（来源：电力国际汇epintl） 春潮涌动雅砻江，高原绿电捷报传。2月22日，新春期间，在海拔3000米的川西高原，全球在建规模最大、海拔最高的混合式抽水蓄能电站——雅砻江两 河口抽蓄电站迎来关键节点双突破：地下厂房开挖圆满完成、下水库牙根一级水电站大坝首仓混凝土顺利浇筑。两大工程节点的实现，为两河口"水风光 储氢算"清洁能源示范区2028年建成按下"加速键"，为国家首个水风光一体化基地2035年前全面建成投运奠定坚实基础。 ▲两河口水电站枢纽工程全景 ▲两河口抽蓄电站效果图 两河口抽蓄电站是全球最大的混合式抽水蓄能项目，电站以四川省最大"超级水库"两河口水库为上库、牙根一级水电站水库为下库，安装4台30万千瓦可 逆式机组，与两河口水电站300万千瓦常规机组联合运行，总装机规模达420万千瓦，建成后兼具天然径流发电与抽水蓄能双向调节功能。 两河口抽蓄电站地下厂房开挖完成 智能建造铸就高原绿电"动力心脏" 地下厂房作为电站的"动力心脏"，是整个工程的核心枢纽，深埋山体地下约500米处，总长度近200米、高度60米、最大埋深达650米。高原施工面临多重 严峻考验，不仅要克服高寒、高原缺氧等制约，更要攻克高应力、围 ...

今天（2月22日），全球在建规模最大的混合式抽水蓄能电站——四川雅砻江两河口抽蓄电站，迎来关键节点双突破，电站厂房开挖完成、下游水库开启混 凝土浇筑。 千余名建设者 春节期间坚守一线保工期 在海拔3000米的川西高原，1000余名建设者抢抓枯水期施工"黄金窗口"，地下洞室、引水隧洞等核心工程稳步推进，这座高原绿色能源"超级充电宝"正加速 成型，将为我国清洁能源保供与电网调节提供重要支撑。 0:00 总台央视记者 古峻岭：位于川西甘孜州雅江县的两河口水电站是全球在建最大的混合式抽水蓄能电站。在工地的栏杆上，还挂着不少红红的中国结，能感 受到浓浓的年味儿。这里平均海拔3000米，这碧波荡漾的水面，就是电站的上游库区。 围堰把水库和进水隧洞工程隔开，对面的山体未来将会建设两组巨大的闸门。这里施工结束后，围堰就会被全部拆除，围堰外部的江水就会从这两道闸门进 入地下厂房的发电机组，发出源源不断的清洁绿电。这里夜里的温度会降到零下10℃左右，但在地下厂房的施工现场却是一派热火朝天的景象。 位于山体地下约500米深处的抽蓄电站厂房，是整个电站的心脏部位。这个巨大的地下空间，长度近200米，可以放下一整列也就是8节动车组车厢 ...

今天（2月22日），全球在建规模最大的混合式抽水蓄能电站——四川雅砻江两河口抽蓄电站，迎来关键节点双突破，电站厂房开挖完成、下游水库开启混 凝土浇筑。 千余名建设者 春节期间坚守一线保工期 在海拔3000米的川西高原，1000余名建设者抢抓枯水期施工"黄金窗口"，地下洞室、引水隧洞等核心工程稳步推进，这座高原绿色能源"超级充电宝"正加速 成型，将为我国清洁能源保供与电网调节提供重要支撑。 总台央视记者 古峻岭：位于川西甘孜州雅江县的两河口水电站是全球在建最大的混合式抽水蓄能电站。在工地的栏杆上，还挂着不少红红的中国结，能感 受到浓浓的年味儿。这里平均海拔3000米，这碧波荡漾的水面，就是电站的上游库区。 围堰把水库和进水隧洞工程隔开，对面的山体未来将会建设两组巨大的闸门。这里施工结束后，围堰就会被全部拆除，围堰外部的江水就会从这两道闸门进 入地下厂房的发电机组，发出源源不断的清洁绿电。这里夜里的温度会降到零下10℃左右，但在地下厂房的施工现场却是一派热火朝天的景象。 抽水蓄能，当前技术最成熟、最具大规模开发条件的绿色低碳、灵活调节电源。它利用电力负荷低谷时的电能抽水蓄能，在电力负荷高峰期放水发电，与风 电、光 ...

