年发电量可满足约5亿人一年的生活用电需求 多能互补协同发展 12月19日，随着金沙江银江水电站全面投产发电，四川水电装机容量正式突破1亿千瓦，在全国省份中 率先迈入水电"亿千瓦时代"。1亿千瓦有多大？约占全国水电装机总量的四分之一，相当于约4.4个三峡 电站。 "亿千瓦"意味着什么？ 1亿千瓦装机年发电量预计可达4000亿千瓦时，足以满足约5亿人口一年的生活用电需求。 "这意味着四川在全国确立了清洁能源强省的核心地位。"中国储能协会秘书长刘勇评价道，"这也证明 流域梯级开发取得了重大的阶段性成果，四川建设巨型水电工程的技术实力已经十分领先。" 从70千瓦到1亿千瓦 四川水电的百年发展史，是中国能源百年建设的缩影。 1925年，泸州洞窝水电站发出四川第一度水电，装机仅70千瓦。1978年，装机70万千瓦的龚嘴水电站全 面建成投产，推动四川迈入"大水电"时代。1998年，二滩水电站投产，成为中国首个突破300万千瓦装 机的电站。 进入21世纪，在国家西部大开发和西电东送战略推动下，金沙江、雅砻江、大渡河"三江"流域水电开发 全面展开。溪洛渡、白鹤滩、锦屏、两河口等世界级水电站相继建成，四川水电开发按下"快进键"。 ...

转自：四川日报 12月19日，随着金沙江银江水电站全面投产，四川水电装机容量正式迈过1亿千瓦大关，成为全国率先进入水电"亿千瓦"时代的省份，实现水电装机规模增 长超70万倍的世纪跨越。 那么，1亿千瓦意味着什么？它相当于4.4个三峡电站，年发电量可达4000亿千瓦时，可满足5亿人口一年的生活用电需求，或供1.78亿辆电动汽车跑一整年。 四川以一省之力并肩欧美水电大国。 为何能率先达成这一目标？资源禀赋是基础：全省水能资源技术可开发量约1.48亿千瓦，居全国首位。百年积累是支撑：从泸州洞窝水电站点亮的第一盏 灯，到如今白鹤滩水电站的百万千瓦机组，四川已占据全球水电工程技术的制高点。 未来，四川将继续前行，在坚实的水电基础上再造一个"风光四川"。详情见今日一版、二版。 洞窝水电站技产全新中国成立初期,四 川水电发展缓慢。1953年四川启动龙溪 河梯级开发,1960年全省水电装机首次 突破10万千瓦。 多点突破(1978-1999年)。1978 年,装机70万千瓦的龚嘴水电站全面 建成投产,四川迈入"大水电"时代; 1998年,装机 330万千瓦的二滩水电站 有何意义? 保供"压舱石"+超级调节器 水电装机突破1亿 ...

Core Viewpoint - The successful commissioning of the Jinshang (Jinsha River upstream) to Hubei ±800 kV UHVDC project marks a significant advancement in high-altitude UHVDC technology, enhancing clean energy transmission capabilities and addressing regional power supply challenges in China [1][2]. Technical Innovation - The project utilizes ±800 kV rated voltage and 8 million kW rated capacity, achieving a transmission distance of nearly 1900 kilometers [1]. - It is the first UHVDC project to successfully apply site-level cascading technology in high-altitude areas, representing a breakthrough in technical innovation [1][2]. - The construction team set a world record by erecting transmission towers at an altitude of 4797.9 meters, showcasing the project's capability to operate in extreme environments [2]. Project Benefits - The project is expected to deliver approximately 40 billion kWh of clean electricity annually, equivalent to replacing 12 million tons of standard coal and reducing carbon dioxide emissions by about 30 million tons [1][2]. - It will facilitate large-scale development and transmission of hydropower from the Jinsha River upstream, optimizing the energy structure at the receiving end [2]. - The project will alleviate long-term power supply and demand imbalances in Central China, contributing to the establishment of a clean, low-carbon, safe, and efficient energy system [2]. Infrastructure Development - With the commissioning of the Jinshang-Hubei UHVDC project, the total number of UHV transmission corridors from Sichuan has reached seven, enhancing the province's capacity to export electricity [1][2]. - Sichuan has become the leading province in UHV construction in China, with a total of eight UHV projects in operation, significantly increasing its electricity export capacity to 62.6 million kW, doubling the capacity achieved during the 13th Five-Year Plan [5]. - The ongoing investment in the power grid infrastructure aims to further enhance the transmission capabilities and establish a comprehensive power delivery network across the region [5].

