Hi everyone. I’m Stephanie LI.

大家好，我是主持人李莹亮。

Coming up on today’s program.

重点提要 

• 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 

中国经济要闻

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，中央气象台继续发布高温橙色预警。四川东部、重庆、江西东部、福建西部等地的部分地区最高气温可达40℃以上。

极端高温炙烤下，川渝地区水利、电力、经济生产等正在经历较大的考验。今年夏季，四川各流域来水严重偏枯，多个水电站水库蓄水几乎落至死水位，出现“汛期反枯”的罕见现象。目前，四川天然来水电量由同期约9亿千瓦时下降至约4.4亿千瓦时，降幅超51%。因水电发电能力断崖式下降，造成全省供电支撑能力大幅下跌。

素有“千河之省”称号的四川，作为水电大省却出现了用电缺口，这背后与气候变化有关，也与四川以水电为主体的电力供应结构有关。干旱少雨，影响着水电“出力”。

在此情况下，四川省内67座火力发电厂迅速补位，当地火电占电力总装机约16%，贡献了装机量约1.5倍的发电出力。8月22日，四川火力发电厂发电1275万千瓦，占当日省内电网最大负荷约25%。

四川是水力大省，水电装机占大头。往年夏季丰水期，让位于水电消纳，火力发电厂基本以最低负荷运行，主要起调峰作用，出力占比一般不足10%。

为保障火电厂满发尽发，四川省政企协同促进火电存煤，目前全网存煤较去年同期增长超两倍，保证了火电稳发满发。同时，加强火电厂存煤监测预警，动态优化火电开机方式，协同电厂做好电煤采购存储，确保电煤充足供应。

除加大煤电发电量之外，四川还在增加煤炭储备。据川煤集团8月19日消息，当日，位于四川广安的国内首个国家级大型煤炭储备基地启动投用，该项目是川渝两地共建20个重大能源项目之一，由中国五冶集团等单位承建。项目一期规划占地224亩，总投资约4.96亿元，设计静态储煤能力60万吨，年吞吐量600万吨，目前已初步具备储煤能力。

全国也已在调运煤炭送往川渝地区缓解当地用电紧张情况。国家能源集团8月18日表示，正在协调陕西、甘肃、新疆区域煤炭进入四川、重庆，以自产煤、贸易煤等多种煤炭来源结合供应的方式，尽最大努力保障重点时期四川重庆区域电厂用煤需求。8月1日至17日，煤炭经营公司多渠道实现发运煤炭19万吨，同比增长89.6%，创历年同期最好水平。

国家能源局24日表示，今年以来核准了煤矿项目先进产能3770万吨/年，调整产能900万吨/年，并推动试生产产能约7000万吨/年，前七个月煤炭产量同比增长超10%。目前，全国电煤库存总体充足，达1.7亿吨以上的历史高位水平、可用约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.

  推进实施跨境服务贸易负面清单：商务部副部长盛秋平8月23日在国新办举行的新闻发布会上表示，下一步将扩大开放水平，加快建立统一开放市场体系。在全国推进实施跨境服务贸易负面清单。用好RCEP实施带来的重要开放机遇，扩大与各成员国的服务贸易规模。

Moving on to regional highlights

区域观察

• 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年禁售燃油汽车：海南省人民政府22日印发《海南省碳达峰实施方案》，提出构建低碳化海岛交通系统，加快交通运输能源清洁转型，大力推广新能源车船应用。落实新能源汽车车辆购置税优惠政策和相关扶持政策，分阶段分领域逐步推进全省各类汽车清洁能源化。到2025年，公共服务领域和社会运营领域新增和更换车辆使用清洁能源比例达100%。到2030年，全岛全面禁止销售燃油汽车。

• 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.

  服贸会参展企业超1400家：2022年服贸会的主题是“服务合作促发展绿色创新迎未来”，定于8月31日至9月5日在国家会议中心和首钢园区举办。今年有1407家企业线下参展，比去年增加13.8%，其中，世界500强及行业龙头企业446家。今年服贸会继续以线上线下相结合的方式举办，其中线下展览展示总面积15.2万平方米，比上届增加2.6万平方米。今年更加突出“双碳”主题，新设环境服务专题展，全面展示生态环保、绿色节能技术、新应用。

Next on industry and company news

产业及公司新闻

• 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. 

