Economic Development - The "14th Five-Year Plan" is nearing completion, with significant achievements in economic growth, labor productivity, and R&D investment, among others [2] - China's economy is projected to reach approximately 140 trillion yuan this year, with a contribution rate to global economic growth maintained at around 30% [2][6] - The average economic growth rate over the past four years has been 5.5%, showcasing resilience against various risks and challenges [2] Innovation and Technological Advancement - China has made significant strides in innovation, achieving several "firsts" in various sectors, including the launch of the first domestically produced aircraft carrier and the completion of the first Chinese space station [3][4] - The country has also seen advancements in nuclear power with the operation of the world's first fourth-generation nuclear power plant [4] Green Development - Achievements in green development include a forest coverage rate exceeding 25%, contributing to a quarter of the world's new greening area [4] - Air quality has improved, with 87% of days classified as good, and major rivers meeting Class II water quality standards [4] - Renewable energy generation capacity has surpassed coal power, with one-third of electricity now coming from green sources [4][10] Safety and Security - The "14th Five-Year Plan" has strengthened food, energy, and industrial security, with the largest power infrastructure system globally ensuring energy supply during peak demand [5][7] - The Northeast region is projected to contribute 25.3% of the national grain output and 21% of crude oil production by 2024, enhancing national security [5] Infrastructure and Connectivity - China has built the world's largest networks for highways, high-speed rail, and urban transit, significantly improving logistics and connectivity [6][7] - The renewable energy generation is expected to reach 3.46 trillion kilowatt-hours by 2024, marking a 1.6-fold increase from the end of the previous five-year plan [7][8] Environmental Quality and Resource Efficiency - Resource utilization efficiency has improved, with a projected 11.6% reduction in energy consumption per unit of GDP by 2024 [8][9] - The quality of the ecological environment has seen continuous improvement, with major rivers achieving Class II water quality standards [9][10] - The renewable energy system has become the largest and fastest-growing globally, with installed capacity reaching 2.09 billion kilowatts, more than doubling since the end of the previous five-year plan [10]

天眼查资料显示，中国长江电力股份有限公司，成立于2002年，位于北京市，是一家以从事电力、热力 生产和供应业为主的企业。企业注册资本2446821.7716万人民币。通过天眼查大数据分析，中国长江电 力股份有限公司共对外投资了46家企业，参与招投标项目5000次，财产线索方面有商标信息250条，专 利信息5000条，此外企业还拥有行政许可432个。 金融界2025年7月9日消息，国家知识产权局信息显示，中国长江电力股份有限公司申请一项名为"基于 水电站设备运行时间和发电量统计的智慧运行方法"的专利，公开号CN120277128A，申请日期为2025 年03月。 专利摘要显示，基于水电站设备运行时间和发电量统计的智慧运行方法，包括：Step1、最佳数据采集 周期确定；Step2、计算计划发电量；利用96点发电曲线计算出的发电量作为期望输出，通过96个数据 点的发电曲线列表，每个数据点代表一天中不同时间段的计划发电量，根据当前时间确定应该使用的数 据点，并进行插值计算，以获取实时计划发电量；Step3、实时监测和误差计算：实时监测实际发电 量，计算误差信号；Step4、闭环控制调节；Step5、定制化的运行管理策 ...

Group 1 - The insurance capital plays a significant role in supporting public infrastructure projects, particularly in clean energy initiatives in Qinghai Province [1][2] - Qinghai Huanghe Company, a subsidiary of State Power Investment Corporation, has a total installed capacity of 28.93 million kilowatts, with 95.44% coming from clean energy sources [3][4] - The company has received substantial investment from insurance capital, including a leading investment of 9 billion yuan from China Life, which has enhanced its operational vitality and supported large-scale energy projects [5][6] Group 2 - Insurance capital is increasingly directed towards social welfare projects, with China Life Asset Management's investments in social infrastructure exceeding 240 billion yuan, reflecting a 160% increase since the beginning of the 14th Five-Year Plan [6] - The focus of insurance capital on infrastructure investments has been stable and long-term, meeting the cost requirements of liabilities while addressing public needs [7] - The shift from a liability-driven to an equity-driven investment model necessitates a greater emphasis on equity investments, which are seen as essential for achieving growth and long-term returns [9][10] Group 3 - Research and analysis are critical for successful equity investments, requiring a comprehensive understanding of macroeconomic cycles, key industries, and evolving financing needs of partners [10]