□四川日报全媒体记者 李欣忆 2月18日，正月初二，在平均海拔超3000米的川西高原上，两个世界级清洁能源工程——全球最大 混合式抽水蓄能电站两河口抽蓄电站和全球最大水光互补项目柯拉二期光伏电站建设现场，依然 一派热火朝天的景象。数千名建设者全力以赴，保障国家重大能源项目高效推进。作为国家首个 水风光一体化基地，春节期间，雅砻江流域水风光一体化基地9个清洁能源工程项目攻坚不 停，"进度条"持续刷新。 攻坚世界级难题：两河口抽蓄电站抢抓窗口期 "工程正处在地下厂房开挖高峰期，一分钟都不能耽误。"雅砻江公司两河口抽水蓄能建设管理局 副总工程师胡志刚说。该项目地处甘孜州雅江县的高山峡谷，雨季施工干扰大，冬季无雨雪，正 是抢抓进度的关键窗口期。 春节期间，两河口抽蓄电站10多个工作面照常施工，超500名建设者投入上下库、主厂房、旁通洞 等关键部位的开挖工作，为节后即将开始的混凝土浇筑和机电安装奠定基础。 两河口抽蓄电站不仅面临高寒、缺氧、生态脆弱等挑战，还需破解"超宽水头变幅大容量抽水蓄能 机组稳定运行"这一世界级技术难题。为确保工程安全质量，建设管理局推行白夜班巡查机制，坚 持"春节不停工、质量不松懈、安全不缺位" ...

Core Viewpoint - Huaneng Hydropower has completed a targeted issuance of 5.825 billion yuan, primarily for the construction of RM and TB hydropower station projects, with a projected increase in electricity generation in 2025 [1][2]. Company Project Progress - The targeted issuance of 5.825 billion yuan will mainly fund the construction of RM and TB hydropower stations, with TB hydropower station already achieving full capacity operation in January 2025, and RM hydropower station under construction with a planned completion in 2035 [2]. Operational Status - In 2025, the company is expected to achieve an electricity generation of 125.9 billion kilowatt-hours, representing a year-on-year increase of 13%. The fourth quarter is projected to generate 30.4 billion kilowatt-hours, with an 18% year-on-year growth, driven by increased electricity demand in Yunnan Province, enhanced electricity transmission to the east, new hydropower stations coming online, and favorable water conditions in the Lancang River basin [3]. Business Development - By 2025, Huaneng Hydropower's clean energy installed capacity has exceeded 31 million kilowatts, with total assets surpassing 200 billion yuan. The company is actively advancing the construction of a clean energy base in the upper Lancang River and is strategically developing integrated water, wind, and solar energy projects [4]. Performance Overview - In the first three quarters of 2025, the company achieved operating revenue of 20.641 billion yuan and a net profit attributable to shareholders of 7.539 billion yuan, reflecting year-on-year growth of 6.30% and 4.34%, respectively. The growth in performance is primarily driven by increased electricity generation, alongside a 3% decrease in financial expenses, indicating effective cost control [5]. Industry Policy Landscape - The industrial upgrading policies in Yunnan Province and the "West-to-East Electricity Transmission" framework suggest a long-term positive outlook for regional electricity demand. Yunnan's power grid has the lowest carbon emission factor in the country, providing a cost advantage for high-energy-consuming industries, which may benefit the company's future consumption capacity [6].

