公司已于近日完成了华能国际电力股份有限公司2026年度第一期中期票据(能源保供特别债)(「本期债 券」)的发行。本期债券发行额为人民币20亿元，期限为2+N年，单位面值为人民币100元，发行利率为 1.91%。 格隆汇1月21日丨华能国际电力股份(00902.HK)公告，华能国际电力股份有限公司2024年年度股东大会 于2025年6月24日通过决议，同意公司自2024年年度股东大会批准时起至2025年年度股东大会结束时 止，在中国境内或境外一次或分次滚动发行本金余额不超过等值于人民币1,700亿元的境内外债务融资 工具(即在前述授权期限内的任一时点，公司发行的处于有效存续期内的境内外债务融资工具本金余额 不超过1,700亿元等值人民币)。 ...

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。 海外監管公告 關於中期票據發行的公告 本公告乃根據香港聯合交易所有限公司證券上市規則（「上市規則」）第 13.10B條 而 作 出。 本 期 債 券 由 招 商 銀 行 股 份 有 限 公 司、中 信 建 投 證 券 股 份 有 限 公 司 和 中 信證券股份有限公司 作 為 主 承 銷 商 組 織 承 銷 團，通 過 簿 記 建 檔、集 中 配 售 的 方 式 在 全 國 銀 行 間 債 券 市 場 公 開 發 行。本 期 債 券 募 集 資 金 穿 透 將 全 部 用 於 償 還 能 源 保 供 特 別 債。 – 1 – 本 期 債 券 發 行 的 有 關 文 件 已 在 中 國 貨 幣 網 和 上 海 清 算 所 網 站 上 公 告， 網址分別 為www.chinamoney.com.cn和www.shclearing.com. ...

Investment Rating - The report maintains an "Overweight" rating for the public utility sector and the power generation sector [2]. Core Viewpoints - The report argues that the core logic determining the valuation of power stocks has changed in the new energy era, with expectations of a rebound in electricity prices and stock valuations as coal prices stabilize [4][6]. - It highlights that the most challenging phase for electricity supply and demand in China has passed, with expectations of a recovery in demand starting in 2026 [4][7]. - The report emphasizes that the valuation gap between U.S. and Chinese power stocks has widened significantly, with U.S. power stocks trading at 2-4 times the price-to-book (PB) ratio of their Chinese counterparts [4][6][7]. Summary by Sections Investment Recommendations - The report recommends several undervalued power operators, including Huaneng International, Guodian Power, and China Power [3][8]. - It suggests that the capacity price increase in 2026 will benefit thermal power, while the stabilization of energy prices will favor nuclear, green, and hydropower [8]. Market Dynamics - The report notes that both China and the U.S. are experiencing similar electricity shortages due to a slowdown in the growth of base-load power sources, with structural demand exceeding expectations potentially leading to supply crises [5][26]. - It discusses the significant differences in electricity pricing structures between the two countries, with U.S. electricity prices being significantly higher due to various systemic costs [56][58]. Price Trends and Projections - The report predicts that by 2026, the industrial electricity prices in China will be significantly lower than those in the U.S., enhancing the competitiveness of Chinese manufacturing [6][11]. - It highlights that the electricity price gap between the two countries is expected to continue to widen, benefiting China's manufacturing sector [6][8]. Supply and Demand Outlook - The report indicates that the most severe supply-demand imbalance in China has passed, with expectations of a recovery in electricity demand driven by increased manufacturing investment [7][8]. - It also notes that the U.S. is facing a similar situation, with a projected decline in gas-fired electricity generation and a potential increase in coal-fired generation [5][30].

Core Viewpoint - The "14th Five-Year Plan" period is crucial for China's energy industry to implement the new energy security strategy, focusing on both energy security and green low-carbon transformation, with China Huaneng playing a leading role in this transition [1][3]. Group 1: Energy Security and Supply Assurance - China Huaneng prioritizes energy security and stability in supply as essential for national development, addressing challenges through diversified energy supply methods and enhancing emergency response mechanisms [4][3]. - The company has achieved significant growth in capacity, with total installed power generation capacity exceeding 300 million kilowatts by 2025, a 53.4% increase from the end of the "13th Five-Year Plan," and a 21.8% increase in power generation [7][4]. - The company has also increased its coal production capacity by approximately 50%, maintaining an annual output of over 100 million tons for four consecutive years [7]. Group 2: Green Development and Transformation - China Huaneng is accelerating its green low-carbon development, with a focus on renewable energy, hydropower, and nuclear power, achieving a 3.8 times increase in installed renewable energy capacity compared to the end of the "13th Five-Year Plan" [11][13]. - The company has launched several landmark clean energy projects, including large-scale wind and solar bases, contributing to a low-carbon energy structure where low-carbon clean energy accounts for 56.6% of total installed capacity [13][11]. Group 3: Technological Innovation - Technological innovation is a core driver for China Huaneng, with breakthroughs in key technologies and major equipment development enhancing the company's capabilities [15][19]. - The company has established national-level innovation platforms, significantly increasing its number of effective patents to 15 times that of the end of the "13th Five-Year Plan" [19][15]. - Notable achievements include the successful operation of the world's first fourth-generation nuclear power plant and advancements in distributed control systems, showcasing China's technological leadership [19][16]. Group 4: Future Outlook - Looking ahead to the "15th Five-Year Plan," China Huaneng aims to solidify its role in energy security, accelerate green development, enhance operational efficiency, and deepen reforms while strengthening party building [21][22]. - The company has outlined six key focus areas for 2026 to ensure a strong start to the "15th Five-Year Plan," including safety, green development, operational efficiency, technological innovation, reform, and party building [22][21].

