Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **Global Energy Storage** industry, particularly the **electricity demand and supply dynamics in China**. [1][10] Key Insights and Arguments 1. **Electricity Demand Growth**: - China's power demand surpassed **1,000 TWh** last month, with annual demand reaching approximately **10,000 TWh** last year, projected to grow to **13,500 TWh by 2030** and **25,000 TWh by 2050**. This growth is driven by sectors such as AI, EVs, air conditioning, and high-tech manufacturing automation. [1][10] - Expected **CAGR** for electricity demand is **5.6%** through 2030 and **3.2%** through 2050, outpacing GDP growth. By 2050, electricity will account for over **50%** of final energy consumption. [1][10] 2. **Renewable Energy Capacity**: - China is positioned to add over **500 GW** of power capacity annually, having added over **400 GW** last year, which accounted for **70%** of global power capacity additions. [1][10] - Solar and wind power generation could increase **10x** to **18,000 TWh** by 2050 at current installation rates, with expectations for solar and wind to account for **70%** of power generation by 2050. [2] 3. **Energy Storage Needs**: - With rising renewable penetration, China will require **3,300 GW** or approximately **12,000 GWh (12 TWh)** of installed energy storage capacity, representing a **30x** increase from current levels. [3] 4. **Grid Infrastructure Investment**: - Significant investment in grid infrastructure is necessary to match demand with renewable power supply, particularly in central and western China. Investment in grid infrastructure reached **RMB 600 billion** last year, growing by **15%** year-over-year. [4] 5. **Nuclear Power's Role**: - Nuclear power is expected to play a significant role as a baseload alternative to coal, with investment growing by **42%** last year to **RMB 142 billion**. However, it is projected to remain less than **10%** of the power generation mix. [5] 6. **Fossil Fuels Outlook**: - Coal and oil are expected to decline as China electrifies its economy, with coal-fired power generation declining by **2.5%** in the first half of 2025. Oil consumption is likely to peak before 2030 due to the growth of EVs. [6] Additional Important Insights - The rise of AI and EVs is significantly increasing power demand, with electricity consumption growth expected to continue outpacing GDP growth. [10] - The electrification ratio in China is projected to rise to **35%** by 2030 and **55%** by 2050, driven by new sources of power demand such as data centers and EV charging. [18] - The power multiplier, which indicates the ratio of electricity consumption growth to GDP growth, is expected to increase from **1.3** to **1.4** over the next five years. [32] Investment Implications - Companies like **CATL** are highlighted as top picks due to their strategic positioning in the energy storage market, which is critical for supporting the growth of solar and wind energy. [10]

Group 1 - The first major energy cooperation project in Su Mong provinces, the Ulagai 2×1000MW ultra-supercritical coal-fired power generation project, has successfully completed a 168-hour full-load trial operation, marking the official transition to commercial operation of China's first and the world's first million-level lignite power generation unit [2][3] - The project, with a total investment of 7.26 billion yuan, is a key power support project for the "Ximeng-Taizhou ±800kV" UHV transmission line, which plays a significant role in ensuring energy security supply for Jiangsu Province [2][3] - The project has achieved over 20 domestic firsts in design, manufacturing, and construction, and has successfully addressed the challenges of stable and efficient clean combustion of high-moisture, low-heat-value lignite [3] Group 2 - The "Ximeng-Taizhou ±800kV" UHV transmission line, which is part of a key national project, connects the coal power bases in western China with the load centers in the east, with a total length of 1,620 kilometers [3] - Once both units of the project are fully operational, they are expected to deliver approximately 8 billion kilowatt-hours of electricity to Jiangsu annually, equivalent to the annual electricity consumption of over 3 million average households [3] - The electricity industry is a crucial sector in the national economy, reflecting economic development and closely related to social development and people's livelihoods [3] Group 3 - Recent data from the National Energy Administration indicates that China's total electricity consumption reached 1.02 trillion kilowatt-hours in July, marking an 8.6% year-on-year increase and breaking the 1 trillion kilowatt-hours mark for the first time in a single month [6] - According to Ember Energy's "2025 Global Power Review," global electricity generation is expected to continue growing, reaching 30,853.34 terawatt-hours in 2024, a year-on-year increase of 3.94% [4] Group 4 - The chairman and CEO of Shanghai Quanying Technology Co., Ltd. believes that coal-fired thermal power will continue to play a fundamental role in energy supply, despite the increasing conflict between energy supply and carbon reduction goals [8] - The application of artificial intelligence technology is expected to bring revolutionary changes to the thermal power industry, promoting a transition towards smarter, more efficient, and greener production capabilities [8]

