Core Viewpoint - The establishment of China Yajiang Group Co., Ltd. is a significant decision made by the central government to ensure the successful construction and operation of the Yajiang Hydropower Project, aligning with national security and energy strategies [1] Group 1 - The formation of China Yajiang Group is a strategic move to implement the overall national security concept and new energy security strategy [1] - The company is tasked with ensuring quality and safety in project management and construction, emphasizing technological innovation and ecological protection [1] - The management structure will be streamlined and efficient, incorporating digital and intelligent command systems to enhance operational management [1] Group 2 - The company aims to integrate party leadership with corporate governance, ensuring that the party's direction and oversight are effectively implemented [1] - The goal is to develop the Yajiang Hydropower Project into a century project that withstands historical scrutiny and serves as a benchmark for similar projects [1]

据新华社，中国雅江集团有限公司成立大会近日在京举行，中共中央政治局委员、国务院副总理张 国清出席并为公司成立揭牌。 张国清强调，组建中国雅江集团有限公司，是以习近平同志为核心的党中央从战略和全局高度作出 的重大决策，是深入落实总体国家安全观、能源安全新战略和新时代党的治藏方略，保障雅下水电 工程顺利建设运营的重要举措。中国雅江集团要坚决落实党中央、国务院决策部署，精心做好工程 组织管理和建设实施，坚持质量为先、安全为本，注重科技攻关和生态保护，以对历史、对人民高 度负责的精神推进工程建设。要扎实抓好企业运营管理，建立扁平化、高效率管理架构，建设数字 化、智能化指挥调度系统，构建符合工程建设需要的考核激励机制和队伍管理体系，大力传承弘 扬"老西藏精神"，营造干事创业浓厚氛围。要坚持党的领导与完善公司治理有机统一，发挥好公司 党组把方向、管大局、保落实的作用，发挥好基层党组织战斗堡垒作用和党员先锋模范作用，全力 把雅下水电工程打造成为具有中国特色、经得起历史检验的世纪工程、标杆工程。 中央和国家机关有关部门、有关地方、有关企业负责同志，以及专家、职工代表等参加大会。 ...

雅鲁藏布江下游水电工程开工仪式7月19日上午在西藏自治区林芝市举行。中共中央政治局常委、国务 院总理李强出席开工仪式，并宣布工程正式开工。当日9时许，开工仪式在林芝市米林水电站坝址举 行。国家发展改革委、项目业主中国雅江集团、项目参研参试参建单位代表中国电建、西藏自治区主要 负责同志先后发言。李强宣布雅鲁藏布江下游水电工程开工，工程建设正式拉开帷幕。吴政隆主持开工 仪式。中央和国家机关有关部门、有关中央企业负责同志，雅鲁藏布江下游水电工程建设专家咨询委员 会委员，项目参研参试参建单位、当地群众代表等参加开工仪式。雅鲁藏布江下游水电工程位于西藏自 治区林芝市。工程主要采取截弯取直、隧洞引水的开发方式，建设5座梯级电站，总投资约1.2万亿元。 工程电力以外送消纳为主，兼顾西藏本地自用需求。(新华社) ...

今年上半年，长江中下游降雨来水偏少。面对中下游农业灌溉供水紧张形势，6座梯级水库持续加大补 水力度，在本轮枯水期累计向长江中下游补水251.86亿立方米，其中三峡水库累计开展3次专项保灌溉 补水调度。 梯级电站积极配合航运部门开展航运调度，稳步抬升长江航道水深，有效改善通航条件。向家坝升船机 自24小时运行以来，日均运行厢次、通行船舶不断攀升，上半年通过船舶1870艘次，货运量85.1万吨， 已完成年度目标的76.02%。三峡枢纽通过量达8307.7万吨，同比增长10.4%，持续助力长江黄金水道发 挥黄金效益。今年上半年，梯级电站有序开展叠梁门分层取水等4类15次生态调度试验，持续发挥水库 生态效益，为促进鱼类产卵创造了良好条件。 本报北京7月18日电(记者杨子岩)记者从中国长江三峡集团有限公司获悉：今年上半年，由乌东德、白 鹤滩、溪洛渡、向家坝、三峡、葛洲坝（600068）6座电站构成的世界最大清洁能源走廊综合效益充分 发挥。 在保障能源安全上，三峡集团精确调度、精益运行、精心维护，长江干流6座梯级电站综合耗水率创历 史同期新低，有效发挥了梯级水库水头效益。上半年，6座梯级电站累计发电量达1266.6亿千瓦 ...