Group 1 - Huaneng (Dongtai) Offshore Wind Power Co., Ltd. has been established with a registered capital of 320 million RMB [1] - The company is involved in various business activities including power generation, transmission, distribution, engineering design, and wind power technology services [1] - Shareholders of the company include Huaneng International Power Jiangsu Energy Development Co., Ltd., Yancheng Huanghai Huineng Green Energy Co., Ltd., and CRRC Capital Holdings Co., Ltd. [1]

Group 1 - The establishment of Huaneng (Dongtai) Offshore Wind Power Co., Ltd. has been officially registered, with a legal representative named Zheng Feng [1] - The registered capital of the company is 320 million RMB, indicating a significant investment in the renewable energy sector [1] - The company's business scope includes power generation, transmission, distribution, construction engineering design, project supervision, wind power technology services, electrical equipment repair, engineering and technology research and development, solar thermal utilization product sales, and energy storage technology services [1] Group 2 - The shareholders of the company include Huaneng International Power Jiangsu Energy Development Co., Ltd., Yancheng Huanghai Huineng Green Energy Co., Ltd., and CRRC Capital Holdings Co., Ltd., reflecting a collaboration among major players in the energy sector [1]

Core Insights - The rapid development of AI technology is driving explosive growth in data center construction, which significantly increases electricity demand and is a major reason for the electricity supply gap [2][9] - The electricity index is currently at a historically low valuation, with a PE ratio of approximately 17 times as of December 31, 2025, providing a certain margin of safety for investors [4][12] Group 1: Electricity Demand and Supply - Data centers are becoming the core growth engine for electricity demand due to their massive power consumption [2][9] - The electricity supply gap is primarily caused by the increasing energy needs of data centers [2][9] Group 2: Index Composition and Weighting - The index includes various power generation methods with the following weightings: thermal power (40.81%), hydroelectric (24.81%), wind (14.25%), nuclear (11.83%), and solar (6.87%) [10][11] - The top ten weighted stocks in the index include leading companies such as Changjiang Electric Power, China Nuclear Power, and Three Gorges Energy, collectively accounting for 52.07% of the index [3][10] Group 3: Valuation Insights - The current valuation of the electricity index is lower than most of the past decade, indicating potential investment opportunities [4][12] - The historical PE ratio trend of the index suggests a favorable entry point for investors [5][12]

Investment Rating - The report maintains a positive outlook on the power and gas sectors, recommending various companies within these industries for investment opportunities [1]. Core Insights - The report highlights that China's total electricity consumption is projected to exceed 10 trillion kWh in 2025, reaching 10.4 trillion kWh, with a year-on-year growth of 5% [7][8]. - The growth in electricity consumption is driven primarily by the secondary and tertiary industries, which together contribute nearly 80% of the total increase in electricity demand [8]. - The report notes significant growth in electricity consumption from high-end manufacturing, digital economy, and new infrastructure projects, such as charging stations and 5G base stations, which are expected to see growth rates exceeding 30% [8]. Summary by Sections 1. Electricity Sector - In 2025, the total electricity consumption is expected to reach 10.4 trillion kWh, with a 5% year-on-year increase. The first, second, and third industries, along with urban and rural residential electricity consumption, are projected to grow by 9.9%, 3.7%, 8.2%, and 6.3% respectively [7][9]. - The second industry remains the largest consumer of electricity, contributing 48% to the growth, while the third industry contributes 31% [9][13]. - The report recommends investments in coal-fired power companies like Guodian Power and Inner Mongolia Huadian, as well as large hydropower companies such as Yangtze Power and State Power Investment [15][16]. 2. Gas Sector - The report indicates that colder temperatures are expected to increase heating demand, leading to a rebound in gas prices across Europe and Asia. As of January 16, the Henry Hub spot price was $3.06/mmBtu, with a weekly increase of 6.77% [17][24]. - The report highlights that European gas prices have surged due to low inventory levels and increased heating demand, with the TTF spot price reaching €38.10/MWh, up 31.38% week-on-week [17][24]. - Recommendations include investing in integrated gas companies like Kunlun Energy and New Hope Energy, as well as gas trading companies like New Hope and New Energy [38]. 3. Market Performance - The report notes that the public utility, power, and environmental sectors outperformed the Shanghai and Shenzhen 300 index during the week of January 12 to January 16, 2026 [40]. 4. Company and Industry Dynamics - Recent initiatives in various provinces aim to enhance green energy and environmental standards, including the establishment of green mining standards in Guangxi and guidelines for industrial microgrid construction [46][47]. - The report also mentions significant corporate announcements, including mergers and acquisitions in the energy sector, which may impact market dynamics [50].

