格隆汇7月29日丨中国电力(02380.HK)公告，公司及其附属公司(统称"集团")于2025年6月的合并总售电 量为11,299,344兆瓦时，较去年同月减少5.04%，而2025年首6个月的合并总售电量为62,536,560兆瓦 时，较去年同期减少2.81%。 ...

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 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」）於二零二五年六月的合併總售電量為 11,299,344 兆瓦 時，較去年同月減少 5.04%，而二零二五年首六個月的合併總售電量為 62,536,560兆瓦 時，較去年同期減少 2.81%。 本集團於二零二五年六月及截至二零二五年六月三十日止六個月的總售電量，按發電 廠類型列示如下： （在香港註冊成立的有限責任公司） （股份代號：2380） 二零二五年上半年售電量 | 全資擁有或 | | | 售電量（兆瓦時） | | | | | --- | --- | --- | --- | --- | --- | --- | | 控制的發電廠 | 2025 年 | 年 2024 ...

Summary of the Conference Call Industry Overview - The conference call discusses the **China Power Equipment** industry, particularly focusing on the implications of a new **Rmb 1.2 trillion mega-hydropower project** in Tibet, which is expected to significantly impact the power grid capital expenditure (capex) in China [2][5]. Key Points and Arguments 1. **Mega-Hydropower Project Announcement**: - The Yarlung Tsangpo River hydropower project commenced construction on **July 19, 2025**, with an installed capacity of approximately **60GW** and a total investment of **Rmb 1.2 trillion** [5]. - This announcement led to a rally in related stocks, with increases ranging from **2% to 65%** on July 21, 2025 [5][9]. 2. **Impact on Grid Capex**: - The project is expected to drive significant growth in grid capex, estimated to reach **Rmb 150-200 billion** due to the need for **3-5 ultra-high voltage (UHV) DC lines** for long-distance power transmission [2][6]. - The capex will also include investments in high-voltage equipment such as switchgear and transformers, as well as grid automation software and equipment [6][7]. 3. **Long-Term Outlook**: - The base case for China's grid capex growth is projected at **~5% per annum** during the 15th Five-Year Plan, which is a moderation compared to the **~7% CAGR** during the previous plan [7]. - However, the mega project indicates a potential upside to this growth rate if the State Grid increases investments in distribution and UHV infrastructure [7]. 4. **Beneficiary Companies**: - Companies likely to benefit from this project include: - **Xuji Electric** (UHV capex) - **Sieyuan Electric** (HV transmission equipment) - **Huaming Equipment** (HV transformers) - **Nari Technology** (UHV) [2][6]. - Top picks are **Huaming Equipment** and **Sieyuan Electric** due to their exposure to both domestic and overseas markets [2]. 5. **Supply Dynamics**: - There is a belief that the hydropower project will not lead to immediate tighter supply for high-voltage equipment in Asia, as the construction will take years, and Chinese manufacturers can efficiently ramp up capacity [2][8]. - The report suggests that while global supply for high-voltage transformers and switchgear may remain tight, the project itself will not be an immediate driver of demand [2][8]. Additional Important Information - The report emphasizes the importance of the high voltage transmission network in Northern and Western China, highlighting the need for more UHV lines to transmit hydropower from Tibet to consumption areas [7]. - The analysis includes valuation comparisons of relevant companies, providing insights into market capitalization, liquidity, and expected financial metrics [12]. This summary encapsulates the critical insights from the conference call regarding the implications of the mega-hydropower project on the China Power Equipment industry and the expected growth in grid capex.

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **China Power** industry, particularly the solar and wind energy sectors within the Asia Pacific region [1][6]. Core Insights and Arguments - **Power Consumption Growth**: In the first half of 2025 (1H25), national power consumption increased by **3.7% year-over-year (yoy)**, a decline from **8.1% in 1H24**. The slowdown is attributed to a significant decrease in the secondary (industrial) sector, which grew by only **2.4% yoy** compared to **6.9% yoy** in the previous year [2][8]. - **Sector Performance**: The primary, tertiary, and residential sectors showed growth rates of **8.7%**, **7.1%**, and **4.9%** respectively in 1H25. Notably, residential demand surged to **10.8%** in June 2025, up from **5%**, **7%**, and **10%** in the preceding months [2]. - **Power Generation Statistics**: Total power generation reached **4,537 billion kWh** in 1H25, marking a **0.8% yoy** increase. Solar and wind power generation saw substantial growth of **20.0%** and **10.6% yoy**, respectively, with these sources accounting for **18%** of total power generation, up from **15%** in 1H24 [3]. - **Capacity Additions**: China added **293 GW** of power capacity in 1H25, a **92.0% yoy** increase, including **212 GW** of solar and **51 GW** of wind capacity, which grew by **107%** and **99% yoy**, respectively. However, newly installed solar and wind capacity in June was **14 GW** and **5 GW**, showing a significant month-over-month decline [4][8]. - **Investment Trends**: Investment in power generation capacity and power grid reached **Rmb 364 billion** and **Rmb 291 billion** in 1H25, reflecting increases of **5.9%** and **14.6%**, respectively [4]. Additional Important Insights - **Forecast Adjustments**: The China Electricity Council (CEC) revised its full-year growth forecast for power consumption down from **6%** to a range of **5-6%** yoy, indicating a cautious outlook for the remainder of the year [8]. - **Future Expectations**: A decline in solar installations is anticipated for the second half of 2025 (2H25), alongside continued weak plant utilization expected in July and August [8]. This summary encapsulates the critical developments and trends in the China Power industry as discussed in the conference call, highlighting both growth opportunities and potential risks.

