Hi everyone. I’m Stephanie LI.

大家好，我是主持人李瑩亮。

Coming up on today’s program.

重點提要 

• Thermal power plants in Sichuan are firing on all cylinders to combat drought-induced power shortage;

• Huawei’s founder says the firm will shift to “survival mode” over the next 3 years amid outlook of a global recession.

Here’s what you need to know about China in the past 24 hours 

中國經(jīng)濟要聞

Amid heat waves in Southwest China's Sichuan Province that have caused an ongoing energy shortage, forcing the province to curb industrial power use for more than one week, Sichuan's coal-fired plants have been firing on all cylinders and generating power over designed capacity, as a national effort to combat a rare drought goes into full play. 

A total of 67 thermal power plants in Sichuan entered full operation with 12.75 million kilowatts of capacity on Monday, contributing about 25 percent of the daily load of the local power grid, in order to address a power shortage caused by extreme drought in the province.

The 67 thermal power plants, which used to account for less than 16 percent of the overall power generating capacity in the province, have entered emergency mode to fill the gap by producing electricity at 150 percent of their normal capacity.

Sichuan's current hydropower output has fallen to 440 million kilowatt-hours (k/Wh), below the normal level of 900 million k/Wh, due to severe drought. Hydropower generation has decreased precipitously by more than 51 percent from normal levels.

The Sichuan provincial government is coordinating coal supplies to ensure power generation. Last week, Sichuan commenced its first national level coal reserve base in Guangan, which can supply 6 million tons a year, with the aim of providing some relief to the province.

State-owned energy conglomerate CHN Energy said on Thursday that its subsidiaries have transported 190,000 tons of coal to Sichuan and Chongqing from August 1-17, up 89.6 percent from the same period last year. Its coal-fired plants in Sichuan have generated 19 billion kWh of electricity year-to-date, up 6.4 billion kWh from the corresponding period last year.

Other provinces have also lent help. A total of eight power transmission lines under State Grid have been sending 132 million kWh of power to Sichuan on a daily basis in recent days. Thirteen localities from Beijing to Zhejiang have also sent 50 emergency power generation units to Chengdu.

Meanwhile, the National Energy Administration (NEA) said Wednesday that the country's coal reserves are sufficient to last for 23 days, which hit a record high of more than 170 million tons, and coal production in the first seven months has increased by more than 10 percent year on year. 

8月24日，中央氣象臺繼續(xù)發(fā)布高溫橙色預警。四川東部、重慶、江西東部、福建西部等地的部分地區(qū)最高氣溫可達40℃以上。

極端高溫炙烤下，川渝地區(qū)水利、電力、經(jīng)濟生產(chǎn)等正在經(jīng)歷較大的考驗。今年夏季，四川各流域來水嚴重偏枯，多個水電站水庫蓄水幾乎落至死水位，出現(xiàn)“汛期反枯”的罕見現(xiàn)象。目前，四川天然來水電量由同期約9億千瓦時下降至約4.4億千瓦時，降幅超51%。因水電發(fā)電能力斷崖式下降，造成全省供電支撐能力大幅下跌。

素有“千河之省”稱號的四川，作為水電大省卻出現(xiàn)了用電缺口，這背后與氣候變化有關(guān)，也與四川以水電為主體的電力供應結(jié)構(gòu)有關(guān)。干旱少雨，影響著水電“出力”。

在此情況下，四川省內(nèi)67座火力發(fā)電廠迅速補位，當?shù)鼗痣娬茧娏傃b機約16%，貢獻了裝機量約1.5倍的發(fā)電出力。8月22日，四川火力發(fā)電廠發(fā)電1275萬千瓦，占當日省內(nèi)電網(wǎng)最大負荷約25%。

四川是水力大省，水電裝機占大頭。往年夏季豐水期，讓位于水電消納，火力發(fā)電廠基本以最低負荷運行，主要起調(diào)峰作用，出力占比一般不足10%。

為保障火電廠滿發(fā)盡發(fā)，四川省政企協(xié)同促進火電存煤，目前全網(wǎng)存煤較去年同期增長超兩倍，保證了火電穩(wěn)發(fā)滿發(fā)。同時，加強火電廠存煤監(jiān)測預警，動態(tài)優(yōu)化火電開機方式，協(xié)同電廠做好電煤采購存儲，確保電煤充足供應。

