Equity Research Report In 2025, domestic large-scale renewable capacity additions compressed the company's grid connections YoY. This, compounded by weaker wind conditions in 1H26, caused wind/solar power utilization hours to fall by 23.17/12.63% YoY to 862/581 hours. A rising share of grid-parity capacity and market-oriented power trading drove on-grid wind/solar power tariffs (excluding tax) down by 3.52/8.27% YoY to RMB0.396/0.346 per kWh. Consequently, the 1H26 NPs from wind/solar power generation were ...