转自：新华财经 桂江蕴藏着丰富的水力资源，充分利用这些水力资源为工业、农业、旅游业服务，是桂江两岸人民的共同心愿。早在二十世纪五十年代，国家有关部门便 多次赴昭平勘察规划。1958年12月，在前苏联专家指导下，昭平水电站作为外援项目正式动工兴建。然而，受当时国家一穷二白、缺乏大型水力发电站建 设经验及国际环境影响，工程于1961年被迫停建。 1978年党的十一届三中全会胜利召开，唤来了昭平水电站重生之机。在自治区党委政府的支持下，昭平水电站项目被列为"八五"重点工程，重新启动。电 站的新一轮规划更加注重生态保护与资源可持续利用，放弃了之前的大型电站方案，转而采取更符合桂江流域特点的中型水利枢纽设计，同时兼具发电、 水利与航运功能。 险峡变平湖 树桂江电站标杆 昭平电厂于1989年12月动工建设，1995年9月，3号机组并网发电成功，标志着昭平电厂全面投产。它是桂江梯级开发的首个中型枢纽工程，也是广西首个 以股份制模式投资建设的地方水电项目，极大缓解了桂东地区电力紧缺状况，为地方经济发展注入强劲动力。 昭平电厂全景图（2025年） 退休老职工黄露回忆道："1992年1月5日，1510m³/s流量的洪水像脱缰的野 ...

在阅读文章前，辛苦您点下"关注"，方便讨论和分享。作者定会不负众望，按时按量创作出 更优质的内容。 文|昕昕 前言 2022年，欧美+日本拉个群，起了个高大上的名字：公正能源转型伙伴关系（JETP），说要拿出200亿 美元帮印尼戒掉煤炭瘾。 结果三年过去了，实际到位的才12亿，200亿的buff，说好的是满血回血，结果一出手就是"打折版回血 药水"。 更绝的是，美国在2025年3月一拍屁股走人，默默退群，协调大旗交给德国和日本，这就像开黑队长掉 线了，剩下的队友还在互相推锅。 印尼总统特使直接爆一句："这就是个失败项目，美国连一毛钱都没掏！"——这吐槽的语气，简直和咱 们日常骂"拼车司机放鸽子"一模一样。 中国玩家上线：开挂的"施工队" 对比一下西方这群"拖延症患者"，中国企业的画风完全不同，中企是"说干就干，挖掘机已到村口"的类 型。 光伏？隆基绿能直接在雅加达旁边开工建厂，产能1.4吉瓦。 水电？巴布亚和婆罗洲项目，动辄上万兆瓦。 电动车？比亚迪投10亿美金，2026年就能年产15万辆车；上汽通用五菱更是2017年就扎根印尼，连新能 源线都搭好了。 而且配套融资齐全：国家电网、天合光能再加几家大行，540 ...

Summary of Changjiang Electric Power Conference Call Company Overview - Changjiang Electric Power has a hydropower installed capacity of approximately 72 million kilowatts, including several large hydropower stations globally, such as Jinwu White and some overseas technologies [3][4] - The company adopts an external expansion model, where the group undertakes power station construction and injects assets into the listed company post-operation, effectively mitigating uncertainties during the construction phase [2][3] Key Points and Arguments - **Cash Flow and Dividends**: In non-acquisition years, Changjiang Electric Power enjoys ample cash flow, allowing for a dividend payout ratio significantly higher than its peers [2][4] - **Risk Management**: The company utilizes six major reservoirs for joint scheduling and smooths investment returns to counteract revenue fluctuations caused by water inflow variability, demonstrating strong risk resilience [2][5] - **Return on Equity (ROE)**: Changjiang Electric Power maintains a stable and high ROE, outperforming other hydropower companies that experience greater fluctuations due to water conditions. The company’s worst ROE year remains above 15% [6][10] - **Electricity Pricing**: The average electricity price of Changjiang Electric Power historically outperforms competitors like Yalong River and North China, although recent projects have higher pricing to offset construction costs [7][9] - **Investment Returns**: The company anticipates annual investment returns from equity stakes in other hydropower companies to reach approximately 350-400 million yuan, contributing to overall profitability [4][10] Additional Important Insights - **Depreciation and Interest Costs**: Depreciation and interest expenses are expected to decline, contributing an estimated 900-1,200 million yuan to growth annually [11][12] - **Future Growth Potential**: Long-term growth is anticipated through joint scheduling with Yalong River and the development of integrated wind and solar assets. The company aims for an EPS growth baseline of 3-4, potentially reaching 5-6 under optimistic scenarios [12][16] - **Dividend Stability**: The company has a history of stable dividends, with commitments to maintain a 70% payout ratio, even during downturns [13][15] - **Market Performance**: Changjiang Electric Power has experienced significant market deviations, particularly influenced by foreign capital inflows and economic conditions, with current yield levels at historical highs [14][16] - **Market Stability Measures**: The company has proactively extended its dividend commitment to 2030 and initiated a share buyback plan exceeding 4 billion yuan, reflecting a focus on market stability [15][16] Industry Context - The hydropower industry is characterized by significant revenue volatility due to natural water conditions, with Changjiang Electric Power's strategies positioning it favorably against competitors [2][5][6]