Core Viewpoint - The current situation in China's electricity supply cannot be simply characterized as "overcapacity," as the core issue lies in the mismatch between advanced 21st-century generation capabilities and a 20th-century dispatch system [1] Group 1: Electricity Generation Capacity - China's total installed power generation capacity reached 334,862 MW, with a year-on-year growth of 14.6% [2] - The installed capacity for hydropower was 43,282 MW (3.2% growth), and for thermal power, it was 144,445 MW (3.8% growth) [2] - In 2024, the total electricity consumption is projected to be 98,521 billion kWh, with a growth of 0.8% year-on-year [2] Group 2: Energy Supply and Demand Dynamics - The contradiction arises from the difference between installed capacity and actual generation, with renewable energy sources like wind and solar being less reliable [5] - Despite the apparent overcapacity, there is still a shortage of renewable energy to meet demand, leading to the approval of new large coal power projects [3][9] - The rapid growth of electricity consumption, particularly in new economic sectors like AI data centers and electric vehicles, necessitates the retention of thermal power to fill the gap [9] Group 3: Renewable Energy Challenges - The phenomenon of "abandoned electricity" results in the waste of clean power worth over a thousand billion annually, highlighting the inefficiencies in the current system [3] - The actual operating time of wind and solar power is significantly lower than that of thermal power, leading to localized overcapacity during favorable weather conditions [5] Group 4: Policy and Market Dynamics - The investment in thermal power increased by 38% in 2023, with the highest number of new projects since 2015, indicating a strategic move to ensure grid stability [9] - The current electricity market lacks real-time pricing mechanisms, which amplifies risks in the spot market and hinders the ability of renewable energy producers to respond effectively [12] Group 5: Structural and Systemic Issues - The electricity system's challenges have shifted from supply assurance to consumption and balance, necessitating systemic reforms in dispatch, trading, and pricing [14] - There are significant barriers to cross-province electricity trading, as local governments prioritize domestic consumption to protect jobs and tax revenues [12][14] - The integration of advanced transmission technologies and large-scale storage solutions is essential to address the spatial and temporal mismatches in energy supply [12]

Group 1 - The "Big and Beautiful" bill, pushed by Trump, passed the US House of Representatives with a narrow margin of 218 to 214, unexpectedly strengthening China's position in the global energy sector [1] - The bill includes significant measures such as eliminating tax credits for electric vehicles seven years early, tightening wind and solar subsidies, and prohibiting companies using Chinese technology from receiving subsidies, which ultimately undermines the US energy industry [5] - In 2024, 81% of new power generation capacity in the US is expected to come from solar and energy storage systems, but the implementation of this bill has cut off the development momentum of this sector [5] Group 2 - In 2000, China's annual electricity generation was 1,300 TWh, less than one-third of the US; by 2025, it is projected to exceed 10,000 TWh, surpassing the US's 5,000 TWh [7] - China's hydropower, wind power, and solar power installed capacity all rank first globally, with the cost of electricity in China being 40% lower than in the US [7] - The ecological project in Xinjiang has led to a significant increase in green areas, with 479 million mu of new greening area added in the past year, and the economic output from desert agriculture exceeding 30 billion yuan [9] Group 3 - Companies are making practical choices in response to the impact of Trump's bill, with Tesla criticizing the bill while expanding its Shanghai factory capacity, and Apple relocating 30% of its iPhone production to Mexico but paying for Chinese components in RMB [11] - The transformation of the Tohun River in Changji City has become a symbol of high-quality development, earning multiple national honors and significantly improving air quality [11][14] - The contrasting energy and ecological policies between China and the US are shaping distinctly different futures, with China's clean technology rise providing a strategic buffer in global geopolitical conflicts [14]

