雅砻江流域水风光一体化基地是国家"十四五"规划纲要明确的我国九大清洁能源基地之一，是国家 首个水风光一体化示范基地。凭借"一个主体开发一条江"、多能互补优势显著、调节能力优越、基 础条件坚实等优势，国投集团雅砻江流域水电开发有限公司（以下简称国投集团雅砻江公司）正全 力推进雅砻江流域水风光一体化基地开发建设。 国际专家在雅砻江锦屏水电站现场考察。 "雅砻江水风光一体化开发正在提供一个非常有用的范例，这对许多国家来说都值得借鉴。"国际大 坝委员会主席迈克尔·里诺表示，国投集团雅砻江公司正在尝试并成功做到的水风光一体化大规模 开发让他印象非常深刻，他认为这种用水电来整合新能源是世界各地都可以采用的解决方案，是行 业的未来。 曾参与二滩水电站建设的嘉慕达澳大利亚公司水电与大坝部门负责人安德鲁·威尔逊此次重返雅砻 江，感慨地说："当年我们根本无法想象雅砻江开发今天能达到这样的规模，也无法想象未来雅砻 江流域水风光一体化基地建设还将实现更加宏伟的目标，这非常令人振奋。" 5月24日至26日，按照国际大坝委员会第28届大会暨第93届年会行程安排，来自法国、赞比亚、 新西兰、澳大利亚、巴西等11个国家的30余位代表赴雅砻江 ...

Core Insights - The 20th China Western International Expo is set to showcase the achievements and opportunities of Ganzi Tibetan Autonomous Prefecture, emphasizing its economic and social development, particularly in tourism, energy, and organic industries [1][2]. Group 1: Exhibition Overview - Ganzi's exhibition area is innovatively designed with a "1+3+N" model, focusing on the achievements of the 14th Five-Year Plan, highlighting three core industries: tourism, energy, and organic products, and showcasing diverse cultural elements [2]. - The exhibition will feature three main halls: an achievement exhibition, a highland ecological specialty agricultural products exhibition, and an intangible cultural heritage exhibition, using colors to represent the region's development [2]. Group 2: Energy Sector Highlights - Ganzi Prefecture possesses significant energy resources, with a total potential of 250 million kilowatts, including 150 million kilowatts of solar energy, ranking first in Sichuan Province [3]. - The region has established a clean energy capacity of 20.58 million kilowatts and is currently constructing an additional 22.69 million kilowatts, with notable projects like the world's largest water-solar complementary power station [3]. Group 3: Agricultural Development - Ganzi has developed 977,600 acres of modern highland characteristic agricultural bases and created 50 modern agricultural parks, with 361 agricultural products certified under the "three products and one standard" [3]. - The exhibition will prominently feature high-quality organic products, showcasing the region's strengths in green and organic agricultural development [3]. Group 4: Tourism Achievements - Ganzi Prefecture has 115 A-level scenic spots, attracting 152 million visitors and generating a total revenue of 167.185 billion yuan [4]. - The exhibition will highlight the rich cultural heritage and natural beauty of Ganzi, including immersive experiences at significant cultural sites [4]. Group 5: Supporting Activities - The expo will include various supporting activities aimed at fostering cooperation and investment, such as the signing of projects and promotional events for agricultural products [5]. - A series of promotional activities will leverage social media influencers to enhance the visibility of Ganzi's exhibition area and products [5]. Group 6: Interactive Experiences - An interactive area featuring highland specialty products will allow visitors to experience local delicacies and cultural performances, enhancing engagement with Ganzi's unique cultural identity [6][7].

丨证券研究报告丨 公司研究丨点评报告丨国投电力（600886.SH） [Table_Title] 24 年税费增长限制利润表现，25 年开年降本促 成业绩增长 报告要点 [Table_Summary] "量增价减"之下公司去年实现营收增长1.95%，但同期积极"降本"，营业成本同比下降0.75%， 其中财务费用降幅 14.17%。不过，全年公司所得税高达 36.81 亿元，同比大幅增加 16.26 亿 元，与雅砻江公司同期利润同比下滑 4.52%的主要原因一致。2025 年一季度，虽然雅砻江水电 电量增长 18.38%，但火电电量同比减少 32.35%，同时平均电价受结构因素影响同比下降 8.25%，限制公司营收规模。不过"降本"继续推进，受益于煤价下行、利率下行等，公司营 业总成本同比下降 11.79%。综合影响之下，一季度归母业绩同比增长 2.1%。 分析师及联系人 [Table_Author] SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SAC：S0490523080003 SFC：BQT627 张韦华 司旗 宋尚骞 刘亚辉 请阅读最 ...

上 市 公 司 公用事业 2025 年 05 月 06 日 国投电力 (600886) ——水电高发 Q1 业绩稳健 火电量价短期承压 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 05 月 06 日 | | --- | --- | | 收盘价（元） | 14.91 | | 一年内最高/最低（元） | 19.21/13.72 | | 市净率 | 1.8 | | 息率（分红/股价） | 3.32 | | 流通 A 股市值（百万元） | 111,142 | | 上证指数/深证成指 | 3,316.11/10,082.34 | | 注："息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 8.17 | | 资产负债率% | 61.26 | | 总股本/流通 A 股（百万） | 8,004/7,454 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 05-06 06-06 07-06 08-06 09-06 10-06 11-06 12-06 01-06 ...