大家都知道我国基建厉害，但在发电这事儿上，我们已经不是简单的"强"了，而是强得让对手有点绝 望。 美国的年发电量，现在连我们的一半都不到。 大西北那景象真的只能用"震撼"两个字来形容，在茫茫戈壁滩上，太阳能板铺得像蓝色的海洋一样，一 眼望不到头。 这就是这两年咱们疯狂推进的"风光大基地"。以前是"大漠孤烟直"，现在是"大漠电线直"。 这些绿电，顺着特高压输电线——这可是咱们的独门绝技，像大动脉一样，把电"咻"的一下送到了几千 公里外的长三角，以及珠三角。 反观美国那边，日子就没这么好过了。 几年前那次德州大停电冻死人、烧书取暖，那真不是段子。 2025年年底统计数据刚出来，中国的年发电量已经稳稳突破了9.5万亿千瓦时的大关，眼瞅着就要破10 万亿了。 美国那边呢？大概还在4.3万亿千瓦时左右晃荡。 拿赛跑来说，这就像我们已经跑完两圈在喝水了，对方还在第一圈终点线那儿大喘气。 当然，不能光看现在，还得回头看看路。 拿三十年前来说，90年代那会儿，谁没经历过停电？写作业还得备着蜡烛，夏天正热的时候风扇突然停 了，那滋味真不好受。 那时候咱们的发电量才多少？跟美国比那就是蚂蚁见大象。这短短几十年，我们是从"用电难" ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6][25][29] Core Views - The company's operating revenue and net profit attributable to shareholders have decreased year-on-year due to factors such as the disposal of a subsidiary and a decline in average electricity prices [1][8] - The company is actively developing new energy projects, with a focus on expanding wind and solar power capacity, and has achieved significant growth in installed capacity [2][24] - The profit forecast has been adjusted downward due to the impact of declining electricity prices, with expected net profits for 2025-2027 being 67.7 billion, 70.9 billion, and 74.5 billion yuan respectively [3][25] Summary by Sections Financial Performance - In the first half of 2025, the company achieved operating revenue of 15.657 billion yuan, a decrease of 18.61% year-on-year, and a net profit of 3.374 billion yuan, down 13.79% [1][8] - The decline in revenue was attributed to the disposal of a subsidiary, increased solar power revenue, and a decrease in average electricity prices for wind power [1][8] New Energy Development - The company has added 2.0535 million kilowatts of new energy capacity in the first half of 2025, with wind and solar power contributing 987,000 and 1,096,600 kilowatts respectively [2][24] - As of June 2025, the total installed capacity reached 43.1967 million kilowatts, with wind power at 31.3957 million kilowatts and solar power at 11.7949 million kilowatts [2][24] Profit Forecast and Valuation - The profit forecast for 2025-2027 has been revised to 67.7 billion, 70.9 billion, and 74.5 billion yuan, reflecting a growth rate of 6.7%, 4.7%, and 5.1% respectively [3][25] - The expected earnings per share (EPS) for the same period are 0.81, 0.85, and 0.89 yuan, with corresponding price-to-earnings (PE) ratios of 20.5, 19.6, and 18.6 [3][25]