Core Viewpoint - China General Nuclear Power Corporation (CGN) New Energy reported a decrease in total power generation for the year ending July 2025, with a total of 1,731.3 GWh, reflecting a 1.7% decline compared to 2024 [1] Summary by Category Power Generation Performance - The total power generation for the first seven months of 2025 was 11,306.8 GWh, which is a 1.0% decrease year-on-year compared to 2024 [1] - Breakdown of power generation changes includes: - Wind power projects in China decreased by 8.1% - Solar power projects in China increased by 60.3% - Gas power projects in China increased by 51.6% - Hydropower projects in China increased by 12.5% - Projects in South Korea decreased by 15.5% [1] Year-on-Year Changes - For the first seven months of 2025, the year-on-year changes in power generation by project type are as follows: - Wind power projects in China increased by 2.2% - Solar power projects in China increased by 19.7% - Gas power projects in China increased by 4.8% - Hydropower projects in China decreased by 19.9% - Projects in South Korea decreased by 10.3% [1]

本文源自：财华网 【财华社讯】中广核新能源(01811.HK)公布，初步统计，2025年7月集团按合并报表口径完成发电量 1,731.3吉瓦时，较2024年同比减少1.7%。其中，中国风电项目减少8.1%，中国太阳能项目增加60.3%， 中国燃气项目增加51.6%，中国水电项目增加12.5%及韩国项目减少15.5%。 截至2025年7月31日止七个月，集团今年累计完成发电量11,306.8吉瓦时，比2024年同比减少1.0%。其 中，中国风电项目增加2.2%，中国太阳能项目增加19.7%，中国燃气项目增加4.8%，中国水电项目减少 19.9%及韩国项目减少10.3%。 ...

Core Viewpoint - China General Nuclear Power Corporation (CGN) New Energy reported a decrease in total power generation for July 2025 compared to the previous year, with specific variations across different energy sources [1] Group 1: Power Generation Performance - The total power generation for the group in July 2025 reached 1,731.3 GWh, representing a year-on-year decrease of 1.7% compared to 2024 [1] - For the first seven months ending July 31, 2025, the cumulative power generation was 11,306.8 GWh, which is a 1.0% decrease year-on-year from 2024 [1] Group 2: Breakdown by Energy Source - Chinese wind power projects saw a decrease of 8.1% in generation [1] - Chinese solar power projects experienced a significant increase of 60.3% [1] - Chinese gas projects increased by 51.6% [1] - Chinese hydropower projects increased by 12.5% [1] - Korean projects faced a decrease of 15.5% [1] Group 3: Year-to-Date Performance - In the first seven months of 2025, Chinese wind power projects increased by 2.2% [1] - Chinese solar power projects increased by 19.7% [1] - Chinese gas projects increased by 4.8% [1] - Chinese hydropower projects decreased by 19.9% [1] - Korean projects decreased by 10.3% [1]

本文源自：金融界AI电报 中广核新能源公告，2025年7月，本集团完成发电量1731.3吉瓦时，较2024年同比减少1.7%。 泰升集团 公告，预期与截至2024年6月30日止六个月的净利润约1070万港元相比，截至2025年6月30日止六个月将 录得净利润增加至约3400万港元。 ...

中广核新能源公告，2025年7月，本集团完成发电量1731.3吉瓦时，较2024年同比减少1.7%。其中，中 国风电项目减少8.1%，中国太阳能项目增加60.3%，中国燃气项目增加51.6%，中国水电项目增加12.5% 及韩国项目减少15.5%。截至2025年7月31日止七个月，本集团今年累计完成发电量11306.8吉瓦时，比 2024年同比减少1.0%。其中，中国风电项目增加2.2%，中国太阳能项目增加19.7%，中国燃气项目增加 4.8%，中国水电项目减少19.9%及韩国项目减少10.3%。 ...

Group 1 - The core viewpoint of the articles highlights significant growth in energy investment in China, with over 1.5 trillion yuan invested in key energy projects in the first half of the year, marking a year-on-year increase of 21.6% [1][2] - Investment in renewable energy generation has seen rapid growth, with land-based wind power investments in Guangxi and Xinjiang doubling compared to the same period last year. Centralized photovoltaic investments increased by 24.5%, while distributed photovoltaic investments surged by over 70% [1] - Investment in power supply security continues to expand, with coal and nuclear power sectors maintaining robust growth. Key coal power projects in East China, Central China, and Western Inner Mongolia have been completed and put into operation [1] Group 2 - Investment in new energy sectors is accelerating, with hydrogen energy project investments doubling in the first half of the year. Multiple green hydrogen projects in Jilin are progressing rapidly [1] - The investment in charging and swapping infrastructure has increased by nearly 70% year-on-year, while new energy storage and integrated source-grid-load-storage projects have also seen over 30% growth [1] - Private enterprises in the energy sector have experienced rapid investment growth, with a year-on-year increase of 27.8% in the first half of the year. Investments in distributed photovoltaic and land-based wind power have surged by over 40% [2]

