格隆汇9月15日丨华能水电(600025.SH)公布，央企乡村投资基金拟认购公司向特定对象发行股票，拟认 购金额不超过8亿元。截至目前，公司与央企乡村投资基金尚未签署相关股份认购协议。 ...

华能澜沧江公司生产技术与设备部主任申一洲表示，将全国产化范围从水电站的"核心"拓展到全站，实 现重大技术创新59项，其中20项关键技术填补国内空白，推动我国水电领域基础设施长周期安全稳定运 行。 责任编辑：于彤彤 水电站全站控制系统由四大核心控制系统及辅助控制系统组成，是确保机组及电网安全稳定的重要基 础。以前核心和辅助控制系统的关键部件长期依赖进口，华能小湾水电站在完成四大核心控制系统全国 产化改造基础上，进一步实现油气水、闸门、照明在内的辅助控制系统全国产化改造，标志着我国在水 力发电领域首次实现全站控制系统100%完全自主可控。 由我国自主研发的水电辅助控制系统在澜沧江中下游华能小湾水电站正式投运。 9月13日，由我国自主研发的水电辅助控制系统在澜沧江中下游华能小湾水电站正式投运，标志着我国 水力发电基础设施实现了从"核心"到"整体"的全站国产化。 ...

Core Viewpoint - The company is advancing its green energy business through significant investments in hydroelectric and integrated energy storage projects in Congo and Tibet, which are expected to enhance profitability and operational efficiency [1][2][3]. Investment Highlights - The company’s subsidiary, Zijin Longjin, has acquired an 80% stake in GML in Congo, securing the development rights for a 140MW hydroelectric project with a total investment of approximately $399 million [2]. - The company plans to invest in the Mali Cuo integrated energy storage project in Tibet, with a total investment of about 2.391 billion yuan [2]. Project Details - The Congo hydroelectric project will operate under a BOT model for 30 years, with a construction period of 3.5 years, and is expected to generate 714 million kWh annually, with 90% of the electricity supplied to Zijin Mining at a price of $0.16 per kWh [3]. - The Mali Cuo project will provide power for lithium-boron mining operations, utilizing a BOO model, and is expected to be operational by Q2 2026, with a competitive electricity price of 0.7 yuan per kWh [4]. Business Performance - The green energy segment is contributing positively to the company's performance, with ongoing projects and stable operations in the Lagocuo phase one [4]. - The company has secured a substantial order backlog in the environmental sector, with new contracts worth 5.37 billion yuan and a total of 19.971 billion yuan in hand [4].

Market Overview - The Shanghai Composite Index decreased by 1.86% during the week of September 8-12, while the ChiNext Index increased by 2.16% [2] - The carbon neutrality sector rose by 2.25%, the public utilities sector increased by 0.75%, the environmental protection sector grew by 1.31%, and the coal sector fell by 0.11% [2][3] New Energy Pricing Results - On September 11, the State Grid Shandong Electric Power Company announced the results of the new energy mechanism electricity price bidding for the year, attracting over 3,000 new energy projects, with 1,200 projects selected [3] - The total scale of the selected mechanism electricity was 9.467 billion kWh, including 5.967 billion kWh from wind power and 1.248 billion kWh from solar power [3] - The execution period for deep-sea wind power is set at 15 years, while other projects will have a 10-year execution period [3] Bidding Price Analysis - The bidding price for wind power was 0.319 yuan/kWh, which is 0.031 yuan/kWh or 8.9% lower than the bidding ceiling of 0.35 yuan/kWh [3] - The bidding price for solar power was 0.225 yuan/kWh, which is 0.125 yuan/kWh or 35.7% lower than the bidding ceiling [3] - The significant discount for solar power is attributed to its lower share of the mechanism electricity allocation at 13.2%, leading to intense competition among projects [3] Industry News - On September 12, the National Development and Reform Commission and the National Energy Administration issued guidelines for the construction of continuous operation regional electricity spot markets, supporting the exploration of market mechanisms for new energy [4] - A new action plan for large-scale construction of new energy storage was released, aiming for a national installed capacity of over 180 million kW by 2027, with direct investments of approximately 250 billion yuan [4] - A subsidiary of Daikin Heavy Industries signed its first specific contract under a long-term locked production agreement for an overseas offshore wind power project, with a total contract value of approximately 1.25 billion yuan [4] Investment Recommendations - For the thermal power sector, it is recommended to focus on companies with power generation assets in regions with tight supply and favorable competition, such as Sheneng Co. and Huadian International [5] - In the hydropower sector, attention is drawn to leading operators like Yangtze Power [5] - In the new energy generation sector, it is suggested to focus on leading companies like Longyuan Power [5] - For nuclear power, it is recommended to pay attention to leading enterprises like China National Nuclear Power, especially in the context of increasing market-oriented electricity pricing [5]