Core Viewpoint - The hydropower industry in China is experiencing steady growth in 2025, driven by favorable water conditions that enhance electricity generation and improve the operational efficiency of companies in the sector [1][3]. Group 1: Electricity Generation Growth - Nanwang Energy's 2025 performance forecast indicates a net profit attributable to shareholders of 1.667 billion to 1.727 billion yuan, representing a year-on-year increase of 47.98% to 53.31% [2]. - State Power Investment Corporation Hydropower's profit forecast for 2025 is approximately 517 million yuan, reflecting a staggering year-on-year growth of around 1337% [2]. - Qianyuan Power anticipates a net profit of 567 million to 633 million yuan for 2025, marking a year-on-year increase of 160% to 190%, attributed to a 45% increase in water inflow compared to 2024 [2]. - Yangtze Power, as a leading hydropower company, reported a net profit of 34.167 billion yuan for 2025, a year-on-year increase of 5.14%, driven by increased electricity sales and reduced financial costs [2]. Group 2: Hydropower Capacity Growth - China's hydropower installed capacity reached 445 million kilowatts by the end of November 2025, showing a year-on-year growth of 3.0% [4]. - The ongoing investment in large-scale hydropower projects is a strategic choice to meet rising electricity demand and enhance long-term industrial competitiveness [4]. - Hydropower is recognized for its stable generation and strong regulation capabilities, effectively countering the intermittency of wind and solar energy, thus ensuring reliable power supply for industries requiring high stability [4]. - The installed capacity of hydropower is expected to continue growing, with over 25 million kilowatts of hydropower stations under construction across major river basins by the end of 2025 [4]. Group 3: Long-term Investment Perspective - The CEO of Yingkou Jincheng Machinery emphasizes that large hydropower projects require substantial investment and long construction periods, necessitating a long-term approach for sustainable industry development [5].

Group 1 - The core viewpoint of the article highlights the commencement of the construction phase of the Zang-Yue DC project, which is a significant clean power transmission project in China, marking a major step in infrastructure investment [1][2] - The Zang-Yue DC project is part of China's 14th Five-Year Plan and is the world's first four-terminal ultra-high voltage flexible DC project, with a transmission capacity of 10 million kilowatts [1] - The project will enable the southeastern clean energy base in Tibet to deliver over 43 billion kilowatt-hours of green electricity annually to the Guangdong-Hong Kong-Macao Greater Bay Area, which is equivalent to half of the annual output of the Three Gorges Dam [1] Group 2 - The total investment for the Zang-Yue DC project is approximately 53.2 billion yuan, with plans to complete over 1 billion yuan in investments by the first quarter of 2026 [1] - The project is expected to create over 100,000 direct jobs during its peak construction phase, significantly contributing to local economic development [1] - The construction will adhere to the principles of ecological priority and green construction, aiming for innovative breakthroughs in various technical fields [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its growth potential and market position [5][11]. Core Insights - The company is positioned as a core hydropower platform under the Datang Group, expanding its operations from Guangxi to international markets. The acquisition of assets from Datang's Tibet company is expected to enhance its growth trajectory and solidify its hydropower platform [5][23]. - The company aims to achieve a dual target of asset and market capitalization exceeding 100 billion RMB, with a focus on clean energy and international expansion [5][23]. - The report highlights the stability of hydropower pricing in Guangxi, which is expected to contribute to steady operational performance, largely independent of macroeconomic fluctuations [30][31]. Summary by Sections Company Overview - The company is primarily focused on hydropower, with a significant portion of its assets located in the Hongshui River basin in Guangxi. As of June 2025, it has a total installed capacity of 14.18 million kilowatts, with hydropower accounting for 10.24 million kilowatts [30][31]. - The company is the only hydropower listed platform under the Datang Group, which holds a 51.55% stake in it [17][21]. Financial Performance - The company is projected to achieve net profits of 3.29 billion RMB, 3.82 billion RMB, and 3.96 billion RMB for the years 2025, 2026, and 2027, respectively [11][12]. - The expected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 19, 17, and 16 times, respectively, with a dividend payout ratio of 70% leading to a projected dividend yield of 4.24% in 2026 [9][11]. Market Dynamics - The report anticipates a reversal in electricity supply and demand in Guangdong by the end of the "14th Five-Year Plan," necessitating the import of clean energy. The company is well-positioned to meet this demand through its planned projects in Tibet [6][45]. - The integration of hydropower, wind, and solar resources is expected to enhance the efficiency and reliability of energy delivery, particularly in the context of the new energy system [8][40]. Strategic Initiatives - The acquisition of Datang's Tibet company for 2 billion RMB is a strategic move to expand the company's operational footprint beyond Guangxi, aligning with its goal of national and ASEAN market penetration [5][23]. - The company is set to benefit from the rich hydropower and wind resources in Tibet, with significant investments planned for the development of a clean energy base projected to exceed 150 billion RMB [37][44].

