Core Viewpoint - 大唐新能源 reported a slight decrease in total power generation for 2025 compared to 2024, with a notable increase in solar power generation and a significant decline in wind power generation [1] Group 1: Power Generation Performance - The total power generation for the group in 2025 reached 2,365,190 MWh, representing a year-on-year decrease of 0.25% compared to 2024 [1] - Wind power generation amounted to 1,856,940 MWh, showing a year-on-year decline of 11.42% [1] - Solar power generation was recorded at 508,250 MWh, which is an impressive year-on-year increase of 84.91% [1] Group 2: Cumulative Power Generation - As of September 30, 2025, the cumulative power generation for the year reached 25,890,603 MWh, reflecting an increase of 11.68% compared to 2024 [1] - Cumulative wind power generation stood at 21,840,558 MWh, marking a year-on-year increase of 7.40% [1] - Cumulative solar power generation totaled 4,050,045 MWh, which is a year-on-year increase of 42.22% [1]

证券代码：600886 证券简称：国投电力 公告编号：2025-056 国投电力控股股份有限公司 2025 年三季度主要经营数据公告 2025 年 7-9 月,公司控股企业平均上网电价 0.334 元/千瓦时,与去年同期相 比减少 0.9%。2025 年 1-9 月,公司控股企业平均上网电价 0.346 元/千瓦时,与去 年同期相比减少 3.9%。 - 1 - 项 目 发电量 (亿千瓦时） 上网电量 （亿千瓦时） 本期 去年 同期 同比 增减 本期 去年 同期 同比 增减 四川 雅砻江水电 283.09 337.07 -16.02% 281.65 335.43 -16.03% 云南 国投大朝山 21.35 19.09 11.83% 21.23 18.97 11.90% 甘肃 国投小三峡 10.99 14.08 -21.90% 10.85 13.91 -21.99% 水电小计 315.43 370.24 -14.80% 313.73 368.31 -14.82% 天津 国投北疆 45.37 48.76 -6.96% 42.60 45.81 -7.01% 广西 国投钦州发电 20.45 28.72 -28.80% ...

Core Viewpoint - The company reported a significant decrease in power generation and grid-connected electricity volume for the third quarter and the first nine months of 2025 compared to the same periods last year, alongside a decline in average grid-connected electricity prices. Group 1: Power Generation and Electricity Volume - In Q3 2025, the company's controlled enterprises achieved a total power generation of 47.891 billion kWh and grid-connected electricity of 46.808 billion kWh, representing a decrease of 14.42% for both metrics compared to the same period last year [1] - For the first nine months of 2025, the total power generation was 124.950 billion kWh and grid-connected electricity was 121.980 billion kWh, showing a decrease of 6.36% and 6.21% respectively compared to the previous year [1] Group 2: Average Grid-Connected Electricity Price - The average grid-connected electricity price for Q3 2025 was 0.334 yuan/kWh, down by 0.9% from the same period last year [1] - For the first nine months of 2025, the average grid-connected electricity price was 0.346 yuan/kWh, reflecting a decrease of 3.9% year-on-year [1] - The decline in average grid-connected electricity prices is attributed to changes in electricity volume structure, a decrease in long-term trading prices for thermal power in certain regions, and an increasing proportion of unsubsidized renewable energy projects [1] Group 3: Installed Capacity - In Q3 2025, the company increased its installed capacity by 660,000 kW, attributed to the commissioning of the Huaxia Power Unit 5 [2] - As of the end of Q3, the total installed capacity of the company's controlled enterprises reached 44,748.5 MW, comprising 21,304.5 MW of hydropower, 13,074.8 MW of thermal power (including waste-to-energy), 3,988.3 MW of wind power, 5,849.4 MW of solar power, and 531.6 MW of energy storage [2]

2025年前三季度，公司控股发电企业上网电量416.38亿千瓦时，上网电价均价0.497元/千瓦时（含 税），参与市场交易电量329.25亿千瓦时。 截至2025年9月底，公司控股装机容量为1859.39万千瓦，同比增加8.7%。其中：煤电840万千瓦，占 45.18%；气电342.56万千瓦，占18.42%；风电343.02万千瓦，占18.45%；光伏发电244.06万千瓦，占 13.13%；分布式供电84.50万千瓦，占4.54%；独立储能5.25万千瓦，占0.28%。 格隆汇10月17日丨申能股份(600642.SH)公布，经统计，2025年前三季度公司控股发电企业完成发电量 433.74亿千瓦时，同比减少2.6%。其中：1、煤电完成297.96亿千瓦时，同比减少5.0%，主要是受发电 结构影响。2、天然气发电完成60.28亿千瓦时，同比减少10.0%，主要是发电用天然气安排影响。3、风 力发电完成48.76亿千瓦时，同比增加21.2%；光伏及分布式发电完成26.74亿千瓦时，同比增加8.4%， 主要是公司新能源项目装机规模同比增长。 ...

