Core Viewpoint - The announcement details the investment and operational structure of the Danba Hydropower Station, highlighting its significance within the Dadu River hydropower planning framework [1] Group 1: Project Overview - The Danba Hydropower Station is located in Danba County, Ganzi Tibetan Autonomous Prefecture, Sichuan Province, and is the 9th stage of the Dadu River hydropower planning, with a total installed capacity of 1.15 million kilowatts [1] - The station consists of four 275,000-kilowatt mixed-flow turbine generator units and one 50,000-kilowatt ecological unit [1] Group 2: Investment Structure - The project is jointly established by the company's subsidiary, Guoneng Dadu River Basin Hydropower Development Co., Ltd., Sichuan Tieneng Power Development Co., Ltd., and Contemporary Amperex Technology Co., Ltd., with a shareholding ratio of 56.11%, 33.89%, and 10% respectively [1] - The total dynamic investment for the project is 15.273 billion yuan, with a capital ratio of 30%, while the remaining funding will be secured through bank loans [1] Group 3: Financial Commitment - Based on the dynamic total investment and the shareholding ratio in the project company, Dadu River Company will directly invest 2.571 billion yuan in the Danba Hydropower Station for investment, construction, and operational management [1] - The project has received approval from the National Development and Reform Commission and has obtained supportive documents for site selection, environmental assessment, and land use [1]

中证报中证网讯(记者齐金钊)日前，桂冠电力（600236）公告，按照国家部署，为提升广西红水河通航 能力，促进流域经济发展，根据国家发改委及广西、贵州发改委等文件批复精神，公司下属全资子公司 龙滩水电开发有限公司近期拟开工建设1000吨级通航建筑物。 桂冠电力表示，通航建筑工程设计标准调整为1000吨级后，由于标准调整而增加的投资由贵州省交通运 输厅承担。本次工程项目变更，不存在改变公司原有资金投向的情形，未实质增加公司原计划的资金负 担。该事项不会对公司的正常生产经营、财务状况及现金流造成重大不利影响。龙滩水电站通航建筑物 工程是改善红水河流域航运条件、打通南北盘江-红水河航运通道、提升珠江黄金水道航运里程与水平 的关键性工程，符合区域经济发展需求，具有国家级战略意义，工程建成后将进一步提升公司在清洁能 源领域及区域能源市场的影响力，有利于公司长期战略布局推进，符合公司及全体股东(尤其是中小股 东)的长远利益。 公告显示，龙滩水电站是红水河梯级龙头骨干工程，原计划按500吨级标准建设通航建筑物，2015年纳 入桂冠电力合并报表范围。2017年国家发改委要求提升至1000吨级，2022年明确该调整属于在建工程 ...

本报讯 （记者刘晓一） 12月26日晚间，广西桂冠电力股份有限公司（以下简称"桂冠电力"）发布公告，其下属全资子公司龙滩 水电开发有限公司拟开工建设1000吨级通航建筑物，原500吨级建设方案正式升级，标志着红水河流域 交通能源枢纽建设迈入新阶段。 桂冠电力方面表示，将严格管控工程建设风险，及时披露进展。此次项目不构成重大资产重组或关联交 易，既彰显了企业社会责任担当，也符合全体股东长远利益，标志着桂冠电力在清洁能源与区域基建协 同发展的道路上迈出了坚实一步。 值得一提的是，作为清洁能源领先企业，桂冠电力近年发展势头强劲。截至2025年上半年，公司在役装 机容量达1417.77万千瓦，其中水电占比超七成，风电、光伏等新能源布局持续扩大。2024年新能源投 产容量创历史新高，达87.97万千瓦。同时，公司坚持稳定分红，2022至2024年每年每股派息0.2元（含 税），近三年平均分红比例82.83%，以扎实业绩回馈股东。 （编辑 张伟） 此次升级具有鲜明的战略价值与现实意义。红水河作为连接西南与珠三角及港澳地区的黄金水道，适配 1000吨级通航标准是船舶大型化、标准化发展的必然选择。工程契合西部陆海新通道建设战 ...

白鹤滩水电站、乌东德水电站位于云南省、四川省交界的金沙江河道上，是实施"西电东送"的国家重大 工程。白鹤滩水电站是世界第二大水电站，总装机容量1600万千瓦。乌东德水电站是世界第七大水电 站，总装机容量1020万千瓦。乌东德、白鹤滩与溪洛渡、向家坝、三峡、葛洲坝六座梯级水电站共同组 成世界最大清洁能源走廊，持续赋能我国经济社会绿色发展。 【1】 【2】 【3】 【4】 【5】 【6】 这是12月18日拍摄的乌东德水电站（无人机照片）。 新华社记者 王冠森 摄 ...

