央视网消息：7月31日，国家能源局举行新闻发布会，发布上半年全国能源形势、上半年可再生能源并 网运行情况，介绍迎峰度夏电力供需总体情况，发布《中国新型储能发展报告（2025）》，并回答记者 提问。国家能源局新能源和可再生能源司副司长潘慧敏表示，今年上半年，全国光伏新增并网2.12亿千 瓦，其中集中式光伏约1亿千瓦，分布式光伏1.13亿千瓦。截至2025年6月底，全国光伏发电装机容量达 到约11亿千瓦，同比增长54.1%，其中集中式光伏6.06亿千瓦，分布式光伏4.93亿千瓦。今年上半年， 全国光伏累计发电量5591亿千瓦时，同比增长42.9%，全国光伏发电平均利用率94%。 ...

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]

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 [26][32] - Net income for the first half amounted to $246 million, an 8% decrease from the previous year, primarily due to higher general and administrative expenses [26][35] - The first half FFO showed significant improvement, reaching $403 million, 7.8 times the previous year's figure [26][27] Business Line Data and Key Metrics Changes - Hydro generation remained consistent with last year's levels, supported by higher thermal dispatch, despite a 5% decrease in net electricity generation compared to June 2024 [9][20] - The distribution segment has seen increased energy losses due to higher electricity prices and climate events, prompting the company to implement better payment plans and tools to manage debt [48][49] 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 [16][17] - Despite these challenges, the company maintained its hydrology guidance for the year, expecting hydro generation to reach around 11 terawatt hours [17][56] Company Strategy and Development Direction - The company is committed to its Resilient and Winter program to strengthen the grid and improve response to climate-related events, including deploying remote control systems and vegetation monitoring [11][12] - Plans to launch construction of battery energy storage projects in Northern Chile, adding around 0.5 gigawatts to the portfolio within the next two years, were announced [15][72] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about hydro production for the second half of the year, despite a dry start in July, citing favorable conditions for snowmelt [56] - The company is actively advocating for a new regulatory model to recognize significant investments in the network to address climate change impacts [95][96] Other Important Information - The company changed its functional currency from Chilean pesos to US dollars as of January 1, 2025, for comparative purposes [25] - Capital expenditures in the first half reached $157 million, with a focus on Greece investments and thermal projects [27][28] 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 with regulators to improve the situation [49][50] 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 for sustainability depending on market conditions [52] Question: How do you expect hydro volumes to evolve in the second half? - Management is optimistic about hydro production due to favorable conditions and expects to meet the full-year target of 10.7 terawatt hours [56] Question: What is the current average cost of debt? - The average cost of debt has decreased to 4.9%, reflecting favorable conditions from previous financing [57] Question: Are there plans to adjust the full-year guidance in light of market conditions? - Management remains confident in their ability to navigate challenges and does not anticipate adjusting the full-year guidance [59] Question: Will there be any additional impairments related to the SALINA project? - Management does not expect further impairments for the SALINA project after recent adjustments [63] Question: What are the expectations for the new battery investment plan? - The new battery investment plan aims to hybridize existing solar PV plants and is expected to enhance production during non-solar hours [88]

Core Insights - The Zhangjiakou Renewable Energy Demonstration Zone has achieved significant milestones in its ten years since establishment, contributing to the high-quality development of the renewable energy industry in the Beijing-Tianjin-Hebei region and providing a replicable model for China's renewable energy sector [1][3] Group 1: Achievements and Developments - The demonstration zone has effectively utilized its abundant wind and solar resources, leading to breakthroughs in efficient development, intelligent transmission, diversified consumption, and energy storage regulation [1] - Since its approval in 2015, the total renewable energy generation has reached 3,478.64 billion kilowatt-hours, resulting in a reduction of approximately 280 million tons of carbon dioxide emissions [3] - The installed capacity of new energy connected to the grid has surged from 8.42 million kilowatts in 2015 to 42.435 million kilowatts, marking a growth rate of 403.9%, which now accounts for 88.1% of the city's total power generation capacity [3] Group 2: Infrastructure and Capacity - The Zhangbei Renewable Energy Flexible DC Demonstration Project has been completed, with an annual capacity to deliver 14 billion kilowatt-hours of green electricity to Beijing [3] - A 1,000-kilovolt ultra-high voltage clean energy corridor has been established, capable of delivering over 21 billion kilowatt-hours of green electricity annually to Xiong'an [3] - Zhangjiakou has built six power grid transmission channels with a total access capacity of 38 million kilowatts, ranking first in Hebei Province [3]

