（编辑 袁冠琳） 证券日报网讯 2月10日，华电国际在互动平台回答投资者提问时表示，公司已全面推行财务信息化管 理，构建标准化制度与全流程管控体系，持续提升核算精准度、运营效率及风险防控能力，为高质量可 持续发展夯实财务根基。 ...

（编辑 袁冠琳） 证券日报网讯 2月10日，华电国际在互动平台回答投资者提问时表示，公司目前生产经营一切正常，无 应披露而未披露的重大事项。股价短期波动受市场环境、电价预期等多重因素影响，公司始终专注主业 发展，持续提升经营质量与内在价值。 ...

（文章来源：证券日报） 证券日报网讯 2月10日，华电国际在互动平台回答投资者提问时表示，公司目前经营一切正常，基本面 扎实，2025年前三季度业绩实现稳健增长。股价短期波动受市场环境、电价预期等多重因素影响，限售 股解禁事项已严格按规披露。公司将持续聚焦主业提质增效，优化分红政策，加强投资者沟通，以扎实 业绩推动价值回归。 ...

证券日报网讯 2月10日，华电国际在互动平台回答投资者提问时表示，公司具体容量电费收入需结合装 机规模、地区细则及执行进度综合测算，2025年1月份至9月份，公司共获得煤机及燃机容量电费收入约 89亿元。 （文章来源：证券日报） ...

（编辑 楚丽君） 证券日报网讯 2月10日，华电国际在互动平台回答投资者提问时表示，公司已获核准及在建机组均已在 最新定期报告相关章节中完整披露。公司主营业务为建设、经营发电厂，盈利主要来源于火电、水电等 核心业务板块。公司将持续夯实主业、提升价值。 ...

证券日报网讯2月10日，华电国际（600027）在互动平台回答投资者提问时表示，截至2025年中报披露 数据，公司现有股东约12.5万户。 ...

证券日报网讯 2月10日，华电国际在互动平台回答投资者提问时表示，公司严格贯彻落实国务院国资委 关于市值管理的有关要求，聚焦主责主业，持续提升经营质量与核心竞争力；全面提高信息披露质量， 主动开展业绩说明会、投资者调研等沟通活动；开展中期分红，健全市值管理长效机制。公司始终坚持 依法合规，以高质量发展推动市值管理工作，切实维护全体股东权益。 （编辑 楚丽君） ...

Investment Rating - The report maintains a "Buy" rating for several companies in the power and gas sectors, indicating a positive outlook for their performance in the upcoming periods [40][41]. Core Insights - The carbon market in China is expanding, with a cumulative trading volume of 865 million tons and a total transaction value of 57.663 billion yuan in 2025, reflecting a year-on-year growth of approximately 24% [4][5]. - The report highlights the shift in national policy towards carbon emission control, emphasizing the importance of carbon reduction initiatives, which are expected to create investment opportunities in the environmental sector [7]. - Natural gas prices have seen a significant decline due to seasonal factors and increased supply, with the Henry Hub spot price dropping by 39.20% week-on-week to $4.37/mmBtu as of February 6 [12][29]. Summary by Sections 1. Power Sector - The carbon market's trading volume reached 865 million tons in 2025, with a transaction value of 57.663 billion yuan, despite a decrease in average transaction price to 62.36 yuan/ton, down 19.23% year-on-year [4][5]. - Key emission units in the carbon market include 3,378 entities, with the power sector comprising 2,087 units, indicating a strong awareness of carbon reduction among major emitters [4][5]. - Recommendations for investment include companies with diversified revenue sources such as Guodian Power, Inner Mongolia Huadian, and Huaneng International Power, which are expected to benefit from stable capacity income [7][8]. 2. Gas Sector - Natural gas prices have decreased significantly, with the U.S. Henry Hub spot price at $4.37/mmBtu, reflecting a 39.20% drop week-on-week, while European prices also fell due to improved supply conditions [12][29]. - The report suggests that the recovery in macroeconomic conditions may lead to a rebound in gas companies' performance, recommending firms like Kunlun Energy and New Hope Energy [31][32]. - LNG prices in Northeast Asia have also declined, with spot prices at $10.70/mmBtu, down 7.76% week-on-week, influenced by seasonal demand and inventory levels [24][29]. 3. Company and Industry Dynamics - The report notes significant developments in the energy sector, including the implementation of a capacity price mechanism for coal and gas power generation, which aims to enhance revenue stability for power plants [36][37]. - Key announcements from companies include performance forecasts indicating substantial profit growth, such as Datang Power's expected net profit increase of 51% to 73% year-on-year [38]. - The report emphasizes the importance of ongoing infrastructure improvements and energy transition initiatives as part of the national economic development plan [37].

2月9日，华电国际大宗交易成交67.9万股，成交额307.59万元，占当日总成交额的1.31%，成交价4.53元，较市场收盘价4.89元折价7.36%。 | 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( * ) 买入营业部 | | 卖出营业部 | | --- | --- | --- | --- | --- | --- | | 2026-02-09 | 华电国际 | 600027 | 4.53 307.59 67.9 | 天风证券股公有限 公司深圳分公言 | 中山证券有限责任 公司湖北分公司 | ...

Investment Rating - The report maintains a positive outlook on the carbon trading market and related sectors, indicating a favorable investment environment for companies involved in power generation and environmental protection [2][9]. Core Insights - The carbon market in China is expanding, with a cumulative trading volume of 865 million tons and a total transaction value of 57.663 billion yuan as of December 31, 2025. The trading volume for the year increased by approximately 24% year-on-year, although the average transaction price fell by 19.23% to 62.36 yuan per ton [2][6]. - The report highlights the government's commitment to carbon reduction, transitioning from energy control to carbon control, which is expected to create investment opportunities in the environmental sector [9]. - Natural gas prices have decreased due to a combination of supply-demand dynamics and seasonal factors, with significant price drops observed in various markets, including a 39.20% decrease in the Henry Hub spot price [2][12]. Summary by Sections 1. Power Sector - The carbon trading market is projected to continue expanding, with key emission units increasing awareness of carbon reduction. The number of units under management reached 3,378, with significant representation from the power, steel, cement, and aluminum industries [2][6]. - Recommendations for investment include companies with stable revenue sources such as Guodian Power, Inner Mongolia Huadian, and China Huaneng, which benefit from diversified income streams [9][11]. 2. Natural Gas Sector - Natural gas prices have seen a significant decline, with the Henry Hub spot price at $4.37/mmBtu, reflecting a 39.20% week-on-week drop. The report notes that the supply-demand balance is improving, contributing to this price decrease [2][12]. - Investment recommendations include companies like Kunlun Energy and New Hope Energy, which are expected to benefit from lower upstream resource costs and improved sales volumes [34][35]. 3. Market Performance Review - The report indicates that the power equipment and gas sectors outperformed the broader market during the review period from February 2 to February 6, 2026 [37]. 4. Company and Industry Dynamics - Recent regulatory updates include the National Development and Reform Commission's notification on improving the capacity pricing mechanism for coal and gas power generation, which aims to enhance revenue recovery for power plants [39][40]. - Key company announcements include performance forecasts from major players like Datang Power and Shanghai Electric, indicating significant year-on-year profit growth [41]. 5. Valuation Tables - The report provides valuation metrics for key companies in the utility sector, with several companies rated as "Buy," indicating strong growth potential and favorable market conditions [43][44].