江河奔腾，见证央企担当；碧水安澜，涌动绿色动能。 "十四五"以来，中国大唐锚定"双碳"目标，深耕西南水电沃土，以愚公移山的韧劲、鲁班造物的精工， 铸就一座座精品水电站。截至目前，中国大唐水电在役规模达2772万千瓦，占全国水电总装机容量 6.3%，为长江经济带、珠江流域高质量发展注入强劲绿色动力。 打造"中国人的争气工程" 从乌江深处的悬崖峭壁到红水河畔的峡谷险滩，中国大唐一项项标志性水电工程，展现着中国水电的硬 核实力。 在乌江之畔的重庆彭水，装机175万千瓦的彭水水电站巍然矗立，自2008年投产以来，该水电站累计产 出绿色电能超960亿千瓦时，用清洁能源点亮了万家灯火。 谁曾想，这片平整的厂区二十年前还是高山险壑、交通闭塞。2003年一声开山炮响，中国大唐建设者们 接过国家"十五"能源规划的重任，直面"强岩溶、窄河谷、大泄量"三重考验，创新采用地下洞室高边墙 无盖重固结灌浆技术，一举攻克了岩锚梁施工等世界级难题。 最终，这座乌江梯级开发的关键工程创下多项纪录：大坝表孔单宽泄量居国内外同类工程之首，引水隧 洞规模刷新同期国内纪录，更成为国内首座采用变顶高尾水隧洞尾水流道体形的水电站。中国建设工程 鲁班奖、国 ...

Financial Data and Key Metrics Changes - The company reported a record compensation for shareholders amounting to BRL 4.3 billion, in addition to the previously announced BRL 5 billion [4] - There was a decrease in revenue due to regulatory impacts and capital adjustments, particularly in generation and transmission [5][6] - The reported net income was significantly lower than Q3 of the previous year, primarily due to provisions related to nuclear contracts [7] Business Line Data and Key Metrics Changes - Transmission revenue increased following the tariff review for 2024-2025, while generation revenue was impacted by one-off effects from contract extensions [6] - The company is divesting from thermal power plants, including EMAE and Eletronuclear, which has affected overall revenue [5][6] Market Data and Key Metrics Changes - The company is actively participating in energy trading across various regions, with a focus on increasing the number of customers and available energy for the free market [8][9] - The energy balance indicates a boost in hiring for 2026 and 2027, reflecting a strategic shift towards customer focus [8] Company Strategy and Development Direction - The company aims to build an efficient and transparent structure with predictable results, focusing on operational efficiency and customer service [4] - The divestment strategy includes reducing exposure to nuclear power and increasing investments in renewable energy sources, with a target of BRL 10 billion in investments for the year [5][10] - The company is committed to participating actively in upcoming auctions, indicating a robust capital allocation strategy [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in price resilience for 2026, citing a favorable rainfall season and a flexible pricing model [16][17] - The company is focused on managing legacy contracts and improving operational efficiency, with expectations of continued growth and participation in future auctions [18] Other Important Information - The company has partnered with Google Cloud to enhance its weather forecasting capabilities using AI, aiming to improve operational resilience [12] - The company has completed the sale of its last thermal power plant, now generating 100% clean and renewable energy [13] Q&A Session All Questions and Answers Question: Can you elaborate on the reasons behind the comfort regarding price resilience for 2026? - Management indicated that despite short-term volatility, they expect average prices to remain stable around BRL 240 due to improved operational flexibility and rainfall patterns [16][17] Question: What are the next steps in the de-risking process post-privatization? - The management highlighted that they are focusing on legacy contracts and are optimistic about future auctions, aiming for active participation [18] Question: Is the company focusing solely on dividends for capital allocation? - Management clarified that while dividends are a priority, they are also exploring other capital allocation opportunities, including investments in transmission and renewable energy [19][20] Question: What is the expected EBITDA margin for the recently awarded auction lots? - The management confirmed that the margins for the new lots are expected to be higher due to improved competitiveness and partnerships with suppliers [45] Question: Will the company make additional investments in Eletronuclear? - Management stated that they are monitoring Eletronuclear's needs but did not commit to further investments at this time [46] Question: What is the company's strategic position regarding battery storage? - The company is exploring various alternatives for battery storage and sees potential in upcoming battery auctions, although the regulatory framework is still developing [43]

Core Insights - The simultaneous river diversion of the Mengdigou and Yagen I hydropower stations marks a significant milestone in the construction of China's first integrated water-wind-solar energy base in the Yarlung Tsangpo River basin [1][2][4] Group 1: Project Overview - The Mengdigou hydropower station has a total installed capacity of 2.4 million kilowatts and an average annual power generation of approximately 10.4 billion kilowatt-hours [1] - The Yagen I hydropower station has an installed capacity of 300,000 kilowatts and an average annual power generation of about 1.15 billion kilowatt-hours [1] - The completion of both stations is expected to save approximately 3.5 million tons of standard coal and reduce carbon dioxide emissions by about 9 million tons annually [1] Group 2: Integrated Energy Base Development - The Yarlung Tsangpo River basin's integrated water-wind-solar energy base is planned to have a total installed capacity of 78 million kilowatts by 2035, with current clean energy capacity at approximately 21 million kilowatts [2] - The base aims to create a 100% renewable energy supply system and serve as a comprehensive demonstration base for integrated water-wind-solar energy development [2] Group 3: Engineering and Construction Innovations - The construction of the Mengdigou hydropower station incorporates intelligent systems for full lifecycle management, enhancing efficiency by over 40% [6] - The Yagen I hydropower station employs innovative construction methods to improve safety and efficiency during the river diversion process [5][6] Group 4: Economic and Social Impact - The Mengdigou hydropower project is expected to contribute approximately 1.05 billion yuan in taxes during construction and create around 5,000 jobs annually [7] - The Yagen I hydropower station will contribute about 140 million yuan in taxes during construction and create approximately 3,000 jobs each year [7]

