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].

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 an 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] - Together, these two stations are 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: Development Progress - 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 has already contributed over 1.1 trillion kilowatt-hours of clean electricity [2] Group 3: Technological Innovations - The Mengdigou hydropower station is utilizing intelligent construction and digital twin technology for comprehensive lifecycle data management, addressing challenges such as difficult terrain and complex coordination among multiple construction units [10] - The Yagen I hydropower station is implementing advanced technology solutions to enhance management efficiency by over 40% [11] Group 4: Economic Impact - The construction of the Mengdigou hydropower station is expected to generate approximately 1.05 billion yuan in tax revenue and create around 5,000 jobs annually [13] - The Yagen I hydropower station will contribute about 140 million yuan in tax revenue and create approximately 3,000 jobs each year [13] Group 5: Strategic Importance - The Yarlung Tsangpo River basin is positioned as a key player in China's transition to a green energy system, with a focus on renewable energy integration and efficiency improvements [4][14] - The project aims to support national energy security and contribute to the global transition to low-carbon energy solutions [14]

Core Points - The Three Gorges Reservoir reached its normal water level of 175 meters on October 24, marking the 14th time since 2010 that it has achieved this target, ensuring the completion of annual water storage tasks for the reservoir group in the upper Yangtze River [1] - The Ministry of Water Resources has implemented measures to address both drought and flood prevention, coordinating the needs for flood control, water supply, power generation, shipping, ecology, and irrigation, resulting in a historical high water storage volume of 108.1 billion cubic meters in the reservoir group [1] - Future actions will include continuous monitoring of rainfall and water conditions in the Yangtze River basin, along with dynamic assessments and forecasts to optimize reservoir operations during dry periods [1]

Core Insights - The world's largest clean energy corridor has cumulatively generated over 4 trillion kilowatt-hours of electricity [1] Group 1: Infrastructure and Capacity - The clean energy corridor consists of six major power stations: Wudongde, Baihetan, Xiluodu, Xiangjiaba, Three Gorges, and Gezhouba [1] - The total installed capacity of this corridor is 71.695 million kilowatts [1] - The corridor spans 1,800 kilometers [1] Group 2: Energy Production and Impact - The average annual electricity generation of the corridor is approximately 300 billion kilowatt-hours [1] - The corridor plays a significant role in promoting national grid interconnection and ensuring energy security for the country [1]

Core Viewpoint - Liujiashan Hydropower Station, a significant milestone in China's hydropower development, has evolved over 67 years, contributing to national energy security and ecological protection while showcasing innovation and resilience in overcoming challenges [1][3][5]. Group 1: Historical Development - The construction of Liujiashan Hydropower Station began on September 27, 1958, amidst challenges of energy shortages and natural disasters, marking it as the first key project in the comprehensive planning for the Yellow River [3]. - The project faced skepticism from foreign experts regarding the feasibility of building a dam on the Yellow River, yet it was successfully completed through the dedication and hard work of thousands of builders [3][5]. - The hydropower station achieved significant milestones, including the first complete operation of five units by December 18, 1974, and the overall completion on February 4, 1975 [3][5]. Group 2: Technological Innovations - Liujiashan Hydropower Station is recognized for its technological advancements, being the first large-scale hydropower station in China to conduct its own surveying, design, equipment manufacturing, construction, and commissioning [5]. - The station developed the "stratified flow" sediment discharge technology, which significantly improved sediment management and reduced wear on equipment, discharging over 10 million tons of sediment from 1973 to 1989 [7][9]. - The recent construction of the Taohekou sediment discharge tunnel and expansion project has enhanced sediment management efficiency, increasing sediment discharge during stratified flow periods from 60% to 95.3% [9]. Group 3: Environmental and Economic Impact - Liujiashan Hydropower Station has played a crucial role in ecological restoration, planting over 1 million trees and greening an area of 3,382 acres, transforming the surrounding environment [15]. - The station has established a comprehensive system for water quality monitoring and management, investing over 8 million yuan in mechanized cleaning operations, which has improved local tourism and created over 15,000 jobs [17]. - The hydropower station contributes to the "dual carbon" goals by balancing the energy supply from renewable sources, thus ensuring grid stability and supporting the development of a new energy system in Gansu [11][13].