上个马年沪指涨近60%！新年新福利来了，炒股排面要拉满，新号启幸运>> 格隆汇2月24日丨华能水电(600025.SH)公布，公司于2026年2月24日收到公司控股股东中国华能集团有 限公司之一致行动人华能结构调整1号证券投资私募基金管理人天津华人投资管理有限公司的通知，华 能结构调整基金于2026年2月24日通过上海证券交易所集中竞价方式增持了公司327.6万股A股股份，增 持股份占公司总股本的0.0176%。公司控股股东华能集团直接及间接持有华能结构调整基金92.50%股 权，为华能集团的一致行动人。 华能结构调整基金计划自本公告披露之日起6个月内继续通过上海证券交易所系统允许的方式增持公司 A股股份，累计增持金额不低于1亿元且不超过1.5亿元（含本次增持金额）。本次增持计划价格上限为 9.58元/股，资金来源为自有资金。 ...

华能澜沧江水电股份有限公司 关于控股股东之一致行动人增持股份 及后续增持计划的公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 证券代码：600025 证券简称：华能水电 公告编号：2026-004 | 增持主体名称 | 华能结构调整 | 1 | 号证券投资私募基金 | | | | --- | --- | --- | --- | --- | --- | | 增持主体身份 | 控股股东、实控人 | | | 是 | 否 | | | 控股股东、实控人的一致行动人 | | | 是 | 否 | 一、增持主体的基本情况 华能澜沧江水电股份有限公司（以下简称"公司"或"华能水电"） 于 2026 年 2 月 24 日收到公司控股股东中国华能集团有限公司（以下 简称"华能集团"）之一致行动人华能结构调整 1 号证券投资私募基 金（以下简称"华能结构调整基金"）管理人天津华人投资管理有限 公司的通知，华能结构调整基金于 2026 年 2 月 24 日通过上海证券交 易所集中竞价方式增持了公司 3,276,0 ...

华能水电公告称，2026年2月24日，控股股东华能集团之一致行动人华能结构调整基金增持公司327.6万 股A股，占总股本0.0176%，增持金额3000.20万元。华能结构调整基金计划自公告披露日起6个月内 （2026年2月24日至8月23日），继续增持不低于1亿元且不超过1.5亿元A股，价格上限9.58元/股，资金 为自有资金。增持计划可能因市场变化等无法达预期，实施后不会导致控股权变化。 ...

Investment Rating - The investment rating for the utility sector is "Positive" [2] Core Insights - The report highlights the recent issuance of guidelines by the National Development and Reform Commission and the National Energy Administration aimed at establishing a unified national electricity market by 2030, with a target of 70% market-based trading by that year [5] - The European natural gas inventory has dropped to a low level due to extreme cold and supply disruptions, with the average daily net withdrawal in January 2025 reaching a five-year high [5] - The report suggests that the electricity sector is expected to see profit improvement and value reassessment following several rounds of supply-demand tensions [5] Summary by Sections Market Performance - As of February 13, the utility sector declined by 1.2%, underperforming the broader market, with the electricity sector down by 1.13% and the gas sector down by 2.27% [4][12] - The top-performing companies in the electricity sector included Zhongmin Energy and Huaneng International, while Nanshan Energy and Guikang Power saw significant declines [16] Electricity Industry Data Tracking - The price of thermal coal at Qinhuangdao Port increased by 19 CNY/ton week-on-week, reaching 712 CNY/ton as of February 13 [4][21] - Coal inventory at Qinhuangdao Port decreased to 5.45 million tons, down by 180,000 tons week-on-week [28] - Daily coal consumption in inland provinces was 3.148 million tons, down by 609,000 tons/day, with a usable days increase to 28.38 days [30] Natural Gas Industry Data Tracking - The LNG ex-factory price index in Shanghai was 3,759 CNY/ton, down 15.03% year-on-year and 5.20% week-on-week [56] - The EU natural gas supply for week 5 of 2026 was 6.19 billion cubic meters, up 13.4% year-on-year [62] - The average daily consumption of natural gas in the EU was estimated at 11.33 billion cubic meters, up 26.0% year-on-year [5] Key Industry News - The report discusses the establishment of a national electricity market system with specific reform tasks outlined for achieving a fully market-based electricity resource allocation by 2035 [5] - The report notes that the European natural gas inventory has fallen to 50.36%, significantly below the average levels of previous years, raising concerns about potential shortages [5] Investment Recommendations - For the electricity sector, the report recommends focusing on leading coal power companies such as Guodian Power and Huaneng International, as well as regional leaders in tight supply areas [5] - In the natural gas sector, companies with low-cost long-term gas sources and receiving station assets are expected to benefit from market conditions [5]

证券代码：600025 证券简称：华能水电 公告编号：2026-003 华能澜沧江水电股份有限公司 2026年度第二期科技创新债券和 第二期绿色科技创新债券（乡村振兴）发行公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 2026年2月12日 华能澜沧江水电股份有限公司（以下简称公司）已于近日完成了2026年度第二期科技创新债券和第二期 绿色科技创新债券（乡村振兴）的发行，发行额分别为人民币10亿元、10亿元，发行利率分别为 1.58%、1.61%，期限分别为95天、177天，单位面值均为100元人民币。本次发行完成后，公司短期融 资券（含超短期融资券）余额为人民币76亿元，中期票据（含永续中票）余额为人民币160亿元。2026 年度第二期科技创新债券由中国银行作为牵头主承销商、农业银行作为联席主承销商，第二期绿色科技 创新债券（乡村振兴）由中国建设银行作为牵头主承销商、中国银行作为联席主承销商，通过簿记建 档、集中配售的方式在全国银行间债券市场公开发行，债券募集资金将用于偿还带息负债。债券发行的 有关文件已在中国货币网和 ...

