | 2024 年 | 同比變化 | | | 7 月 | 7 月 | | 首七個月 | | | ...

Core Viewpoint - Morgan Stanley reported that Huaneng International Power's net profit for Q2 this year increased significantly by 50% year-on-year, reaching 4.3 billion yuan, exceeding the bank's previous expectation of 3.6 billion yuan, primarily driven by better-than-expected profits from coal and photovoltaic power generation [1] Financial Performance - The main drivers of profit growth in the first half of the year were thermal and photovoltaic power, with both maintaining stable electricity prices [1] - Coal-fired power generation benefited from a decrease in fuel costs, with Q2 unit profit remaining at 0.044 yuan per kilowatt-hour, compared to 0.015 yuan per kilowatt-hour in the same period of 2024 [1] - Photovoltaic power generation showed strong performance due to the continuous release of new capacity, with unit profit only declining by 0.5 cents year-on-year [1] Wind Power Performance - The unit profit for wind power showed a milder decline than expected, decreasing by 1.9 cents year-on-year, but the reduction was an improvement compared to Q1 2025 [1] Investment Rating - Morgan Stanley maintains a "Market Perform" rating for Huaneng International Power, with a target price set at 5.5 Hong Kong dollars [1]

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。 中 國 電 力 國 際 發 展 有 限 公 司 China Power International Development Limited （在香港註冊成立的有限責任公司） （股份代號：2380） 二零二五年五月售電量 | 主要聯營公司或 | | | 售電量（兆瓦時） | | | | | --- | --- | --- | --- | --- | --- | --- | | 合營公司的發電廠 | 2025 年 | 2024 年 | 同比變化 | 2025 年 | 2024 年 | 同比變化 | | | 5 月 | 5 月 | | 首五個月 | | | | 風力發電(1) | 138,576 | 111,846 | 23.90% | 791,794 | 1,419,284 | -44.21% | | 光伏發電 | 23,867 | 24,205 | -1.40% | 107,637 | 79,775 | ...

Core Viewpoint - The report outlines the acquisition of Yuanda Environmental Protection Co., Ltd. by China Power International Development Limited, emphasizing the strategic integration of hydropower assets and the enhancement of core competitiveness within the clean energy sector [1][5]. Group 1: Acquisition Details - The acquisition involves China Power purchasing 63% of Wuling Power and 64.93% of Changzhou Hydropower from Yuanda Environmental Protection, with the aim of establishing a hydropower asset integration platform [4][19]. - Post-acquisition, China Power will become the controlling shareholder of Yuanda Environmental Protection, while the actual controller remains the State Power Investment Corporation [19][25]. Group 2: Financial Overview - China Power's total assets as of December 31, 2024, are reported at approximately RMB 34.05 billion, with total liabilities of about RMB 23.29 billion, resulting in an equity of around RMB 10.75 billion [8]. - The financial performance for China Power shows a revenue increase to RMB 5.42 billion in 2024, up from RMB 4.43 billion in 2023, indicating a growth rate of approximately 22.5% [8][12]. Group 3: Strategic Intent - The acquisition is part of a broader strategy to enhance the competitiveness of the State Power Investment Corporation, which is recognized as the largest clean energy company globally [5][12]. - The transaction aims to integrate hydropower and renewable energy operations, thereby expanding Yuanda Environmental Protection's business scope to include comprehensive development and operation of hydropower stations [5][22]. Group 4: Management and Governance - China Power's management team possesses extensive experience in corporate governance and is well-versed in the regulatory environment of the securities market, ensuring compliance and effective management post-acquisition [9][18]. - The State Power Investment Corporation, as a controlling entity, has committed to maintaining the independence of Yuanda Environmental Protection in terms of operations and governance [25][27]. Group 5: Future Plans - Following the acquisition, there are no immediate plans for significant changes to the operational structure or management of Yuanda Environmental Protection, ensuring stability during the transition [21][22]. - The acquisition is expected to enhance shareholder value, with plans to increase the dividend payout ratio to no less than 50% post-transaction [22][27].

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。 （股份代號：2380） 二零二五年三月售電量 中國電力國際發展有限公司（「本公司」）宣佈，根據本公司的初步統計，本公司及其附 屬公司（統稱「本集團」）於二零二五年三月的合併總售電量為10,961,682兆瓦時，較去年 同期增加3.95%；而二零二五年首三個月的合併總售電量為30,747,663兆瓦時，較去年同期 增加2.59%。 本集團於二零二五年三月及截至二零二五年三月三十一日止三個月的總售電量，按發電廠 類型列示如下： | 全資擁有或控制 | | | 售電量（兆瓦時） | | | | | --- | --- | --- | --- | --- | --- | --- | | 的發電廠 | 年 2025 | 年 2024 | 同比變化 | 2025 年 | 2024 年 | 同比變化 | | | 月 3 | 3 月 | | 首三個月 | | | | 水力發電 | 1,328,897 | 1,134,1 ...