本报记者 冷翠华 支持经济高质量发展，做好金融"五篇大文章"，既是国家顶层设计的战略指引，更是保险行业服务实体经济的必由之路。 在服务实体经济的过程中，如何将"长钱"输送到经济发展的重点领域和关键环节，如何实现经济效益与社会效益的平衡，向来 是保险业关注的焦点。为此，记者前往青海多地调研，希望通过剖析中国人寿服务区域经济发展的"样本"，为其他保险机构服 务实体经济提供些许借鉴。 荒漠变绿洲的金融密码 在海拔约3000米的青海共和光伏产业园内，青海黄河上游水电开发有限责任公司（以下简称"青海黄河公司"）建造的21座 光伏电站一眼望不到边际，犹如湛蓝的海洋，蓝色的光伏板在阳光下熠熠生辉，板下绿草如茵，羊群悠然觅食。这幅生机盎然 的画面，与十年前"风吹石头跑"的塔拉滩荒漠形成鲜明对比。 这一转变的背后，一方面得益于保险资金的长期赋能，另一方面是青海黄河公司与保险资金长达数年的耐心耕耘。 早在2017年，中国人寿系统便出资80亿元投资电投黄河（嘉兴）能源投资合伙企业（有限合伙）债转股基金，用于向青海 黄河公司增资。2019年，中国人寿资产管理有限公司（以下简称"国寿资产"）再次受托实施90亿元青海黄河公司股权投资项 ...

据足木足公司党委书记、董事长金维介绍，其余3台机组将于今年7月底全部投产。电站全面运营后，年 节约标准煤116万吨、减排二氧化碳300万吨，年利税超9000万元。下一步，将加速推进下尔呷、达维水 电站及流域水光互补项目，规划建设超100万千瓦光伏资源及2个百万千瓦级抽水蓄能项目，力争5-10年 内形成千万千瓦级清洁能源基地，为区域能源安全与民族地区高质量发展提供支撑。 大渡河上游巴拉水电站首台机组投产发电仪式在项目业主营地举行。受访者供图 国家电网四川省电力公司强化组织协调，提前实现71.8公里的500千伏送出工程全线贯通，为电站按期 投产奠定坚实基础。项目由中电建水电开发集团有限公司控股开发，四川足木足河流域水电开发有限公 司负责建设运营，2021年初主体工程开工，当年11月实现截流，2025年初下闸蓄水，6月实现首台机组 投产。 作为项目实施的关键前提，国家一级保护动物川陕哲罗鲑全人工繁殖获得成功。足木足公司累计投入 1.28亿元建设鱼类增殖放流站，联合四川省水产所、中科院黑龙江水产所等机构，历经近20年科研攻 关，于2016年繁育子一代鱼苗、2024年繁育子二代，2025年5月实现规模化培育，相关技术达 ...

Group 1 - The core objective of the recent policy document is to enhance flood prevention and disaster reduction capabilities by 2035, establishing a modernized flood control system and improving water resource utilization [1][2] - The policy emphasizes the need for a comprehensive flood control engineering system, including reservoirs, river channels, and flood retention areas, to be developed and managed effectively [1][2] - The document outlines the importance of urban planning and infrastructure development that accommodates flood drainage and retention, as well as the gradual implementation of flood insurance in high-risk areas [1] Group 2 - To enhance water supply security, the policy calls for accelerated construction of key water source projects and improvements to urban water supply networks [2] - The document advocates for the integrated management of water resources, including the development of hydropower bases in the southwest and the promotion of green upgrades for small hydropower stations [2] - It emphasizes the need for ecological restoration of rivers and lakes, with specific strategies tailored to the unique challenges faced by northern and southern regions [2] Group 3 - The policy aims to reform the water industry by promoting independent operations in natural monopoly sectors and market-oriented reforms in competitive areas [3] - It highlights the importance of water rights reform and the establishment of a sound water pricing mechanism, along with the implementation of tax policies related to water resource fees [3] - The document stresses the need for improved investment mechanisms in major water projects, enhancing government investment to attract social investment, and broadening financing channels [3]

Group 1 - The world's first single-unit 500 MW Zala hydropower station impulse turbine rotor has been successfully developed by Harbin Electric Machinery Company and was shipped on July 2, marking a historic breakthrough in China's core equipment field of high-head, large-capacity impulse turbine units [1] - The independently developed impulse rotor consists of 21 precision water buckets, with an outer diameter of 6.23 meters, a total thickness of 1.34 meters, and a weight of approximately 80 tons [1] - This impulse turbine rotor serves as the "heart" of the Zala hydropower station generator set, providing the source power for generating a rated capacity of 500 MW [1]

