Summary of Key Points Core Viewpoint - China Power Construction Corporation reported its major operating performance from January to July 2025, highlighting a total new contract amount of 736.13 billion RMB, representing a year-on-year increase of 4.30% By Business Type - The company signed 3,230 new projects in the energy and power sector, with a total new contract amount of 472.068 billion RMB, up 12.94% year-on-year - Hydropower projects accounted for 630 new contracts worth 113.088 billion RMB, showing a significant increase of 70.03% - Wind power projects saw 723 new contracts totaling 157.226 billion RMB, an increase of 68.40% - Solar power projects experienced a decline, with 656 contracts worth 118.509 billion RMB, down 29.96% - Thermal power projects decreased significantly, with 287 contracts amounting to 19.915 billion RMB, down 63.82% - New energy storage projects included 115 contracts worth 28.504 billion RMB - Water resources and environmental projects totaled 615 contracts worth 75.039 billion RMB, down 23.31% - Urban construction and infrastructure projects accounted for 744 contracts worth 151.622 billion RMB, down 4.82% - The total new contracts across all business types amounted to 736.133 billion RMB [1][2] By Regional Distribution - Domestic contracts totaled 580.050 billion RMB, reflecting a slight increase of 0.61% - International contracts reached 156.083 billion RMB, showing a significant increase of 20.78% - The overall contract amount was 736.133 billion RMB, with a year-on-year increase of 4.30% [2] Major Contract Signing Details - Key projects included: - A 1 million kW/4 million kWh grid-type energy storage project in Inner Mongolia, valued at 10 billion RMB - A 190 MW wind power project in Inner Mongolia, valued at 2.8 billion RMB - A 275 MW/1,100 MWh energy storage project in Yanchi County, valued at 2.75 billion RMB - A 500 kW wind power project in the Toli County of Huaneng, valued at 5 billion RMB - Various other significant contracts in urban construction and energy sectors [3][4]

长江商报奔腾新闻记者注意到，电力投资与运营业务是中国电建战略转型的重要业务，风电、太阳能光 伏发电、水电等清洁能源是核心。2024年，在公司已获取抽水蓄能项目资源中，54个抽水蓄能项目纳入 国家规划、规模7015万千瓦，已获核准项目16 个、装机规模2090万千瓦。 2024年，公司新增风电、太阳能光伏发电、水电装机容量分别为204.2万千瓦、404.37万千瓦、0.18万千 瓦。截至2024年底，公司控股并网装机容量3312.76万千瓦，同比增长22%。 据2024年年报，中国电建已建在建新能源、储能等战新项目装机4742万千瓦，投运2263万千瓦。公司投 资的中国首个开放海域最大渔光互补示范项目——青岛即墨海上光伏项目顺利开工建设；投资参建的离 岸距离达105公里、水深约55—67米的浙江苍南深远海风电示范项目取得核准批复。 长江商报奔腾新闻记者 汪静 中国电建（601669.SH）再斩大单。 8月11日晚间，中国电建披露签署重大合同。公司下属子公司中国水电建设集团国际工程有限公司和南 非Entsika公司与南非跨卡勒登隧道管理局签订了南非莫科洛-鳄鱼河（西）供水扩建项目2期合同，合同 金额约为69.94 ...

Group 1 - Central enterprises are accelerating their layout in the new energy sector, with significant actions taken recently [2][6] - The State Grid's new energy holding company raised 36.5 billion yuan through equity expansion, marking the largest cash fundraising in state asset transactions [2] - The establishment of China Fusion Energy Co., a new national team focusing on nuclear fusion, highlights the strategic direction of state-owned enterprises in future energy [3] Group 2 - Huadian New Energy successfully listed on the Shanghai Stock Exchange, aiming to enhance its valuation and support green low-carbon transformation [4][5] - China Energy Construction signed new contracts worth 717 billion yuan in the first half of 2025, with a notable increase in new energy projects [8] - The National Grid plans to increase its pumped storage capacity significantly, with a target of over 59 million kilowatts in operation [9] Group 3 - The State-owned Assets Supervision and Administration Commission (SASAC) emphasizes the importance of talent training in the new energy sector for the modernization of state-owned enterprises [1][6] - Multiple central enterprises are restructuring and integrating their assets to enhance their presence in the new energy market [1][4] - The focus on high-quality development in the new energy sector is evident from the recent meetings and performance reports of major energy state-owned enterprises [6][9]