证券代码：600025 证券简称：华能水电 公告编号：2026-003 华能澜沧江水电股份有限公司 2026 年度第二期科技创新债券和 华能澜沧江水电股份有限公司（以下简称公司）已于近日完成了 2026 年度 第二期科技创新债券和第二期绿色科技创新债券（乡村振兴）的发行，发行额分 别为人民币 10 亿元、10 亿元，发行利率分别为 1.58%、1.61%，期限分别为 95 天、177 天，单位面值均为 100 元人民币。本次发行完成后，公司短期融资券（含 超短期融资券）余额为人民币 76 亿元，中期票据（含永续中票）余额为人民币 160 亿元。2026 年度第二期科技创新债券由中国银行作为牵头主承销商、农业银 行作为联席主承销商，第二期绿色科技创新债券（乡村振兴）由中国建设银行作 为牵头主承销商、中国银行作为联席主承销商，通过簿记建档、集中配售的方式 在全国银行间债券市场公开发行，债券募集资金将用于偿还带息负债。债券发行 的 有 关 文 件 已 在 中 国 货 币 网 和 上 海 清 算 所 网 站 公 告 ， 网 址 分 别 为 www.chinamoney.com.cn 和 www.shclearing. ...

华能水电公告称，近日完成2026年度第二期科技创新债券和第二期绿色科技创新债券（乡村振兴）发 行，发行额分别为10亿元、10亿元，发行利率分别为1.58%、1.61%，期限分别为95天、177天。发行 后，公司短期融资券（含超短融）余额76亿元，中期票据（含永续中票）余额160亿元。债券由中行、 农行、建行等承销，募资用于偿还带息负债。公司曾获批在2024年度股东大会批准日至2026年6月13日 24时，发行不超340亿元债务融资工具。 ...

Core Viewpoint - Recently, the establishment of Boto Huaneng New Energy Co., Ltd. has been reported, indicating a strategic move in the renewable energy sector by Huaneng Group [1] Group 1: Company Overview - Boto Huaneng New Energy Co., Ltd. has a registered capital of 200 million yuan [1] - The legal representative of the company is Zhu Qixian [1] - The company’s business scope includes power generation, transmission, and distribution services, as well as solar and wind power technology services, and energy storage technology services [1] Group 2: Ownership Structure - The company is jointly held by Huaneng Water Power (600025) and Boto County Mugang New Energy Co., Ltd. [1] - Huaneng Water Power is a wholly-owned subsidiary of Huaneng Group, indicating a strong backing for the new venture [1]

Core Viewpoint - Huaneng Hydropower has completed a targeted issuance of 5.825 billion yuan, primarily for the construction of RM and TB hydropower station projects, with a projected increase in electricity generation in 2025 [1][2]. Company Project Progress - The targeted issuance of 5.825 billion yuan will mainly fund the construction of RM and TB hydropower stations, with TB hydropower station already achieving full capacity operation in January 2025, and RM hydropower station under construction with a planned completion in 2035 [2]. Operational Status - In 2025, the company is expected to achieve an electricity generation of 125.9 billion kilowatt-hours, representing a year-on-year increase of 13%. The fourth quarter is projected to generate 30.4 billion kilowatt-hours, with an 18% year-on-year growth, driven by increased electricity demand in Yunnan Province, enhanced electricity transmission to the east, new hydropower stations coming online, and favorable water conditions in the Lancang River basin [3]. Business Development - By 2025, Huaneng Hydropower's clean energy installed capacity has exceeded 31 million kilowatts, with total assets surpassing 200 billion yuan. The company is actively advancing the construction of a clean energy base in the upper Lancang River and is strategically developing integrated water, wind, and solar energy projects [4]. Performance Overview - In the first three quarters of 2025, the company achieved operating revenue of 20.641 billion yuan and a net profit attributable to shareholders of 7.539 billion yuan, reflecting year-on-year growth of 6.30% and 4.34%, respectively. The growth in performance is primarily driven by increased electricity generation, alongside a 3% decrease in financial expenses, indicating effective cost control [5]. Industry Policy Landscape - The industrial upgrading policies in Yunnan Province and the "West-to-East Electricity Transmission" framework suggest a long-term positive outlook for regional electricity demand. Yunnan's power grid has the lowest carbon emission factor in the country, providing a cost advantage for high-energy-consuming industries, which may benefit the company's future consumption capacity [6].

Group 1 - Huaneng Hydropower's stock price increased by 0.22% on February 10, with a trading volume of 117 million yuan [1] - The financing buy amount on February 10 was 4.83 million yuan, while the financing repayment was 8.00 million yuan, resulting in a net financing buy of -3.17 million yuan [1] - As of February 10, the total margin balance for Huaneng Hydropower was 1.937 billion yuan, with a financing balance of 1.936 billion yuan, accounting for 1.17% of the circulating market value, indicating a low level compared to the past year [1] Group 2 - As of September 30, the number of shareholders for Huaneng Hydropower was 98,600, an increase of 2.87% from the previous period [2] - The company achieved an operating income of 20.641 billion yuan from January to September 2025, representing a year-on-year growth of 6.30%, and a net profit attributable to shareholders of 7.539 billion yuan, up 4.34% year-on-year [2] - Huaneng Hydropower has distributed a total of 22.364 billion yuan in dividends since its A-share listing, with 9.990 billion yuan distributed in the last three years [2]