Table of Contents:
1 Performance of Electric Power Industry in 2007Q1 ..........................................................................4
2 Capital Injection Is the Direct Drive to Better the Industry Performance ........................................6
3 Analysis of Industry Performance in 2006.........................................................................................7
3.1 Growth Rate of Major Business Revenue Equal to the Average Level........................................7
3.2 A Continuous Booming Demand in the Downstream Sector .......................................................7
3.3 Profit-making Ability Was Improved.............................................................................................9
4 Analysis of Hydropower Industry .....................................................................................................12
5 Price of Coal Was High and Rise of Profit Slowed Down in 2007Q1 .............................................14
6 Demand and Supply in 2007Q1.........................................................................................................16
7 Supply and Demand: Conflict Eased Up, Capacity Released ........................................................20
8 Industry Structure: Adjustment and Optimization Accelerated, Asset Quality Improved ...........22
9 Estimated Value and Earnings: Estimated Value Is Reasonable; Earnings Are Closely Related to
Tariffs ....................................................................................................................................................24
10 Interest: Cycle of Interest Rate Hikes Lifts the Burden on Financial Cost..................................25
11 Brief Introductions of Main Listed Power Companies ..................................................................26
11.1 GD Power Development Co., Ltd. (GDPD)..............................................................................26
11.2 SDIC Huajing Power Holdings Co., Ltd. (SDIC) ......................................................................27
11.3 Shenzhen Energy Investment Co., Ltd. ...................................................................................27
11.4 Guiguan Electric Power Co., Ltd. ............................................................................................28
11.5 Zhangze Electric Power Co., Ltd. ............................................................................................28
11.6Huadian Power International Corp. (HDPI)...............................................................................29
11.7 Huaneng Power International Inc ............................................................................................29
11.8 Datang Power Generation .......................................................................................................30

Chart Index:
Trend of Electric Power Industry Index..............................................................................................5
Profit-making Ability of Major Thermal Power Companies, 2006.....................................................10
Net Assets Yield of Major Thermal Power Companies, 2006 .......................................................... 11
Profit-making Ability of Major Hydropower Companies, 2006 .........................................................13
2007Q1 Performance of Partial Public Companies in the Industry..................................................14
Trend of Coal Price in Qinhuangdao Port........................................................................................15
Trend ofAustralian BJ Price and Index............................................................................................15
Demand of Electric Power by Industries, 2006 ...............................................................................16
Demand of Electric Power by Industries, 2007Q1...........................................................................17
The Cofficient of Elasticity of Power Consumption in China, 2001-2007Q1....................................18
Power Consumption byFirst, Secondary & Tertiary Industies and Residents..................................19
Accelerated Growth of Power Installed Capacity in China ..............................................................21
Generating Units to Be Put into Production Quarterly in2006-2010 ................................................21
Coal Consumption per kwh .............................................................................................................23
Eanrings of Old & New Generators Under Various Coal & Eelectricity Prices.................................24
Latest Lending Rate of People’s Bank of China..............................................................................25
Asset/Liability Ratio of Major Listed Power Companies, 2006 ........................................................25