央视网消息：据国家能源局消息，2025年7月，全国完成电力市场交易电量6246亿千瓦时，同比增 长7.4%。其中，省内交易电量4614亿千瓦时，同比增长7.3%；跨省跨区交易电量1632亿千瓦时，同比 增长7.9%。绿电交易电量256亿千瓦时，同比增长43.2%。 2025年1—7月，全国累计完成电力市场交易电量3.59万亿千瓦时，同比增长3.2%，占全社会用电量 比重61.2%，同比下降0.9个百分点。其中，省内交易电量2.73万亿千瓦时，同比增长1.6%；跨省跨区交 易电量8558亿千瓦时，同比增长9%。绿电交易电量1817亿千瓦时，同比增长42.1%。 ...

Core Insights - The first integrated green electricity supply project for data centers in China has been launched, marking a significant breakthrough in Inner Mongolia's "East Data West Computing" initiative, showcasing the synergy between computing power and electricity in the digital economy era [1][2] Group 1: Project Overview - The Ulanqab Data Center Low-Carbon Computing Power Base integrates wind and solar power generation, smart transmission, grid connection, and energy storage to directly supply clean energy to data centers [1] - The project represents a shift from policy advocacy to industrial practice, highlighting the need for further integration of the value chains of computing power and electricity [1][3] Group 2: Policy and Development - Recent policies from the National Development and Reform Commission and other departments aim to enhance the integration of computing power and green electricity, improving energy efficiency and renewable energy utilization in data centers [2] - The green computing power scale in Qinghai Province has surged from 370P at the beginning of 2024 to 15,000P by June 2024, indicating a growth of approximately 40 times [3] Group 3: Challenges and Solutions - Infrastructure development remains a challenge, with long construction cycles for ultra-high voltage transmission lines and insufficient supporting computing power facilities in western regions [4] - Economic challenges arise from the volatility of renewable energy output conflicting with the stable demand of data centers, leading to increased operational costs due to the need for backup power sources [5] - The lack of adequate price signals and incentive mechanisms for green energy consumption hinders the market competitiveness of renewable energy [6] Group 4: Future Directions - A cross-regional green energy and computing power coordination system is needed, with suggestions to enhance the transmission capacity of green electricity and develop local renewable energy resources [7] - Implementing market-based pricing mechanisms and extending carbon market coverage to high-energy-consuming sectors like AI and data centers can stimulate green electricity consumption [7][8] - The integration of digitalization and green energy is essential, with recommendations for real-time matching of computing tasks and renewable energy supply to optimize energy management [8]

国网华东分部相关负责人表示，这是国家电网经营区内首次通过虚拟电厂聚合方式，组织分布式新能源 参与跨省绿电交易，为区域新能源资源优化配置及绿电交易模式创新提供了有益经验。 8月7日，在华东能源监管局的精心指导下，国网华东分部首次组织安徽虚拟电厂参与长三角绿电交易， 打破分布式电力资源跨省交易壁垒，标志着长三角区域分布式新能源绿电交易领域取得重要突破。 据悉，今年以来，国网华东分部积极协同区域内省（市），持续深化区内互济及省间绿电交易。依据安 徽与上海"绿电换电力"合作协议，8月7日，国网华东分部专项组织安徽虚拟电厂聚合分布式电源，参与 向上海输送绿电的外送交易。此次交易成交电量达2.8万千瓦时，成交均价为0.41324元/千瓦时。 ...

Group 1: Industry Overview - The global renewable energy sector is expected to see investments rise to $2.2 trillion by 2025, driven by declining interest rates and surging clean energy demand [1] - In the first four months of this year, China's installed capacity for wind and solar exceeded 1.5 billion kilowatts, highlighting its role as a key market [1] - However, challenges such as insufficient grid capacity have led to increased curtailment of wind and solar energy, with utilization rates dropping below 90% in most regions [1] Group 2: Company Performance - Despite the industry's challenges, the company reported an 18% year-on-year increase in equity installed capacity, reaching 4,778 MW, with solar capacity growing by 60% to 934 MW [2] - The company's solar power generation increased by 28% to 604 GWh, and net profit from solar power stations rose by 59.7%, demonstrating resilience amid industry pressures [2][3] - The company managed to reduce equipment failure losses by 40% and lowered financing costs to 3.63%, resulting in a 22.5% increase in operating cash flow to 1.041 billion yuan [3] Group 3: Strategic Initiatives - The company is transitioning from a pure power station developer to a green energy service provider, enhancing its electricity marketing and green certificate sales [4] - In the first half of the year, the company secured 152.5 MW of solar and 300 MW of storage projects outside China, diversifying its market exposure [5] - The company is pursuing high-quality long-term power purchase agreements (PPAs) to mitigate market price volatility and ensure predictable cash flows [6] Group 4: Capital Operations - The company initiated a secondary listing in Singapore to enhance its international project financing capabilities and attract ESG-focused long-term investors [7] - Plans to establish a private equity fund and explore new business areas like virtual power plants are aimed at improving asset management and creating new growth points [7] - The company's strategy focuses on high-certainty revenue assets, which is expected to enhance its operational efficiency and capital returns [8]

