Core Insights - Hydropower is a sustainable and environmentally friendly energy source that utilizes the natural energy of river water flow without consuming water resources [1] - China has the world's richest hydropower resources, with a theoretical hydropower capacity of 694 million kilowatts and an annual theoretical generation capacity of 6.08 trillion kilowatt-hours, ranking first globally [1] Historical Development - The history of hydropower in China began in 1905 with the establishment of the first hydropower station in Taiwan, followed by the first hydropower station on the mainland in 1912 [3] - By 1949, the total installed hydropower capacity in China was 16.3 thousand kilowatts, which grew to 115 million kilowatts by 2005, maintaining the world's leading position [3] - As of August 2010, China's total installed power capacity exceeded 900 million kilowatts, with hydropower capacity surpassing 200 million kilowatts [3] Major Hydropower Projects - The Xiluodu and Baihetan hydropower stations are key components of China's "West-to-East Power Transmission" project, with Xiluodu having an installed capacity of 12.6 million kilowatts and ranking fourth in the world for annual generation [3] - Baihetan is the largest hydropower project under construction globally and will become China's second-largest hydropower station upon completion [3] Importance of Hydropower - The Three Gorges Dam is the largest hydropower station in the world and plays a crucial role in flood control, power generation, and navigation along the Yangtze River [5] - Hydropower stations significantly contribute to China's energy security, with Sichuan, Yunnan, and Hubei provinces leading in hydropower generation [7]

Economic Growth and Development - China's economy has crossed significant milestones, reaching over 110 trillion yuan, 120 trillion yuan, and 130 trillion yuan during the "14th Five-Year Plan" period, with an expected growth to around 140 trillion yuan by 2025 [19] - The innovation capability is continuously improving, with R&D investment intensity projected to reach 2.68% in 2024, surpassing the average level of EU countries [19] - The three major economic regions—Beijing-Tianjin-Hebei, Yangtze River Delta, and Guangdong-Hong Kong-Macau Greater Bay Area—account for over 40% of the national economy in 2024 [19] Green Development - National forest coverage has reached 25.09%, an increase of approximately 2 percentage points since 2020 [19] - By 2024, the energy consumption per unit of GDP is expected to decrease by 11.6% compared to the end of the "13th Five-Year Plan," making China one of the fastest countries in energy intensity reduction globally [19] - The installed capacity of renewable energy generation has historically surpassed that of coal power, establishing the world's largest clean power system [19] Trade and Openness - The number of free trade pilot zones in China has reached 22, covering all regions [19] - China has become one of the top three trading partners for 157 countries and regions [19] - In 2024, the total import and export volume with countries involved in the Belt and Road Initiative is projected to reach 22.07 trillion yuan, accounting for over 50% of China's total trade [19] Social Development - Resident income growth is in sync with economic growth, and the income gap between urban and rural areas has further narrowed [19] - By the end of 2024, the urbanization rate of the permanent population is expected to reach 67%, an increase of 3.11 percentage points since the end of 2020 [19] - The scale of employed population from poverty alleviation efforts has remained stable at over 30 million for four consecutive years [19]

Economic Growth and Development - China's economy has crossed significant milestones, reaching over 110 trillion, 120 trillion, and 130 trillion yuan during the "14th Five-Year Plan" period, with an expected GDP of around 140 trillion yuan by 2025, indicating substantial economic strength [1] - The country has achieved historic accomplishments in social and economic development under the new development philosophy of innovation, coordination, green, openness, and sharing, marking a solid step towards high-quality development [1] Innovation and R&D - Research and development (R&D) investment intensity is projected to increase to 2.68% in 2024, surpassing the average level of EU countries, with the total number of R&D personnel being the highest in the world [1] - China has made significant advancements in fields such as artificial intelligence, quantum technology, manned spaceflight, and deep space exploration, achieving multiple global "firsts" [1] Regional Development - By 2024, the economic output of the Beijing-Tianjin-Hebei, Yangtze River Delta, and Guangdong-Hong Kong-Macau Greater Bay Area regions is expected to account for over 40% of the national economy [1] - The integration of eastern region advantages in industry, technology, and capital with western region resource endowments is emphasized, with the "West-East Power Transmission" capacity exceeding 300 million kilowatts and the "East Data West Computing" hubs accounting for over 70% of national computing power [1] Green Development - National forest coverage has reached 25.09%, an increase of approximately 2 percentage points since 2020 [1] - By 2024, energy consumption per unit of GDP is expected to decrease by 11.6% compared to the end of the "13th Five-Year Plan," making China one of the fastest countries in terms of energy intensity reduction globally [1] - The installed capacity of renewable energy generation has historically surpassed that of coal power, establishing the world's largest clean power generation system [1] Openness and Trade - The number of free trade pilot zones in China has reached 22, covering all regions of the country [2] - China has become one of the top three trading partners for 157 countries and regions, with imports and exports to Belt and Road Initiative countries totaling 22.07 trillion yuan in 2024, accounting for over 50% of China's total trade [2] Social Development and Income Growth - Resident income growth has kept pace with economic growth, and the income gap between urban and rural areas has further narrowed [2] - By the end of 2024, the urbanization rate of the permanent population is expected to reach 67%, an increase of 3.11 percentage points since the end of 2020 [2] - The number of employed individuals from poverty alleviation efforts has remained stable at over 30 million for four consecutive years [2]