Core Insights - The third China International Supply Chain Promotion Expo is being held from July 16 to 20, showcasing advancements in global supply chain connectivity and infrastructure [1] - The 2025 Global Supply Chain Promotion Report highlights the increasing connectivity of global infrastructure, particularly in the Global South, and the steady improvement in traditional and new infrastructure [1] - Technological innovation, including advancements in digital and green technologies, is driving the evolution of global supply chains towards digitization and sustainability [1] Group 1 - The report indicates a significant rise in traditional infrastructure such as railways, airports, and ports, alongside new infrastructure like 5G and computing power, which supports the secure operation of global supply chains [1] - China is enhancing its infrastructure connectivity and promoting high-level opening-up to foster global supply chain cooperation, focusing on supply chain financial services and efficiency improvements [1] - The report emphasizes the importance of diversifying supply chains and enhancing productivity to inject certainty into global supply chain collaboration amid uncertainties [1] Group 2 - The report also focuses on the latest developments in global supply chains for cutting-edge technologies and key products, including drones, AR glasses, humanoid robots, hydropower, soybeans, and wine [2] - It provides a clear mapping of the upstream and downstream distribution of these supply chains and summarizes the supply chain-related policies introduced by major economies [2] - China's innovative practices and contributions to the development of these supply chains are highlighted in the report [2]

"机械分场按班组设备分工，加密设备巡回检查。巡检人员严格执行标准化流程，对设备油位、瓦温、摆度、振动等 关键参数全面监测，尤其关注高温下设备温度异常；同时加强厂房排水泵房、技术供水及消防水系统等辅助设施巡 检。"机械分场主任马涛介绍。 运维分场主任石杰说："我们重点做好厂房内环境温度监视，做好降温通风措施，确保通风装置、空调系统正常运 行，增加巡视频次，加强一二次设备温度监视，尤其是重要厂用电设备的巡视测温，确保站用交直流安全可靠。" 7月15日，安康市气象台升级发布高温红色预警，最高气温将升至40℃以上。连日来烈日高温，国网安康水电厂运维 人员牢牢守住保电第一线，全力保障迎峰度夏期间电力稳定输出。 精细巡检 守护设备安全 入夏以来，安康地区气温持续攀升，屡创同期新高，面对高温高负荷压力，该厂加强特殊天气及大负荷期间的特巡， 强化监督检查，确保设备安全度夏。 多维管控 保障电网稳定 高温高负荷下，国网安康水电厂依托机组状态监测系统、机组智慧诊断系统，实时跟踪数据变化，定期在线比对分 析，助力设备缺陷"智能识别"；常态化开展无人机巡检和设备带电检测，规范消防、工业电视等辅助设备运维，建立"日 对比、周分析、月总 ...