Investment Rating - The report maintains an "Outperform" rating for the industry, indicating expectations for the sector to perform better than the market in the next six months [4][61]. Core Insights - The report highlights that the public utility sector index has decreased by 1.84%, underperforming compared to major indices such as the Shanghai Composite and CSI 300 [2][13]. - Key developments include the release of the "136 Document" in Ningxia, which outlines pricing mechanisms for renewable energy, and adjustments to coal power capacity pricing in Guangdong [3][38]. - The report suggests that the long-term demand for thermal power remains stable, with coal prices expected to stabilize or decline, supporting profit margins for thermal power companies [7]. Summary by Sections Market Performance - The public utility sector index's PE (TTM) is reported at 18.42, down from 18.77 the previous week, while the PB is at 1.51, down from 1.54 [1][22][26]. - The sector's performance ranks 13th among 31 sectors, with specific declines noted in various sub-sectors such as thermal and hydropower [2][13]. Industry Dynamics - Recent regulatory changes in Shandong and Ningxia are expected to impact pricing and market participation for renewable energy projects [3][35][38]. - The report tracks coal prices, noting a slight increase in the price of Shanxi mixed coal to 649 RMB/ton, with other regional prices also rising [3][40]. Key Data Tracking - The report provides data on green certificate trading, with a total of 4.31 and 11.39 thousand transactions for wind and solar power respectively during the week [6][44]. - CEA trading volumes for the week were reported at 31.02, 65.80, 33.33, 66.70, and 52.27 thousand tons, with average prices fluctuating around 71.89 to 74.78 RMB/ton [6][46].

Group 1 - The company's revenue for the first half of 2025 was 1.4 billion, a year-on-year decrease of 6.6%, while profit was 282 million, down 43.8% [1] - The decline in core power station business was attributed to resource depletion, falling comprehensive electricity prices, power restrictions, and differences in one-time income year-on-year [1] - The average utilization hours for invested wind farms decreased by 78 hours (-6.4%) to 1,142 hours, and the average comprehensive electricity price for invested wind farms fell by 1.85 cents to 0.3653 yuan/kWh [1] Group 2 - The company added 191MW of new projects in the first half of 2025, including 140MW of wind power and 51MW of solar power, bringing total installed capacity to 4,778MW, an 18.0% increase year-on-year [1] - The company secured 600MW of new wind power projects in China and 152.5MW of solar projects and 300MW of energy storage projects outside China [1] - The company's actual projects have an internal rate of return (IRR) above 8% [1] Group 3 - The average financing cost for new borrowings was 3.15%, with the overall financing rate dropping to 3.63%, both at historical lows [2] - The company's net assets were 8.9 billion, with a net asset per share of 1.11 yuan, and the current price-to-book (PB) ratio is only 0.34 times [2] - The updated target price for the company is 0.61 HKD per share, representing a potential upside of 47% from the current price, with a "buy" rating assigned [2]