风起戈壁，光耀高原。在青藏广袤的戈壁腹地，±400千伏柴达木换流站如钢铁巨人般矗 立，设备低沉的嗡鸣声回荡在天地间，如同高原的心跳。这里不仅是青藏交直流联网工程 的"心脏"，更是国家"西电东送"战略在青藏高原的关键支点。 9月28日，随着青藏直流二期扩建工程通过168小时试运行正式投运，这条能源大动脉的 输电能力实现历史性倍增——最大输电功率从60万千瓦跃升至120万千瓦，相当于为西藏再 造一条"电力天路"，为雪域高原的绿色发展注入强劲动能。 "天路心脏"的跨越之路 十四载砥砺前行，柴达木换流站从双换流器到四换流器，从技术引进到自主创新，从人 工巡检到智能运维，不仅见证了青海电网的跨越式发展，更成为我国高海拔、高寒地区直流 工程的标杆。 图为完成二期扩建的±400千伏柴达木换流站。张朋摄 西－柴达木输电线路沿线三站加装串补平台，于2018年底投运，提升线路输送能力40%，增 强了系统稳定性和东西部清洁能源交换能力。2020年底，柴达木换流站调相机工程投运，两 台300兆乏调相机如同"无功心脏"，为青藏直流、疆电外送及青海主网稳定提供了关键支 撑。 为满足西藏持续增长的用电需求，2024年5月，青藏直流二期扩建 ...

工程还将进一步强化晋北与京津冀地区的资源优势互补和产业分工协作，促进传统产业 改造提升和新兴产业融合集群发展。 【责任编辑：刘澄谚 】 工程投运后可为大同～怀来～天津南1000千伏特高压交流工程提供安全可靠的电力支 撑，增强华北电网"西电东送"能力，每年将向京津唐地区输送电量约182亿千瓦时，更好满 足京津唐负荷增长需求；同时还将有效发挥火电机组的深度调节作用，提升晋北地区清洁能 源利用率，促进新能源高质量发展。 9月29日，大同～怀来～天津南1000千伏特高压交流工程山西侧配套电源送出工程全面 开工建设。 工程起于装机容量均为200万千瓦的湖东电厂、同热三期电厂，止于大同1000千伏特高 压变电站，新建线路长度110.409公里，铁塔275基，预计将于2026年9月30日建成投运。工 程总投资约9.45亿元，将带动上下游产业投资近20亿元。 ...

Core Viewpoint - Jiangsu Xukang Energy Co., Ltd. (referred to as "Sunan Co., 600925.SH") has made significant progress in its Uralai 2×1000MW high-efficiency ultra-supercritical coal-fired power generation project, with the 1 unit (1000MW) successfully completing 168 hours of full-load trial operation and officially entering commercial operation on September 24, 2025 [1] Group 1: Project Progress - The Uralai project is part of the "Mengdian Song Su" project, which is a key component of China's "West-to-East Power Transmission" strategy, converting Inner Mongolia's energy advantages into economic benefits while meeting Jiangsu's growing electricity demand [1][2] - The newly operational unit has been included in the fourth batch of major technological equipment in the energy sector announced by the National Energy Administration, featuring innovative combustion technology for stable, efficient, and clean burning of high-moisture, low-calorific lignite [2] Group 2: Market Impact - The commercial operation of the new unit is expected to enhance Jiangsu's energy security and strengthen Sunan Co.'s strategic position in the regional energy security system, potentially opening new profit avenues for the company [2] - The lignite unit offers significant advantages in fuel cost control compared to bituminous coal units, and it has achieved notable optimization in key economic and technical indicators such as unit construction cost, power generation coal consumption, and operational efficiency [2] Group 3: Business Development - Sunan Co. has been advancing its coal, thermal power, and new energy businesses simultaneously, with recent approvals for expanding coal production capacity and multiple new energy projects, including solar and storage initiatives, now operational [3] - The company aims to continue optimizing its industrial layout centered on coal, coal power, and new energy, while increasing the proportion of green energy to contribute to the development of a new energy system and support regional economic growth [3]

