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]

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 [26][32] - Net income for the first half amounted to $246 million, an 8% decrease from the previous year, primarily due to higher general and administrative expenses [26][35] - The first half FFO showed significant improvement, reaching $403 million, 7.8 times the previous year's figure [26][27] Business Line Data and Key Metrics Changes - Hydro generation remained consistent with last year's levels, supported by higher thermal dispatch, despite a 5% decrease in net electricity generation compared to June 2024 [9][20] - The distribution segment has seen increased energy losses due to higher electricity prices and climate events, prompting the company to implement better payment plans and tools to manage debt [48][49] 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 [16][17] - Despite these challenges, the company maintained its hydrology guidance for the year, expecting hydro generation to reach around 11 terawatt hours [17][56] Company Strategy and Development Direction - The company is committed to its Resilient and Winter program to strengthen the grid and improve response to climate-related events, including deploying remote control systems and vegetation monitoring [11][12] - Plans to launch construction of battery energy storage projects in Northern Chile, adding around 0.5 gigawatts to the portfolio within the next two years, were announced [15][72] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about hydro production for the second half of the year, despite a dry start in July, citing favorable conditions for snowmelt [56] - The company is actively advocating for a new regulatory model to recognize significant investments in the network to address climate change impacts [95][96] Other Important Information - The company changed its functional currency from Chilean pesos to US dollars as of January 1, 2025, for comparative purposes [25] - Capital expenditures in the first half reached $157 million, with a focus on Greece investments and thermal projects [27][28] 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 with regulators to improve the situation [49][50] 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 for sustainability depending on market conditions [52] Question: How do you expect hydro volumes to evolve in the second half? - Management is optimistic about hydro production due to favorable conditions and expects to meet the full-year target of 10.7 terawatt hours [56] Question: What is the current average cost of debt? - The average cost of debt has decreased to 4.9%, reflecting favorable conditions from previous financing [57] Question: Are there plans to adjust the full-year guidance in light of market conditions? - Management remains confident in their ability to navigate challenges and does not anticipate adjusting the full-year guidance [59] Question: Will there be any additional impairments related to the SALINA project? - Management does not expect further impairments for the SALINA project after recent adjustments [63] Question: What are the expectations for the new battery investment plan? - The new battery investment plan aims to hybridize existing solar PV plants and is expected to enhance production during non-solar hours [88]