中央纪委国家监委网站 初英杰 2023年7月，习近平总书记在四川考察时强调，要科学规划建设新型能源体系，促进水风光氢天然气等 多能互补发展。 俯瞰雅砻江两河口水电站。 牙根一级水电站建设者欢呼大江截流成功。 挖掘机将截流所需石料推入龙口。 孟底沟水电站施工现场，数十辆新能源自卸车不间断运输截流石料。 2024年4月，习近平总书记在主持召开新时代推动西部大开发座谈会时要求，加快建设新型能源体系， 做大做强一批国家重要能源基地。加强管网互联互通，提升"西电东送"能力。 川西高原，雅砻江中游河畔，满载截流所用石料的新能源自卸车往来如梭。随着最后一车截流石料填入 龙口，江水被完全分流至右岸新建的导流洞，现场顿时响起阵阵欢呼。10月28日，雅砻江上两座大型水 电站——孟底沟水电站、牙根一级水电站实现同步大江截流，两个项目进入主体工程施工新阶段。两座 水电站同步大江截流，在雅砻江流域尚属首次。这标志着雅砻江流域水风光一体化基地建设取得新突 破。 作为国家首个水风光一体化示范基地、九大清洁能源基地之一，雅砻江流域水风光一体化基地规划建设 一大批重大清洁能源工程，既有水电站，又有风电场、光伏电站，还有抽水蓄能电站，水、风、光 ...

Core Viewpoint - Guotou Power's net profit for Q1-Q3 2025 is 6.52 billion yuan, showing a year-on-year decrease of 0.9%, with Q3 net profit at 2.72 billion yuan, down 3.9% year-on-year, primarily impacted by fuel costs affecting thermal power performance [1] Financial Performance - The company has shown significant improvement in cash flow and financial expenses [1] - The slowdown in green power construction in 2025 is attributed to the implementation of Document No. 136, which regulates green electricity prices and consumption [1] Project Development - The Yalong River integrated hydropower and wind power base has a long-term flexible adjustment capability due to its experience with large hydropower and pumped storage [1] - Current major renewable energy projects under construction include the Yangniushan Wind Power (600,000 kW) and Zhalashan photovoltaic projects (totaling 3.17 million kW) [1] Investment Outlook - The scarcity of resources at the Yalong River hydropower and wind power base, along with the company's stable dividend commitment (distributing at least 55% of the annual distributable profit in cash from 2024 to 2026), supports a favorable investment outlook [1] - Based on comparable company valuations, a target price of 16.92 yuan is set, applying an 18x PE valuation for 2026, maintaining a "Buy" rating [1]