证券代码：000595 证券简称：*ST 宝实 公告编号：2025-094 宝塔实业股份有限公司 为进一步扩大公司新能源发电装机规模，增加发电业务收 入，形成区域竞争优势和规模优势。董事会同意公司控股子公 司宁国运新能源（灵武）有限公司投资建设宁国运新能源（灵 武）有限公司马家滩 240MW/480MWh 储能电站项目。项目动 态总投资约为人民币 37,298.42 万元。为避免影响项目工程进 度，公司董事会同意经营层在董事会审议通过后可以开展前期 工作。具体内容详见公司同日在巨潮资讯网披露的《关于投资 建设灵武马家滩 240MW/480MWh 储能电站项目的公告》（公 告编号：2025-097）。 本公司及董事会全体成员保证信息披露的内容真实、 准确、完整，没有虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 宝塔实业股份有限公司（以下简称"公司"）第十届董事会 第二十三次会议于 2025 年 8 月 5 日以电子邮件方式发出通知， 于 2025 年 8 月 11 日以现场及通讯方式召开。本次会议应到董 事 6 名，实到董事 6 名，其中 4 名董事以通讯方式表决，其余 董事以现场方式表决。公司监事 ...

Core Viewpoint - The announcement details the signing of a management entrustment agreement between Baota Industrial Co., Ltd. and its controlling shareholder Ningxia Guoyou Capital Operation Group Co., Ltd., which involves the management of several renewable energy projects to avoid competition issues [1][13]. Summary by Sections 1. Overview of Related Transactions - The management entrustment agreement allows Ningxia Guoyou to entrust its renewable energy projects to Baota Industrial and its wholly-owned subsidiary Ningxia Electric Power Investment New Energy Co., Ltd. The annual management fee for the entrusted projects is set at 1 million yuan [1][12]. 2. Basic Information of Related Parties - Ningxia Guoyou Capital Operation Group Co., Ltd. is a state-owned enterprise with a registered capital of 3 billion yuan, primarily engaged in investment and related businesses [2]. - Ningxia Electric Power Investment Group Co., Ltd. has a registered capital of approximately 2.24 billion yuan and focuses on investment in the power sector [3]. - Ningxia Electric Power Investment Co., Ltd. is a wholly-owned subsidiary of Ningxia Electric Power Investment Group, established in 2015, with total assets of approximately 255.4 million yuan as of the end of 2024 [4]. 3. Basic Information of Entrusted Projects - The entrusted projects include: - 51% equity of Ningguo Energy (Yanchi County) Co., Ltd., which owns a solar project with a capacity of 850,000 kW [6]. - 51% equity of Ningguo Energy (Zhongning) Co., Ltd., which owns a wind-solar hybrid project with a capacity of 1 million kW [7]. - 100% equity of Ningxia Electric Power Salt Lake New Energy Co., Ltd., which owns a 750 MW wind-solar hybrid project [9]. - 100% equity of Ningxia Electric Power Yongli (Zhongwei) New Energy Co., Ltd., which owns a 3 million kW solar base project [10]. 4. Pricing Policy and Basis for Related Transactions - The pricing for the management entrustment is based on fair and reasonable principles, with the management fee set at 1 million yuan per year for each entrusted project [12][13]. 5. Main Content of the Entrustment Agreement - The agreement outlines the rights and responsibilities of both parties, including management rights, supervision rights, and the ability to appoint directors and senior management for the entrusted companies [11][12]. 6. Purpose and Impact of the Related Transactions - The transaction aims to resolve competition issues between Ningxia Guoyou and the company, aligning with the interests of the company and all shareholders, without adversely affecting the company's financial status or operational results [13][14].