Core Viewpoint - Ganneng Co., Ltd. has successfully connected multiple renewable energy projects to the grid, indicating progress in its renewable energy initiatives [1] Group 1: Project Updates - The company has successfully connected the following projects to the grid: - Xiushui Dahu Mountain Wind Power Plant - Ganeng Shangli Middle School Distributed Photovoltaic Project - Ganeng Jiangtong Huajing Rooftop Distributed Photovoltaic Project - Ganeng Jiangtong Shitai Ke Distributed Photovoltaic Project [1] - The Ganeng Jiangxi Shangrao Zuoshe Phase I 150MW Photovoltaic Project has achieved partial grid connection with 33.36MW out of the second phase's 46MW [1]

Core Viewpoint - Zhonglv Electric (SZ 000537) expects a net profit attributable to shareholders of 702 million to 911 million yuan for the first three quarters, representing a year-on-year decline of 23.35% to 0.44% [1] Financial Performance - The decrease in net profit is primarily due to limited electricity supply from existing projects, intensified market competition, and declining electricity prices, which have compressed profit margins [1] - New projects are mainly held in a controlling capacity, which has also impacted the net profit attributable to shareholders [1] Revenue Composition - For the first half of 2025, Zhonglv Electric's revenue composition is as follows: 99.22% from renewable energy generation, 0.55% from other industries, and 0.23% from rental income [1] Market Capitalization - As of the report date, Zhonglv Electric has a market capitalization of 19.4 billion yuan [1]

Core Insights - The National Energy Administration announced that by August 2025, there will be a total of 8,658 newly registered renewable energy generation projects across the country, excluding household photovoltaic systems [1] Summary by Category Wind Power - Among the new projects, there are 23 wind power projects planned [1] Solar Power - The majority of the new projects are solar power, with 8,624 projects in total, which includes 50 centralized solar power projects and 8,574 commercial and industrial distributed solar power projects [1] Biomass Power - There are also 11 biomass power generation projects included in the new registrations [1]

Core Viewpoint - The National Energy Administration has announced the status of newly registered renewable energy generation projects in China as of August 2025, highlighting a total of 8,658 projects, predominantly in solar and wind energy [1][2]. Summary by Category Total Projects - A total of 8,658 newly registered renewable energy generation projects were reported, excluding household photovoltaic systems [1][2]. Project Breakdown - Among the total projects, there are 23 wind power projects, 8,624 solar power projects (including 50 centralized solar power projects and 8,574 commercial distributed solar power projects), and 11 biomass power projects [1][2]. Regional Distribution - The distribution of projects across various regions includes: - Beijing: 0 projects - Tianjin: 13 commercial distributed solar projects - Hebei: 327 projects (including 6 wind and 321 commercial distributed solar) - Shanxi: 5,346 projects (including 3 wind and 2,333 commercial distributed solar) - Shandong: 296 projects (including 1 wind and 291 commercial distributed solar) - Inner Mongolia: 14 projects (including 1 wind) - Other regions also show varying numbers of projects, with some regions like Guangdong having 302 commercial distributed solar projects [3][4]. Additional Information - Detailed lists of wind, centralized solar, and biomass projects are available in the attachments, and commercial distributed solar project lists can be accessed through the Renewable Energy Generation Project Information Management Platform [2][3].

国 家 能 源 局 2 0 2 5 年 1 0 月 1 0 日 ▼ 点 击 阅 读 原 文，查 看 附 件 详 情 | 地区 | 风电 | 集中式光伏发电 | 工商业分布式 | 生物质发电 | 음计 | | --- | --- | --- | --- | --- | --- | | | | | 光伏发电 | | | | 美国 | 23 | 50 | 8574 | 11 | 8658 | | 北京 | 0 | 0 | 0 | 0 | 0 | | 天津 | 0 | 0 | 13 | 0 | 13 | | 河北 | 6 | 0 | 321 | 0 | 327 | | 山屋 | 3 | 7 | 5333 | 3 | 5346 | | 山东 | 1 | 4 | 291 | 0 | 296 | | 内蒙古 | 1 | 0 | 13 | 0 | 14 | | 辽宁 | 0 | 0 | 1 | 0 | 1 | | 吉林 | 4 | 1 | 5 | 0 | 10 | | 黑龙江 | 0 | 0 | 0 | 0 | 0 | | 上海 | 0 | 0 | 6 | 0 | 6 | | 江苏 | 1 | 5 | 577 | 3 | 5 ...

Core Insights - China Three Gorges New Energy (Group) Co., Ltd. reported a total power generation of 17.44 billion kWh for Q3 2025, representing a year-on-year increase of 5.78% [1] - Cumulative power generation for the first three quarters of 2025 reached 56.75 billion kWh, marking a year-on-year growth of 7.89% [2] Power Generation Breakdown - In Q3 2025, wind power generation was 9.62 billion kWh, up 4.85% year-on-year, with onshore wind contributing 6.51 billion kWh (up 4.86%) and offshore wind contributing 3.11 billion kWh (up 4.82%) [1] - Solar power generation in Q3 2025 was 7.65 billion kWh, reflecting a significant increase of 12.93% year-on-year [1] - Independent energy storage generation in Q3 2025 was 0.17 billion kWh, showing a decline of 2.35% year-on-year [1] Cumulative Power Generation Details - For the first three quarters of 2025, wind power generation totaled 34.68 billion kWh, an increase of 7.60% year-on-year, with onshore wind at 24.04 billion kWh (up 12.22%) and offshore wind at 10.65 billion kWh (down 1.55%) [2] - Solar power generation for the first three quarters was 21.56 billion kWh, up 11.18% year-on-year [2] - Independent energy storage generation for the first three quarters reached 0.51 billion kWh, a notable increase of 43.10% year-on-year [2]