Group 1: Infrastructure Developments - The construction of the longest bridge under construction in the world, the Tongtaiyang Grand Bridge, has achieved a significant milestone with the successful closure of the cross-Yinjiang River cable-stayed bridge on July 1 [1][5] - The bridge spans 522.3 meters in total length, with a main span of 220 meters, and is the first cable-stayed bridge on the Tongtaiyang Grand Bridge to achieve closure [1][5] - The Shanghai-Chongqing-Chengdu high-speed railway, of which this bridge is a part, is a key national transportation corridor, covering approximately 2,100 kilometers across six provinces and cities, with a design speed of 350 kilometers per hour [5] Group 2: Transportation Enhancements - The Wuhu Longwan Yangtze River Tunnel, the first underwater tunnel in Anhui province, officially opened on July 1, significantly reducing travel time from the Jiangbei New District to Wuhu city center to just 5 minutes [6][10] - The tunnel, which is 6 kilometers long and designed for six lanes with a speed limit of 80 kilometers per hour, enhances cross-river transportation capacity and supports regional integration into the Yangtze River Delta [8][10] Group 3: Shipping and Logistics - The Three Gorges Hub reported a cargo throughput exceeding 80 million tons in the first half of the year, demonstrating the effective operation of its navigation structures [11] - The Three Gorges Ship Lock, which is the most complex inland ship lock in the world, has facilitated a cumulative cargo throughput of 2.24 billion tons since its opening in 2003, with an annual throughput consistently exceeding 100 million tons [14] Group 4: Renewable Energy Initiatives - The first unit of the Bala Hydropower Station, a key project in the western development initiative, was successfully connected to the grid on June 30, providing significant support for regional energy security [15] - The hydropower station, with a total installed capacity of 746,000 kilowatts, is expected to generate an average annual output of 2.553 billion kilowatt-hours, sufficient to meet the basic electricity needs of a city with a population of 1 million [15][19]

Core Insights - Indonesia aims to increase the share of clean energy from 13.09% to 31% by 2050, with significant participation from Chinese companies in developing clean energy projects [1] Geothermal Energy Projects - The Lumutbalai Phase II geothermal project, with a capacity of 55 MW, has successfully connected to the grid, showcasing advanced technology from Chinese enterprises [2] - Indonesia is the second-largest geothermal power producer globally, with over 40% of the world's geothermal resources, and plans to increase its geothermal capacity from 2.6 GW to 7.9 GW by 2035 [1][2] Hydropower Developments - The Batang Hydropower Station, with a total capacity of 510 MW, is set to be completed by the end of this year, expected to generate 2.228 billion kWh annually, significantly alleviating power supply pressure in North Sumatra [4][5] - The project will replace coal and diesel power plants, contributing to Indonesia's green energy transition and creating over 4,000 jobs during construction and operation [5][6] Solar Energy Initiatives - The Karawang 100 MW solar project is the largest land-based solar project in Indonesia, expected to provide over 150 million kWh of clean electricity annually, meeting the needs of approximately 112,000 households [7] - The project incorporates advanced smart technology, enhancing operational efficiency and reducing maintenance costs, while supporting Indonesia's industrial competitiveness [7]

证券研究报告 | 宏观定期报告 2025 年 06 月 30 日 央国企动态系列报告之 42 —上半年央企市值管理有序推进，估值提升计划陆续公布 频率：双周 结合当前的市值和估值水平，2025 年上半年央企上市公司在市值增长、估值 提升、机构投资者占比增加等多个层面取得显著成效，有望更好地推动新一轮 市值管理。 定期报告 相关报告 1、《央国企动态系列报告之 41——兵器工业和兵器装备集 团重组，落实聚焦主责主业要 求》2025-06-17 2、《央国企动态系列报告之 40—并购重组新规出台，央企 上市公司加速新兴产业布局和 "两非""两资"资产剥离》 2025-06-02 林喜鹏 S1090522050001 linxipeng@cmschina.com.cn 罗嘉成 研究助理 luojiacheng@cmschina.com.cn 敬请阅读末页的重要说明 ❑ 当前，已有 57 家国资央企正式发布市值管理制度，154 家国资央企已（拟） 制定市值管理制度但暂未公布以及30家国资央企发布估值提升计划，央企上 市公司在市值增长，估值提升等方面取得一定成效。 ❑ 估值层面，2025年上半年深度破净的央企上市公司数 ...