除加大煤電發(fā)電量之外，四川還在增加煤炭儲備。據(jù)川煤集團8月19日消息，當日，位于四川廣安的國內(nèi)首個國家級大型煤炭儲備基地啟動投用，該項目是川渝兩地共建20個重大能源項目之一，由中國五冶集團等單位承建。項目一期規(guī)劃占地224畝，總投資約4.96億元，設(shè)計靜態(tài)儲煤能力60萬噸，年吞吐量600萬噸，目前已初步具備儲煤能力。

全國也已在調(diào)運煤炭送往川渝地區(qū)緩解當?shù)赜秒娋o張情況。國家能源集團8月18日表示，正在協(xié)調(diào)陜西、甘肅、新疆區(qū)域煤炭進入四川、重慶，以自產(chǎn)煤、貿(mào)易煤等多種煤炭來源結(jié)合供應的方式，盡最大努力保障重點時期四川重慶區(qū)域電廠用煤需求。8月1日至17日，煤炭經(jīng)營公司多渠道實現(xiàn)發(fā)運煤炭19萬噸，同比增長89.6%，創(chuàng)歷年同期最好水平。

國家能源局24日表示，今年以來核準了煤礦項目先進產(chǎn)能3770萬噸/年，調(diào)整產(chǎn)能900萬噸/年，并推動試生產(chǎn)產(chǎn)能約7000萬噸/年，前七個月煤炭產(chǎn)量同比增長超10%。目前，全國電煤庫存總體充足，達1.7億噸以上的歷史高位水平、可用約23天。

• China will implement a negative list for cross-border trade in services, expand opening-up in the services sector and bolster digital trade to shore up economic growth, said the Ministry of Commerce on Tuesday. China will seize opportunities brought by the RCEP agreement to expand the scale of trade in services with other member countries in the coming years.

  推進實施跨境服務貿(mào)易負面清單：商務部副部長盛秋平8月23日在國新辦舉行的新聞發(fā)布會上表示，下一步將擴大開放水平，加快建立統(tǒng)一開放市場體系。在全國推進實施跨境服務貿(mào)易負面清單。用好RCEP實施帶來的重要開放機遇，擴大與各成員國的服務貿(mào)易規(guī)模。

Moving on to regional highlights

區(qū)域觀察

• Hainan province plans to ban the sales of all fuel vehicles by 2030, a government document said. According to the implementation plan of carbon peaking issued by the provincial government on Monday, all new and replacement vehicles in the public service and commercial services in Hainan will use clean energy by 2025, and the sales of fuel vehicles will be banned by 2030. The plan also points out that Hainan will provide reduction on vehicle purchase taxes for new-energy vehicles. 

  海南2030年禁售燃油汽車：海南省人民政府22日印發(fā)《海南省碳達峰實施方案》，提出構(gòu)建低碳化海島交通系統(tǒng)，加快交通運輸能源清潔轉(zhuǎn)型，大力推廣新能源車船應用。落實新能源汽車車輛購置稅優(yōu)惠政策和相關(guān)扶持政策，分階段分領(lǐng)域逐步推進全省各類汽車清潔能源化。到2025年，公共服務領(lǐng)域和社會運營領(lǐng)域新增和更換車輛使用清潔能源比例達100%。到2030年，全島全面禁止銷售燃油汽車。

• Beijing is making full preparations for the upcoming 2022 China International Fair for Trade in Services (CIFTIS), an official said on Tuesday at a press briefing. 1,407 enterprises will participate on-site at the event, up 13.8 percent year-on-year, of which 446 are Fortune Global 500 companies and industry leaders. This year's trade fair covers an exhibition area of more than 15,200 square meters and focuses on nine themes, including financial, educational, healthcare and supply chain management services.

  服貿(mào)會參展企業(yè)超1400家：2022年服貿(mào)會的主題是“服務合作促發(fā)展綠色創(chuàng)新迎未來”，定于8月31日至9月5日在國家會議中心和首鋼園區(qū)舉辦。今年有1407家企業(yè)線下參展，比去年增加13.8%，其中，世界500強及行業(yè)龍頭企業(yè)446家。今年服貿(mào)會繼續(xù)以線上線下相結(jié)合的方式舉辦，其中線下展覽展示總面積15.2萬平方米，比上屆增加2.6萬平方米。今年更加突出“雙碳”主題，新設(shè)環(huán)境服務專題展，全面展示生態(tài)環(huán)保、綠色節(jié)能技術(shù)、新應用。

Next on industry and company news

產(chǎn)業(yè)及公司新聞

• Chinese telecoms giant Huawei’s founder Ren Zhengfei said Tuesday in an internal article that with survival as the main principle, the company's marginal businesses will be shrunken and closed, and there is a need to let every employee feel the chill. “We must adopt survival mode. Making it through the coming three years is the critical objective for Huawei at a time when the global economy faces recession,” Ren said, stressing that Huawei must change from the pursuit of scale to the pursuit of profit and cash flow. 

