近日，中国能源建设集团与央视新闻联合报道了一项重大能源项目的成功投运。该项目为贵州金元织金"上大压小"异地改建项目，由中国能建安徽电建二公 司承建。在8月26日24时，该项目的2号机组顺利完成了168小时满负荷试运行，标志着世界首台套660兆瓦超超临界双拱型燃煤机组全面投入商业运营。 此前，该项目的1号机组已于8月6日成功投运，至此，项目实现了"双投"目标。这一成就不仅彰显了中国在超超临界燃煤发电技术领域的领先地位，更为全 球能源行业树立了新的标杆。 该机组通过独特的"W"火焰设计，显著提高了燃烧效率、均匀性和充分性。其锅炉设计效率高达93%，实现了全链条的效能跃升与超低排放，为煤电的高效 清洁利用提供了宝贵的示范经验。项目位于贵州省毕节市织金县珠藏镇，是贵州首批"风光火储一体化"和"源网荷储一体化"的高效清洁能源项目之一。 全面建成后，该项目年发电量将达到约60亿千瓦时，产值约20亿元。更重要的是，它将每年节约标煤12万吨，减排二氧化碳30余万吨，相当于植树200万 棵。这一成就对于优化区域能源结构、促进贵州省能源产业向高效化、清洁化、智能化升级具有重要意义。 贵州金元织金项目的成功投运，不仅是中国能源建设 ...

Core Viewpoint - The report highlights a significant improvement in the financial performance of Jiantou Energy, with a strong second-quarter performance and plans for a capital increase to support the construction of the Xibaipo Power Plant Phase IV [1][2][3]. Financial Performance - In the first half of 2025, Jiantou Energy achieved operating revenue of 11.113 billion yuan, a year-on-year increase of 3.63%, and a net profit attributable to shareholders of 899 million yuan, a year-on-year increase of 169.37% [1]. - In Q2 2025, the company reported operating revenue of 4.538 billion yuan, a year-on-year increase of 10.23%, but a quarter-on-quarter decrease of 30.99%. The net profit for the quarter was 453 million yuan, a year-on-year increase of 452.44% and a quarter-on-quarter increase of 2.03% [1][2]. Operational Highlights - The company benefited from cost optimization and stable power generation, with significant improvements in profitability in Q2. The average procurement price of coal was 718.26 yuan/ton, a decrease of 14.77% year-on-year [2]. - Jiantou Energy's power generation volume reached 242.69 billion kWh in the first half of the year, with an average utilization hour of 2,062 hours, which is above the regional average [2]. Capital Increase and Project Development - The company plans to raise up to 2 billion yuan through a private placement of shares, with the funds primarily allocated for the Xibaipo Power Plant Phase IV project, which utilizes advanced ultra-supercritical coal-fired power generation technology [3]. - The project aims to enhance the company's power generation capacity and market competitiveness, with expected benefits from energy efficiency and cost reduction [3]. Profit Forecast and Valuation - Without considering the capital increase, the projected net profits for 2025-2027 are 1.221 billion yuan, 1.760 billion yuan, and 1.903 billion yuan, representing year-on-year growth rates of 129.96%, 44.06%, and 8.15%, respectively [3]. - The initial coverage rating for the stock is "Buy-A," reflecting the company's potential for future cost optimization and stable power generation [3].