9月17日，保障浙江梅溪电厂2台机组并网的电力输送通道——安吉梅溪燃机500千伏送出工程正式竣工 投运。 本次投运的梅溪燃机500千伏送出工程总投资约4.1亿元，包括包括梅溪电厂—妙西500千伏线路工程、 长龙山—妙西500千伏线路改造工程共2个子项工程，新建铁塔113基，新建双回架空线路34.506千米、 单回架空线路1.948千米，同时涵盖增容、拆旧、弧垂调整等多项技术内容。 项目线路途径泥沼、平地、河网、丘陵、山地、高山各类复杂地形，任务重、工期紧。施工团队多举并 措，创新试点项目部层级视频监控系统，对施工现场全天候、无死角实时监测，提升隐患发现与处置及 时性。全面推广机械化施工，引入大型吊装设备和智能化工器具，降低人工作业风险，提高工序效率。 同时，通过项目经理统筹、现场分片负责的"1+N"模式，科学组织施工和资源调配，提升作业效率与安 全管控水平，为机组如期并网发电奠定坚实基础。 据悉，梅溪电厂两台燃机全部投产后，年最高发电量可达70亿千瓦时，能满足600万居民一年用电需 求。梅溪燃机500千伏送出工程投运后，不仅可实现梅溪燃机清洁电力的100%消纳，同时可显著提升浙 北区域电网对新能源的接纳能力。 ...

Core Viewpoint - The company operates with a dual focus on "gas + clean energy," developing a comprehensive natural gas supply chain and actively expanding into clean energy sectors like photovoltaics [1][3]. Group 1: Business Operations - The company has established a full industry system for natural gas, including exploration, transportation, storage, and sales, while also expanding into clean energy such as photovoltaics [1]. - The gas-fired power generation business is primarily managed by its subsidiary, Shenran Thermal Power, which has two operational 9E gas-steam combined cycle units with a capacity of 2×180MW and plans to launch a 470MW 9F unit by June 2024 [1]. - The first 9F unit has generated approximately 1.02 billion kilowatt-hours of electricity since its launch, and the second unit is expected to contribute additional revenue [1]. Group 2: Supply Chain and Innovation - The company has secured natural gas supply agreements with major suppliers like PetroChina, Sinopec, and BP China, ensuring stable and secure gas supply through various infrastructure [2]. - A long-term agreement with PetroChina guarantees a contract volume of 9.69 billion cubic meters over ten years, while another agreement with Guangdong Dapeng Company ensures an annual supply of 271,000 tons of natural gas [2]. - The company has established a robust innovation ecosystem, with 7 national high-tech enterprises and 6 specialized enterprises, and has developed various gas control equipment and energy devices [2]. Group 3: Financial Outlook - The company has 53 gas business operating rights across 11 provinces, with a projected pipeline gas sales volume of 4.975 billion cubic meters in 2024, reflecting a year-on-year growth of 2.78% [3]. - The subsidiary, Swick, is the second-largest photovoltaic encapsulation film manufacturer globally, with an annual production capacity exceeding 1 billion square meters across four production bases [3]. - The company maintains a "buy" rating, with expected earnings per share of 0.52 yuan for 2025 and 2026, and 0.53 yuan for 2027, corresponding to a PE valuation of 13 times [3].

Core Viewpoint - The company reported a stable performance for the first half of 2025, with revenue and profit growth despite geopolitical and economic uncertainties [1][2] Financial Performance - Revenue for the first half of 2025 reached HKD 20.359 billion, representing a year-on-year increase of 6.6% [1] - Shareholders' profit attributable to the company was HKD 4.348 billion, up 0.9% year-on-year [1] - Basic earnings per share were HKD 1.73, with an interim dividend proposed at HKD 0.73 per share [1] Financial Strength - As of June 30, 2025, the company held cash reserves of HKD 4.7 billion, with a net debt to total capital ratio of 10.6% [1] - When considering the net debt in the infrastructure investment portfolio, the ratio stands at a low industry level of 48.7% [1] Sustainable Development Initiatives - The company is expanding sustainable development projects in the UK and Australia, including smart grid solutions and electric vehicle charging infrastructure [2] - Clean hydrogen and biomethane projects in the gas distribution network are progressing well in the UK and Australia [2] - Ongoing projects include the Okanagan wind power project in Canada, wind farms in the UK, and solar business portfolios in Australia [2]

Industry News - The National Development and Reform Commission has released a draft for public consultation regarding the "Cross-Province and Cross-Region Power Emergency Dispatch Management Measures," emphasizing market-oriented resource allocation among State Grid, Southern Grid, and Inner Mongolia West Grid [4] - The Ministry of Industry and Information Technology aims to promote high-quality development in manufacturing measurement while advancing industrial green and low-carbon safety, focusing on low-energy and low-emission measurement tools [4] - The Ministry of Commerce reported a 19% increase in electric vehicle exports in the first five months of this year, contributing to a robust performance in China's foreign trade [4] - The nuclear power index has seen six consecutive weeks of gains, with the World Bank lifting its ban on financing nuclear power projects, marking a significant shift in support for nuclear energy [4] - Insurance funds have increasingly targeted energy stocks, with 15 instances of stake acquisitions by the end of May, indicating a strong interest in the energy sector due to its stable demand characteristics [4] Company News - Southern Power Grid is actively responding to Typhoon "Butterfly," deploying over 6,200 personnel and 2,100 vehicles to ensure electricity supply amid severe weather conditions [5] - The largest and most efficient gas turbine in China has completed installation at the Anji Power Plant, marking a significant advancement in gas power generation technology with an efficiency of up to 64.15% [5] - The first batch of power generation units from the "Xinjiang Electricity to Chongqing" project has been put into operation, supporting electricity supply for the summer peak in Chongqing [7] - JinkoSolar has signed multiple cooperation agreements for its new generation N-type TOPCon module, Tiger Neo 3.0, indicating a strong push for global market penetration [9] Local News - Inner Mongolia has successfully conducted its first green electricity transaction with Southern Grid, facilitating a large-scale cross-region green power trade with an expected volume of 1.637 million kilowatt-hours [10]