Core Viewpoint - The China Three Gorges Corporation has initiated the first charging experiment for its integrated photovoltaic and all-vanadium flow battery energy storage project in Xinjiang, marking it as the largest all-vanadium flow energy storage project in China [1]. Group 1: Project Overview - The project features a capacity of 1 million kilowatts of photovoltaic energy and 200,000 kilowatts/1 million kilowatt-hours of all-vanadium flow energy storage [1]. - The charging experiment aims to activate the all-vanadium flow electrolyte, enabling energy storage and release capabilities [1]. - The energy storage station consists of 80 storage units, with the initial experiment conducted on one unit, showing normal operational parameters [1]. Group 2: Technology and Advantages - The all-vanadium flow battery utilizes a "liquid storage" mode, storing energy in liquid tanks and cycling vanadium ion solutions through the battery stack to achieve energy storage and release [2]. - This technology offers three core advantages: 1. Extremely long cycle life, with up to 16,000 cycles, significantly surpassing lithium batteries' 2,000-3,000 cycles, and a stable lifespan exceeding 20 years [3]. 2. High safety due to the non-flammable and non-explosive nature of the electrolyte [4]. 3. Long-duration energy storage capability, addressing the intermittent nature of renewable energy sources like wind and solar, thus stabilizing power supply [4]. Group 3: Implications for Energy Transition - The all-vanadium flow battery's characteristics support large-scale integration of renewable energy into the grid, transforming renewable energy from a "volatile power source" to a "stable power source" [4]. - This technology is crucial for achieving China's dual carbon goals and transitioning to a clean, low-carbon energy structure [4].

丨证券研究报告丨 公司研究丨点评报告丨三峡能源（600905.SH） [Table_Title] 偏弱电价限制营收，经营业绩有所承压 报告要点 [Table_Summary] 上半年，规模主导电量的增长难以抵消电价的压力，按分电源收入折算风电/光伏平均不含税上 网电价为 0.4101/0.3384 元/千瓦时，同比-9.97%/-9.17%，公司上半年营收同比减少 2.19%， 二季度营收同比减少 0.79%。由于成本随着规模的增长而增长，因此上半年毛利润同比下降 17.30%，但得益于开年处置水电资产的投资收益，因此上半年归母净利润 38.15 亿元，同比下 降 5.48%，但二季度由于无一次性收益的补充，单季度归母净利润为 13.68 亿元，同比下降 15.41%。 分析师及联系人 [Table_Author] SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SAC：S0490523080003 SFC：BQT627 张韦华 司旗 宋尚骞 刘亚辉 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 ...

Core Viewpoint - Ningxia is leveraging its abundant renewable energy resources, particularly solar and wind, to transform its economy and establish itself as a leader in green energy development, with a significant focus on building a new energy system and enhancing the efficiency of renewable energy utilization [1][3][7]. Renewable Energy Development - Ningxia has become the first comprehensive demonstration zone for renewable energy in China, with a renewable energy installed capacity exceeding 50 million kilowatts, accounting for 62.6% of its total installed capacity [1]. - The region's solar energy utilization averages about 1,500 hours per year, while wind energy utilization averages around 2,000 hours per year, supported by vast unutilized land [1][2]. - The Ningdong Energy and Chemical Base features a 2 million kilowatt photovoltaic base that generates approximately 3.7 billion kilowatt-hours annually, saving about 1.15 million tons of standard coal and reducing carbon emissions by approximately 3.15 million tons [2]. Policy and Infrastructure Support - Ningxia has introduced several supportive policies to enhance the new energy system, including the implementation of a three-year action plan for green and low-carbon transformation [3]. - The region has established a new type of power system capable of 24-hour green electricity supply, addressing issues related to distribution network capacity and regulation [2][3]. - The construction of the first integrated wind-solar project and the first smart charging demonstration center in Northwest China has been completed, showcasing Ningxia's commitment to renewable energy development [3]. Power Transmission and Economic Impact - In 2024, Ningxia's renewable energy generation is projected to reach 61.3 billion kilowatt-hours, with 40.2 billion kilowatt-hours consumed locally and 21.1 billion kilowatt-hours transmitted to other regions [4]. - The "Ningxia to Hunan" ultra-high voltage direct current transmission project is expected to deliver over 36 billion kilowatt-hours annually, with more than 50% coming from renewable sources [6]. - The region's green electricity initiatives are expected to enhance its economic development while supporting energy supply in eastern and central China [4][6]. Technological Advancements and Challenges - Ningxia has made significant technological advancements in green electricity, achieving multiple provincial and national awards for innovations [7]. - The region's energy storage capacity has surpassed 600,000 kilowatts, ranking fourth in the country, which helps improve the controllability of renewable energy input [10]. - Despite the promising outlook, challenges remain in stabilizing the power system and ensuring effective integration of renewable energy sources [11]. Future Plans and Goals - By 2025, Ningxia aims to increase its renewable energy capacity by 20.6 million kilowatts and storage capacity by 600,000 kilowatts, while enhancing its power grid infrastructure [8]. - The region plans to develop 2,447 megawatts of new energy to support the green electricity needs of various industries, including modern coal chemical and data-intensive sectors [12].

