Focus Events - The 20th Central Committee's Fourth Plenary Session will be held in October in Beijing, focusing on the report of work and the formulation of the 15th Five-Year Plan for national economic and social development [1] Macro News - The average interest rate for newly issued commercial housing loans in Q2 2025 is 3.09% [18] - The Ministry of Agriculture and Rural Affairs is guiding the orderly elimination of low-yield dairy cows and enhancing support for large-scale breeding enterprises [18] Company Focus - Feilong Co., Ltd. is expanding into the robotics industry, collaborating with several vehicle manufacturers on product development [20] - Yonghui Supermarket plans to raise up to 3.992 billion yuan through a private placement for store upgrades and logistics improvements [21] - WuXi AppTec is issuing new H-shares at a price of 104.27 HKD per share, aiming to raise approximately 7.7 billion HKD [23] - China Shipbuilding Emergency Response received a warning and a fine of 4 million yuan for information disclosure violations, with its stock being marked as ST [25] - Hongxiang Co., Ltd.'s actual controller has been released on bail [27] - A stock of Upwind New Materials has been suspended for review after a 1083.42% increase in price over 16 trading days [29] - CATL reported a net profit of 30.5 billion yuan for the first half of 2025, a 33% year-on-year increase [31] - XGIMI expects a 2062.33% increase in net profit for the first half of 2025 [33] - Zhiwei Intelligent reported a net profit of 102 million yuan for the first half of 2025, an 80.08% increase [34] - Jinhai Biological reported a net profit of 138 million yuan for the first half of 2025, a 51.52% increase [34] - Lideman is planning to acquire control of Xiansheng Xiangrui [36] - San Chao New Materials is planning a change in control, with stock suspension starting July 31 [36] - Digital Certification will change its controlling shareholder to Beijing Data Group [37] - Jin Orange is planning to acquire 55% of Samit [37] - Taotao Vehicle announced a strategic cooperation agreement with Yushu Technology for market expansion in robotics [38] - China State Construction recently secured 9 major projects totaling 28.33 billion yuan [40] - Yangtze Power plans to invest approximately 26.6 billion yuan in the Gezhouba shipping capacity expansion project [42] - Changying Precision has established partnerships with several leading humanoid robot brands [44]

徐新荣表示，电力是国民经济的"先行官"，是经济社会高质量发展的重要支撑。要深入学习贯彻习 近平总书记关于国家能源安全的重要论述和来陕考察重要讲话重要指示，紧扣国家发展战略和全省深 化"三个年"活动、打好"八场硬仗"等重点任务，加快新型电力系统建设，推进能源绿色低碳转型，为我 省高质量发展现代化建设提供坚强电力保障。要践行"人民电业为人民"的企业宗旨，加强统筹调度，增 强应急调节能力，确保用电高峰电网稳定运行和电力可靠供应，切实保障好城乡居民生产生活。要充分 发挥人民政协专门协商机构作用，聚焦"十五五"时期我省电力行业发展的重点难点问题，深入调查研 究，及时反映社情民意，精准建言资政，为推动能源电力高质量发展贡献政协智慧和力量。 省政协领导班子成员首先来到国网陕西电力城南330千伏变电站，察看供电设施管理运行情况，慰 问在高温下坚守岗位的一线工作人员。随后，大家来到国网陕西省电力有限公司，听取迎峰度夏电力保 供、电网投资建设、推动绿色低碳转型等重点工作介绍，与员工们深入交流，对公司立足全省经济社会 发展大局，树牢人民至上理念，全力保供电、保服务、保民生的做法及取得的成效给予充分肯定。 省政协副主席李兴旺、杨冠军 ...

Group 1: Hunan Pork Export - Hunan province accounts for approximately 32.5% of China's total pork exports, with an export volume of 0.58 million tons in the first half of the year [1] - The total output value of Hunan's livestock industry reached 95.6 billion yuan, representing 28.7% of the total agricultural output value, with a year-on-year growth of 3.47%, the highest growth rate in Central China [1] - Hunan has included the pig industry in its top ten agricultural advantageous and characteristic industries, implementing various projects to enhance the quality and capacity of pig farming [1] Group 2: Hydropower Project in Jiangxi - The construction of the Xunwu pumped storage power station in Jiangxi has commenced, with a total investment of 7.967 billion yuan and a total installed capacity of 1.2 million kilowatts [3] - Once completed, the power station is expected to generate 15.1 billion kilowatt-hours annually, meeting the electricity needs of 750,000 households and enhancing the peak-shaving capacity of Jiangxi's power grid by 3 million kilowatts [3] - The project will save 470,000 tons of standard coal annually and reduce carbon dioxide emissions by 1.17 million tons [3] Group 3: Flower Exhibition in Kunming - The China Dou Nan Flower Exhibition Center in Kunming has begun trial operations, showcasing the transformation of Dou Nan from a "field of flowers" to "Asia's flower capital" [5] - Over 40 years, Dou Nan has developed a flower circulation network covering 117 categories and over 1,600 varieties, reaching more than 50 countries and regions [5] - The trading volume is projected to exceed 14.176 billion stems and the trading value to reach 11.574 billion yuan in 2024 [5]