智通财经APP获悉，万联证券发布研报称，长期来看，全球可再生能源装机快速增长，电网不稳定性增 加，储能需求有望持续提升。分地区来看：(1)欧洲户储库存影响减弱，大储装机规模增长提速，接替 户储增量，整体市场有望逐步回暖;(2)美国大储装机需求较大，储能项目并网有望加速，带动市场规模 增长，当前美国关税影响有所减弱，出口有望保持增势;(3)新兴市场增长较快，印度、巴基斯坦、巴 西、尼日利亚等国家户储空间广阔，有望为储能需求增长持续提供新动能;(4)中东可再生能源投资增 长，储能项目投建加速，沙特、阿联酋的大储装机有望保持稳定增长。建议关注海外布局完善、市场地 位领先的龙头个股。 万联证券主要观点如下： 2025年6月逆变器出口金额环比回升 2025年6月，我国逆变器出口金额为65.76亿元，环比增长10.23%，同比增长0.92%，环比明显回升，同 比保持稳定。累计出口金额来看，2025年1-6月，我国逆变器累计出口金额为304.66亿元，同比增长 7.13%，市场表现稳定。 分地区来看 亚洲：中东大储放量，印巴户储有所回落。2025年6月，我国对亚洲地区逆变器出口金额为26.62亿元， 环比增长17.61%， ...

Investment Rating - The industry is rated as "Outperforming the Market" with an expected relative increase of over 10% compared to the broader market in the next six months [42]. Core Insights - In June 2025, China's inverter export value reached 6.576 billion yuan, showing a month-on-month increase of 10.23% and a year-on-year increase of 0.92%, indicating a significant month-on-month recovery while maintaining stability year-on-year [2][15]. - Cumulatively, from January to June 2025, the total inverter export value was 30.466 billion yuan, reflecting a year-on-year growth of 7.13%, demonstrating a stable market performance [2][15]. - The Asian market is experiencing high growth, particularly due to the release of large storage projects in the Middle East, with exports to Saudi Arabia reaching a record high [3][16]. - The European market shows stable performance, with the UK achieving significant year-on-year growth, while exports to Germany and Poland have seen fluctuations [4][22]. - The North American market has rebounded significantly, with exports increasing by 39.51% month-on-month and 9.55% year-on-year, driven by stabilizing tariff policies [9][28]. - The African market continues to grow, primarily supported by performance outside South Africa and Nigeria, despite some regional declines [10][29]. Summary by Region Asia - In June 2025, exports to Asia amounted to 2.662 billion yuan, with a month-on-month increase of 17.61% and a year-on-year increase of 9.55% [3][16]. - Notable growth was observed in exports to Saudi Arabia (+76.09%) and the UAE (+14.67%), while exports to India and Pakistan saw declines [3][16]. Europe - Exports to Europe totaled 2.447 billion yuan in June 2025, with a month-on-month increase of 1.79% but a year-on-year decrease of 0.76% [4][22]. - The UK market showed strong growth (+30.60%), while exports to Poland experienced a significant decline (-59.86%) [4][22]. North America - Exports to North America reached 221 million yuan, with a month-on-month increase of 39.51% and a year-on-year increase of 9.55% [9][28]. - Exports to the US specifically were 203 million yuan, reflecting a month-on-month increase of 55.88% and a year-on-year increase of 16.77% [9][28]. Africa - Exports to Africa were 414 million yuan, with a month-on-month increase of 0.51% and a year-on-year increase of 15.31% [10][29]. - The South African market is experiencing a decline, while other regions in Africa are performing well [10][29]. Export Performance by Province - In June 2025, Guangdong's exports were 2.418 billion yuan, showing a month-on-month increase of 5.29% and a year-on-year increase of 1.14% [11][34]. - Jiangsu's exports reached a record high with a month-on-month increase of 59.08% [11][34].

Group 1 - ACWA Power plans to invest billions of dollars in the construction of a second green hydrogen plant in Yanbu, Saudi Arabia, despite challenges in the output sales of its first green hydrogen project [1] - The new plant will have an electrolysis capacity of 4 GW and is expected to produce 400,000 tons of green hydrogen annually using wind and solar energy [1] - The target market for this project is the export market, with recent memorandums of understanding signed with companies from Italy, France, the Netherlands, and Germany to establish a green hydrogen supply chain from Saudi Arabia to Europe [1] Group 2 - ACWA Power is also a developer of the NEOM green hydrogen project, which has an investment of $8.5 billion and aims to produce approximately 219,000 tons of green hydrogen annually [2] - The NEOM project plans to produce 600 tons of green hydrogen per day, with commissioning of the electrolyzers expected in 2026 and commercial delivery starting in 2027 [2] - Despite securing financing for the NEOM project, finding stable buyers has proven difficult, with only TotalEnergies signing a procurement agreement for one-third of the total output [2]