中电联党委委员、专职副理事长，水电分会会长于崇德出席论坛并致辞，指出水电是清洁可再生能 源，也是新型电力系统中兼具电量支撑与灵活调节能力的核心电源，在促进新能源消纳、保障系统安全 稳定方面具有不可替代的作用。他强调，推动数字化、智能化技术与水电深度融合，加快智慧水电建 设，是实现水电高质量发展的必由之路。中电联将持续发挥桥梁纽带作用，助力行业转型升级，为构建 清洁低碳、安全充裕、经济高效、供需协同、灵活智能的新型电力系统贡献力量。 水电分会轮值会长单位国家电力投资集团有限公司基础产业部主任邢连中在讲话中表示，构建以新 能源为主体的新型电力系统已成为能源转型的战略方向。水电具有出色的调峰、调频和储能能力，是保 障电网安全稳定、提升系统灵活性的关键支撑。他强调，面对高比例可再生能源带来的波动性挑战，水 电必须加快数字化、智能化转型，深挖运行潜力，提升安全水平，强化调度响应，拓展"水电+"融合发 展新模式。国家电投将充分发挥水电分会轮值会长单位作用，携手行业推进数智化升级与新能源协同发 展，为新型电力系统建设贡献坚实力量。 在主旨演讲环节，业内专家围绕水电数智化转型核心挑战与实现路径展开深度交流。在加快智能运 维升 ...

Core Viewpoint - The article emphasizes that China's hydropower development is not only focused on electricity generation but also on ecological preservation, showcasing innovative designs that enhance fish migration and maintain ecological balance [1] Group 1: Hydropower Stations - The Wudongde Hydropower Station, as the fourth largest in China and seventh in the world, has implemented a tailwater fish collection system that has successfully created a "highway" for fish migration, with over 60 species transported to date [1] - The Jinsha Hydropower Station features a fishway known as the "first fishway of the Yangtze River," designed based on in-depth research of fish migration habits, creating a 1486-meter ecological passage that has facilitated the passage of 420,000 fish since 2021 [1] - The Yinjing Hydropower Station integrates ecological concepts into urban areas, featuring a 1003-meter fishway designed to simulate natural river environments, effectively addressing a 18-meter drop challenge and achieving a harmonious blend of engineering and ecology [1]

证券日报网讯 9月22日晚间，湖南发展发布公告称，公司拟以发行股份及支付现金的方式购买湖南能源 集团电力投资有限公司持有的湖南湘投沅陵高滩发电有限责任公司85%股权、湖南湘投铜湾水利水电开 发有限责任公司90%股权、湖南湘投清水塘水电开发有限责任公司90%股权、湖南新邵筱溪水电开发有 限责任公司88%股权，同时向不超过35名符合条件的特定投资者发行股份募集配套资金（简称"本次交 易"）。公司于近日收到深圳证券交易所出具的《关于受理湖南能源集团发展股份有限公司发行股份购 买资产并募集配套资金申请文件的通知》（深证上审〔2025〕173号）。深交所根据相关规定对公司报 送的申请文件进行了核对，认为申请文件齐备，决定予以受理。本次交易尚需通过深交所审核并取得中 国证券监督管理委员会同意注册的批复，最终能否通过审核、取得注册，以及最终通过审核、取得注册 的时间仍存在不确定性。 （文章来源：证券日报） ...

每经AI快讯，9月22日，华电国际(600027.SH)公告称，公司与关联方中国华电及其他股东向华电金沙江 上游水电开发有限公司新增注册资本人民币50亿元，公司将按12%的股权比例认缴出资6亿元。增资完 成后，华电金上的注册资本增至150亿元，公司仍持有其12%的股权。 ...