据科技日报，13日，由 我国自主研发的水电辅助控制系统在澜沧江中下游华能小湾水电站正式投运，标志着我国水力发电基础设施实现了从"核 心"到"整体"的全站国产化。 水电站全站控制系统由四大核心控制系统及辅助控制系统组成，是确保机组及电网安全稳定的重要基础。以前核心和辅助控制系统的关键部件长期 依赖进口，华能小湾水电站在完成四大核心控制系统全国产化改造基础上，进一步实现油气水、闸门、照明在内的辅助控制系统全国产化改造，标 志着 我国在水力发电领域首次实现全站控制系统100%完全自主可控。 华能澜沧江公司生产技术与设备部主任申一洲表示，将全国产化范围从水电站的"核心"拓展到全站，实现重大技术创新59项，其中 20项关键技术填 补国内空白 ，推动我国水电领域基础设施长周期安全稳定运行。 ...

Core Viewpoint - The company reported a net profit attributable to shareholders of 13.056 billion yuan for the first half of 2025, representing a year-on-year increase of 14.86% [1] - The second quarter saw a net profit of 7.876 billion yuan, up 6.43% year-on-year, driven by favorable water conditions and stable electricity prices [1][2] Financial Performance - The company experienced a decrease in financial expenses by 786 million yuan, exceeding market expectations, attributed to debt restructuring and a favorable interest rate environment [2] - Investment income for the first half of 2025 was 2.589 billion yuan, a decrease of approximately 300 million yuan, likely due to the impact of reduced water flow on associated companies [2] Industry Insights - The water power sector has seen a significant increase in valuation due to its low correlation with market volatility, making it an attractive investment in a high-volatility environment [3] - The stability of the water power business model and the regulatory environment is crucial, as any changes could affect discount rates and investment attractiveness [3] Profit Forecast and Valuation - The company is projected to achieve net profits of 34.1 billion, 34.9 billion, and 36 billion yuan for 2025-2027, with corresponding price-to-earnings ratios of 20, 20, and 19 times [4] - The historical excess returns of the company are linked to market conditions that have led to multiple revaluations of its earnings stability and cash flow value [4]

9月8日，由中国电建（601669）集团北京勘测设计研究院有限公司(以下简称北京院)勘测设计、中国水利水电第四工程局有限公司(以下简称水电四局)建设 的尚义抽水蓄能电站完成下水库正式下闸蓄水、1号机组转子成功吊装两项关键节点目标，标志着电站进入了首台机发电的冲刺阶段。 自开工建设以来，北京院充分发挥人才与技术优势，精益求精、高效履约；水电四局凭借过硬的施工技术，充分发挥大型水电机组安装核心技术优势，在核 心工程建设中攻坚克难，积极配合其他参建方，高效推进机组安装工作，做好技术服务与施工保障。 尚义抽水蓄能电站位于河北省张家口市尚义县境内，总装机容量1400兆瓦，电站建成后承担京津及冀北电网调峰、填谷、调频、调相和紧急事故备用等任 务，对保障首都供电安全、提高电力系统的安全可靠性和运行经济性、推动能源绿色转型、助力实现"双碳"目标具有积极作用。 转子组装总重量达372吨，外圆直径5450毫米，高度3390毫米，是机组安装过程中起吊重量最大的核心部件。在本次吊装中，北京院项目部与参建各方详细 讨论、评审了吊装方案，精心制定安全措施；水电四局项目团队70天鏖战，将转子整体圆柱度控制在0.34毫米，同心度0.05毫米 ...