  任正非稱要把活下來作為主要綱領(lǐng)：8月22日，華為內(nèi)網(wǎng)上線了一篇由華為創(chuàng)始人任正非簽發(fā)的文章。任正非在文內(nèi)提到，全球經(jīng)濟將面臨著衰退、消費能力下降的情況，華為應改變思路和經(jīng)營方針，從追求規(guī)模轉(zhuǎn)向追求利潤和現(xiàn)金流，保證渡過未來三年的危機?！鞍鸦钕聛碜鳛樽钪饕V領(lǐng)，邊緣業(yè)務全線收縮和關(guān)閉，把寒氣傳遞給每個人。”

Earnings reports express

財報速遞

• Chinese e-commerce giant JD.com on Tuesday reported better-than-expected results for the second quarter. The Beijing-based company reported a revenue of 267.6 billion yuan for the three months ended June 30, a year-on-year increase of 5.4 percent. Net income jumped for the quarter to 4.4 billion yuan, compared with almost 800 million yuan for the same period last year. The company's annual active customer accounts increased by 9.2 percent year on year to 580.8 million by end-June. 

  京東二季度凈利潤大增450%：8月23日港股收盤，京東發(fā)布了2022年第二季度財報。財報顯示，2022年第二季度營收為2676億元，同比增長5.4%；凈利潤44億元，同比增長450%；經(jīng)營利潤38億元，同比增長1166.67%。截至6月30日，京東的年度活躍客戶賬戶為5.808億，同比增長9.2%。

• Ping An Insurance said on Tuesday its interim net profit increased by 3.9 percent year-on-year to 60.27 billion yuan, as retail customers and contracts increased steadily. The company achieved an annualized operating return on equity of 20.4 percent in the first six months of 2022, with operating net profit rising 4.3 percent year-on-year to 85.34 billion yuan.

  中國平安上半年凈利潤增3.9%： 23日，中國平安發(fā)布2022上半年報。今年上半年，中國平安營業(yè)收入6121.02億元，同比減少3.7%；歸屬于母公司股東的營運利潤同比增長4.3%至853.40億元；基本每股營運收益4.88元，同比增長5.2%；歸屬于母公司股東的凈利潤602.73億元，同比增長3.9%。

• Chinese battery giant CATL on Tuesday reported a 156 percent rise in first-half revenue to nearly 113 billion yuan. Profit jumped 82 percent year-on-year to 8.17 billion yuan, as CATL weathered ongoing volatility in raw material prices. 

  寧德時代上半年營收超千億:  23日晚間，寧德時代發(fā)布2022年半年報。數(shù)據(jù)顯示，上半年公司實現(xiàn)營業(yè)收入1129.71億元，同比增長156.32%；實現(xiàn)歸母凈利潤81.68億元，同比增長82.17%。

• XPeng Motors reported on Tuesday its sales grew 97.7 percent year-on-year during the second-quarter of 2022, to 7.44 billion yuan, as its quarterly vehicle deliveries almost doubled to 34,422. However, the carmaker’s net loss in the period expanded 126 percent year-on-year to 2.7 billion yuan.

  小鵬二季度交付量同比翻倍：8月23日，小鵬汽車公布其截至2022年6月30日第二季度未經(jīng)審計的財務數(shù)據(jù)。2022年第二季度，小鵬總營收為74.36億元，較2021年同期增長97.7%，營收同比增長主要由于汽車交付量增加所致。二季度凈虧損為27.01億元，同比擴大126%，去年同期為11.95億元，上季度為17.01億元。二季度小鵬汽車總交付量為3.44萬輛，同比增長98%。

• Kuaishou Technology said Tuesday that its second-quarter net loss narrowed, while revenue rose 13 percent at 21.7 billion yuan, thanks to its strong live-streaming and online-marketing segments.  Advertising, the platform's main source of revenue, generated 11 billion yuan in the second quarter, up 10.5 percent year on year.