Group 1 - Wuhan is designated as a key city for China's power supply security due to its rapid urban development and the implementation of the "Ultra High Voltage into the City" strategy, which enhances the power grid's resource allocation capacity [2][5] - By 2025, the substation capacity in Wuhan is expected to increase from 41.46 million kVA to 60 million kVA, providing robust support for the city's rapid growth [2][5] - The city has implemented smart grid construction to achieve precise power dispatch and real-time monitoring, ensuring stable power supply for high-tech industrial areas [2] Group 2 - Wuhan's total electricity consumption reached 75.544 billion kWh, with the number of electricity users increasing to 6.76 million [3] - During peak summer periods, the maximum load on the Hubei power grid is projected to increase by 7.4% to 12.9%, with Wuhan playing a crucial role in maintaining power supply balance [3] - On July 7, 2025, Wuhan's power grid load hit a historical high of 17.7415 million kW, exceeding the previous record by 320,000 kW [3] Group 3 - The commissioning of the 500 kV Dongxin substation on June 11, 2023, is expected to consume 6.5 billion kWh of clean energy annually, reducing CO2 emissions by approximately 4 million tons [5] - The continuous expansion of the power grid by State Grid Wuhan Electric Power Company is enhancing emergency response capabilities [5] Group 4 - Effective load management measures, such as adjusting commercial electric vehicle charging prices, have led to a reduction of 250,000 kW during peak hours, freeing up power for 100,000 households [6] - The power grid has achieved a self-healing capability of 0.1 seconds, allowing for automatic isolation and restoration of power during faults [6] Group 5 - Demand-side management optimization includes encouraging residents to adjust air conditioning temperatures and reduce unnecessary electricity usage, which helps alleviate power pressure [8] - The relocation of the Three Gorges Group headquarters to Wuhan enhances the city's advantage in electricity supply, as the group can provide stable green power through its extensive clean energy projects [8]

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 （在香港註冊成立的有限責任公司） （股份代號：2380） 內幕消息 在中國境內發行人民幣 20 億元中期票據 本公告乃中國電力國際發展有限公司（「本公司」）根據香港聯合交易所有 限公司證券上市規則第13.09條及香港法例第571章《證券及期貨條例》第 XIVA 部內幕消息條文而作出。 二零二五年七月十六日，按現有在中國銀行間市場交易商協會發行債務融資工 具（DFI）的註冊下，本公司在中華人民共和國（「中國」）境內發行本年度 第三期中期票據（「中期票據–2025三期」）。 以下為中期票據–2025三期的主要條款： 1 發行人： 中國電力國際發展有限公司 本金額： 人民幣20億元 單位面值： 人民幣100元 期限： 3年 票面利率： 每年1.82% 擔保： 無擔保 評級 ...

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 （在香港註冊成立的有限責任公司） （股份代號：2380） 關連交易 收購托里發電 31%股權 於二零二五年 七月十七日 ，本公司 、中電國際 、平煤神馬新疆、新疆能源及 目標公司訂立 了一份股權轉讓協議 ，據此本公司已同意收購及新疆能源已同 意出售托里發電 3 1%的股權，代價為人民幣 24,212,147 元，另加交割後的資 本承擔 人民幣 285,820,000 元 ，合共 人民幣 310,032,147 元 （約相等於 340,695,000 港元）。 於本公告日期，國家電投擁有本公司已發行股本約 65.40%，為本公司的最終 控股股東。中電國際為國家電投的全資擁有附屬公司， 並為本公司的直接控 股公司。新疆能源為國家電投的非全資擁有附屬公司。 根據上市規則定 ...

