中国石油塔里木油田新能源事业部经理梁玉磊表示，我们通过板上发电，板下治沙，建设光伏方阵32个，固沙面积达到4000亩， 有效改变了小环境风速，形成"发电—固沙—惠民"一体模式。 目前，塔里木油田在塔克拉玛干沙漠已建成尉犁、且末、叶城、伽师、上库5座集中式光伏电站，总装机规模达到260万千瓦，光 伏板覆盖10万亩黄沙。截至目前，这些电站累计发出绿电已突破20亿千瓦时，日最大发电量超过900万千瓦时。 8月8日，位于新疆塔克拉玛干沙漠中心的最大光伏电站——塔油且末光伏电站累计发出绿电突破3亿千瓦时。 塔油且末光伏电站位于新疆巴音郭楞蒙古自治州且末县境内，地处塔克拉玛干沙漠腹地，是我国在流动性沙漠中心建成的首个大 型集中式光伏电站。项目于2023年5月31日并网发电，总占地面积超过3300亩，由近26万块光伏板组成，配套10兆瓦储能装置。 ...

Group 1 - The "Two Mountains" concept, proposed by Xi Jinping 20 years ago, emphasizes the unity of ecological protection and economic development, marking a significant step in building a beautiful China [4] - The central government has allocated 32 million yuan to support flood relief efforts in Gansu and Guangxi provinces [8] - The consumer price index (CPI) remained stable year-on-year in July, with a slight month-on-month increase of 0.4% [11] Group 2 - The "New Tibet" series highlights the integration of culture and tourism in Tibet, showcasing its unique natural and cultural resources [9] - The exhibition commemorating the 80th anniversary of the victory in the Chinese People's Anti-Japanese War has attracted over 300,000 visitors [10] - The cumulative export-import volume of the Western Land-Sea New Corridor has exceeded 4 trillion yuan since its implementation [14]

Investment Rating - The investment rating for Huaneng Hydropower is "Buy" and is maintained [8] Core Views - The hydropower generation volume for the first half of 2025 reached 52.752 billion kWh, a year-on-year increase of 12.97%, while the grid-connected electricity volume was 52.223 billion kWh, up 12.86% year-on-year [6] - The company is facing pressure on its earnings due to increased depreciation and operational costs following the commissioning of new units, despite a 3.25% year-on-year growth in overall generation volume in the second quarter [12][12] - The company is expanding its capacity through new projects, including the TB power station and the He Liang Bao power station, which are expected to enhance long-term growth prospects [12][12] Summary by Sections Generation Performance - In the first half of 2025, the hydropower generation volume increased by 10.93% year-on-year, with a second-quarter growth of 0.90% [12] - The second quarter's total generation volume was 314.60 billion kWh, reflecting a 3.25% year-on-year increase, although the revenue outlook is weak due to adjustments in annual trading electricity prices in Yunnan province [12][12] Capacity Expansion - The company has successfully commissioned the TB power station and the He Liang Bao power station, contributing to the overall increase in hydropower capacity [12] - Future projects, including the RM power station, are expected to further expand the hydropower capacity and improve the overall efficiency of the cascade system on the Lancang River [12][12] Financial Projections - The earnings per share (EPS) forecasts for 2025, 2026, and 2027 are projected to be 0.48 yuan, 0.52 yuan, and 0.54 yuan respectively, with corresponding price-to-earnings (PE) ratios of 19.79, 18.38, and 17.74 [12]

Investment Rating - The industry rating is "Overweight" [7] Core Insights - In January-February 2025, the total electricity consumption increased by 1.3% year-on-year, with a notable slowdown in growth primarily due to temperature effects [2] - The total electricity generation from large-scale power plants in January-February 2025 was 14,921 billion kWh, a decrease of 1.3% year-on-year, with varying performance across different energy sources [4] - The report emphasizes the long-term growth potential of electricity consumption driven by the transition to clean energy and the acceleration of electricity market reforms [5] Summary by Sections 1. Electricity Consumption Situation - Total electricity consumption in January-February 2025 was 15,564 billion kWh, up 1.3% year-on-year, with a decline in growth rate of 9.7 percentage points [2] - Breakdown by industry: - Primary industry: 20.8 billion kWh, up 8.2% - Secondary industry: 9,636 billion kWh, up 0.9% - Tertiary industry: 2,980 billion kWh, up 3.6% - Urban and rural residential consumption: 2,740 billion kWh, up 0.1% [2] 2. Electricity Production Situation - Total electricity generation in January-February 2025 was 14,921 billion kWh, down 1.3% year-on-year, with a decline in growth rate of 9.6 percentage points [4] - Breakdown by energy source: - Hydropower: 1,461 billion kWh, up 4.5% - Thermal power: 10,214 billion kWh, down 5.8% - Nuclear power: 746 billion kWh, up 7.7% - Wind power: 1,776 billion kWh, up 10.4% - Photovoltaic power: 724 billion kWh, up 27.4% [4] 3. Investment Recommendations - Long-term outlook remains positive for electricity consumption due to the ongoing transition to clean energy and increased electrification [5] - Short to medium-term, the report suggests monitoring the performance of thermal power companies due to falling coal prices and changing supply-demand dynamics [5] - Recommended stocks include Huaneng International and Huaneng Hydropower, with a focus on companies with strong performance stability and high dividend rates [5]