Core Insights - The report from Huatai Securities indicates that the national thermal power generation volume in July and August has increased year-on-year, suggesting a potential rise in net profit per kilowatt-hour for major thermal power companies in Q3 2025 due to the peak summer demand [1] - There is a year-on-year decline in national hydropower generation in July and August, with variations across different river basins; nuclear power plants are operating steadily [1] - From January to August, the growth in installed capacity supports a year-on-year increase in electricity generation for green energy operators; the apparent consumption of natural gas in July has also increased year-on-year [1] Thermal Power - The focus for thermal power in Q4 2025 will be on the price differential between electricity and coal [1] - The increase in thermal power generation hours is attributed to the peak summer demand [1] Hydropower - The profitability of hydropower is primarily dependent on water inflow and reservoir conditions during the flood season [1] Green Energy - The attention for green energy will be on the pricing details of the mechanism and the progress of national subsidies [1] Natural Gas - The natural gas sector will be monitored for improvements in demand [1] Environmental Companies - Environmental companies should focus on cash flow, adjustments in water pricing, and the potential for releasing green and smart capabilities [1]