Group 1: European Heatwave and Energy Crisis - Europe is experiencing extreme heat, with temperatures reaching 46°C in Spain and 47°C in Portugal, causing significant discomfort and challenges for residents [1][3] - The air conditioning penetration rate in Europe is only 20%, and the high installation costs, around €7,000 (approximately 50,000 RMB), make it unaffordable for many [3] - The average electricity price in Germany is projected to be €39.5 per 100 kWh in 2024, leading to exorbitant monthly electricity bills for households, making air conditioning a financial burden [3] Group 2: China's High Voltage Transmission Technology - China's high voltage transmission technology, particularly UHV (Ultra High Voltage), has significantly improved energy distribution efficiency, addressing the mismatch between energy production and consumption across regions [6][7] - UHV technology reduces transmission losses to 2.8%, enhancing the economic viability of power plants in remote areas and overcoming distance limitations in electricity delivery [10] - China has successfully built 19 UHV AC lines and 20 UHV DC lines, totaling over 40,000 kilometers, showcasing rapid development in this technology over the past two decades [10] Group 3: Global Influence and Future Prospects - China's UHV technology has been implemented internationally, aiding countries like Egypt and Brazil in improving their electricity supply and reducing power outages [11] - By 2030, China aims to complete regional interconnections and by 2050, establish a global UHV network, positioning electricity as a critical strategic resource [11][12] - The development of UHV technology reflects China's commitment to addressing global energy challenges and enhancing its role in the international energy landscape [12]

Core Insights - China's electricity consumption has shown steady growth in 2023, with a total of 3.97 trillion kilowatt-hours used from January to May, representing a year-on-year increase of 3.4% [1] - The growth in electricity consumption reflects the resilience and vitality of the national economy, which is progressing steadily despite external pressures [1] Group 1: First Industry - Electricity consumption in the primary industry reached 54.3 billion kilowatt-hours, with a year-on-year growth of 9.6%, indicating a sustained rapid growth trend [1] - The modernization of agricultural infrastructure and the transformation of agricultural production methods have led to new electricity consumption scenarios [1] - Specific growth rates in electricity consumption for livestock, agriculture, and fisheries were 15.5%, 7.2%, and 4.5% respectively [1] Group 2: Second Industry - The secondary industry consumed 2.59 trillion kilowatt-hours, with a year-on-year increase of 2.2% [1] - High-tech and equipment manufacturing sectors saw a 3.3% increase in electricity consumption, surpassing the overall growth rate of the manufacturing sector [1] - Notable growth in electricity consumption was observed in the automotive, general equipment, specialized equipment, and computer/electronic device manufacturing sectors, all exceeding 4.5% [1] - Consumption in the consumer goods manufacturing sector decreased by 0.3%, but there has been a rebound in growth rates for most consumer goods manufacturing sub-sectors related to foreign trade since May [1] Group 3: Third Industry - The tertiary industry consumed 740.6 billion kilowatt-hours, with a year-on-year growth of 6.8% [2] - The information transmission/software and IT services sector experienced a significant increase of 13.8%, with the internet and related services growing by 26.2% [2] - The wholesale and retail sector also saw a year-on-year increase of 10.8%, with the charging and swapping service sector growing by 42.4% [2] - The rapid growth in the tertiary industry is driven by the booming digital economy and increasing demand for new energy vehicle charging services [2] Group 4: Future Projections - According to the "China Electric Power Industry Annual Development Report 2025," the total electricity consumption in 2024 is projected to reach 98.54 trillion kilowatt-hours, with a year-on-year growth of 6.8%, an increase of 0.1 percentage points from the previous year [2] - The national power system is expected to operate stably, with a general balance between electricity supply and demand [2]

Group 1 - The core viewpoint of the news is that China Power Construction Group Co., Ltd. has received an "AAAsti" rating for its 2025 public issuance of corporate bonds, indicating strong creditworthiness and solid market position in the construction sector, particularly in energy and power design and construction [1] - The company has a strong competitive advantage in energy and power design and construction, supported by favorable policy directions that drive continuous growth in new contract amounts and a favorable owner structure [1] - The company has a diversified business model with a significant synergy in the hydropower construction industry chain, and its engineering contracting and design services are complemented by power investment, real estate development, and equipment manufacturing and leasing [2] Group 2 - In 2024, the company achieved a total operating revenue of 718.289 billion yuan, showing consistent growth in recent years [2] - The company faces challenges such as low industry sentiment in construction and real estate, uncertainties in overseas and real estate businesses, and rising scales of receivables and payables, which may impact its overall credit status [1]