Core Viewpoint - Sichuan's renewable energy capacity has experienced a remarkable fivefold increase over the past five years, reaching 32 million kilowatts, marking a significant transition from supplementary to a primary energy source, now accounting for over 20% of the province's total power generation capacity [4][5][10]. Group 1: Capacity Growth - The recent commissioning of multiple large-scale photovoltaic projects, including the 1.2 million kilowatt Batang project, has contributed to this growth, with Sichuan's renewable energy capacity increasing from approximately 6 million kilowatts at the beginning of the 14th Five-Year Plan to 32 million kilowatts [3][4][9]. - The total renewable energy capacity of 32 million kilowatts is equivalent to 1.4 Three Gorges dams, highlighting its significance in the national context, despite not being the largest in absolute terms compared to regions like Inner Mongolia and Xinjiang [5][6]. Group 2: Industry Development - Sichuan has developed a robust renewable energy industry chain, with nearly 200 companies in sectors such as photovoltaics, wind energy, and hydrogen, leading to an estimated revenue of 207.9 billion yuan in 2024 [6][7]. - The province's photovoltaic production capacity ranks among the top three in the country, with a sixth of the national capacity in battery production, and significant advancements in wind energy installations [6][7]. Group 3: Strategic Shift - The strategic shift towards integrated development of hydropower, wind, and solar energy has been a key factor in the rapid growth of renewable energy capacity, particularly following the electricity shortages experienced in the summer of 2022 [7][8]. - The provincial government has prioritized renewable energy development as a critical component for ensuring energy security and addressing power shortages during dry seasons [8][10]. Group 4: Future Projections - By 2030, Sichuan aims to achieve a renewable energy capacity of 82 million kilowatts, which would represent over 45% of the total power generation capacity, transitioning to a dual-mainstay energy structure of hydropower and renewables [10][11]. - This ambitious target implies an additional 50 million kilowatts of renewable energy capacity will need to be added in the next five years, presenting both opportunities and challenges for the energy sector [10][11]. Group 5: Challenges Ahead - Key challenges include ensuring the compatibility of the power grid with the increased capacity, addressing land and ecological constraints, and maintaining the stability of the power system amidst the variability of renewable energy sources [11][12]. - The need for technological innovation in energy storage and grid management will be crucial to support the anticipated growth and ensure a reliable energy supply [12].

Group 1 - The first "Shagouhuang" new energy delivery base in China is making progress, with a 6 million kilowatt renewable energy project in Xinjiang expected to be connected to the grid by December 25, 2025, delivering green electricity over long distances [1] - The Xinjiang Tianshan North Foothill Gobi Energy Base, developed by China Huadian, is a key project under the "14th Five-Year Plan" aimed at enhancing large-scale wind and solar power generation in desert and Gobi regions [1] - The base is projected to generate over 20 billion kilowatt-hours annually, meeting the electricity needs of nearly 10 million households in Chongqing [1] Group 2 - The Huadian Jinshang Yebatan Hydropower Station, located at the highest altitude in China, has officially begun operations with a total installed capacity of 2.24 million kilowatts and a maximum dam height of 217 meters [2] - The project utilizes intelligent temperature control technology to enable continuous concrete pouring for 40 months, overcoming challenges posed by high altitude and cold weather [2] - Once fully operational, the hydropower station is expected to save approximately 3.1 million tons of standard coal and reduce carbon dioxide emissions by over 8.3 million tons annually [2] Group 3 - The Deqingha PEM electrolysis hydrogen production project, supported by stable green electricity, is set to achieve commercial operation in 2025, marking China's first green hydrogen project in high-altitude, cold regions [3] - The project utilizes a domestic first single-stack megawatt-level PEM electrolysis system, achieving significant advancements in key materials and system integration [3] - China Huadian is actively promoting the development of a new energy system and aims to enhance the proportion of clean and low-carbon energy, with renewable energy installed capacity exceeding 100 million kilowatts [3]