经济观察网9月5日，陕西省水电开发集团股份有限公司(简称：陕西水电)上交所主板IPO审核状态变更 为"终止"。因陕西水电、保荐人撤回发行上市申请，根据《上海证券交易所股票发行上市审核规则》第 六十三条有关规定，上交所决定终止其发行上市审核。 ...

9月4日，中新建电力集团总经济师、天富能源党委书记尹俊涛，玛纳斯县委常委、常务副县长杨康共同 率队赴沙湾市，与沙湾市委书记曾梁等党政主要领导，联合召开哈熊沟水电站项目专题推进会。沙湾市 委常委、常务副市长蒋亚东以及天山东部管理局、天东林管局、发改委、林草局、自然资源局、水利局 等相关部门主要负责人共同参会。 此次会议是三方党委首次就清洁能源项目开展的高层级、多部门联合实地洽谈，标志着兵地融合从机制 探索迈入实体化项目运作的新阶段。会上，各方聚焦项目规划衔接、用地审批、路径选择等核心议题， 现场协调解决问题，共同研判项目形势，并就项目资源整合、建设运营等内容达成多项共识，并建立了 常态化协调推进机制。 哈熊沟水电站作为三方首次携手推进的重大清洁能源项目，不仅对优化区域能源结构、增强电网调峰能 力、促进水资源集约开发具有战略意义，更是新时期探索协同发展新路径的标志性工程。项目建成后， 将显著提升区域能源保供能力，带动绿色产业发展，创造更多就业机会，成为区域经济社会发展的重要 增长极。 目前，三方已建立"党委牵头、专班推进、定期会商"的联动机制，明确时间表、路线图和责任清单，全 力推动项目加快前期工作、尽快实质开工 ...

Investment Rating - The report maintains a "Buy" recommendation for the electricity and public utilities sector, highlighting potential catalysts from green energy policies [2] Core Insights - The report indicates a recovery in profitability for thermal power, stable growth in hydropower, and anticipates future developments in nuclear and green energy sectors [2][5] Summary by Sections Thermal Power - The decline in coal prices has driven performance improvements, with notable profit growth in companies such as JianTou Energy (+157.96%) and JingNeng Power (+116.63%) in H1 2025 [5][10] - The outlook suggests that continued coal price declines may lead to excess profits for thermal power companies, with coal prices significantly lower than the previous year [14][17] Hydropower - Performance in hydropower has been driven by improved water inflow, with companies like MinDong Power (+32.96%) and GanSu Energy (+16.87%) showing strong profit growth in H1 2025 [27][33] - The outlook indicates a potential shift in market dynamics due to rising long-term bond rates, which may affect asset allocation strategies [39] Nuclear Power - Short-term performance for nuclear power companies has been under pressure, with China Nuclear Power reporting a 3.7% decline in net profit in H1 2025, while China General Nuclear Power saw a 16.3% drop [41][42] - The long-term outlook remains positive, with significant growth potential expected as new nuclear units are commissioned [54] Green Energy - The offshore wind sector is poised for growth, although traditional green energy faces challenges. Companies like FuNeng Co. reported a 12.48% increase in net profit, while others experienced declines due to weak wind conditions [59][60] - The report emphasizes the importance of policy catalysts for offshore wind development and suggests monitoring companies involved in this sector [5][58]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company demonstrated resilient growth in its quarterly performance, showcasing its value as a dividend model [2][6] - In the first half of 2025, the company achieved a total power generation of approximately 126.66 billion kWh, a year-on-year increase of 5.01%, leading to a net profit attributable to shareholders of 13.056 billion yuan, up 14.86% year-on-year [2][6] - The company continues to emphasize high dividend commitments, planning to distribute no less than 70% of the net profit attributable to shareholders in cash dividends from 2026 to 2030, reflecting a strong focus on shareholder returns [2][6] Summary by Sections Financial Performance - In the first half of 2025, the company reported operating revenue of 36.698 billion yuan, a year-on-year increase of 5.34%, and a net profit of 13.056 billion yuan, up 14.86% [2][6] - The second quarter saw a stable revenue growth of 2.61% year-on-year, despite weaker water inflow in the river basin [2][6] - The financial expenses decreased by 14.93% year-on-year, contributing positively to the profit margins [2][6] Operational Insights - The company optimized its power dispatching, resulting in steady growth in power generation despite challenges in water inflow [2][6] - The second quarter's power generation showed a year-on-year increase of 1.63%, with specific power stations like Wudongde and Baihetan showing significant growth rates [2][6] Dividend Policy - The company has reiterated its commitment to high dividends, with a planned distribution of at least 70% of net profits from 2026 to 2030 [2][6] - The expected dividend yield is projected to reach 3.58% based on anticipated performance in the early years of the 14th Five-Year Plan [2][6]

（原标题：上半年吉小水电站发电量显著增长） 据吉尔吉斯斯坦塔扎别克新闻网8月31日报道，吉能源结算中心数据显示，2025年上半年，吉小水 电站共发电2.18亿千瓦时，同比增长65%。其中，恰干国有公司发电1.33亿千瓦时，其他小水电站发电 8500万千瓦时。小水电发电占比达2.7%，较1年前增长0.9个百分点。 ...