Group 1 - The core viewpoint is that the global transition to renewable energy is irreversible and unstoppable, as emphasized by the UN Secretary-General António Guterres [1][2] - Global clean energy investment reached $2 trillion last year, surpassing fossil fuel investment by $800 billion, marking a nearly 70% increase over the past decade [1] - The cost of solar energy has decreased to 41% lower than fossil fuels, while offshore wind energy is now 53% cheaper than fossil fuels [1] Group 2 - The global installed capacity of renewable energy is nearly on par with fossil fuels, with almost all new power generation capacity added last year coming from renewable sources [2] - The clean energy sector contributed 10% to global GDP growth in 2023, and employment in this sector has surpassed that of fossil fuels [2] - Guterres identified six key opportunity areas for accelerating the energy transition, including ambitious national climate plans and modernized energy systems [2] Group 3 - To achieve the 1.5°C temperature control target and ensure energy access, clean energy funding must increase more than fivefold by 2030 [2] - Guterres called for reforms in global finance to enhance the lending capacity of multilateral development banks and implement effective debt relief actions [2]

Economic Growth and Debt Reduction - Greece's economy is projected to grow by 2.3% in 2025, with the debt-to-GDP ratio expected to decline from 153.6% in 2024 to 145.7% [1] - The country has seen a stable recovery, with tourism contributing nearly one-third of employment and GDP, attracting 40.7 million international visitors in 2024, generating €21.6 billion in tourism revenue [1] - The real estate market is also recovering, with EU investments totaling €990 million and foreign investments reaching €2.75 billion in 2024, marking increases of 52.5% and 30% respectively [1] Foreign Direct Investment and Fiscal Surplus - Greece is expected to attract $7.3 billion in foreign direct investment in 2024, a 41.5% increase from 2023 [2] - The government achieved a record fiscal surplus of €11.4 billion in 2024, accounting for 4.8% of GDP, allowing for early repayment of international loans originally due in 2041 [2] - Greece has successfully repaid €22 billion of the initial €53 billion bailout by the end of 2024 [2] Credit Rating Improvements - Major credit rating agencies have upgraded Greece's sovereign credit rating to investment grade, reflecting significant progress in economic reforms [3] - The government raised €500 million through bond issuance at lower interest rates, with demand exceeding the issuance amount by more than double [3] - The EU allocated €3.13 billion to Greece to support economic development and infrastructure improvements [3] Sino-Greek Economic Cooperation - China has been a key trading partner for Greece, with the Port of Piraeus becoming a significant project for Chinese investment in Europe, ranking first in the Mediterranean for container throughput [4] - Chinese companies are actively involved in renewable energy projects in Greece, contributing to the goal of increasing renewable energy's share to 70% by 2030 [4] - Greek agricultural products and medical devices have seen a notable increase in import share in the Chinese market [4]

Core Viewpoint - The meeting between former US President Trump and UK Prime Minister Starmer highlighted differing views on energy policy, particularly regarding oil extraction in the North Sea and the criticism of wind energy [1][2][4]. Energy Policy - Trump urged the UK to lower taxes on oil companies to encourage North Sea oil extraction, claiming it would significantly reduce energy costs for the public [1][2]. - Starmer defended the UK's energy policy, emphasizing the importance of a diverse energy structure that includes oil and gas alongside renewable sources [2]. - The UK government has committed to stopping new North Sea oil and gas extraction licenses while maintaining existing ones, with a recent increase in the "windfall tax" on oil and gas companies from 35% to 38%, resulting in a total tax rate of 78% for the industry [2][4]. Renewable Energy Growth - The UK aims to double onshore wind capacity and triple offshore wind capacity to 50GW by 2030, reflecting a significant shift towards renewable energy [2]. - Data from the UK National Grid indicates that wind energy is projected to account for approximately 29% of the country's electricity generation in 2024, while gas generation will represent about 25% [2]. - From 2014 to 2023, the share of renewable energy in the UK's total electricity generation rose from 19.1% to 46.4%, with wind energy's contribution increasing from 9.3% to 28% [2]. Trade Relations - The US and UK reached a trade agreement in May, where the UK agreed to concessions on imports of US food and agricultural products in exchange for reduced tariffs on UK car exports [6]. - Discussions between Trump and Starmer included formalizing and implementing this trade agreement [7]. Upcoming Visits - Trump is scheduled for a state visit to the UK from September 17 to 19, which will be his second state visit and is considered unprecedented in nature [8].