据证券之星公开数据整理，近期华能国际（600011）发布2025年中报。截至本报告期末，公司营业总收入1120.32亿元，同比下降5.7%，归母净利 润92.62亿元，同比上升24.26%。按单季度数据看，第二季度营业总收入516.97亿元，同比下降3.26%，第二季度归母净利润42.89亿元，同比上升 50.09%。本报告期华能国际盈利能力上升，毛利率同比增幅25.87%，净利率同比增幅42.54%。 该公司被2位明星基金经理持有，这些明星基金经理最近还加仓了，持有该公司的最受关注的基金经理是交银施罗德基金的杨金金，在2024年的证 星公募基金经理顶投榜中排名前五十，其现任基金总规模为89.63亿元，已累计从业5年86天。 本次财报公布的各项数据指标表现一般。其中，毛利率19.6%，同比增25.87%，净利率10.99%，同比增42.54%，销售费用、管理费用、财务费用 总计65.94亿元，三费占营收比5.89%，同比减1.69%，每股净资产3.95元，同比增10.94%，每股经营性现金流1.96元，同比增30.27%，每股收益0.5 元，同比增31.58% | 项目 | 2024年中报 | 2025年中报 ...

本报北京7月30日电连日来，各地区和有关部门科学调配救援力量和救灾物资，全力保障人民生命财产 安全。 7月30日，应北京市、内蒙古自治区防指请求，国家防总办公室会同国家粮食和物资储备局调拨1.2万余 件中央应急抢险救灾物资（防汛抗旱类）。根据当地救灾工作需要，国家防减救灾委办公室、应急管理 部会同国家粮食和物资储备局向天津、河北增加调拨帐篷、折叠床、毛毯、毛巾被、应急照明灯等4.4 万件中央救灾物资，并通过应急物资政社协同保障机制，协调11家基金会，向北京、天津、河北灾区援 助捐赠各类物资约16万件（套）。29日，应天津市防指请求，国家防总办公室会同国家粮食和物资储备 局调拨5700余件中央应急抢险救灾物资。 国家防汛抗旱总指挥部日前印发通知，要求各地、各有关部门和各流域防汛抗旱总指挥部清醒认识灾害 性天气的突发性、极端性、不确定性，落实落细防汛抗洪抢险救灾各项措施，全力以赴保障人民群众生 命财产安全和社会大局稳定。 财政部、应急管理部29日紧急预拨3.5亿元中央自然灾害救灾资金，重点支持北京、天津、河北、山 西、内蒙古、吉林、山东、广东、陕西9个省区市开展灾害应急抢险救援和受灾群众救助工作。水利部 召开党组 ...

Group 1 - The core point of the article is that China Yangtze Power Co., Ltd. has recently registered five software copyrights, indicating its ongoing investment in technology and innovation [1] - The company has made investments in 46 enterprises and participated in 6,888 bidding projects, showcasing its active role in the industry [1] - In terms of intellectual property, the company holds 267 trademark registrations, 6,405 patents, and 1,105 copyright registrations, reflecting its strong focus on protecting its innovations [1]

上半年，俄电力进口量激增14.8%，达到12.73亿千瓦时。俄罗斯国际统一电力系统集团表示，进口量增 长主要源于来自哈萨克斯坦的电力流入。 新华财经莫斯科7月30日电（记者包诺敏）据塔斯社援引俄罗斯国际统一电力系统集团（Inter RAO）数 据报道，2025年上半年俄罗斯电力出口下降12.6%，至30.75亿千瓦时。 （文章来源：新华财经） ...

Group 1 - The stock price of JinkoSolar was reported at 3.31 yuan as of July 30, 2025, with a decline of 1.19% from the previous trading day [1] - The stock reached a high of 3.48 yuan and a low of 3.28 yuan during the trading session, with a volatility of 5.97% [1] - The trading volume for the day was 929,912 hands, with a total transaction value of 313 million yuan [1] Group 2 - JinkoSolar operates in the power industry, focusing on photovoltaic power station development, operation, and energy storage [1] - The company is primarily engaged in the green power market and is involved in energy storage-related businesses [1] - On July 30, the stock experienced a rapid decline of over 2% within the first five minutes of trading, followed by a period of consolidation [1] Group 3 - On July 30, the net inflow of main funds into JinkoSolar was 13.0958 million yuan, accounting for 0.11% of the circulating market value [1]

