国家能源局举行新闻发布会 可再生能源发电量再上新台阶。可再生能源发电量接近全国总发电量的四成，超过同期第三产业用电量 与城乡居民生活用电量之和。风电、光伏新增发电量超过全社会用电量增量。今年上半年，全国可再生 能源发电量达17993亿千瓦时，同比增加15.6%，约占全部发电量的39.7%，超过同期第三产业用电量 （9164亿千瓦时）与城乡居民生活用电量（7093亿千瓦时）之和；其中，风电、太阳能发电量合计达 11478亿千瓦时，同比增长27.4%，在全社会用电量中占比达到23.7%，较去年同期提高4.4个百分点。风 电、光伏合计发电量较去年同期增加2470亿千瓦时，超出全社会用电量增量。下面，分别介绍主要可再 生能源发电品种的有关情况。 （一）水电建设和运行情况。2025年上半年，全国新增水电并网容量393万千瓦，其中常规水电110万千 瓦，抽水蓄能283万千瓦。截至今年6月底，全国水电累计装机容量达4.4亿千瓦，其中常规水电3.79亿千 瓦，抽水蓄能6129万千瓦。今年上半年，全国规模以上水电累计发电量5398亿千瓦时，全国水电累计平 均利用小时数为1377小时。 （二）风电建设和运行情况。今年上半年，全国 ...

国家能源局发布的数据显示，今年上半年，全国可再生能源发电量达17993亿千瓦时，同比增加 15.6%，约占全部发电量的39.7%。其中，风电、太阳能发电量合计达11478亿千瓦时，同比增长 27.4%，在全社会用电量中占比达到23.7%，较去年同期提高4.4个百分点；风电、光伏合计发电量较去 年同期增加2470亿千瓦时。 （文章来源：新华财经） 新华财经北京7月31日电（记者安娜） 国家能源局新能源和可再生能源司副司长潘慧敏7月31日说，今 年以来，全国可再生能源装机规模持续实现新突破，可再生能源继续保持新增装机的主体地位。今年上 半年，全国可再生能源新增装机2.68亿千瓦，同比增长99.3%，约占新增装机的91.5%。 潘慧敏当日在国家能源局新闻发布会上介绍，今年上半年，全国水电新增装机393万千瓦，风电新增装 机5139万千瓦，太阳能发电新增装机2.12亿千瓦，生物质发电新增装机71万千瓦。截至今年6月底，全 国可再生能源装机达到21.59亿千瓦，同比增长30.6%，约占我国总装机的59.2%，其中，水电装机4.4亿 千瓦，风电装机5.73亿千瓦，太阳能发电装机11亿千瓦，生物质发电装机0.47亿千瓦。 ...

央视网消息：7月31日，国家能源局举行新闻发布会，发布上半年全国能源形势、上半年可再生能源并 网运行情况，介绍迎峰度夏电力供需总体情况，发布《中国新型储能发展报告（2025）》，并回答记者 提问。国家能源局新能源和可再生能源司副司长潘慧敏表示，今年上半年，全国光伏新增并网2.12亿千 瓦，其中集中式光伏约1亿千瓦，分布式光伏1.13亿千瓦。截至2025年6月底，全国光伏发电装机容量达 到约11亿千瓦，同比增长54.1%，其中集中式光伏6.06亿千瓦，分布式光伏4.93亿千瓦。今年上半年， 全国光伏累计发电量5591亿千瓦时，同比增长42.9%，全国光伏发电平均利用率94%。 ...