Major Events - Tianyue Advanced (02631) plans to globally offer 47.7457 million H-shares from August 11 to August 14 [1] - Hengrui Medicine (01276) has its injection drugs listed in the proposed breakthrough treatment varieties public notice [1] - Shoucheng Holdings (00697) invests in Southern Universal Data Center REIT and Southern Runze Technology Data Center REIT [1] - Boyaa Interactive (00434) is included in the MSCI Global Small Cap Index [1] Financial Performance - Yum China (09987) reports a net profit of $507 million, an increase of 1.6% year-on-year [1] - Master Kong Holdings (00322) announces a profit attributable to shareholders of 2.271 billion yuan, up 20.5% year-on-year [1] - Q Tech (01478) reports a profit of 308 million yuan, a significant increase of 167.59% year-on-year [1] - Hang Wan Technology (01523) announces a net profit of approximately $21.665 million, up about 13.4% year-on-year, with a dividend of 12.34 HK cents per share [1] - Ruipu Lanjun (00666) reports a gross profit of approximately 829 million yuan, a year-on-year growth of 177.8% [1] - Kingdee International (00268) sees a revenue increase of 11.24% to 3.192 billion yuan, with strong growth in cloud business [1] - Yuyuan Group (00551) reports a profit attributable to shareholders of $171 million, a decrease of 7.2% year-on-year [1] - Boyaa Interactive (00434) reports a profit attributable to shareholders of 226 million HKD, down 27.8% year-on-year [1] - Chongqing Machinery and Electric (02722) expects a net profit attributable to shareholders to increase by about 50% year-on-year [1] - Anton Oilfield Services (03337) anticipates a significant profit increase of 41.6% to 60.5% year-on-year [1] - Sany International (00631) expects a net profit of approximately 1.234 billion to 1.332 billion yuan, an increase of 25% to 35% year-on-year [1] - Datang Renewable (01798) reports a cumulative power generation of approximately 21.3563 million MWh in the first seven months, an increase of 11.75% year-on-year [1] - China Jinmao (00817) reports a cumulative contracted sales amount of 61.807 billion yuan in the first seven months, up 23.12% year-on-year [1] - New Town Development (01030) reports a cumulative contract sales amount of approximately 11.99 billion yuan in the first seven months, down 55.66% year-on-year [1] - Dongfeng Motor Group (00489) reports automobile sales of approximately 978,500 units in the first seven months, a decrease of about 8.9% year-on-year [1] - Hopson Development Holdings (00754) reports a total contracted sales amount of approximately 9.047 billion yuan in the first seven months, down 12.49% year-on-year [1] - Yuyuan Group (00551) reports a net operating income of approximately $667.5 million in July, a year-on-year decrease of 1.9% [1]

Core Viewpoint - The implementation of "green electricity direct connection" is a significant measure to meet the green and low-carbon energy demands of enterprises and accelerate the energy transition in China, as outlined in the "Document No. 650" issued by the National Development and Reform Commission and the National Energy Administration [1][2]. Group 1: Green Electricity Direct Connection - Green electricity direct connection allows renewable energy generation equipment to connect directly with high-energy-consuming users, reducing intermediary steps in the power grid [1]. - The "Document No. 650" specifies the implementation requirements for green electricity direct connection, including applicable scope, planning management, and market pricing mechanisms [1][2]. - This approach aims to meet the urgent demand for green electricity from high-energy-consuming and export-oriented enterprises, exploring diversified paths for renewable energy consumption beyond the large power grid [2]. Group 2: Implementation Challenges - There are significant differences in the composition of renewable energy and energy-consuming enterprises across various provinces in China, leading to challenges in the implementation of green electricity direct connection [3]. - The document requires local authorities to develop specific implementation details based on the principles outlined, indicating that current regulations primarily apply to single energy-consuming enterprises [3][4]. - The document does not specify the distance for local consumption of projects, leaving it to provincial energy authorities to determine based on local power supply and demand conditions [4]. Group 3: Economic Considerations - The total investment for green electricity direct connection projects includes investments in renewable energy stations, supporting energy storage systems, direct connection line engineering, and load-side distribution facilities [5]. - Companies must carefully evaluate their need for direct connection based on export carbon reduction pressures and consider the full lifecycle costs of projects, including construction, operation, and potential default risks [4][5]. - The economic feasibility of projects relies on matching supply and demand, necessitating a rational choice between green electricity direct connection and public grid access [5]. Group 4: Policy and Coordination - The implementation of green electricity direct connection is currently in a phase where many details are yet to be clarified, emphasizing the need for orderly progress [6]. - Local governments should prioritize resource-rich areas for expanding direct connection ranges while considering the structural integrity and stability of the power grid [6][7]. - Engaging with local renewable energy enterprises, energy-consuming companies, and grid enterprises is crucial for developing suitable policies and implementation details for green electricity direct connection [7].