Core Viewpoint - The Shanghai Public Utility Index has shown a slight decline of 0.25% recently, reflecting the overall performance of the public utility sector in the Shanghai Stock Exchange [1] Group 1: Index Performance - The Shanghai Public Utility Index closed at 4604.42 points with a trading volume of 31.554 billion yuan [1] - Over the past month, the index has increased by 0.35%, while it has risen by 0.89% over the last three months, but has decreased by 3.08% year-to-date [1] Group 2: Index Composition - The index is composed of stocks and depositary receipts from five major industry categories: industrial, commercial, real estate, public utilities, and comprehensive [1] - The top ten weighted stocks in the index include: - Beijing-Shanghai High-Speed Railway (7.69%) - China Nuclear Power (5.42%) - China Unicom (4.79%) - Huaneng Water Power (4.79%) - Shanghai Port Group (3.78%) - Daqin Railway (3.66%) - Three Gorges Energy (3.48%) - China Communications Construction (2.99%) - China Railway Construction (2.68%) - Air China (2.64%) [1] Group 3: Industry Breakdown - The industry composition of the index shows that industrials account for 51.38%, public utilities for 33.99%, communication services for 8.94%, consumer discretionary for 1.76%, energy for 1.69%, materials for 1.00%, financials for 0.84%, and real estate for 0.39% [2] Group 4: Index Sample Management - Stocks are included in the index based on their market capitalization ranking in the Shanghai market, with specific rules for inclusion and exclusion based on risk warnings and corporate actions [2]

Investment Rating - The report maintains a "Positive" outlook on the public utility sector, indicating an expectation for the industry to outperform the overall market [2]. Core Insights - The report highlights significant improvements in coal-fired power profitability due to a notable decrease in coal prices, with a 25.5% year-on-year drop in the average spot price of 5500 kcal thermal coal [2]. - Hydropower performance varies across regions, with major hydropower companies in Sichuan and Yunnan showing increased generation hours, leading to a strong performance in the first half of 2025 [2]. - Nuclear power generation is expected to grow steadily with the expansion of new units and ongoing approvals for additional reactors, ensuring long-term growth potential [2]. - Natural gas consumption faced short-term pressure but is anticipated to recover in the medium to long term as costs decrease and residential gas prices adjust [2]. Summary by Sections Coal Power - In Q2 2025, the average utilization hours for coal-fired power plants decreased by 118 hours year-on-year, but profitability is expected to improve due to lower coal prices [2]. - Companies like Jingneng Power and Jiantou Energy reported over 100% growth in net profit for the first half of 2025 [2]. Hydropower - National hydropower utilization hours reached 1023 hours from January to May 2025, a decrease of 70 hours year-on-year, but major hydropower companies reported significant increases in generation [2]. - Companies such as China Yangtze Power and Huaneng Hydropower saw their hydropower generation increase by 5.01% and 10.93% respectively in the first half of 2025 [2]. Nuclear Power - Nuclear power generation for China Nuclear Power and China General Nuclear Power increased by 12.01% and 6.11% respectively in the first half of 2025 [2]. - The approval of new nuclear units is expected to support future growth, with 10 new units approved in April 2025 [2]. Natural Gas - Natural gas consumption in China decreased by 1.3% year-on-year in the first five months of 2025, but there is an upward trend in terminal consumption [2]. - The report anticipates a recovery in natural gas prices due to increased LNG exports from major producing regions [2]. Performance Forecast - The report forecasts significant profit growth for key companies in the public utility sector for the first half of 2025, with various companies expected to see net profit growth rates ranging from 0% to over 100% [2][3]. - Recommendations include focusing on companies with strong growth potential in hydropower, nuclear power, and natural gas sectors [2].

Core Viewpoint - The China Electricity Council has announced the "Continuing the Industrial Flame, Illuminating the Spirit Road" list of electrical industry heritage, with State Grid Corporation of China having 29 projects selected, including the Liujiashan Hydropower Station [1][3]. Group 1: Heritage Recognition - This year marks the 143rd anniversary of electricity in China and the 20th anniversary of the establishment of Cultural and Natural Heritage Day [3]. - The electrical industry heritage is an important part of cultural heritage, representing the enduring "industrial flame" throughout a century of electrical development [3]. - A total of 80 projects were selected after a rigorous review process for the heritage list [3]. Group 2: Liujiashan Hydropower Station Initiatives - The Liujiashan Hydropower Station, as a management unit, emphasizes the balance between tradition and modernity, and the dual focus on excavation and enhancement of industrial heritage [3]. - The station has developed core resource bases including "one reservoir, one dam, two museums, two parks, and two exhibition halls" [3]. - Plans are in place to create an underground industrial heritage museum by February 2025, showcasing achievements in river management, industrial development, power grid advancement, and hydropower construction under the leadership of the Communist Party of China [3]. Group 3: Future Development Goals - The Liujiashan Hydropower Station aims to strengthen the protection and utilization of industrial heritage, while deeply exploring red resources, historical resources, and cultural resources [4]. - The goal is to create a material carrier and important window that witnesses the achievements of the electrical industry, revitalizing heritage resources and enhancing educational outreach [4]. - The initiative seeks to infuse new vitality and brilliance into the heritage in the new era, leveraging strong spiritual power to promote high-quality development of the enterprise [4].