Financial Data and Key Metrics Changes - In the first half of 2025, EBITDA reached $659 million, representing a 10% improvement compared to the previous year, driven by strong generation performance and improved gas trading activities [24][31] - Net income for the first half amounted to $246 million, an 8% decrease year-over-year, primarily due to higher general and administrative expenses [24][34] - The first half FFO showed significant improvement, reaching $403 million, 7.8 times the previous year's figure [25][37] Business Line Data and Key Metrics Changes - Hydro generation remained consistent with last year's levels, supported by higher thermal dispatch, despite lower cumulative rainfall [9][16] - Net electricity generation decreased by 5% compared to June 2024, primarily due to lower hydro dispatch and increased curtailment levels [17] - Capital expenditures (CapEx) reached $157 million in the first half, with 40% directed towards grid investments and 29% towards renewable and storage projects [26][28] Market Data and Key Metrics Changes - The national electricity system faced challenges including poor hydrological conditions and maintenance issues, leading to increased spot prices in the Central Southern Zone of Chile [15][16] - Despite these challenges, the company maintained its hydrology guidance for the year, expecting hydro generation to reach around 11 terawatt hours [16][56] Company Strategy and Development Direction - The company is committed to its winter plan in the distribution business, focusing on service continuity and reliability [44] - A new vegetation monitoring and control program has been implemented to enhance infrastructure stability [11] - The company plans to launch construction of battery energy storage projects, adding around 0.5 gigawatts to its portfolio within the next two years [14][90] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding hydro production for the second half of the year, despite initial dry conditions [55] - The company is actively working with regulators to improve the distribution business and reduce energy losses [48] - Management remains confident in achieving its EBITDA and net income guidance for the year, despite external pressures [59] Other Important Information - The company changed its functional currency from Chilean pesos to US dollars as of January 1, 2025 [23] - The regulatory framework is evolving, with updates expected on ancillary services remuneration and electricity subsidies for vulnerable households [21][96] Q&A Session Summary Question: What is the main reason behind the higher energy losses in the distribution business? - Management indicated that higher electricity prices and climate events contributed to increased energy losses, and they are working on payment plans and regulatory improvements to address this [48] Question: How sustainable are the higher gas sales in the generation business? - Current guidance for gas sales is between $80 million to $90 million for the year, with expectations of sustainability depending on market conditions [51] Question: How do you expect hydro volumes to evolve in the second half? - Management is optimistic about hydro production due to favorable conditions expected from snowmelt, confirming the full-year target of 10.7 terawatt hours [56] Question: What is the current average cost of debt? - The average cost of debt is currently at 4.9%, slightly decreased from 5% at the beginning of the year [57] Question: Are you considering adjusting your full-year guidance? - Management remains confident in maintaining guidance despite external pressures and expects to continue on a positive trend [59] Question: Will there be any additional impairment related to the SALINA project? - Management does not expect further impairments for the SALINA project, as the asset value has been adjusted to market levels [64] Question: What are the expectations for the new battery investment plan? - The new battery investment plan involves an investment of around $400 million for three projects totaling 450 megawatts, expected to be operational by 2027 [75][90]

Financial Data and Key Metrics Changes - In the first half of 2025, EBITDA reached $659 million, representing a 10% improvement compared to the previous year, driven by strong generation performance and improved gas trading activities [26][32] - Net income for the first half amounted to $246 million, an 8% decrease from the previous year, primarily due to higher general and administrative expenses [26][35] - The first half FFO showed significant improvement, reaching $403 million, 7.8 times the previous year's figure [26][27] Business Line Data and Key Metrics Changes - Hydro generation remained consistent with last year's levels, supported by higher thermal dispatch, despite a 5% decrease in net electricity generation compared to June 2024 [9][20] - The distribution segment has seen increased energy losses due to higher electricity prices and climate events, prompting the company to implement better payment plans and tools to manage debt [48][49] Market Data and Key Metrics Changes - The national electricity system faced challenges including poor hydrological conditions and maintenance issues, leading to increased spot prices in the Central Southern Zone of Chile [16][17] - Despite these challenges, the company maintained its hydrology guidance for the year, expecting hydro generation to reach around 11 terawatt hours [17][56] Company Strategy and Development Direction - The company is committed to its Resilient and Winter program to strengthen the grid and improve response to climate-related events, including deploying remote control systems and vegetation monitoring [11][12] - Plans to launch construction of battery energy storage projects in Northern Chile, adding around 0.5 gigawatts to the portfolio within the next two years, were announced [15][72] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about hydro production for the second half of the year, despite a dry start in July, citing favorable conditions for snowmelt [56] - The company is actively advocating for a new regulatory model to recognize significant investments in the network to address climate change impacts [95][96] Other Important Information - The company changed its functional currency from Chilean pesos to US dollars as of January 1, 2025, for comparative purposes [25] - Capital expenditures in the first half reached $157 million, with a focus on Greece investments and thermal projects [27][28] Q&A Session Summary Question: What is the main reason behind the higher energy losses in the distribution business? - Management indicated that higher electricity prices and climate events contributed to increased energy losses, and they are working with regulators to improve the situation [49][50] Question: How sustainable are the higher gas sales in the generation business? - Current guidance for gas sales is between $80 million to $90 million for the year, with expectations for sustainability depending on market conditions [52] Question: How do you expect hydro volumes to evolve in the second half? - Management is optimistic about hydro production due to favorable conditions and expects to meet the full-year target of 10.7 terawatt hours [56] Question: What is the current average cost of debt? - The average cost of debt has decreased to 4.9%, reflecting favorable conditions from previous financing [57] Question: Are there plans to adjust the full-year guidance in light of market conditions? - Management remains confident in their ability to navigate challenges and does not anticipate adjusting the full-year guidance [59] Question: Will there be any additional impairments related to the SALINA project? - Management does not expect further impairments for the SALINA project after recent adjustments [63] Question: What are the expectations for the new battery investment plan? - The new battery investment plan aims to hybridize existing solar PV plants and is expected to enhance production during non-solar hours [88]