Group 1: China-Cambodia Relations - The "Diamond Six Corners" cooperation framework is enhancing China-Cambodia relations and serves as a model for China-ASEAN cooperation [1][8] - Cambodia views China as a reliable partner and aims to deepen cooperation across various fields to build a Cambodia-China community of shared destiny [1][6] - The two countries oppose unilateral bullying by certain nations and are committed to accelerating the implementation of cooperation projects [1][4] Group 2: Investment Opportunities - Cambodia is one of the most open countries in ASEAN for foreign investment, allowing 100% ownership by foreign investors, making it an ideal destination for Chinese enterprises [2][3] - In the first eight months of this year, Cambodia approved 491 new investment projects, a 71% increase year-on-year, with a total investment amount of $7.2 billion, up 50% [3] - China remains the largest source of investment in Cambodia, accounting for 52.82% of total investments [3] Group 3: Economic Strategies - Cambodia's "Pentagon Strategy" aims for the country to become a high-income nation by 2050, with a target of 7% annual economic growth and reducing the poverty rate to below 10% [2][3] - The "Belt and Road" initiative is seen as a lifeline for Cambodia's development, providing essential infrastructure and resources for economic growth [6][8] Group 4: Trade Dynamics - The China-Cambodia Free Trade Agreement has led to significant trade growth, with bilateral trade expected to reach $17.834 billion in 2024, a 20.3% increase [10][12] - Cambodia's exports to China include 16 agricultural products, with a total import value of $9.8 billion in the first quarter of this year, reflecting a 12.2% increase [10][11] Group 5: Infrastructure Development - The construction of the Phnom Penh-Sihanoukville Expressway and the Sihanoukville Special Economic Zone are key projects enhancing Cambodia's infrastructure and economic competitiveness [7][13] - The Sihanoukville Port is being developed as a significant logistics hub, with plans to improve its capacity and efficiency to support regional trade [14][15]

Core Insights - China is launching two major national-level projects in the western region, with a total investment exceeding 2.4 trillion yuan, which is equivalent to 60% of Tibet's GDP last year [1] - These projects account for 14% of the total national infrastructure investment [1] Project Summaries - The first project is the Yarlung Tsangpo River downstream hydropower station, with an investment of 1.2 trillion yuan and a total installed capacity of 81 million kilowatts, which is more than three times that of the Three Gorges Dam [3] - The second project is the New Tibet Railway, spanning 2,000 kilometers with an average altitude of over 4,500 meters, making it the highest railway in the world [4] Technological Innovations - The Yarlung Tsangpo project features a unique design where engineers excavate giant tunnels in the mountains to create a shortcut for the river, utilizing a height difference of 2,000 meters for power generation [3] - The New Tibet Railway employs "active cooling technology" to manage the challenges of permafrost, a first in global high-altitude railway construction [4] Strategic Considerations - The projects are driven by energy security needs, as the hydropower station is expected to generate 300 billion kilowatt-hours annually, significantly reducing reliance on fossil fuels [5] - Economic development is another key factor, as the railway will enhance transportation efficiency between Xinjiang and Tibet, lowering costs and improving logistics for local products [5] - National security strategy is also a consideration, as improved infrastructure will enhance control over border areas and promote ethnic unity through economic development [5] Infrastructure Strength - These mega-projects demonstrate China's robust infrastructure capabilities, overcoming previous skepticism about constructing in challenging environments [6] - The successful execution of these projects reflects China's growing comprehensive national strength, including the ability to mobilize thousands of researchers and secure long-term funding [6]

从国家能源局获悉：截至今年8月底，我国抽水蓄能电站总装机容量达到6236.5万千瓦，完成"十四 五"规划提出的6200万千瓦装机目标。 我国抽水蓄能装机容量已连续9年居世界首位。"十四五"以来，抽水蓄能规模和质量持续提升，河北丰 宁、广东阳江等一批世界级标志性工程建成投产，全国抽水蓄能机组综合利用小时数、抽水发电次数保 持增长态势，为电力保供和绿色转型发挥重要支撑作用。 水电水利规划设计总院院长李昇介绍，在技术创新方面，我国抽水蓄能在工程建设技术方面不断进步， 坝工技术、防渗技术、输水发电系统建设技术等多点开花；装备制造技术方面，定速抽水蓄能机组制造 技术已达国际先进水平，变速抽水蓄能机组近年来也从无到有、从小到大。 国家能源局表示，下一步，将持续完善新能源消纳和调控政策措施，继续推动抽水蓄能电站合理布局、 积极有序开发建设，更好支撑新型能源体系建设。 ...