Group 1 - Samsung Electronics plans to complete equipment investment for its P4 1c DRAM in the first half of next year, aiming to gain an advantage in the HBM4 field. The company's 1c DRAM capacity is expected to rise to approximately 60,000 wafers per month this year [2] - China's hydropower sector has achieved full domestic control of its auxiliary control systems, with the successful operation of a self-developed system at the Huaneng Xiaowan Hydropower Station, marking a significant milestone in domestic hydropower infrastructure [2] - The Chinese Academy of Sciences has successfully developed an ion cyclotron resonance heating system, which has passed expert review, indicating a breakthrough in high-power radio frequency heating technology [2] Group 2 - Galaxy General's founder Wang He announced that the company will exceed a production scale of 1,000 units this year, with a potential tenfold growth in three years. The launch of the Galaxy Space Capsule represents a fusion of embodied intelligence and cultural consumption, with plans for rapid expansion into industrial and consumer markets [2]

柬埔寨额勒赛下游水电站（见图，罗世云摄）宛如一块翡翠，镶嵌在豆蔻山脉深处。电站大坝上，用中 文、柬文书写的"开发水电福泽百姓"格外醒目。这座由中国华电集团有限公司投资建设的水电站已连续 安全生产超过4300天，年均发电量约10亿千瓦时，为柬埔寨贡献了年均10%以上安全稳定可靠的电能。 日前，记者来到柬埔寨西南部戈公省，探访这座"上岗"已10余年的水电站，看它如何守护柬埔寨万家灯 火，为中柬铁杆友谊添砖加瓦。 保障电力稳定降低用电成本 8月正值额勒赛河汛期，水电站值班员杨伟国一大早就开始巡检大坝。"现在正是防汛的关键时期，24小 时都要有人值班。"他告诉记者，"目前水位是107米，超过108米就需要泄洪。" 杨伟国说，值班人员每天要在工作群里发布两次中短期天气预报，每小时发布一次大坝水位、机组负 荷、大坝入库流量等水情信息，并根据气象预测提前做好准备。如果降雨量特别大，就要启动应急预 案。"根据预测，最近会有强降雨。我们已经准备充足的防汛物资，检查维护柴油发电机等备用电源、 泄洪设施、卫星电话等，确保安全度汛。"杨伟国说。 来到水电站试验中心，一名操作员正在进行设备检测。他将变压器取样油充入氮气，放入振荡仪，升 ...

Core Viewpoint - The Eleksei Hydropower Station in Cambodia, built by China Huadian Corporation, has been operational for over 10 years, contributing significantly to the local power supply and economic development by providing stable and affordable electricity [1][2][3]. Group 1: Power Supply and Economic Impact - The Eleksei Hydropower Station has been operational for over 4,300 days, generating an average of 1 billion kWh annually, which accounts for over 10% of Cambodia's stable power supply [1]. - Before the station's operation, 20% of Cambodia's electricity relied on heavy oil and imports, which were costly and environmentally damaging [2]. - The establishment of the hydropower station has led to a significant reduction in electricity costs and has enabled local factories to thrive, improving the quality of life for residents [3]. Group 2: Technological Innovation and Standards - The hydropower station employs advanced monitoring systems for remote oversight of equipment status, ensuring operational safety and efficiency [4]. - A testing center established in 2016 adheres to Chinese standards, offering over 90 testing services for various electrical equipment, thereby enhancing the reliability of local power infrastructure [5]. Group 3: Talent Development and Training - The company collaborates with educational institutions to provide training programs that combine Chinese language skills with hydropower vocational training, fostering a skilled workforce [6]. - Various training initiatives, including scholarships and exchange programs, have been implemented to enhance the capabilities of Cambodian employees in the energy sector [6][7].