Core Viewpoint - The simultaneous river closure of the Mengdigou and Yagen First Hydropower Stations marks a significant milestone in the development of the Yalong River basin, representing a breakthrough in the construction of the country's first integrated hydropower and wind-solar demonstration base [5][6][11] Group 1: Project Development - The Yalong River basin's integrated hydropower and wind-solar base is planned to have a total installed capacity of 78 million kilowatts by 2035, with current clean energy capacity at approximately 21 million kilowatts and ongoing projects at about 14 million kilowatts [6] - The two hydropower stations achieved simultaneous river closure for the first time in the Yalong River basin, enhancing overall efficiency and minimizing the impact on other downstream stations [6][7] - The construction involved the precise control of water discharge from the upstream Two Rivers Hydropower Station, creating a favorable low-flow window for the downstream stations, thus maximizing overall benefits [7] Group 2: Technological Innovation - The Mengdigou Hydropower Station utilizes intelligent management platforms and digital twin technology for comprehensive data management throughout the project lifecycle, addressing challenges such as difficult terrain and complex coordination among multiple construction units [8][9] - The project aims to implement smart systems across various aspects, enhancing management efficiency by over 40% through the integration of AI technologies [9] Group 3: Economic Impact - The Mengdigou Hydropower Station is expected to contribute over 1 billion yuan in taxes during its construction phase and create approximately 5,000 jobs annually, with ongoing contributions of over 300 million yuan in taxes post-commissioning [10] - The Yagen First Hydropower Station is projected to generate over 100 million yuan in taxes during construction and create around 3,000 jobs annually, contributing similarly to local economic development [10] Group 4: Strategic Goals - The Yalong River Company aims to leverage its hydropower development advantages to explore innovative approaches in integrated water and wind-solar development, contributing to national energy security and supporting the green transition [11] - The company plans to expand its clean energy industry chain by incorporating strategic emerging industries such as green hydrogen production and energy integration [11]

Core Viewpoint - The simultaneous completion of the river diversion for the Mengdigou and Yagen No. 1 hydropower stations marks a significant advancement in the construction of the integrated water, wind, and solar energy base in the Yarlung Tsangpo River basin, with a total installed capacity of 2.7 million kilowatts [1][3]. Group 1: Project Details - The Mengdigou hydropower station, located in the Ganzi Tibetan Autonomous Prefecture, has an installed capacity of 2.4 million kilowatts and an average annual power generation of approximately 10.4 billion kilowatt-hours [3]. - The Yagen No. 1 hydropower station has an installed capacity of 300,000 kilowatts and an average annual power generation of about 1.15 billion kilowatt-hours [3]. - The construction of these two hydropower stations is expected to enhance the overall efficiency of water resource utilization in the river basin [3]. Group 2: Strategic Importance - The completion of the Mengdigou and Yagen No. 1 hydropower stations will further tap into the hydropower regulation potential of the Yarlung Tsangpo River, reinforcing the peak load support role of hydropower in the power grid [5]. - The Yarlung Tsangpo River basin is planned to have a total installed capacity of 78 million kilowatts by 2035, with current clean energy installations at approximately 21 million kilowatts and ongoing projects at about 14 million kilowatts [5]. - The base aims to create a 100% renewable energy supply system, positioning itself as a comprehensive demonstration base for integrated water, wind, and solar energy in the country [5].

Core Viewpoint - The simultaneous river diversion of two large hydropower stations in the Yarlung Tsangpo River Basin marks a significant advancement in the construction of China's first integrated water, wind, and solar energy base [4]. Group 1: Project Overview - On October 28, the Mengdigou Hydropower Station and Yagen No. 1 Hydropower Station, with a total installed capacity of 2.7 million kilowatts, achieved synchronized river diversion, entering a new phase of main engineering construction [2]. - This is the first time in the Yarlung Tsangpo River Basin that two hydropower stations have achieved simultaneous river diversion, indicating a breakthrough in the construction of the integrated energy base [4]. Group 2: Future Plans - The Yarlung Tsangpo River Basin's integrated water, wind, and solar energy base is planned to have an installed capacity of 78 million kilowatts, with a goal to complete all construction by 2035 [6]. - The base will focus on hydropower (including cascade hydropower and pumped storage), maximizing the large-scale and intensive development of wind and solar energy [6].