Investment Rating - The report maintains a "Positive" investment rating for the green electricity sector [8]. Core Insights - The acceleration of subsidy recovery signals a significant improvement in the financial health of renewable energy operators, enhancing cash flow and potentially allowing for the reversal of previously recognized receivable impairments [2][10]. - The green certificate market is experiencing a recovery, with prices increasing due to improved supply-demand dynamics, which is expected to restore the narrative around the green electricity sector [2][10]. Summary by Sections Subsidy Recovery - In August, several companies received substantial subsidy payments, indicating a faster recovery process for industry-wide subsidies. For instance, Solar Energy, Jinko Technology, and Longyang Energy received subsidies of 1.68 billion, 939 million, and 633 million RMB respectively, accounting for 74.6%, 78.3%, and 74.5% of their annual recovery totals [10]. - The cumulative subsidy recovery from January to August for these companies increased by 258.6%, 340.5%, and 272.0% year-on-year, with total amounts far exceeding the entire recovery for 2024 [10]. Green Certificate Market - The green certificate trading volume reached 68.21 million in July, with a year-on-year increase of 126.08% for the first seven months of 2025. The average price of green certificates rose to 4.61 RMB per unit, a 35.42% increase from the previous month [10]. - The price of green certificates for 2025 has reached 6.88 RMB per unit, reflecting a 6.17% increase, which translates to a compensation of 0.007 RMB per kilowatt-hour for renewable energy generation [10]. Investment Recommendations - The report suggests focusing on quality coal-fired power operators such as Huaneng International, Datang Power, and Guodian Power, as well as hydropower companies like Yangtze Power and State Power Investment Corporation [10]. - For the renewable energy sector, it recommends companies like Longyuan Power, China Nuclear Power, and Zhongmin Energy, highlighting their potential for growth amid favorable policy changes [10].

Investment Rating - The investment rating for the industry is "Positive" (maintained) [4] Core Viewpoints - The acceleration of renewable energy subsidies is expected to significantly improve cash flow and valuation levels for companies in the renewable energy sector, particularly for new energy operators and biomass/waste incineration power generation companies [5][6][16] - The recent issuance of renewable energy subsidies has exceeded expectations, with the total amount received from January to August 2025 far surpassing the entire year of 2024, primarily due to a large subsidy disbursed in August [11][12] - The recovery of accounts receivable is anticipated to enhance cash flow and improve balance sheets, which will positively impact stock valuations in the Hong Kong market [6][16] Summary by Sections Renewable Energy Sector - The total subsidies received by renewable energy companies from January to August 2025 have already reached significant levels, with many companies receiving around 70% of their total subsidies in August alone [5][11] - Companies such as Datang New Energy, China Power, and Longyuan Power are recommended based on their potential for improved cash flow from receivables [6][16] Biomass and Waste Incineration Power Generation - The report highlights that biomass power generation companies are also expected to benefit from the subsidy disbursement, with companies like China Everbright Environment and Shaoneng Co. being recommended for their potential higher dividend capabilities post-receivable recovery [6][16] Energy Storage Sector - The average price of square lithium iron phosphate energy storage cells has seen a slight increase, with domestic demand remaining strong and production capacity utilization rates high [7][18] - The domestic new energy storage project bidding scale reached 56.1GW/213.8GWh from January to July 2025, indicating a year-on-year growth of 181% [19] - The report suggests that companies like CATL, Yiwei Lithium Energy, and Guoxuan High-Tech are worth watching due to their expected performance elasticity amid rising energy storage cell prices [18][19]

