Core Insights - The report from CITIC Securities highlights that Huadian New Energy, the final integration platform of China Huadian Group for renewable energy, has maintained a high growth rate in installed capacity in recent years [1] Installed Capacity - As of June 30, 2025, the company's controlled power generation projects have an installed capacity of 82.1375 million kilowatts, an increase of 28.111 million kilowatts compared to the same period last year [1] - The breakdown of the installed capacity includes wind power at 35.5422 million kilowatts and solar power at 45.5953 million kilowatts [1] - The company also holds stakes in the Fuqing and Sanmen nuclear power projects, with an equity installed capacity of 2.8536 million kilowatts [1] Project Development - The company has a rich resource of renewable energy projects in hand, focusing on the development of the Northwest Clean Energy Base Project and Eastern Offshore Wind Power Projects, which are expected to continue growing in installed capacity [1] Pricing Trends - The overall on-grid electricity price is trending downward due to the increase in parity projects [1] - With the introduction of Document No. 136, renewable energy is fully entering the market, and various regions are gradually implementing the supporting details of Document No. 136 [1] Revenue Stability - Overall, the revenue from existing renewable energy projects is expected to remain stable, while the policies for new projects may vary by region, with stronger policy support in areas with high absorption capacity [1]
研报掘金丨中信建投：华电新能在手新能源项目资源丰富，装机规模有望持续增长