浙江新能(600032.SH)：前三季度累计完成发电量86.86亿千瓦时，同比增长6.65%

Core Insights - Zhejiang Xinneng (600032.SH) reported a significant increase in power generation for Q3 2025, achieving a total of 3.345 billion kWh, which is a 20.35% increase year-on-year [1] - For the first three quarters of 2025, the total power generation reached 8.686 billion kWh, reflecting a year-on-year growth of 6.65% [2] Group 1: Power Generation Breakdown for Q3 2025 - Hydropower generation reached 0.962 billion kWh, up 37.51% compared to the same period last year [1] - Photovoltaic power generation totaled 1.160 billion kWh, marking a 21.34% increase year-on-year; however, existing projects saw a decline of 14.61% to 0.816 billion kWh, while new projects contributed 0.344 billion kWh [1] - Wind power generation amounted to 1.224 billion kWh, an 8.82% increase year-on-year, with onshore wind contributing 0.630 billion kWh (up 14.50%) and offshore wind at 0.594 billion kWh (up 3.38%) [1] Group 2: Power Generation Breakdown for the First Three Quarters of 2025 - Hydropower generation totaled 2.167 billion kWh, a decrease of 1.73% year-on-year [2] - Photovoltaic power generation reached 3.103 billion kWh, a 21.39% increase; existing projects generated 2.264 billion kWh (down 11.41%), while new projects produced 0.839 billion kWh [2] - Wind power generation was 3.417 billion kWh, reflecting a modest growth of 0.96%, with onshore wind at 1.722 billion kWh (up 1.47%) and offshore wind at 1.694 billion kWh (up 0.46%) [2]