巴基斯坦巴拉果德水电站项目25日举行大坝截流仪式，标志着这一中企承建的项目正式进入大坝主体施 工阶段。 巴拉果德水电站位于巴基斯坦西北部开伯尔-普什图省的昆哈河上，由中国能建葛洲坝集团总 承包建设、中国能建葛洲坝三公司承建，于2021年9月28日正式开工，总装机容量300兆瓦。 项目业主 方负责人赛义德·哈比卜乌拉·沙阿在仪式上致辞说，巴拉果德水电站是开伯尔-普什图省当前规划建设的 最大水电工程，建成后将有助于满足巴基斯坦日益增长的能源需求，助力巴实现经济发展目标、积极应 对气候变化、推动绿色低碳转型，有效降低巴对能源进口的依赖，增强巴能源安全和经济稳定性。 中 国能建总承包公司执行总经理、葛洲坝三公司总经理毛惠刚表示，该项目建设期间已为当地创造超过 2000个就业岗位，并带动电力、建材、服务等相关产业发展，企业未来将继续同巴方加强能源电力水利 业务对接，全力推进大坝主体工程建设，打造中巴能源合作样板工程。 据了解，巴拉果德水电站投产 运营后预计年平均发电量将达到11.44亿度，可满足约180万人口的用电需求。（新华网） ...

Core Insights - The company reported a revenue of 1.14 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 4.95%, while the net profit attributable to shareholders decreased by 4.54% to 4.22 billion yuan [1] - The decrease in water inflow from the Yalong River led to a slight decline in investment income, with the Yalong River Hydropower Company generating 70.93 billion kWh of electricity, down 0.78% year-on-year [1] - The company’s hydropower generation increased significantly due to the commissioning of new units, with a total generation of 4.86 billion kWh in the first three quarters, up 17.92% year-on-year [2] - The average on-grid electricity price for hydropower decreased by 6.47% to 0.188 yuan/kWh in the first three quarters, with a more significant drop of 28% in Q3 due to high rainfall during the flood season [2] - The photovoltaic segment faced pressure on both volume and price, with a total on-grid electricity generation of 216 million kWh, down 3.57% year-on-year, and an average on-grid price of 0.439 yuan/kWh, down 12.55% [3] - The company is actively advancing several renewable energy projects, indicating potential growth in the future [3] - Profit forecasts for 2025-2027 suggest a gradual increase in net profit, with estimates of 4.6 billion yuan in 2025, reflecting a year-on-year growth of 2.99% [3] Financial Performance - For Q3 2025, the company achieved a revenue of 429 million yuan and a net profit of 1.76 billion yuan, representing declines of 11.30% and 16.96% year-on-year, respectively [1] - Investment income for the company decreased by 15.82% to 1.76 billion yuan in Q3 due to lower contributions from hydropower generation [1] Hydropower Segment - The company’s controlled hydropower enterprises completed a total generation of 4.857 billion kWh in the first three quarters, marking a year-on-year increase of 17.92% [2] - The average on-grid electricity price for hydropower in Q3 was approximately 0.1210 yuan/kWh, reflecting a significant decrease due to seasonal factors [2] Photovoltaic Segment - The company’s photovoltaic power generation faced challenges, with a total on-grid electricity generation of 216 million kWh, down 3.57% year-on-year [3] - The average on-grid electricity price for photovoltaic projects was 0.439 yuan/kWh, down 12.55% year-on-year, indicating competitive pressures in the market [3] Future Outlook - The company is pursuing several renewable energy projects, including energy storage and solar power initiatives, which are expected to contribute to future revenue growth [3] - Profit forecasts indicate a steady increase in net profit over the next few years, with a projected PE ratio of 15.58 for 2025 [3]

Core Viewpoint - The successful completion of the dam's diversion at the Balakot Hydropower Station in Pakistan marks a significant milestone, transitioning the project into the main construction phase, highlighting the importance of Sino-Pakistani cooperation in energy development [1][2][8]. Project Overview - The Balakot Hydropower Station is located in Khyber Pakhtunkhwa province, approximately 220 kilometers from Islamabad, and is the largest hydropower project currently planned by the provincial energy development authority [4]. - The project consists of three mixed-flow generating units, each with a capacity of 100 megawatts, leading to a total installed capacity of 300 megawatts [4]. - Upon completion, the station is expected to generate an average annual output of approximately 1.144 billion kilowatt-hours, sufficient to meet the electricity needs of around 1.8 million people [4]. Economic and Social Impact - The project has created over 20,000 jobs during its construction phase and has stimulated the development of related industries such as electricity, building materials, and services [4]. - The CEO of the Khyber Pakhtunkhwa Energy Development Organization emphasized that the hydropower station will provide stable and economical electricity, enhancing industrial productivity and promoting the growth of agriculture, manufacturing, and services [6]. - The project is expected to alleviate Pakistan's growing energy demand, support the country's economic goals, and contribute to climate change mitigation and a green low-carbon transition [6]. Significance of Cooperation - The project director highlighted that the diversion ceremony represents a crucial milestone, indicating the shift from preparatory work to core construction, and reflects the enduring friendship and cooperation between China and Pakistan [8].

