2024年年报显示，华电国际的主营业务为售电行业、供热、售煤、其他业务，占营收比例分别为：83.85%、8.62%、7.0%、0.53%。 | 市值(亿元) | 时间 | 2023Y | 2024Y | 2025前三 | | --- | --- | --- | --- | --- | | 589.73 | | | | をき | | 机构持股(占流通盘) | 营业收入 (亿元) | 1171.76 | 1129.94 | 958.72 | | 0家 | 归母净利润 | 45.22 | 57.03 | 64.37 | | 北向资金持股比例 | (亿元) | | | | | 2.78% | 净资产收益率 (%) | 7.00 | 8.32 | 9.40 | | (12月8日) | | | | | | 大股东质押率 | 毛利率 (%) | 6.43 | 8.78 | 12.12 | | | 每股收益。 (元) | | | | | 最新监管情况 | | | | | | 近一年无相关信息 | 经营活动现金流 | 132.52 | 163.36 | 229.77 | | | (亿元) | | | | | 公司品牌价值 | ...

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。 華電國際電力股份有限公司 Huadian Power International Corporation Limited* （在中華人民共和國（「中國」）註冊成立之中外合資股份有限公司） （股份代碼：1071） 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第 13.10B 條而作出。 劉雷（董事長、執行董事）、李泉城（副董事長、執行董事）、朱鵬（副董事長、非執行 董事）、曾慶華（非執行董事）、曹敏（非執行董事）、王曉渤（非執行董事）、李國明（執 行董事）、祝月光（執行董事）、豐鎮平（獨立非執行董事）、王躍生（獨立非執行董事）、 沈翎（獨立非執行董事）及黄克孟（獨立非執行董事）。 中國 • 北京 二零二五年十二月八日 * 僅供識別 茲載列華電國際電力股份有限公司（「本公司」）在上海證券交易所網站刊登的公告，僅 供參閱。 承董事會命 華電國際電力股份有限公司 秦介海 董事會秘書 於本公告 ...

Core Viewpoint - Huadian International has successfully completed the issuance of its 2025 11th tranche medium-term notes, raising a total of 2 billion RMB with a maturity of 3 years and a coupon rate of 1.95% [1] Group 1 - The bond issuance amount is 2 billion RMB [1] - The bonds have a maturity period of 3 years [1] - The face value of each bond is 100 RMB [1] Group 2 - The bonds were underwritten by Industrial Bank Co., Ltd. and China Construction Bank [1] - The issuance was conducted through book-building and centralized placement in the national interbank bond market [1] - The raised funds are intended for repaying maturing debts, supplementing working capital, and investing in the company's subsidiaries [1]

本公司已于近日完成了华电国际电力股份有限公司 2025 年度第十一期中期票据 （"本期债券"）的发行。本期债券发行金额为 20 亿元人民币，期限为 3 年，单位面值 为 100 元人民币，发行票面利率为 1.95%。 本期债券由兴业银行股份有限公司、中国建设银行股份有限公司为主承销，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。本期债券募集资金拟投入 20 亿元偿还到期债务、补充流动资金以及控股子公司出资。 本期债券发行的有关文件已在中国货币网和上海清算所网站上公告，网址分别为 www.chinamoney.com.cn 和 www.shclearing.com。 特此公告。 华电国际电力股份有限公司 2025 年 12 月 8 日 1 证券代码：600027 证券简称：华电国际 公告编号：2025-095 华电国际电力股份有限公司 关于中期票据发行的公告 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。 华电国际电力股份有限公司（"本公司"）2024 年年度股东大会于 2025 年 6 月 17 日通过决议，同意 ...