Investment Rating - The investment rating for the company is "Buy" [11] Core Views - The company, as a flagship hydropower platform in Sichuan, benefits significantly from its 48% stake in Yalong River Company and 20% stake in Dadu River Company, which are expected to contribute 88% and 9% respectively to the net profit in 2024 [2][5] - The growth of the company is closely tied to the operational schedule of Yalong River Company, with significant performance improvements expected from the recent capital expansions and new project launches [2][9] - The potential for dividend distribution is anticipated to increase as capital expenditure pressures ease and profitability improves [8][9] Summary by Sections Company Overview - The company has a unique resource advantage in the Yalong River, Dadu River, and Tianwan River basins, focusing on hydropower resource development and operation [5][25] - The company's performance is primarily driven by investment income, with Yalong River and Dadu River contributing significantly to net profits [5][31] Yalong River Company - Yalong River Company holds exclusive development rights in the Yalong River basin, with substantial growth potential due to ongoing and planned projects totaling 7.82 million kilowatts [6][40] - The company is expected to see a 273% increase in installed capacity by 2035, significantly enhancing its growth prospects [6][45] Dadu River Company - Dadu River Company is entering a new production cycle, with several projects expected to come online by 2026, contributing to a projected net profit increase of 38.79% in 2024 [7][9] Dividend Potential - The "investment distribution difference" between Yalong River and Dadu River is crucial for the company's profit allocation, with expectations for steady improvement in this area [8][9] Market Position - The company is positioned to benefit from high electricity prices due to its significant inter-provincial power sales, which enhance overall revenue [54][55] - The company has a strong operational history, with past performance driven by the successful commissioning of hydropower stations [20][22]

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 16.92 CNY [6]. Core Views - The report highlights that the decline in coal prices has mitigated the pressure from water inflow in the Yalong River, leading to a balanced development of hydropower and wind power [2]. - The company is expected to maintain stable dividends, committing to distribute at least 55% of its distributable profits in cash from 2024 to 2026 [13]. - The report anticipates that the company's earnings per share (EPS) will be 0.87, 0.94, and 1.00 CNY for the years 2025, 2026, and 2027 respectively [13]. Financial Summary - Total revenue for 2023 is projected at 56,712 million CNY, with a year-on-year growth of 12.3%. However, a decline of 8.5% is expected in 2025 [4]. - Net profit attributable to the parent company is forecasted to be 6,705 million CNY in 2023, reflecting a significant increase of 64.3% [4]. - The company’s net asset return rate is expected to be 11.4% in 2023, decreasing to 10.1% by 2025 [4]. Operational Insights - The company’s electricity generation in Q3 2025 was 314 billion kWh from hydropower, 123 billion kWh from thermal power, and 14 billion kWh from wind power, showing a year-on-year decrease of 15% for hydropower and 19% for thermal power [13]. - The operating costs in Q3 2025 were 79 billion CNY, down 22% year-on-year, primarily due to the decline in coal prices [13]. - The financial expenses for the first three quarters of 2025 were -5.3 billion CNY, attributed to lower interest rates and a decrease in accounts receivable [13]. Industry Context - The Yalong River hydropower and wind power base is planned to have an installed capacity of 78 million kW, with hydropower and pumped storage accounting for 39 million kW each [13]. - The report notes that the company is currently developing several renewable energy projects, including the Yangniushan Wind Power and Zhalashan Photovoltaic projects [13].