证券日报网讯雪人集团（002639）9月4日在互动平台回答投资者提问时表示，公司已参与雅鲁藏布江流 域上游的多个水电项目，已具备成熟的系统集成经验与交付能力。 ...

人民财讯9月4日电，企查查APP显示，近日，雅砻江流域水电开发有限公司发生工商变更，注册资本由 473亿元增至507亿元。企查查信息显示，该公司成立于1995年，法定代表人为孙文良，由国投电力 （600886）、川投能源（600674）共同持股。 ...

据统计，截至目前，玛尔挡水电站2025年累计发电量超32亿千瓦时，自2024年4月1日该水电站首台机组 并网发电以来，累计发电量超61亿千瓦时，均为100%绿色电能。(完) （文章来源：中国新闻网） 图为2024年4月玛尔挡水电站大坝航拍图。(玛尔挡水电站供图) 玛尔挡水电站位于青海省果洛藏族自治州玛沁县拉加镇上游约5千米的黄河干流上，所处地区平均海拔 3300米，总装机容量232万千瓦，是黄河干流建成海拔最高、装机最大的水电站，是黄河上游青海段首 个千万千瓦级"水风光蓄"多能互补全清洁能源一体化项目核心工程，也是中国实施"西电东送"和"青电 入豫"的骨干电源点。 面对汛期与用电高峰叠加形势，玛尔挡水电站密切联动电网、气象及水利部门，精准预判来水趋势并动 态优化发电方案，最大限度挖掘水资源潜力，充分释放电站产能，重点加强发变电设备、稳控系统及并 网线路的巡检维护。 中新社西宁9月3日电 (李隽马福海)记者3日从国家能源集团青海玛尔挡水电站获悉，9月以来，受黄河上 游持续丰沛来水推动，玛尔挡水电站迎来发电高峰期，5台机组于9月2日实现最大负荷运行，单日发电 量达到4028万千瓦时，平均负荷率80%，水能利用率1 ...

Group 1 - The article highlights the simultaneous launch of two major national projects in China's western region, indicating a strategic shift in development focus and geopolitical strategy [3][8][9] - The total investment for the two projects, the Yarlung Tsangpo River Hydropower Project and the Xinjiang-Tibet Railway, exceeds 1.6 trillion yuan, representing over 1% of China's GDP in 2024 [6][10] - The Yarlung Tsangpo River Hydropower Project is set to become the world's largest hydropower project, with an annual generation capacity of approximately 300 billion kilowatt-hours, equivalent to three Three Gorges dams [12][13][45] Group 2 - The Xinjiang-Tibet Railway, spanning about 2,000 kilometers, will connect Xinjiang and Tibet, traversing some of the highest mountain ranges in the world, making it the highest and most challenging railway to construct [14][15][20] - Both projects face significant challenges, including high altitude, complex geological conditions, and extreme weather, which complicate construction efforts [20][22][28][30] - The construction periods for both projects exceed 10 years, requiring continuous substantial funding, with the Xinjiang-Tibet Railway needing 30-40 billion yuan annually [35][36] Group 3 - The Yarlung Tsangpo River Hydropower Project addresses energy security concerns, as China is the world's largest energy consumer, heavily reliant on coal and oil imports [39][40][41] - The Xinjiang-Tibet Railway will enhance connectivity between two of China's largest provinces, facilitating trade and economic growth in the region [48][50] - The development of these projects is expected to transform the economic landscape of western China, enabling the region to develop its own industries and attract investment [62][86][89] Group 4 - The article discusses the geopolitical implications of these infrastructure projects, positioning China to establish a land-based transportation network that enhances its influence across Eurasia [68][78] - The Xinjiang-Tibet Railway will connect to key trade routes, including the China-Kyrgyzstan-Uzbekistan Railway, facilitating access to Central Asian resources [70][71] - The development of these projects is seen as a significant step in China's "Western Development 2.0" initiative, aiming to create sustainable economic growth in the western region [91][92]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a revenue of 36.698 billion yuan for the first half of 2025, representing a year-on-year growth of 5.34%, and a net profit attributable to shareholders of 13.056 billion yuan, up 14.86% year-on-year, which is in line with expectations [7] - The controlling shareholder, China Three Gorges Corporation, plans to increase its stake in the company through the secondary market within the next 12 months, with an investment amount between 4 billion and 8 billion yuan, indicating confidence in the company's long-term development [7] - The company has a strong dividend policy, having committed to a cash dividend of no less than 0.65 yuan per share from 2016 to 2020, and maintaining a payout ratio of no less than 70% of net profit from 2021 to 2025, with dividends consistently exceeding these commitments [7] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 89.766 billion yuan, with a year-on-year growth rate of 6.2% [6] - The net profit attributable to shareholders is projected to be 35.561 billion yuan in 2025, reflecting a growth rate of 9.4% [6] - The earnings per share (EPS) is expected to be 1.45 yuan in 2025, with a gross margin of 60.1% [6] - The company's return on equity (ROE) is forecasted to be 16.0% in 2025, with a price-to-earnings (PE) ratio of 19 [6]