Core Viewpoint - The report from Huatai Securities estimates a 3.2% year-on-year increase in national electricity generation in July 2025, reaching 924.9 billion kWh, with specific projections for different energy sources [1] Group 1: Electricity Generation Projections - The estimated electricity generation for July 2025 is 924.9 billion kWh, adjusted for the 2024 base year [1] - The projected year-on-year growth rates for various energy sources are as follows: thermal power +1.1% to 581.1 billion kWh, hydropower -1.8% to 163.4 billion kWh, and wind, solar, and nuclear power +27.3% to 180.4 billion kWh [1] Group 2: Seasonal Demand and Supply Dynamics - The report highlights a strong correlation between electricity production and demand during the peak summer season, with thermal and hydropower serving as the main support sources [1] - Hydropower output is expected to improve significantly compared to June, leading to a reduction in the year-on-year decline [1] - Despite potential competition from recovering hydropower output, thermal power generation is anticipated to maintain positive growth momentum due to high summer temperatures and sustained peak load demand [1]