此外，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%。 国家能源局新能源和可再生能源司副司长潘慧敏在当日召开的国家能源局例行新闻发布会上介绍，我国 可再生能源继续保持新增装机的主体地位，接近全国总装机的六成。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。 新华社北京7月31日电（记者王悦阳、戴小河）记者31日从国家能源局获悉，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%。其中，水电新增393万千瓦，风电 新增5139万千瓦，太阳能发电新增2.12亿千瓦，生物质发电新增71万千瓦。 ...

（文章来源：证券时报） ...

风险提示：投资有风险，入市需谨慎。本文不构成任何投资建议。 截至7月31日收盘，立新能源股价报7.06元，较前一交易日下跌0.05元。当日成交量为8.99万手，成交金 额达6400万元。 根据公开信息，8月1日立新能源将面临33.03亿元市值的限售股解禁，解禁比例高达49.78%，在当日解 禁个股中规模居首。7月31日主力资金净流入137.38万元。 立新能源主营业务为风力发电、光伏发电等可再生能源项目的开发、建设和运营。公司所属行业为电力 板块，业务覆盖新疆地区，并涉及储能、充电桩等领域。 ...

Tetra Tech (TTEK) Q3 2025 Earnings Call July 31, 2025 11:00 AM ET Company ParticipantsDan Batrack - CEO, President & Chairman of the BoardSteven Burdick - EVP & CFOLeslie Shoemaker - Executive VP and Chief Innovation & Sustainability OfficerTim Mulrooney - Partner & Group Head - Global ServicesSabahat Khan - MD - Global ResearchConference Call ParticipantsSangita Jain - Director & Equity Research AnalystAndrew Wittmann - Senior Research AnalystOperatorGood morning and thank you for joining the Tetra Tech Ea ...

Investment Rating - The report assigns an "Accumulate" rating for the company with a target price of HKD 4.62, based on a 10x PE valuation for 2026 [5]. Core Insights - The company, Honghua Smart Energy, is a leading urban gas company under China Gas Holdings, focusing on providing integrated clean energy solutions and expanding into renewable energy systems [1][12]. - The company has shown significant revenue growth, with a CAGR of 13.5% from HKD 12.85 billion in 2020 to HKD 21.31 billion in 2024, and a core profit increase of 34.5% to HKD 1.601 billion in 2024 [2][23]. - The urban gas industry is experiencing a slowdown in gas sales growth, but the gross margin is expected to improve due to a decrease in international gas prices [3][59]. - The renewable energy segment has rapidly expanded, with net profits from this sector reaching HKD 4.79 billion in 2024, a fivefold increase from the previous year [4][19]. Summary by Sections Company Overview - Honghua Smart Energy is committed to providing one-stop clean energy solutions, operating urban pipeline gas and expanding into renewable energy systems, including digital energy management and carbon management services [1][12]. Revenue and Profitability - The company’s revenue has grown significantly, with a projected core profit of HKD 1.606 billion in 2024, marking a 34.5% increase [2][23]. - The main revenue source is pipeline natural gas sales, accounting for 80% of total revenue in 2024, while renewable energy revenue has increased from 5.3% in 2023 to 8.7% in 2024 [25][27]. Industry Trends - The urban gas industry is seeing a general slowdown in gas sales growth, with the company’s sales volume expected to reach 17.201 billion cubic meters in 2024, a 4.5% increase [3][71]. - The gross margin for the urban gas industry is improving, with the company’s procurement costs decreasing due to lower international gas prices [59][60]. Renewable Energy Development - The company has invested in over 1,000 renewable energy projects across 24 provinces, with a cumulative installed capacity of 2.3 GW in distributed solar power by the end of 2024 [4][19]. - The renewable energy business has turned profitable, achieving a net profit of HKD 0.78 billion in 2023 and projected to reach HKD 4.79 billion in 2024 [4][19]. Financial Forecast and Valuation - The forecasted net profits for the company are HKD 1.625 billion, HKD 1.680 billion, and HKD 1.734 billion for 2025, 2026, and 2027 respectively, with an EPS of HKD 0.45, HKD 0.46, and HKD 0.48 [5][19].