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9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國電力國際發展有限公司 呈交日期: 2025年9月30日 I. 法定/註冊股本變動 不適用 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02380 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 12,370,150,983 | | 0 | | 12,370,150,983 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 12,370,150,983 | | 0 | | 12,37 ...

会上，发布了由中电工程组织编撰的《建设新型能源体系——从理论到实践》《伞梯陆基高空风力发电 技术》等专著。 会前，与会领导、专家参观了中国电力规划设计75周年成果展示。会议同步举办了"国际能源转型与绿 色发展""能源规划设计与装备技术高质量发展"两场分论坛，与会嘉宾结合全球能源绿色低碳转型、规 划设计与能源装备技术创新等议题进行了深入研讨。 （编辑 张伟） 本报讯 （记者李春莲）9月26日，2025国际能源电力工程创新与合作发展大会暨中国电力规划设计75周 年成果展示在京举办。本次大会由中国能建中国电力工程顾问集团有限公司（简称中电工程）、华北电 力大学、中国电力规划设计协会、《能源》杂志联合主办。会议旨在搭建跨领域、跨区域的全球对话平 台，展现我国能源电力工程发展历程和重大成就，分享能源电力工程前沿技术动态，探讨应对全球能源 变革中的机遇与挑战，为应对全球气候变化、区域经济转型作出贡献。 中国能建党委副书记、总经理倪真表示，作为全球最大的能源电力水利基础设施建设企业之一，中国能 建始终与行业发展同频共振，全程参与并见证了中国电力规划设计事业75年来的辉煌成就。当前，全球 能源格局正加速重构，未来能源新图景正 ...

中国电力(02380)发布公告，该集团于2025年8月的合并总售电量为约1172.15万兆瓦时，较去年同月增加 4.78%，而2025年首8个月的合并总售电量为约8680.13万兆瓦时。 ...

智通财经APP讯，中国电力(02380)发布公告，该集团于2025年8月的合并总售电量为约1172.15万兆瓦 时，较去年同月增加4.78%，而2025年首8个月的合并总售电量为约8680.13万兆瓦时。 ...

格隆汇9月26日丨中国电力(02380.HK)发布公告，集团于2025年8月的合并总售电量为1172.15万兆瓦 时，较去年同月增加4.78%，而2025年首八个月的合并总售电量为8680.13万兆瓦时，较去年同期减少 1.11%。 ...

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，概不就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。 中 國 電 力 國 際 發 展 有 限 公 司 China Power International Development Limited 附註： 本公告所載數據僅基於內部管理紀錄，尚未經外部核數師審計或審閱。投資者於買 賣本公司股份時務請審慎行事。 承董事局命 中國電力國際發展有限公司 主席 賀徙 二零二五年八月售電量 中國電力國際發展有限公司（「本公司」）宣佈，根據本公司的初步統計，本公司及 其附屬公司（統稱「本集團」）於二零二五年八月的合併總售電量為 11,721,471 兆瓦 時，較去年同月增加 4.78%，而二零二五年首八個月的合併總售電量為 86,801,266兆瓦 時，較去年同期減少 1.11%。 本集團於二零二五年八月及截至二零二五年八月三十一日止八個月的總售電量，按發 電廠類型列示如下： | 全資擁有或 | | | 售電量（兆瓦時） | | | | | --- | --- | --- ...