Group 1: Power Investment and Supply-Demand Analysis - In the first half of 2023, the total investment in power by key surveyed enterprises reached 654.6 billion yuan, a year-on-year increase of 9.6% [1] - The overall power supply was sufficient in the first half of the year, with a balanced supply-demand situation despite high temperatures affecting certain regions in the second quarter [1] - It is expected that the growth rate of total electricity consumption in the second half of the year will exceed that of the first half, with a projected year-on-year increase of 5% to 6% for 2025 [1] Group 2: Renewable Energy Growth - In the first half of 2023, renewable energy accounted for over one-quarter of the total power generation, with new installed capacity reaching 29.332 million kilowatts, a year-on-year increase of 14.056 million kilowatts [2] - The installed capacity of wind and solar power saw significant growth, with solar power accounting for 72.3% of the total new installed capacity [2] - By the end of 2025, the total installed power generation capacity is expected to reach approximately 3.9 billion kilowatts, a year-on-year increase of about 16.5% [3] Group 3: Electricity Generation and Consumption Trends - In the first half of 2023, hydropower and thermal power generation decreased by 2.9% and 2.4%, respectively, while solar, nuclear, and wind power generation increased by 20.0%, 11.3%, and 10.6% [3] - Non-fossil fuel energy generation accounted for 43.1% of total power generation, an increase of 3.7 percentage points year-on-year [3] - The report anticipates that the new installed capacity of renewable energy will reach around 400 million kilowatts by 2025 [3] Group 4: Peak Electricity Load and Supply Assurance - Since mid-June, the national electricity load has reached new highs, with a peak load of 1.508 billion kilowatts recorded on July 17, an increase of 0.057 billion kilowatts compared to the previous year [4] - The National Energy Group has been actively ensuring stable electricity supply during peak summer demand, with coal transportation exceeding 1 million tons daily [4][5] - The Inner Mongolia region has been pivotal in cross-regional electricity transmission, with significant increases in both thermal and renewable energy generation [5] Group 5: Future Supply-Demand Balance - In August, the country will enter a critical period for electricity supply assurance, with predictions indicating a generally balanced supply-demand situation despite potential short-term tightness in certain provinces [6] - The anticipated cross-province and cross-region cooperation is expected to maintain a tight balance in electricity supply and demand [6]

Financial Data and Key Metrics Changes - In the first half of 2025, EBITDA reached $659 million, representing a 10% improvement compared to the previous year, driven by strong generation performance and improved gas trading activities [24][31] - Net income for the first half amounted to $246 million, an 8% decrease year-over-year, primarily due to higher general and administrative expenses [24][34] - The first half FFO showed significant improvement, reaching $403 million, 7.8 times the previous year's figure [25][37] Business Line Data and Key Metrics Changes - Hydro generation remained consistent with last year's levels, supported by higher thermal dispatch, despite lower cumulative rainfall [9][16] - Net electricity generation decreased by 5% compared to June 2024, primarily due to lower hydro dispatch and increased curtailment levels [17] - Capital expenditures (CapEx) reached $157 million in the first half, with 40% directed towards grid investments and 29% towards renewable and storage projects [26][28] Market Data and Key Metrics Changes - The national electricity system faced challenges including poor hydrological conditions and maintenance issues, leading to increased spot prices in the Central Southern Zone of Chile [15][16] - Despite these challenges, the company maintained its hydrology guidance for the year, expecting hydro generation to reach around 11 terawatt hours [16][56] Company Strategy and Development Direction - The company is committed to its winter plan in the distribution business, focusing on service continuity and reliability [44] - A new vegetation monitoring and control program has been implemented to enhance infrastructure stability [11] - The company plans to launch construction of battery energy storage projects, adding around 0.5 gigawatts to its portfolio within the next two years [14][90] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding hydro production for the second half of the year, despite initial dry conditions [55] - The company is actively working with regulators to improve the distribution business and reduce energy losses [48] - Management remains confident in achieving its EBITDA and net income guidance for the year, despite external pressures [59] Other Important Information - The company changed its functional currency from Chilean pesos to US dollars as of January 1, 2025 [23] - The regulatory framework is evolving, with updates expected on ancillary services remuneration and electricity subsidies for vulnerable households [21][96] Q&A Session Summary Question: What is the main reason behind the higher energy losses in the distribution business? - Management indicated that higher electricity prices and climate events contributed to increased energy losses, and they are working on payment plans and regulatory improvements to address this [48] Question: How sustainable are the higher gas sales in the generation business? - Current guidance for gas sales is between $80 million to $90 million for the year, with expectations of sustainability depending on market conditions [51] Question: How do you expect hydro volumes to evolve in the second half? - Management is optimistic about hydro production due to favorable conditions expected from snowmelt, confirming the full-year target of 10.7 terawatt hours [56] Question: What is the current average cost of debt? - The average cost of debt is currently at 4.9%, slightly decreased from 5% at the beginning of the year [57] Question: Are you considering adjusting your full-year guidance? - Management remains confident in maintaining guidance despite external pressures and expects to continue on a positive trend [59] Question: Will there be any additional impairment related to the SALINA project? - Management does not expect further impairments for the SALINA project, as the asset value has been adjusted to market levels [64] Question: What are the expectations for the new battery investment plan? - The new battery investment plan involves an investment of around $400 million for three projects totaling 450 megawatts, expected to be operational by 2027 [75][90]