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 0.61 per share, indicating a potential upside of 47% from the current price of HKD 0.415 [6][12]. Core Insights - The company reported a revenue of HKD 1.4 billion for the first half of 2025, a decrease of 6.6% year-on-year, and a profit of HKD 282 million, down 43.8% year-on-year, primarily due to declining resource availability, lower comprehensive electricity prices, and power restrictions [3][9]. - The company has expanded its project portfolio, adding 191 MW of new capacity in the first half of 2025, with a total installed capacity of 4,778 MW, representing an 18% increase year-on-year [4][10]. - Financing costs have decreased, with an average financing cost of 3.15% and a comprehensive financing rate of 3.63%, both at historical lows, enhancing the company's long-term investment appeal [5][11]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a profit of HKD 282 million, with basic earnings per share of 3.58 cents. The average utilization hours for wind farms decreased by 6.4% to 1,142 hours, and the average comprehensive electricity price fell by 1.85 cents to HKD 0.3653 per kWh [3][9]. Project Development - The company has successfully secured new projects, including 600 MW of wind power in China and additional solar and energy storage projects outside China, maintaining a focus on high-quality project development with an internal rate of return (IRR) above 8% [4][10]. Valuation Metrics - As of June 30, 2025, the company's net assets stood at HKD 8.9 billion, with a book value per share of HKD 1.11. The current price-to-book (PB) ratio is 0.34, and the projected dividend yield for 2025 is approximately 9.64% [5][11].

据悉，通过远景购买绿电的用户，不仅可以获得经过国家认证的零碳绿电，还能享受相较本地电源更具 竞争力的电价。 该笔绿电交易是远景对"自营风电终端消纳模式"的积极探索。其中，上网侧申报来自远景位于蒙西的风 电场项目，需求侧申报方则为其旗下售电公司"景融绿色能源科技有限公司"，最终双方在集中竞价中完 成撮合成交，不仅实现资源地与负荷中心的直接供需匹配，也为绿电跨区配置、规模交易和用户直达提 供了明确路径。 记者日前从远景科技集团获悉，远景在"山西蒙西送上海浙江安徽月内省间绿色电力集中竞价交易"中实 现全流程闭环，将来自内蒙古的绿色电力成功送到上海用户手中。 ...

Financial Performance - The company reported a revenue of 1.4 billion RMB for the six months ending June 30, 2025 [1][3] - The profit attributable to equity holders was 282 million RMB, with a net profit margin of 20% [1][3] - Basic earnings per share were 3.58 cents [1] Asset and Capital Structure - As of June 30, 2025, the company's net asset value was 8.9 billion RMB, with a net asset value per share of 1.11 RMB [1] - The average financing cost decreased by 35 basis points to 3.63% for the first half of 2025 [4] Operational Metrics - The installed capacity of equity generation increased to 4,778 MW, representing a growth of 22.5% compared to the first half of 2024 [6][7] - The company’s asset composition is primarily focused on wind power, accounting for 80.5% of total capacity, with 3,844 MW from wind and 934 MW from solar [8] Generation and Efficiency - The equity generation volume reached 4.76 billion kWh [10] - The average utilization hours for wind power increased to 1,142 hours in the first half of 2025, up from 1,087 hours in the same period of 2024 [12] Strategic Initiatives - The company aims to enhance operational efficiency by optimizing existing power plants and exploring service-oriented business opportunities [13][27] - There is a focus on global expansion and increasing the proportion of stable asset investments [13][27] Environmental and Social Governance (ESG) - The company has maintained excellent ESG performance, with significant reductions in carbon dioxide and sulfur dioxide emissions, as well as water savings [19][21] - The company has been recognized in the S&P Sustainability Yearbook for two consecutive years [24][26]

内蒙古电力集团紧跟国家政策导向，绿电交易活力强劲。2021年8月，国家启动绿色电力交易试点后， 内蒙古电力集团开始优化市场机制。2022年，研究试点开展绿证、绿色电力交易可行性方案。2023年， 配合自治区起草完善《内蒙古电力市场绿色电力交易试点方案》，持续配合国家能源局推进绿证全覆 盖。2024年2月，国家正式批复同意内蒙古电力市场组织开展绿色电力交易，政企协同制定出台《绿色 电力交易实施细则》。2024年3月，首月绿色电力交易成交量达87.8亿千瓦时，全年累计完成绿电结算 电量757亿千瓦时，规模、增速领跑全国各省级电力市场。 针对新能源建设要素约束趋紧、供需不协调、电网支撑调节能力有限等痛点，内蒙古电力集团下大力气 深化新能源领域改革，持续创新绿电交易机制，深挖送电潜力。 今年上半年，内蒙古电网风电、光伏新能源发电量731亿千瓦时，同比增长41%；新能源发电量居全国 省级电网第二位，发电量占比35.6%，同比增长9.3个百分点；±800千伏昭沂特高压直流外送通道配套新 能源累计上网电量76.63亿千瓦时，超过去年全年上网电量，同比增长119%，草原风光穿越1200千米， 直达山东负荷中心。 在全国跨经营 ...