Core Insights - The Zhangjiakou Renewable Energy Demonstration Zone has achieved significant milestones in its ten years since establishment, contributing to the high-quality development of the renewable energy industry in the Beijing-Tianjin-Hebei region and providing a replicable model for China's renewable energy sector [1][3] Group 1: Achievements and Developments - The demonstration zone has effectively utilized its abundant wind and solar resources, leading to breakthroughs in efficient development, intelligent transmission, diversified consumption, and energy storage regulation [1] - Since its approval in 2015, the total renewable energy generation has reached 3,478.64 billion kilowatt-hours, resulting in a reduction of approximately 280 million tons of carbon dioxide emissions [3] - The installed capacity of new energy connected to the grid has surged from 8.42 million kilowatts in 2015 to 42.435 million kilowatts, marking a growth rate of 403.9%, which now accounts for 88.1% of the city's total power generation capacity [3] Group 2: Infrastructure and Capacity - The Zhangbei Renewable Energy Flexible DC Demonstration Project has been completed, with an annual capacity to deliver 14 billion kilowatt-hours of green electricity to Beijing [3] - A 1,000-kilovolt ultra-high voltage clean energy corridor has been established, capable of delivering over 21 billion kilowatt-hours of green electricity annually to Xiong'an [3] - Zhangjiakou has built six power grid transmission channels with a total access capacity of 38 million kilowatts, ranking first in Hebei Province [3]

智通财经APP获悉，万联证券发布研报称，长期来看，全球可再生能源装机快速增长，电网不稳定性增 加，储能需求有望持续提升。分地区来看：(1)欧洲户储库存影响减弱，大储装机规模增长提速，接替 户储增量，整体市场有望逐步回暖;(2)美国大储装机需求较大，储能项目并网有望加速，带动市场规模 增长，当前美国关税影响有所减弱，出口有望保持增势;(3)新兴市场增长较快，印度、巴基斯坦、巴 西、尼日利亚等国家户储空间广阔，有望为储能需求增长持续提供新动能;(4)中东可再生能源投资增 长，储能项目投建加速，沙特、阿联酋的大储装机有望保持稳定增长。建议关注海外布局完善、市场地 位领先的龙头个股。 万联证券主要观点如下： 2025年6月逆变器出口金额环比回升 2025年6月，我国逆变器出口金额为65.76亿元，环比增长10.23%，同比增长0.92%，环比明显回升，同 比保持稳定。累计出口金额来看，2025年1-6月，我国逆变器累计出口金额为304.66亿元，同比增长 7.13%，市场表现稳定。 分地区来看 亚洲：中东大储放量，印巴户储有所回落。2025年6月，我国对亚洲地区逆变器出口金额为26.62亿元， 环比增长17.61%， ...