Core Viewpoint - Huadian International has successfully completed the issuance of its 2025 11th tranche medium-term notes, raising a total of 2 billion RMB with a maturity of 3 years and a coupon rate of 1.95% [1] Group 1 - The bond issuance amount is 2 billion RMB, with a face value of 100 RMB per unit [1] - The bonds were underwritten by Industrial Bank Co., Ltd. and China Construction Bank Co., Ltd. [1] - The issuance was conducted through book-building and centralized placement in the national interbank bond market [1] Group 2 - The raised funds are intended for repaying maturing debts, supplementing working capital, and investing in the company's controlling subsidiaries [1]

Investment Rating - The report maintains a "Buy" rating for the public utility sector, indicating an expected investment return exceeding 15% over the next 6-12 months [5]. Core Insights - The report highlights a significant decline in thermal coal prices, with specific price drops noted for various coal types at different ports. For instance, the price of 5500 kcal thermal coal at Qinhuangdao port decreased by 24 CNY/ton this week [2][10]. - The report also discusses the ongoing electricity market reforms, particularly in Guangdong, where the 2026 annual trading process has commenced, involving various trading methods [3][4]. - The renewable energy sector is expected to see valuation recovery due to new policies promoting green electricity consumption and accelerated subsidy distribution [4]. Summary by Sections Market Overview - The SW public utility sector saw a slight increase of 0.12% this week, ranking 17th among 31 SW sectors. In comparison, the CSI 300 index rose by 1.28% [26]. - Notable stock performances included Min Dong Power (+16.86%) and Zhong Min Energy (+12.62%), while Shanghai Electric saw a decline of -13.53% [32]. Coal and Electricity Pricing - Thermal coal prices have rapidly decreased, with specific reductions of 24 CNY/ton at Qinhuangdao, 20 CNY/ton at Fangchenggang, and 10 CNY/ton at Guangzhou [2][11]. - Average settlement prices for electricity in Guangdong increased to 354.64 CNY/MWh, reflecting a rise from the previous week [11]. Key Events - The report notes the release of competitive bidding results for renewable energy projects under the "136" document, with significant volumes and pricing established for solar and wind energy [3][9]. - The Guangdong Electricity Trading Center has initiated the 2026 annual trading process, which will occur in phases from December 5 to December 22 [3][4]. Sector Outlook - The renewable energy sector is anticipated to benefit from policy changes aimed at enhancing green electricity consumption, suggesting a potential for valuation recovery [4]. - The report recommends focusing on national thermal power operators like Huaneng International and Guodian Power, which are expected to maintain stable earnings despite market uncertainties [4].

Investment Rating - The report maintains a "Positive" investment rating for the utility sector [4]. Core Insights - Coal prices are rapidly declining, and the enthusiasm for wind power development is higher than that for photovoltaic (PV) projects [2][7]. - The utility sector is expected to continue to be a valuable dividend asset, with low-priced utility assets worth attention [7]. - The report suggests that the profitability of the thermal power industry is expected to continue to grow, with improved commercial models [7]. Summary by Sections Coal Market - Coal prices have decreased across the board, with the Qinhuangdao port Shanxi Q5500 thermal coal price at 785 RMB/ton as of December 5, 2025, down 31 RMB/ton (3.8%) week-on-week [7][13]. - Coal inventories at ports and power plants are rising, leading to increased pressure on coal traders to lower prices [7][23]. Renewable Energy - The report anticipates a slowdown in new PV installations in 2026, while wind power investment enthusiasm is expected to be stronger due to higher project profitability [7]. - The report highlights that the current stage of wind power projects has higher returns compared to PV, leading to greater investment interest in wind energy [7]. Utility Sector Performance - The utility sector index rose by 0.1% but underperformed compared to the CSI 300 index, which increased by 1.3% [38]. - The report indicates that the utility sector is still a favorable long-term investment option, particularly in a low-interest-rate environment [7]. Investment Recommendations - The report recommends several stocks within the thermal power sector, including Huadian International, Guodian Power, and Huaneng International, among others [7]. - For hydropower, it suggests focusing on high-quality river basin projects, with specific stocks mentioned [7]. - The report also notes the long-term growth certainty in nuclear power and suggests companies like China General Nuclear Power [7].