Core Insights - The simultaneous river diversion of the Mengdigou and Yagen I hydropower stations marks a significant milestone in the construction of China's first integrated water-wind-solar energy base in the Yarlung Tsangpo River basin [1][2][4] Group 1: Project Overview - The Mengdigou hydropower station has a total installed capacity of 2.4 million kilowatts and an average annual power generation of approximately 10.4 billion kilowatt-hours [1] - The Yagen I hydropower station has an installed capacity of 300,000 kilowatts and an average annual power generation of about 1.15 billion kilowatt-hours [1] - The completion of both stations is expected to save approximately 3.5 million tons of standard coal and reduce carbon dioxide emissions by about 9 million tons annually [1] Group 2: Integrated Energy Base Development - The Yarlung Tsangpo River basin's integrated water-wind-solar energy base is planned to have a total installed capacity of 78 million kilowatts by 2035, with current clean energy capacity at approximately 21 million kilowatts [2] - The base aims to create a 100% renewable energy supply system and serve as a comprehensive demonstration base for integrated water-wind-solar energy development [2] Group 3: Engineering and Construction Innovations - The construction of the Mengdigou hydropower station incorporates intelligent systems for full lifecycle management, enhancing efficiency by over 40% [6] - The Yagen I hydropower station employs innovative construction methods to improve safety and efficiency during the river diversion process [5][6] Group 4: Economic and Social Impact - The Mengdigou hydropower project is expected to contribute approximately 1.05 billion yuan in taxes during construction and create around 5,000 jobs annually [7] - The Yagen I hydropower station will contribute about 140 million yuan in taxes during construction and create approximately 3,000 jobs each year [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][15][38] Core Views - The company has reported a revenue of 7.682 billion yuan for Q3 2025, a year-on-year increase of 1.92%, while the net profit attributable to shareholders decreased by 4.12% to 2.93 billion yuan [6][8] - The company achieved a cumulative revenue of 20.641 billion yuan for the first three quarters, reflecting a year-on-year growth of 6.3%, with a net profit of 7.539 billion yuan, up 4.34% year-on-year [6][8] - The company’s financial expenses have decreased by 3.07% year-on-year, indicating improved financial management [8][9] Summary by Sections Financial Performance - The company completed a total electricity generation of 596.266 billion kWh in the first three quarters, representing an increase of 11.90% year-on-year [7] - The average return on equity (ROE) for the company was 11.62%, an increase of 1.76 percentage points compared to the same period in 2024 [6][8] - The company’s gross profit margin stands at 60.68% [3] Project Development - The company has successfully launched the TB and Hard Beam water power stations, contributing to the increase in electricity generation [7][9] - The company is advancing the "water-wind-solar integration" base construction, laying the groundwork for future capacity growth [9][14] Future Outlook - The company is expected to see net profits of 8.720 billion yuan, 9.276 billion yuan, and 9.747 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding earnings per share of 0.47 yuan, 0.50 yuan, and 0.52 yuan [15][16] - The company’s valuation is projected to be stable, with a price-to-earnings ratio (PE) of 21X for 2025, 19.74X for 2026, and 18.79X for 2027 [15][16]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6]. Core Views - The company reported a Q3 revenue of 429 million yuan, a year-on-year decrease of 11.3%, and a net profit attributable to shareholders of 1.76 billion yuan, down 16.96% year-on-year. For the first three quarters, the net profit attributable to shareholders was 4.22 billion yuan, a decline of 4.54% year-on-year [1]. - The company's hydropower generation increased by 17.9% year-on-year to 4.86 billion kWh in the first three quarters, driven by the commissioning of new units at the controlled power company [2]. - The average on-grid electricity price for the company's controlled hydropower decreased by 6.5% year-on-year in the first three quarters of 2025, impacting revenue [2]. - The Yalong River hydropower's revenue for the first three quarters was 19.338 billion yuan, a decrease of 3.2% year-on-year, while net profit increased by 0.8% year-on-year to 8.03 billion yuan [3]. - The report projects net profits for 2025-2027 to be 4.89 billion, 5.15 billion, and 5.33 billion yuan respectively, with corresponding P/E ratios of 14.8, 14.1, and 13.6 [5]. Summary by Sections Financial Performance - Q3 revenue was 429 million yuan, down 11.3% year-on-year; net profit was 1.76 billion yuan, down 16.96% year-on-year [1]. - For the first three quarters, net profit attributable to shareholders was 4.22 billion yuan, a decline of 4.54% year-on-year [1]. Hydropower Generation - The company’s controlled hydropower generation reached 4.86 billion kWh in the first three quarters, up 17.9% year-on-year [2]. - The Yalong River hydropower generation in Q3 was approximately 28.31 billion kWh, down about 16% year-on-year due to reduced water inflow [3]. Revenue and Pricing - The average on-grid electricity price for controlled hydropower decreased by 6.5% year-on-year in the first three quarters of 2025 [2]. - Yalong River hydropower's Q3 revenue was 7.172 billion yuan, down 16.7% year-on-year [3]. Future Projections - The report forecasts net profits of 4.89 billion, 5.15 billion, and 5.33 billion yuan for 2025, 2026, and 2027 respectively [5].