Core Viewpoint - The recent capital increase and expansion by State Grid New Source Holdings Co., Ltd. is a significant move to enhance the development capacity of pumped storage projects in China, aiming to support the country's energy transition and achieve carbon neutrality goals [2][5]. Group 1: Capital Increase and Investment - State Grid New Source Holdings has signed a capital increase project worth 36.5 billion yuan, setting a record for cash fundraising in state asset transactions [2]. - The raised funds will be fully invested in pumped storage project construction, expected to leverage over 300 billion yuan in project investments, stimulating related industries such as equipment manufacturing, construction, and technology research [2][3]. Group 2: Industry Development and Capacity - As of 2024, China's cumulative installed capacity of pumped storage is projected to exceed 58 million kilowatts, with an additional 7.75 million kilowatts expected to be added that year [3]. - China has maintained the world's largest installed capacity of pumped storage for nine consecutive years, with ongoing projects showing a trend towards larger single-unit capacities and increased domestic manufacturing of equipment [3][4]. Group 3: Technological and Market Trends - Pumped storage technology is recognized as the most mature large-scale energy storage solution, suitable for peak shaving, frequency regulation, and emergency backup in power systems [4]. - The future of pumped storage is seen as a strategic opportunity, especially with the rapid increase in photovoltaic penetration and the challenges faced by the power system [5]. Group 4: Investment Recommendations - Investment opportunities are suggested in leading pumped storage companies with advantages in resource endowment, project acquisition, technological accumulation, and financial strength [5]. - Water and electricity companies with strong cash flow and active involvement in pumped storage are also highlighted as potential growth points [5].

Core Viewpoint - The capital increase and share expansion project of State Grid Xinyuan Holdings Co., Ltd. successfully signed at the Beijing Property Exchange on July 23, with a scale of 36.5 billion yuan, marking the largest cash fundraising in the history of state-owned asset transactions, which is significant for promoting high-quality development of pumped storage and supporting national economic stability [1][2]. Group 1 - The project aims to enhance pumped storage development capabilities, support energy transformation, and contribute to achieving the national "dual carbon" goals [1]. - State Grid Corporation currently operates 75 pumped storage power stations with a capacity of 94.04 million kilowatts, making it the largest operator of pumped storage globally [1]. - The raised funds will be fully invested in pumped storage project construction, expected to leverage over 300 billion yuan in project investments, driving related industries such as equipment manufacturing, construction, and technology research and development [1]. Group 2 - The capital increase project received significant attention from investors, with participation from major state-owned enterprises and financial institutions, including China Petroleum, China Insurance, and others [2]. - State Grid Corporation aims to collaborate with various stakeholders to enhance the functional, brand, and investment value of State Grid Xinyuan Holdings, promoting high-quality development in the pumped storage industry [2].

Core Viewpoint - China Power Construction Corporation (CPCC) reported a total new contract amount of 686.70 billion RMB for the first half of 2025, reflecting a year-on-year growth of 5.83% [2][8]. Summary by Category 1. By Business Type - The company signed 2,939 new energy projects with a total contract value of 431.39 billion RMB, an increase of 12.27% year-on-year [5]. - Hydropower projects accounted for 576 new contracts worth 100.46 billion RMB, showing a significant increase of 66.67% [5]. - Wind power projects saw 652 new contracts totaling 142.90 billion RMB, up by 68.78% [5]. - Solar power projects experienced a decline, with 616 contracts worth 113.74 billion RMB, down by 28.55% [5]. - New energy storage projects included 96 contracts valued at 20.91 billion RMB, marking a slight increase [5]. 2. By Regional Distribution - Domestic contracts amounted to 545.04 billion RMB, a year-on-year increase of 3.16% [8]. - International contracts reached 141.67 billion RMB, reflecting a growth of 17.50% [8]. - The total contract amount for both domestic and international projects combined was 686.70 billion RMB, with a growth of 5.83% [8]. 3. Major Contract Details - In June 2025, the company signed 70 contracts exceeding 500 million RMB each, with 7 related to energy storage projects totaling over 2.75 GW/13 GWh and involving a project amount of 13.34 billion RMB [2][10]. - Notable projects include: - A 1 million kW/6 million kWh energy storage project in Ulanqab, valued at 6.24 billion RMB [10]. - A 300 MW/1200 MWh energy storage project in the Deep-Shan Special Cooperation Zone, with a contract value of 1.75 billion RMB [10]. - Two independent energy storage projects at the Gushanliang 500 kV substation, each valued at approximately 1.46 billion RMB [10].

Core Viewpoint - China's hydropower capacity is projected to reach 435 million kilowatts by the end of 2024, with hydropower generation accounting for over 40% of renewable energy generation, and per capita hydropower generation exceeding 1,000 kWh for the first time [1] Group 1: Achievements in Hydropower - Michel Lino, President of the International Commission on Large Dams, praised China's rich engineering experience and advanced construction technology, which serve as beneficial inspirations for other countries [2] - Sichuan province is highlighted as one of China's most dynamic economies with abundant river resources, and the Dujiangyan irrigation project is recognized as one of the oldest and most successful sustainable hydropower projects globally [2] Group 2: Role of Dams in Climate Change and Energy Transition - Lino emphasized the critical role of dams and reservoirs in energy transition and climate change adaptation, noting that many great civilizations have been built around them [3] - He advocates for increasing hydropower capacity and developing pumped storage projects to support the transition to a low-carbon economy [3] Group 3: Global Cooperation and Innovation - The recently announced "World Chengdu Declaration" calls for transcending national borders to promote global cooperation and the exchange of knowledge and innovative outcomes [4] Group 4: Digital Technology in Dam Construction - Lino suggested the active incorporation of digital technologies, particularly AI, in the construction of smart dams to enhance the stability of renewable energy sources [5] - AI can improve flood prediction accuracy and optimize the management of reservoir dams throughout their lifecycle [6]