Core Viewpoint - The Kyrgyzstan Ministry of Energy is exploring financing options for the Kambarat-1 hydropower project, with around 10 international financial institutions expressing interest in providing funding [1] Financing Details - The project requires approximately $1.5 billion in external financing if the local funding contribution is 34% [1] - Various funding proposals totaling $3.1 billion have been presented, including grants and concessional loans with repayment periods exceeding 20 years [1] - The Ministry is particularly interested in the financing proposals from the Asian Development Bank, the Italian Development Bank, and the Islamic Development Bank [1] Project Viability - The Kambarat-1 hydropower station is expected to be self-sustaining and will not receive state subsidies [1] - The profitability of the project has been recognized by various financial institutions [1]

Core Insights - The European Bank for Reconstruction and Development (EBRD) is considering providing a $1.5 billion loan for the Kambaratinskaya-1 hydropower project, which will be implemented in three phases of $500 million each [1] Group 1 - The EBRD President, Odile Renaud-Basso, confirmed the potential loan during an interview with Reuters [1] - The funding aims to support the development of the Kambaratinskaya-1 hydropower station in Kyrgyzstan [1] - The project is expected to enhance the energy infrastructure in the region [1]

Core Points - China Three Gorges Corporation announced that the Three Gorges Reservoir has reached its normal water level of 175 meters, completing the water storage task for 2025 [1] - This marks the 14th time since 2010 that the reservoir has achieved this goal, laying a solid foundation for comprehensive benefits in water supply, irrigation, power generation, navigation, and ecology for the upcoming winter and spring [1] - The reservoir successfully managed water storage and flood control during the storage period, responding to multiple rounds of small to medium floods, including the annual maximum inflow peak flow of 42,500 cubic meters per second [1] Water Management and Coordination - During the 45-day water storage process, the company closely monitored the water situation in the Yangtze River Basin and the upstream reservoir storage plans [1] - Continuous hydrological and meteorological consultations were conducted, enhancing communication and coordination with the Ministry of Water Resources, Yangtze River Commission, power grid companies, shipping departments, and local governments [1] - The company successfully completed the water storage task while ensuring flood defense and post-flood water storage, achieving dual victories [1] Operational Stability - The operation of the Three Gorges Project remained stable during the water storage period, with all monitoring indicators for the dam, power station, navigation buildings, and related facilities being normal [1] - Conditions regarding sediment, geology, and water quality in the reservoir area were reported to be good [1]

Group 1: Investment Agreement - Hunan Development has signed an investment development agreement for a photovoltaic project with the Jiahe County government, focusing on renewable energy generation [1] - The project is planned to have a scale of 800MW with a total investment of approximately 2.4 billion yuan, to be constructed in phases from 2026 to 2029 [1] - The agreement aims to enhance the company's core energy business and improve its overall competitiveness, although it is currently an investment intention agreement and not finalized [1] Group 2: Recent Developments in Renewable Energy - Hunan Development has shown significant interest in the photovoltaic sector, with plans to invest in a distributed photovoltaic project on the roof of Xiangke Building in Changsha, with a planned capacity of approximately 0.6579MWp and a static total investment of about 2.1053 million yuan [2] - The company is also planning to acquire controlling stakes in four hydropower stations from Hunan Energy Group Power Investment Co., with a transaction value of 1.512 billion yuan, which will enhance its hydropower capacity and strengthen its position in the clean energy sector [2][3] - The acquisition includes stakes in Cuowan, Qingshuitang, Xiaoxi, and Gaotan hydropower stations, with a total assessed value of 1.708 billion yuan and expected revenue of 459 million yuan in 2024 [3]