Group 1 - Changjiang Electric Power reported a net profit of 12.984 billion yuan for the first half of 2025, an increase of 14.22% year-on-year, driven by increased power generation from its six hydropower stations [2] - CATL achieved a net profit of 30.485 billion yuan for the first half of 2025, reflecting a year-on-year growth of 33.33%, with total revenue reaching 179 billion yuan, up 7.27% [3] - The company launched several new battery products, including the world's first lithium iron phosphate battery with 800 km range and 12C fast charging capability, and maintained a global market share of 38.1% in power batteries [4] Group 2 - Yonghui Supermarket plans to raise no more than 3.992 billion yuan through a private placement to upgrade stores and logistics [11] - Vanke A's major shareholder provided a loan of up to 869 million yuan to repay bonds and interest [12] - Guangzhou Development intends to issue up to 6 billion yuan in short-term financing notes and 8 billion yuan in medium-term notes for daily operations and debt repayment [13] Group 3 - Lideman is planning to acquire up to 70% of a tuberculosis diagnostic company, which will enhance its IVD business segment [15] - Yunnan City Investment elected a new chairman following the resignation of the previous chairman due to work adjustments [27] - Digital Certification's controlling shareholder will change to Beijing Data Group as part of a restructuring process [31] Group 4 - Inner Mongolia Huadian reported a net profit of 1.557 billion yuan for the first half of 2025, a decrease of 11.91% year-on-year, attributed to increased renewable energy generation affecting thermal power utilization [32]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Economic growth shows mixed trends with production indicators like power plant consumption and blast furnace operation rates having their own characteristics, while demand - side indicators such as new home sales and cement prices face challenges. Inflation presents a situation where CPI is affected by weakening pig prices and PPI is influenced by rising oil prices [3][4]. 3. Summary According to the Directory 3.1 Economic Growth: Cement Prices Near Previous Lows 3.1.1 Production: Power Plant Consumption Oscillates at a High Level - Power plant consumption is in a high - level oscillation. On July 29, the average daily consumption of 6 major power - generating groups was 88.21 tons, a 0.01% decrease from July 22. On July 22, the daily consumption of power plants in eight southern provinces was 218 tons, a 4.0% decrease from July 15. After rainfall, with the approaching of mid - dog days, power coal consumption is expected to maintain a high - level oscillation, and the daily consumption of power plants in eight coastal provinces is predicted to stay between 210 - 240 tons [6][17]. - Blast furnace operation rates remain at a high level. On July 25, the national blast furnace operation rate was 83.5%, unchanged from July 18, and the capacity utilization rate was 90.8%, a 0.1 - percentage - point decrease from July 18. The operation rate of blast furnaces in Tangshan steel mills was 92.0% on July 25, also unchanged from July 18. At current price levels, steel mills' profits are relatively good, so they are reluctant to reduce production even in the off - season [21]. - Tire operation rates are weakly stable. On July 24, the operation rate of all - steel truck tires was 65.0%, a 0.1 - percentage - point decrease from July 17, and the operation rate of semi - steel car tires was 75.9%, also a 0.1 - percentage - point decrease from July 17. The operation rate of weaving machines in the Jiangsu - Zhejiang region declined moderately. On July 24, the operation rate of polyester filament in the Jiangsu - Zhejiang region was 92.1%, an 0.8 - percentage - point decrease from July 17, and the operation rate of downstream weaving machines was 55.6%, a 0.2 - percentage - point decrease from July 17 [6][24]. 3.1.2 Demand: Cement Prices Near Previous Lows - New home sales in 30 cities turned negative month - on - month. From July 1 - 29, the average daily sales area of commercial housing in 30 large and medium - sized cities was 20.1 million square meters, a 31.4% decrease from June, an 18.8% decrease from July last year, a 34.7% decrease from July 2023, and a 52.9% decrease from July 2022. By region, sales areas in first - tier, second - tier, and third - tier cities decreased by 27.9%, 15.9%, and 12.3% year - on - year respectively [29]. - The car market's retail sales are steadily strong. In July, retail sales increased by 9% year - on - year, and wholesale sales increased by 17% year - on - year. Since February 2025, the industry replacement rate has been stable above 60%, becoming the main driving force for the passenger car market [31]. - Steel prices maintain resilience. On July 29, the prices of rebar, wire rod, hot - rolled coil, and cold - rolled coil increased by 2.1%, 0.8%, 0.9%, and 0.9% respectively compared to July 22. Steel products have had inventory accumulation for two consecutive weeks. On July 25, the inventory of five major steel products was 9.271 million tons, a 50,000 - ton increase from July 18 [36]. - Cement prices are near previous lows. On July 29, the national cement price index decreased by 1.6% compared to July 22, with prices in the East China and Yangtze River regions dropping by 2.3% and 2.7% respectively. The national cement market continues to operate weakly with obvious regional differentiation [39]. - Glass prices have corrected. On July 29, the active futures contract price of glass was 1,182 yuan/ton, a 1.7% decrease from July 22. High inventory has dragged down prices [45]. - The container shipping freight index has declined for seven consecutive weeks. On July 25, the CCFI index decreased by 3.2% compared to July 18, and the SCFI index decreased by 3.3%. Except for the European route, the freight rates of the other three major ocean routes continued to fall [49]. 3.2 Inflation: Pig Prices Weaken 3.2.1 CPI: Pig Prices Weaken - Pig prices are weakening. On July 29, the average wholesale price of pork was 20.5 yuan/kg, a 1.2% decrease from July 22. Terminal consumption is suppressed by high temperatures, and the long - term supply is abundant. In July, the average wholesale price of pork was 20.6 yuan/kg, a 1.2% increase month - on - month and a 16.9% decrease year - on - year [56]. - The agricultural product price index oscillates weakly. On July 29, the agricultural product wholesale price index decreased by 0.04% compared to July 22. By variety, the price changes were in the order of eggs (up 5.1%) > fruits (up 1.7%) > mutton (up 0.9%) > vegetables (up 0.7%) > chicken (up 0.4%) > beef (down 0.02%) > pork (down 1.2%) [60]. 3.2.2 PPI: Oil Prices Rise - Oil prices are rising. On July 29, the spot prices of Brent and WTI crude oil were 71.6 and 69.2 dollars/barrel respectively, increasing by 2.2% and 6.0% compared to July 22. Concerns about crude oil supply support oil prices [63]. - Copper and aluminum prices are falling. On July 29, the prices of LME 3 - month copper and aluminum decreased by 0.9% and 1.2% respectively compared to July 22. Most industrial product prices increased in July, and the year - on - year decline of most industrial product prices narrowed [69][72].

Q2 & H1 Enel Chile - Consolidated results July 30th, 2025 Gianluca Palumbo CEO Key highlights of the period Q2 2025 hydro generation in line with last year's levels Notable performance of thermal generation and gas trading Resilience program remains underway, strengthening the grid to mitigate climate-related risks VAD 2024-28 Consultant's final report expected to be published in Q3 2025 H2 2025 energy regulated tariff decree published in Jul/25 BESS ancillary system regulation to be released in Q3 2025 +10 ...