  任正非称要把活下来作为主要纲领：8月22日，华为内网上线了一篇由华为创始人任正非签发的文章。任正非在文内提到，全球经济将面临着衰退、消费能力下降的情况，华为应改变思路和经营方针，从追求规模转向追求利润和现金流，保证渡过未来三年的危机。“把活下来作为最主要纲领，边缘业务全线收缩和关闭，把寒气传递给每个人。”

Earnings reports express

财报速递

• 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. 

  京东二季度净利润大增450%：8月23日港股收盘，京东发布了2022年第二季度财报。财报显示，2022年第二季度营收为2676亿元，同比增长5.4%；净利润44亿元，同比增长450%；经营利润38亿元，同比增长1166.67%。截至6月30日，京东的年度活跃客户账户为5.808亿，同比增长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.

  中国平安上半年净利润增3.9%： 23日，中国平安发布2022上半年报。今年上半年，中国平安营业收入6121.02亿元，同比减少3.7%；归属于母公司股东的营运利润同比增长4.3%至853.40亿元；基本每股营运收益4.88元，同比增长5.2%；归属于母公司股东的净利润602.73亿元，同比增长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. 

  宁德时代上半年营收超千亿:  23日晚间，宁德时代发布2022年半年报。数据显示，上半年公司实现营业收入1129.71亿元，同比增长156.32%；实现归母净利润81.68亿元，同比增长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.

  小鹏二季度交付量同比翻倍：8月23日，小鹏汽车公布其截至2022年6月30日第二季度未经审计的财务数据。2022年第二季度，小鹏总营收为74.36亿元，较2021年同期增长97.7%，营收同比增长主要由于汽车交付量增加所致。二季度净亏损为27.01亿元，同比扩大126%，去年同期为11.95亿元，上季度为17.01亿元。二季度小鹏汽车总交付量为3.44万辆，同比增长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.

  快手二季度广告业务逆势增长：8月23日，快手披露2022年二季度财报。财报显示，二季度快手实现总营收217亿元，同比增长13.4%，调整后净亏损13.1亿元，经调整EBITDA达4.1亿元，该指标自2020年第四季度以来首次转正。作为平台最主要的营收来源，第二季度快手实现广告收入110亿元，同比增长10.5%。

Switching gears to financial news

金融市场消息

• 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.

  上合银联体加强金融合作：上海合作组织银行联合体（上合银联体）理事会23日召开第18次会议。会议期间，各成员行签署了《上合银联体成员行支持与发展上合组织区域内经济合作的中期联合行动计划（2022-2027年）》。上合银联体成员行将在上合区域基础设施互联互通、绿色低碳、数字经济、社会民生等领域开展金融合作。

• 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.

  世茂境外债务重组方案出炉：23日媒体报道，世茂集团于8月19日，将一份境外债务初步重组方案给到了债权人小组的财务顾问。 该方案主要内容为：46.5亿元银团贷款计划分摊3-6年摊销，公、私债券延展39-93个月。对于总额达71.3亿元的B类债务，世茂集团拟在重组生效日期后发行六批新票据。

Wrapping up with a quick look at the stock market

股市收盘情况

• 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股集体下跌。截止收盘，上证指数跌1.86%，深证成指跌2.88%，创业板指跌3.64%。板块方面，种植业板块较为活跃；半导体、汽车、国防军工、一体化压铸等板块飘绿。港股恒生指数创五个月新低，收跌1.20%，恒生科技指数收跌2.77%。

Biz Word of the Day

财经词汇划重点

• 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. 

  净资产收益率是净利润与平均股东权益的百分比，是公司税后利润除以净资产得到的百分比率，该指标反映股东权益的收益水平，用以衡量公司运用自有资本的效率。指标值越高，说明投资带来的收益越高。该指标体现了自有资本获得净收益的能力。

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

编委:  于晓娜

策划、编辑：李艳霞 

播音：李莹亮

撰稿：李莹亮、曾丽镔、黄梓晴

音频制作：黄梓晴

设计：郑文静、廖苑妮

21世纪经济报道海外部制作

南方财经全媒体集团  出品