Core Viewpoint - The State Grid Gansu Liujiashan Hydropower Plant has increased the daily outflow of the Liujiashan Reservoir to 1,400 cubic meters per second to support agricultural irrigation needs along the Yellow River in Inner Mongolia and Ningxia, starting from October 24 [1] Group 1: Agricultural Support - The autumn and winter irrigation are crucial for improving soil moisture and ensuring food security for the coming year [1] - The Inner Mongolia Hetao Irrigation District plans to complete autumn irrigation over an area of more than 4.3 million acres, with a total water usage of nearly 950 million cubic meters [1] - The Ningxia Yellow River Irrigation District plans to divert around 1 billion cubic meters of water, irrigating over 5 million acres over a period of 37 days [1] Group 2: Water Resource Management - Liujiashan Reservoir plays a key role in irrigation, flood control, and ice prevention in the upper reaches of the Yellow River [1] - The increase in outflow not only meets the irrigation needs but also prepares for the upcoming winter ice prevention period by freeing up reservoir capacity [1] - Efficient water resource scheduling is emphasized as temperatures drop and the Yellow River basin transitions into autumn and winter [1]

Investment Rating - The report maintains a positive outlook on the Guangdong electricity market, indicating an "Overweight" rating for the industry [2]. Core Insights - The Guangdong Electricity Trading Center has released the key mechanisms and parameters for the 2026 trading year, which includes all new energy generation entering the market and a defined annual trading arrangement [2]. - The initial trading cap for coal, gas, and nuclear power plants is set at 70%, with potential adjustments based on market conditions [2]. - The benchmark electricity price for 2026 is set at 0.463 yuan/kWh, with upper and lower limits of 0.554 yuan/kWh and 0.372 yuan/kWh, respectively [2]. - Nuclear power's market transaction volume is expected to increase, with a planned volume of 312 billion kWh for 2026, up from 273 billion kWh in 2025 [2]. - The removal of the variable cost compensation mechanism for nuclear power is anticipated to enhance revenue, with projections indicating an increase of approximately 4 billion yuan to 10 billion yuan based on market conditions [2]. Summary by Sections Annual Trading Mechanism - The annual trading mechanism for 2026 has been established, allowing all new energy sources to enter the market, with trading limits based on historical performance [2]. Pricing Structure - The pricing structure remains unchanged, with a floating range based on a benchmark price of 0.453 yuan/kWh for coal, leading to a market reference price of 0.463 yuan/kWh for 2026 [2]. Nuclear Power Revenue - The nuclear power sector is expected to see revenue growth due to the elimination of the variable cost compensation mechanism, with significant increases in market transaction volumes planned for 2026 [2].

Core Viewpoint - China Water Resources and Electric Power Foreign Company (referred to as "Water Power Foreign") has played a significant role in international economic cooperation in the water and electricity sector for 70 years, contributing to global energy cooperation and sustainable development through high-quality services and projects across over 80 countries and regions [4][6][15]. Historical Development - Water Power Foreign's history dates back to the 1950s, initially serving as an aid organization under the Ministry of Water Resources and Electric Power, and has since evolved into a key player in international engineering contracting [6][7]. - The company transitioned to the international engineering contracting market post-reform and opened its doors to global projects, marking a significant shift from a "window-type" to an "entity-type" operation [6][7]. - In the new era, Water Power Foreign has capitalized on the Belt and Road Initiative, completing numerous landmark projects that have global influence [6][7]. Project Achievements - Water Power Foreign has been listed among the top 250 international contractors by ENR for over 30 consecutive years, establishing a dual-driven development model of "contracting + investment" [7]. - Significant projects include the Keletta Hydropower Station in Guinea, which increased the country's power generation capacity by 200%, and the largest hydropower station in Guinea, which supplies 80% of the national electricity [8][9]. - In Laos, the company operates three hydropower stations with a total capacity of 440,000 kilowatts, contributing significantly to the country's energy stability [9]. Commitment to Green Development - Water Power Foreign adheres to a philosophy of "green development and people-oriented" practices, integrating ecological protection and social responsibility into project construction [11][12]. - The company employs advanced technologies to minimize environmental impact, as demonstrated in the construction of the San Gawan Hydropower Station in Peru, where biodiversity was actively preserved [11]. - The company emphasizes local talent cultivation through various training programs, significantly boosting local employment and skills development [12][13]. Social Responsibility - Water Power Foreign actively engages in social responsibility initiatives across various countries, focusing on education, healthcare, and community development [13][14]. - In Laos, the company has funded the construction of schools and educational programs, benefiting thousands of local residents [14]. - The company aims to foster long-term relationships and mutual benefits through its projects, contributing to the well-being of local communities [13][14].