Core Viewpoint - The Malda Dam Hydropower Station has achieved a significant milestone by surpassing 4 billion kilowatt-hours of electricity generation in 2023, highlighting its role as a key power source in China's energy strategy [1][5]. Group 1: Project Overview - The Malda Dam Hydropower Station is located on the Yellow River in Qinghai Province, with an average elevation of 3,300 meters, making it the highest and largest hydropower station on the Yellow River [3]. - The total installed capacity of the station is 2.32 million kilowatts, consisting of four units of 550,000 kilowatts and one unit of 120,000 kilowatts [3]. - It serves as a backbone power source for China's "West-to-East Power Transmission" and "Qinghai Electricity into Henan" initiatives [3]. Group 2: Operational Achievements - As of September 26, 2023, the station has optimized its operations by enhancing water utilization efficiency and equipment reliability through smart station construction and operational adjustments [3]. - The station successfully managed flood conditions with a peak flow of 1,548 cubic meters per second, ensuring efficient water resource allocation and safe operation [3]. - Since the first unit was connected to the grid on April 1, 2024, the cumulative electricity generation has exceeded 6.9 billion kilowatt-hours, meeting the annual electricity needs of approximately 1.725 million households [5]. Group 3: Environmental Impact - The operation of the Malda Dam has led to a reduction of approximately 2.07 million tons of standard coal consumption and a decrease in carbon dioxide emissions by about 7.71 million tons [5]. - Additionally, the station has contributed to a reduction of sulfur dioxide emissions by approximately 28,700 tons [5].

Core Points - The Qinghai-Henan ±800 kV UHVDC project has successfully completed its annual maintenance, ensuring reliable power supply for the upcoming winter peak [1][2] - This project is the world's first long-distance transmission corridor for renewable energy and plays a crucial role in China's "West-to-East Power Transmission" initiative [1] - Since its operation, the project has delivered 86.8 billion kWh of clean electricity to Henan, significantly reducing coal consumption and carbon emissions [1] Group 1 - The annual maintenance of the Qinghai section of the UHVDC project was conducted to ensure the safety and reliability of the power grid [2] - A total of 500 maintenance personnel were involved in the inspection of the converter station and the 231 km DC line, covering 433 towers [2] - The maintenance work included a comprehensive evaluation of equipment status and the development of a detailed maintenance plan to ensure safety and quality [2]

Core Insights - The Qinghai-Henan ±800 kV UHVDC project has successfully completed its annual maintenance, ensuring reliable power supply for the upcoming winter peak demand and promoting efficient development and utilization of renewable energy in Qinghai [1] Group 1: Project Overview - The Qinghai-Henan UHVDC project is the world's first long-distance transmission corridor for renewable energy and is a crucial part of China's "West-to-East Power Transmission" initiative [1] - The project spans 1,587 kilometers, starting from Hainan Tibetan Autonomous Prefecture in Qinghai and ending in Zhumadian City, Henan, passing through four provinces [1] - Since its operation, the project has delivered a total of 86.8 billion kWh of clean electricity to Henan, equivalent to a reduction of 39.06 million tons of standard coal consumption and a decrease of 64.23 million tons of CO2 emissions [1] Group 2: Maintenance and Safety Measures - The annual maintenance for the Qinghai section began on September 15, involving over 500 maintenance personnel and 10 teams conducting comprehensive inspections of the converter station and 231 kilometers of direct current lines [4] - A systematic assessment of equipment status was conducted prior to maintenance, leading to the development of a scientific and comprehensive maintenance plan [4] - Strict safety protocols were implemented, including a "Ten No Work" safety guideline and a three-level acceptance system to ensure safety and quality throughout the maintenance process [4] Group 3: Technological Advancements - This year's maintenance saw the first large-scale use of drones for tasks such as grounding line installation and data collection, enhancing data accuracy and operational efficiency [5] - Upgrades were made to the intelligent inspection system and infrared dual-vision system at the Qingnan converter station to improve equipment status perception and defect identification accuracy [5]

Core Points - The Qinghai-Henan ±800 kV UHVDC project has successfully completed its annual maintenance, ensuring reliable power supply for the upcoming winter peak [1] - This project is the world's first long-distance transmission channel for renewable energy and is a crucial part of China's "West-to-East Power Transmission" initiative [1] - Since its operation, the project has delivered a total of 86.8 billion kWh of clean electricity to Henan, equivalent to a reduction of 39.06 million tons of standard coal consumption and a decrease of 64.23 million tons of CO2 emissions [1] Project Details - The Qinghai-Henan UHVDC project spans over 1,500 kilometers, passing through four provinces: Qinghai, Gansu, Shaanxi, and Henan [1] - The annual maintenance includes the innovative use of drones for data collection, enhancing the precision and efficiency of operations [1] - Maintenance and optimization upgrades were conducted on the intelligent inspection system at the Qingnan converter station [1]