Summary of Conference Call Notes Industry Overview - The discussion primarily revolves around the **power generation industry**, specifically focusing on **thermal power (火电)**, **hydropower (水电)**, **nuclear power (核电)**, and **renewable energy (绿电)**. The thermal power sector has been characterized as undervalued compared to other segments like hydropower and renewables, which have seen significant valuation increases in the past [1][2]. Key Points and Arguments - **Valuation Trends**: Other sectors such as hydropower and renewables have experienced valuation increases from single-digit multiples to as high as 20-30 times, while thermal power has remained stagnant at around 7-10 times [1]. - **Core Factors for Thermal Power**: The future performance of thermal power is primarily influenced by three factors: **electricity prices**, **coal prices**, and **utilization hours**. Understanding these trends is crucial for predicting the sector's profitability [2]. - **Market Sentiment**: Despite some short-term fluctuations in electricity prices due to policy changes, the market has not provided significant valuation uplift for thermal power, leading to ongoing investor anxiety regarding electricity pricing [3]. - **Electricity Pricing Mechanism**: The government has allowed electricity prices to fluctuate within a 20% range from a benchmark price since 2021. This has led to a situation where electricity prices appear stable, but they are actually tied to the benchmark rather than previous years' prices [5][6]. - **Capacity Pricing Policy**: A new policy introduced in 2023 aims to provide fixed payments based on installed capacity, which is expected to help recover investment costs for thermal power plants. This policy is set to gradually increase the recovery rate from 30% in 2025 to over 50% thereafter [9][10]. - **Concerns Over Coal Prices**: There is a prevailing concern that declining coal prices could lead to lower electricity prices, which may negatively impact thermal power revenues. However, it is argued that the earnings of thermal power companies will not be significantly harmed as long as coal prices and electricity prices move in tandem [11][14]. - **Investment Opportunities**: The thermal power sector is viewed as a potential investment opportunity, especially if it can establish itself as a public utility. This could lead to a systemic valuation uplift similar to that seen in nuclear and hydropower sectors [15][19]. - **Long-term Outlook for Nuclear and Hydropower**: Both nuclear and hydropower are seen as long-term investment opportunities due to their stable earnings and regulatory support. The nuclear sector, in particular, is expected to grow due to government policies favoring nuclear energy development [31][43]. Additional Important Insights - **Regulatory Environment**: The government is actively managing the electricity pricing mechanism to ensure stability and prevent excessive profits in the thermal power sector. This regulatory oversight is crucial for maintaining investor confidence [8][44]. - **Market Dynamics**: The transition from a regulated to a more market-driven pricing mechanism is ongoing, and it is expected to take time for the industry to adjust fully. The current economic environment and supply-demand dynamics are also influencing pricing strategies [12][25]. - **Investment Recommendations**: Companies in the thermal power sector, particularly those with strong dividend policies and stable earnings, are recommended for investment. Specific companies mentioned include 中铭能源 and 浮能股份, which are expected to perform well in the long term [46]. This summary encapsulates the key discussions and insights from the conference call, highlighting the current state and future outlook of the power generation industry, particularly focusing on thermal power and its comparative valuation against other energy sectors.