Investment Rating - The industry is rated as "Outperforming the Market" with an expected relative increase of over 10% compared to the broader market in the next six months [42]. Core Insights - In June 2025, China's inverter export value reached 6.576 billion yuan, showing a month-on-month increase of 10.23% and a year-on-year increase of 0.92%, indicating a significant month-on-month recovery while maintaining stability year-on-year [2][15]. - Cumulatively, from January to June 2025, the total inverter export value was 30.466 billion yuan, reflecting a year-on-year growth of 7.13%, demonstrating a stable market performance [2][15]. - The Asian market is experiencing high growth, particularly due to the release of large storage projects in the Middle East, with exports to Saudi Arabia reaching a record high [3][16]. - The European market shows stable performance, with the UK achieving significant year-on-year growth, while exports to Germany and Poland have seen fluctuations [4][22]. - The North American market has rebounded significantly, with exports increasing by 39.51% month-on-month and 9.55% year-on-year, driven by stabilizing tariff policies [9][28]. - The African market continues to grow, primarily supported by performance outside South Africa and Nigeria, despite some regional declines [10][29]. Summary by Region Asia - In June 2025, exports to Asia amounted to 2.662 billion yuan, with a month-on-month increase of 17.61% and a year-on-year increase of 9.55% [3][16]. - Notable growth was observed in exports to Saudi Arabia (+76.09%) and the UAE (+14.67%), while exports to India and Pakistan saw declines [3][16]. Europe - Exports to Europe totaled 2.447 billion yuan in June 2025, with a month-on-month increase of 1.79% but a year-on-year decrease of 0.76% [4][22]. - The UK market showed strong growth (+30.60%), while exports to Poland experienced a significant decline (-59.86%) [4][22]. North America - Exports to North America reached 221 million yuan, with a month-on-month increase of 39.51% and a year-on-year increase of 9.55% [9][28]. - Exports to the US specifically were 203 million yuan, reflecting a month-on-month increase of 55.88% and a year-on-year increase of 16.77% [9][28]. Africa - Exports to Africa were 414 million yuan, with a month-on-month increase of 0.51% and a year-on-year increase of 15.31% [10][29]. - The South African market is experiencing a decline, while other regions in Africa are performing well [10][29]. Export Performance by Province - In June 2025, Guangdong's exports were 2.418 billion yuan, showing a month-on-month increase of 5.29% and a year-on-year increase of 1.14% [11][34]. - Jiangsu's exports reached a record high with a month-on-month increase of 59.08% [11][34].

Group 1 - ACWA Power plans to invest billions of dollars in the construction of a second green hydrogen plant in Yanbu, Saudi Arabia, despite challenges in the output sales of its first green hydrogen project [1] - The new plant will have an electrolysis capacity of 4 GW and is expected to produce 400,000 tons of green hydrogen annually using wind and solar energy [1] - The target market for this project is the export market, with recent memorandums of understanding signed with companies from Italy, France, the Netherlands, and Germany to establish a green hydrogen supply chain from Saudi Arabia to Europe [1] Group 2 - ACWA Power is also a developer of the NEOM green hydrogen project, which has an investment of $8.5 billion and aims to produce approximately 219,000 tons of green hydrogen annually [2] - The NEOM project plans to produce 600 tons of green hydrogen per day, with commissioning of the electrolyzers expected in 2026 and commercial delivery starting in 2027 [2] - Despite securing financing for the NEOM project, finding stable buyers has proven difficult, with only TotalEnergies signing a procurement agreement for one-third of the total output [2]

Group 1 - The core viewpoint is that the global transition to renewable energy is irreversible and unstoppable, as emphasized by the UN Secretary-General António Guterres [1][2] - Global clean energy investment reached $2 trillion last year, surpassing fossil fuel investment by $800 billion, marking a nearly 70% increase over the past decade [1] - The cost of solar energy has decreased to 41% lower than fossil fuels, while offshore wind energy is now 53% cheaper than fossil fuels [1] Group 2 - The global installed capacity of renewable energy is nearly on par with fossil fuels, with almost all new power generation capacity added last year coming from renewable sources [2] - The clean energy sector contributed 10% to global GDP growth in 2023, and employment in this sector has surpassed that of fossil fuels [2] - Guterres identified six key opportunity areas for accelerating the energy transition, including ambitious national climate plans and modernized energy systems [2] Group 3 - To achieve the 1.5°C temperature control target and ensure energy access, clean energy funding must increase more than fivefold by 2030 [2] - Guterres called for reforms in global finance to enhance the lending capacity of multilateral development banks and implement effective debt relief actions [2]