新能源新增发电量几乎覆盖全部新增用电量 交直流输电通道的建设打通区域电力输送动脉，资源配置能力进一步提高。2025年，全国完成跨区输送 电量9984亿千瓦时，同比增长7.9%；跨省输送电量21237亿千瓦时，同比增长6.3%。内蒙古、云南、山 西、新疆、四川5个省份净输出电量规模超过1000亿千瓦时。 预计2026年太阳能发电装机规模将首次超过煤电 中国电力企业联合会预测，2026年太阳能发电装机规模将首次超过煤电装机规模，年底风电和太阳能发 电合计装机规模达到总发电装机的一半。 2026年，预计全国电力供需总体平衡，局地高峰时段电力供需偏紧，供应不足部分可以通过跨省跨区余 缺互济后基本消除。度夏期间，西南、华中、华东等区域部分省份电力供需平衡偏紧；度冬期间，各地 电力供需基本平衡。若出现大范围极端天气、一次能源供应紧张等极端情况，局部地区部分时段电力供 需形势偏紧，通过供需两侧共同发力，可以保障电力平稳有序供应。 中国电力企业联合会发布的数据显示：2025年，全国新增发电装机容量5.5亿千瓦，其中，风电和太阳 能发电合计新增装机4.4亿千瓦，占新增发电装机总容量的比重达到80.2%。 截至2025年底，煤电 ...

Group 1: Installed Capacity Overview - The company has a diversified power generation structure, including coal, LNG, and hydropower projects. As of the first three quarters of 2025, the total installed capacity is 40,559.3 MW, with coal power accounting for 20,010 MW (49.34%) [2] - The installed capacity for gas power is 11,847 MW (29.21%), wind power is 3,895 MW (9.60%), solar power is 4,574.5 MW (11.28%), and hydropower is 132.8 MW (0.33%). The total renewable energy capacity is 8,702.3 MW (21.46%) [2] Group 2: New Capacity Additions During the 14th Five-Year Plan - During the 14th Five-Year Plan, the company has added approximately 2,860 MW of coal power, 2,865 MW of gas power, 3,812.7 MW of wind power, 3,286 MW of solar power, and 100 MW of biomass power [2][3] Group 3: Ongoing and Future Projects - Currently, the company has 8,000 MW of coal power under construction, with an expected 3,000-5,000 MW to be operational by the end of 2025, and the remainder in 2026-2027 [3] - There are also 2,942 MW of gas power projects and 1,250 MW of solar and wind projects under construction, with potential adjustments to the operational timeline based on construction progress [3] Group 4: Financial Health and Debt Management - As of Q3 2025, the company's debt-to-asset ratio is 79.45%. The company plans to explore equity financing channels to manage and reduce this ratio [4] - In 2023, the company raised 4.5 billion CNY through equity financing by introducing six strategic investors [4] Group 5: Dividend Policy - The company adheres to a "profit means dividend" policy, aiming to distribute at least 10% of the annual distributable profit as cash dividends. The minimum cash dividend proportion in any profit distribution should be 20% [5] - Over the last three years, the cumulative cash dividends should not be less than 30% of the average annual distributable profit [5]