Group 1 - The core view of the report emphasizes the acceleration of utility sector transformation, highlighting the increasing value of dividends [1] - The report maintains a "Buy" rating for the utility sector, consistent with previous ratings [3] - The report indicates that the utility sector has outperformed the market, with a relative performance increase of 30% from January 2025 to January 2026 [4] Group 2 - Electricity demand growth is expected to continue, driven by industrial transformation, with significant contributions from wind and solar power [17] - The report notes that from January to November 2025, wind and solar power accounted for 86.2% of the total electricity generation increase, indicating a strong shift towards renewable energy sources [17][18] - The structure of electricity consumption is shifting from secondary industry to tertiary industry and residential use, with the tertiary sector expected to account for 50.2% of the total electricity consumption increase by 2025 [17] Group 3 - The report highlights that the cash flow of thermal power companies is improving, with a potential increase in dividend payouts [17] - It suggests that the transition towards utility-like operations in thermal power is accelerating, with companies like Huaneng International Power and Huadian International Power showing strong performance and dividend management [17] - The report indicates that the capacity price for coal-fired power is expected to rise in 2026, which could enhance profitability [17] Group 4 - Hydropower is expected to benefit from high reservoir levels, ensuring stable electricity generation during dry seasons, with companies like Changjiang Electric Power showing promising performance [17] - The report emphasizes the importance of asset securitization in hydropower, with ongoing projects expected to enhance growth potential [17] - The report also notes that long-term interest rates remain low, which could further enhance the attractiveness of hydropower investments [17] Group 5 - The report discusses the challenges faced by green energy, particularly in terms of pricing and profitability, but anticipates improvements driven by policy changes [17] - Nuclear power is expected to see accelerated approvals and market-driven pricing, which could enhance its competitiveness [17] - The report highlights the need for a focus on demand recovery in the gas sector, with companies like Jiufeng Energy positioned to benefit from cost improvements [17] Group 6 - The report recommends specific stocks within the utility sector, including Huaneng International Power, Huadian International Power, and Changjiang Electric Power, based on their strong performance and dividend potential [17] - It also highlights the potential of gas companies like Jiufeng Energy and renewable energy firms like Longyuan Power and Fuyuan Co., which are expected to benefit from favorable market conditions [17] - The report suggests that the utility sector is entering a phase of increased dividend value, making it an attractive investment opportunity [17]

Market Performance - The Shanghai Composite Index fell by 0.26% to 4101.91 points, while the Shenzhen Component decreased by 0.18% and the ChiNext Index dropped by 0.2%[1] - The Hong Kong Hang Seng Index closed down 0.29% at 26844.96 points, with the Hang Seng Tech Index down 0.11% and the Hang Seng China Enterprises Index down 0.50%[1] - The total market turnover in Hong Kong was 2550.786 million HKD[1] Economic and Policy Developments - President Trump announced a 10% tariff on eight European countries starting February 1, increasing to 25% in June unless a Greenland acquisition agreement is reached[12] - The EU is reportedly discussing retaliatory tariffs against the U.S. in response to these measures[12] - Market speculation has shifted towards Kevin Walsh as a potential new Federal Reserve Chair, reducing expectations for interest rate cuts this year[12] Financial Data Insights - The U.S. Dow Jones Industrial Average fell by 0.17% to 49359.33 points, while the S&P 500 and Nasdaq both decreased by 0.06%[1] - Bloomberg forecasts that China's Q4 GDP growth may slow to 4.5%, down from 4.8% in Q3, marking a three-year low[12] - The one-year Loan Prime Rate (LPR) is expected to remain stable at 3.00%, with the five-year LPR also unchanged at 3.50%[12]