  快手二季度廣告業(yè)務逆勢增長：8月23日，快手披露2022年二季度財報。財報顯示，二季度快手實現(xiàn)總營收217億元，同比增長13.4%，調(diào)整后凈虧損13.1億元，經(jīng)調(diào)整EBITDA達4.1億元，該指標自2020年第四季度以來首次轉(zhuǎn)正。作為平臺最主要的營收來源，第二季度快手實現(xiàn)廣告收入110億元，同比增長10.5%。

Switching gears to financial news

金融市場消息

• China Development Bank and banks of the member countries of the Shanghai Cooperation Organization (SCO) signed a regional economic cooperative plan for 2022-2027 during the 18th conference of the SCO Interbank Consortium on Tuesday, focusing on financial cooperation in some pillar sectors such as infrastructure for connectivity, low carbon initiatives and the digital economy.

  上合銀聯(lián)體加強金融合作：上海合作組織銀行聯(lián)合體（上合銀聯(lián)體）理事會23日召開第18次會議。會議期間，各成員行簽署了《上合銀聯(lián)體成員行支持與發(fā)展上合組織區(qū)域內(nèi)經(jīng)濟合作的中期聯(lián)合行動計劃（2022-2027年）》。上合銀聯(lián)體成員行將在上合區(qū)域基礎(chǔ)設(shè)施互聯(lián)互通、綠色低碳、數(shù)字經(jīng)濟、社會民生等領(lǐng)域開展金融合作。

• Chinese developer Shimao has proposed a two-class restructuring plan to offshore creditors to repay $11.8 billion over a period of three to eight years, according to sources on Tuesday.

  世茂境外債務重組方案出爐：23日媒體報道，世茂集團于8月19日，將一份境外債務初步重組方案給到了債權(quán)人小組的財務顧問。 該方案主要內(nèi)容為：46.5億元銀團貸款計劃分攤3-6年攤銷，公、私債券延展39-93個月。對于總額達71.3億元的B類債務，世茂集團擬在重組生效日期后發(fā)行六批新票據(jù)。

Wrapping up with a quick look at the stock market

股市收盤情況

• Chinese stocks closed lower on Wednesday, as stocks in semiconductors and carmakers fell across the board. By the close, the benchmark Shanghai Composite lost 1.86 percent, its the lowest closing level since Aug 4, and the Shenzhen Component fell 2.88 percent. Hong Kong shares ended at a more than five-month low. The Hang Seng Index closed 1.2 percent lower and the TECH Index lost 2.77 percent.

  周三A股集體下跌。截止收盤，上證指數(shù)跌1.86%，深證成指跌2.88%，創(chuàng)業(yè)板指跌3.64%。板塊方面，種植業(yè)板塊較為活躍；半導體、汽車、國防軍工、一體化壓鑄等板塊飄綠。港股恒生指數(shù)創(chuàng)五個月新低，收跌1.20%，恒生科技指數(shù)收跌2.77%。

Biz Word of the Day

財經(jīng)詞匯劃重點

• Return on equity (ROE) is a measure of financial performance calculated by dividing net income by shareholders' equity. ROE is considered a gauge of a corporation's profitability and how efficient it is in generating profits. The higher the ROE, the more efficient a company's management is at generating income and growth from its equity financing. 

  凈資產(chǎn)收益率是凈利潤與平均股東權(quán)益的百分比，是公司稅后利潤除以凈資產(chǎn)得到的百分比率，該指標反映股東權(quán)益的收益水平，用以衡量公司運用自有資本的效率。指標值越高，說明投資帶來的收益越高。該指標體現(xiàn)了自有資本獲得凈收益的能力。

Executive Editor: Sonia YU

Editor: LI Yanxia

Host: Stephanie LI

Writer: Stephanie LI, ZENG Libin, HUANG Ziqing

Sound Editor: HUANG Ziqing

Graphic Designer: ZHENG Wenjing, LIAO Yuanni

Produced by 21st Century Business Herald Dept. of Overseas News.

Presented by SFC

編委:  于曉娜

策劃、編輯：李艷霞 

播音：李瑩亮

撰稿：李瑩亮、曾麗鑌、黃梓晴

音頻制作：黃梓晴

設(shè)計：鄭文靜、廖苑妮

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