Investment Rating - The report maintains a "Buy" rating for key companies in the electric equipment and new energy sectors, highlighting strong growth potential and favorable market conditions [7]. Core Insights - The electric equipment and new energy sector experienced a weekly increase of 7.39%, outperforming the Shanghai Composite Index, with solar energy indices showing the highest growth at 14.51% [3]. - The report emphasizes the robust performance of new energy vehicle sales, with NIO achieving a record high in August, and overall market growth driven by multiple new energy vehicle manufacturers [4][13]. - The report discusses the government's initiative to regulate low-price competition in the photovoltaic sector, aiming for high-quality development and improved industry standards [5][37]. - The successful commissioning of the Jinshang-Hubei ±800 kV UHVDC project is noted, which is a significant part of China's "West-to-East Power Transmission" strategy, capable of transmitting approximately 40 billion kWh annually [6][56]. Summary by Sections New Energy Vehicles - In August 2025, several new energy vehicle manufacturers reported strong delivery numbers, with NIO delivering 31,305 units, a 49% month-on-month increase, and Li Auto delivering 28,529 units, reflecting a competitive market landscape [4][15]. - The overall trend indicates a significant increase in deliveries across various brands, showcasing the growing demand for new energy vehicles [4][21]. New Energy Generation - The report highlights the joint action plan by the Ministry of Industry and Information Technology and the State Administration for Market Regulation to combat low-price competition in the photovoltaic industry, aiming for sustainable growth and quality improvement [5][37]. - The plan sets a target for the photovoltaic and component manufacturing sectors to achieve an average annual revenue growth rate of over 5% from 2025 to 2026 [5][37]. Electric Equipment and Automation - The Jinshang-Hubei UHVDC project has successfully completed its trial operation, marking a significant milestone in China's energy transmission capabilities [6][56]. - The report notes the ongoing focus on key companies in the electric equipment sector, including CATL, Keda Li, and others, as they are expected to benefit from the growing demand for electric power infrastructure [6][56]. Market Performance - The report indicates that the electric equipment and new energy sector is experiencing a favorable market environment, with significant price movements in key materials and components, reflecting the industry's resilience and growth potential [3][27].

Core Viewpoint - The company reported a slight increase in revenue for the first half of 2025, but a decline in net profit, indicating challenges in profitability despite stable revenue growth in Q2 [4][5]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 1.922 billion yuan, a year-on-year increase of 2.07%, while net profit attributable to shareholders was 439 million yuan, a year-on-year decrease of 9.80% [4]. - In Q2 2025, the company recorded revenue of 1.069 billion yuan, a year-on-year increase of 2.77%, and net profit of 319 million yuan, a year-on-year increase of 18.53% [4]. Group 2: Operational Metrics - In Q2 2025, the company's wind and solar power generation reached 1.181 billion and 1.337 billion kWh, respectively, representing year-on-year increases of 17.16% and 8.28%, and quarter-on-quarter increases of 26.79% and 23.28% [5]. - The installed capacity for wind and solar power in Q2 2025 increased by 17.59% and 27.71% year-on-year, and by 6.53% and 3.30% quarter-on-quarter [5]. Group 3: Future Growth Potential - As of H1 2025, the company's wind and solar installed capacity reached 1.63 GW and 4.15 GW, respectively, with year-on-year additions of 0.24 GW and 0.90 GW [6]. - The approved installed capacity stood at 7.85 GW, reflecting a year-on-year increase of 12.85%, indicating a strong pipeline for future growth [6]. Group 4: Business Development Strategies - The company is actively exploring various green electricity business models, focusing on integrating traditional industries with green energy initiatives [7]. - It is collaborating with high-energy users to develop integrated solutions for green electricity supply and is investing in high-end computing infrastructure to enhance green energy operations [7].

Core Insights - The Inner Mongolia Autonomous Region has initiated the construction of three large-scale wind and energy storage projects, totaling an investment of 371 million yuan [1] - These projects are expected to enhance the renewable energy integration capacity in the eastern Inner Mongolia region [1] Investment and Infrastructure - The three projects involve the construction and expansion of two 500 kV substations and the installation of 110.3 kilometers of 500 kV transmission lines, along with the erection of 268 iron towers [1] - The projects are scheduled to be operational by November 30, 2025, contributing approximately 8.67 billion kWh of clean electricity annually [1] Environmental Impact - The annual output of these projects is projected to save 2.6295 million tons of standard coal and reduce carbon dioxide emissions by 11.22 million tons [1] - The projects will also generate an estimated annual output value of 2.4 billion yuan [1] Strategic Importance - These initiatives are expected to enhance cross-regional power support capabilities and promote the clustering of clean energy industries [1] - The projects align with Inner Mongolia's goal of becoming a significant energy and strategic resource base for the nation [1]

Core Viewpoint - The company reported a total equity generation of 507.64 GWh in August 2025, marking a year-on-year increase of 6.07% [1] Summary by Category Equity Generation - Total equity generation from January to August 2025 reached 5,896.97 GWh, reflecting a year-on-year growth of 1.05% [1] Wind and Solar Power - Wind power equity generation accounted for 384.16 GWh, while solar power equity generation was 123.48 GWh, with solar power showing a significant year-on-year increase of 32.26% [1]

Group 1 - The core viewpoint of the article highlights the growth in the electricity generation capacity of the company, with a total of 507.64 GWh in 2025, representing a year-on-year increase of 6.07% [1] - The breakdown of the electricity generation shows that wind power contributed 384.16 GWh, while solar power accounted for 123.48 GWh, with solar power experiencing a significant year-on-year growth of 32.26% [1] - For the period from January to August 2025, the total electricity generation reached 5,896.97 GWh, reflecting a year-on-year increase of 1.05% [1]