Core Viewpoint - The Xinjiang Tianshan North Gobi Energy Base is China's first "desert-gobi-wasteland" renewable energy export base, with over 70% of its installed capacity coming from renewable sources, and is nearing full capacity grid-connected power generation [2][6]. Group 1: Project Overview - The Xinjiang Tianshan North Gobi Energy Base covers an area of approximately 1,651 square kilometers and has a total installed capacity of 14.2 million kilowatts [6]. - The project employs a "wind-solar-fire-storage integrated" model, allowing for the coordination of various energy and storage technologies to ensure stable energy supply [6][9]. - Once fully operational, the base is expected to deliver 36 billion kilowatt-hours of green electricity annually through the Hami-Chongqing ±800 kV UHV project [6]. Group 2: Resource Utilization - Hami, where the base is located, has abundant land resources, with 66.57% of its 142,100 square kilometers being Gobi desert, providing excellent conditions for large-scale renewable energy development [3]. - The region experiences nearly 200 days of wind speeds above level 8 annually and has 3,100 to 3,300 hours of sunshine per year, making it one of the sunniest areas in the country [3]. Group 3: Energy Stability and Flexibility - The base features the largest "Gobi" grid-type energy storage system in the country, which is crucial for maintaining the stability of the power system in the face of extreme weather and the intermittent nature of renewable energy [7][8]. - The coal power units associated with the base are designed to operate flexibly, with a minimum output capacity of 20%, allowing them to adjust their output based on the availability of renewable energy [9]. Group 4: Economic Efficiency - The project focuses on optimizing technology to enhance the economic efficiency of power generation and transmission [10]. - The integrated control room for coal and renewable energy projects allows for real-time adjustments to optimize the mix of energy sources based on demand, potentially increasing renewable energy absorption by 3% [12][13]. - The base has implemented a mid-voltage direct current system to reduce transmission losses and improve stability by minimizing conversion processes [13]. Group 5: Water Resource Management - The coal power project has integrated cooling systems to reduce water consumption, achieving a water usage rate of 0.13 cubic meters per megawatt-hour, which is over 60% more efficient than traditional systems [15].

Core Points - The announcement for the EPC general contracting tender for the 400MW fish-solar complementary photovoltaic power station project in Huadian Gulei Development Zone was published on December 1, with Huadian Zhangzhou Energy Co., Ltd. as the tenderer [1][5] - The project is located in Shaxi Town, Gulei Port Economic Development Zone, Zhangzhou, Fujian Province, and includes a 220kV booster station (with a 40MW/80MWh energy storage system) and a photovoltaic power station with a total installed capacity of 516.0064MWp (400MW AC) [1][5] Tender Details - The tender is divided into three sections: - Section One includes the construction of a 220kV booster station (with a 40MW/80MWh energy storage system) and the eastern photovoltaic area (installed capacity of 96.6238MWp DC, 74.7MW AC) - Section Two involves the construction of the central photovoltaic area with an installed capacity of 192.283MWp (148.2MW AC) - Section Three covers the western photovoltaic area with an installed capacity of 227.0996MWp DC (177MW AC) [6][7] - The project is scheduled to commence construction on December 30, 2025 [7] Bidder Requirements - Bidders must have good financial status, commercial reputation, and relevant qualifications, as well as at least one EPC general contracting performance record of a centralized photovoltaic power generation project of 100MWp or more from January 1, 2020, to the bid submission deadline [2][7] - Joint bids are accepted for all three sections [3][7] Submission Timeline - The deadline for submission and opening of bids is set for December 22, 2025, at 9:00 AM [4][8]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 FF301 致：香港交易及結算所有限公司 公司名稱: 華電國際電力股份有限公司 呈交日期: 2025年12月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01071 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,717,233,600 | RMB | | | 1 RMB | | 1,717,233,600 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 1,717,233,600 | RMB | | | 1 RMB | | 1,717,233,600 ...