Group 1 - The United States has officially initiated the process to withdraw from the Paris Agreement, marking a significant retreat from international climate diplomacy as it prepares for COP30 in Brazil [1][2] - COP30, scheduled for November 10-21, 2025, will assess countries' progress on climate change, particularly regarding emission reduction targets and renewable energy development [1] - The choice of Belém, Brazil as the venue for COP30 aims to highlight the importance of protecting the Amazon rainforest, which is expected to be a key discussion topic [1] Group 2 - This marks the second time the U.S. has withdrawn from the Paris Agreement, with the first withdrawal occurring in 2020 under former President Trump, followed by a rejoining in 2021 under President Biden [2] - The recent decision to withdraw has led to the dismissal of the last climate negotiator at the State Department, further solidifying a hardline stance on climate policy [2] Group 3 - Experts express concern that the U.S. absence from COP30 will have profound implications for global climate governance, potentially creating a "dangerous vacuum" that undermines trust and cooperation among nations [3] - The exit of the U.S. may weaken its credibility in climate commitments and could embolden wealthier nations to regress in their climate efforts, impacting poorer countries' confidence in global climate initiatives [3] Group 4 - In contrast to the U.S., China is demonstrating unprecedented commitment and scale in the clean energy sector, currently constructing 510 GW of utility-scale wind and solar projects, with a total installed capacity of 1,400 GW, which is five times that of the U.S. [4] - China's focus on green technology as a core component of its national economic strategy is expected to amplify its influence at COP30, positioning it as a potential leader in global climate affairs [5]

Core Viewpoint - The article highlights the significant growth of renewable energy installations in China during the first half of the year, indicating a strong commitment to sustainable energy sources and their increasing share in the overall energy mix [1] Group 1: Renewable Energy Installations - In the first half of the year, China's new renewable energy installations reached 268 million kilowatts, a year-on-year increase of 99.3%, accounting for approximately 91.5% of total new installations [1] - The breakdown of new installations includes hydropower at 3.93 million kilowatts, wind power at 51.39 million kilowatts, solar power at 212 million kilowatts, and biomass power at 710 thousand kilowatts [1] - As of June 30, the total installed capacity of renewable energy in China reached 2.159 billion kilowatts, a year-on-year increase of 30.6%, representing about 59.2% of the country's total installed capacity [1] Group 2: Renewable Energy Generation - Renewable energy generation accounted for nearly 40% of the total electricity generation in the country, surpassing the combined electricity consumption of the tertiary industry and urban and rural residents [1] - In the first half of the year, the total renewable energy generation reached 1,799.3 billion kilowatt-hours, a year-on-year increase of 15.6%, which is approximately 39.7% of the total electricity generation [1] - The increase in wind and solar power generation exceeded the overall growth in electricity consumption across the society [1]

Green Certificate Issuance - In June 2025, the National Energy Administration issued 278 million green certificates, a month-on-month increase of 29.33%, covering 198,700 renewable energy generation projects, with 196 million being tradable green certificates, accounting for 70.64% [1] - From January to June 2025, a total of 1.371 billion green certificates were issued, of which 958 million were tradable [1] Renewable Energy Generation Types - In June, the issuance of green certificates by renewable energy generation type included: - Wind power: 11,078 - Solar power: 6,994 - Conventional hydropower: 8,226 - Biomass power: 1,330 - Other renewable energy: 171 - Total green certificates issued in June: 27,799, and from January to June: 1,371,122 [3] Green Certificate Trading - In June 2025, a total of 60.91 million green certificates were traded nationwide, with 10.33 million being green electricity trading certificates. From January to June, 348 million green certificates were traded, including 107 million green electricity trading certificates [4] - In June, the average trading price of green certificates was 3.40 yuan per certificate, with a month-on-month increase of 24.77% [6] Trading by Renewable Energy Generation Types - In June, the trading of green certificates by renewable energy generation type included: - Wind power: 2,927 - Solar power: 2,364 - Biomass power: 678 - Other renewable energy: 122 - Total green certificates traded in June: 6,091, and from January to June: 34,826 [6]

Core Insights - The article highlights the significant growth in renewable energy capacity in China during the first half of the year, with a 99.3% year-on-year increase in newly installed capacity, accounting for 91.5% of the total new installations [1] Renewable Energy Capacity - In the first half of the year, China added 26.8 million kilowatts of renewable energy capacity, with hydropower contributing 3.93 million kilowatts, wind power 51.39 million kilowatts, solar power 212 million kilowatts, and biomass power 710 thousand kilowatts [1] - As of June 30, the total installed renewable energy capacity reached 215.9 million kilowatts, a 30.6% increase year-on-year, representing 59.2% of the country's total installed capacity [1] Renewable Energy Generation - Renewable energy generation accounted for nearly 40% of the total national electricity generation, surpassing the combined electricity consumption of the tertiary industry and urban-rural residents [1] - In the first half of the year, renewable energy generation reached 1,799.3 billion kilowatt-hours, a 15.6% increase year-on-year, making up 39.7% of the total electricity generation [1]

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]