（文章来源：证券日报） 证券日报网讯 1月9日，三峡水利在互动平台回答投资者提问时表示，公司坚持聚焦主责主业，注重提 升发展质效，持续优化治理体系，做好投资者关系管理，增强信息披露质量和透明度，持续稳定的现金 分红，力争以良好业绩为股东创造投资价值。 ...

股票代码：600116 股票简称：三峡水利 编号：临2025-074号 重庆三峡水利电力（集团）股份有限公司 关于吸收合并下属全资子公司完成工商注销登记的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 二〇二五年十二月三十一日 特此公告。 重庆三峡水利电力（集团）股份有限公司 董 事 会 为进一步压缩重庆三峡水利电力（集团）股份有限公司（以下简称"公司"）管理层级，持续优化公司组 织架构，提升管理质效，经公司2025年第二次临时股东大会审议通过，公司决定对下属全资子公司重庆 长电联合能源有限责任公司（以下简称"联合能源"）进行吸收合并。本次吸收合并完成后，联合能源法 人资格将依法注销，其全部资产、债权债务、业务等由公司依法承继。本次吸收合并具体情况详见公司 分别于2025年9月11日、9月27日在上海证券交易所网站披露的《关于吸收合并下属全资子公司的公告》 （临2025-044号）、《2025年第二次临时股东大会决议公告》（临2025-051号）以及《关于吸收合并下 属全资子公司事项通知债权人的公告》（临2025-052 ...

Core Viewpoint - Chongqing Three Gorges Water Conservancy and Electric Power (Group) Co., Ltd. has successfully completed the transfer of its 41.0071% stake in Chongqing Tiantai Energy Group Co., Ltd. for 640 million yuan, marking a significant step in optimizing its asset structure and strategic focus [1][2] Group 1: Asset Transfer Details - The asset transfer was initiated in July 2025 and approved at the first extraordinary general meeting of shareholders [1] - The transfer price was set at 640.76 million yuan, reflecting a value appreciation rate of 123.60% [1] - The transaction has been fully settled with the buyer, Chongqing Bosai Mining (Group) Co., Ltd., and the registration of the industrial and commercial change has been completed [1] Group 2: Strategic Implications - The divestiture of non-core equity is a key measure for the company to focus on its main electricity business and optimize asset utilization [2] - The 640 million yuan raised will enhance the company's cash flow, supporting upgrades in core business, expansion into new energy projects, and extension of the industrial chain [2] - The company asserts that this equity transfer will not adversely affect its normal production and operations, and it will continue to optimize asset allocation around its core electricity industry and new energy business [2]

董 事 会 二〇二五年十二月三十一日 股票代码：600116 股票简称：三峡水利 编号：临 2025-074 号 重庆三峡水利电力（集团）股份有限公司 关于吸收合并下属全资子公司完成工商注销 登记的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 为进一步压缩重庆三峡水利电力（集团）股份有限公司（以下简称"公司"） 管理层级，持续优化公司组织架构，提升管理质效，经公司 2025 年第二次临时 股东大会审议通过，公司决定对下属全资子公司重庆长电联合能源有限责任公司 （以下简称"联合能源"）进行吸收合并。本次吸收合并完成后，联合能源法人 资格将依法注销，其全部资产、债权债务、业务等由公司依法承继。本次吸收合 并具体情况详见公司分别于 2025 年 9 月 11 日、9 月 27 日在上海证券交易所网 站披露的《关于吸收合并下属全资子公司的公告》（临 2025-044 号）、《2025 年第二次临时股东大会决议公告》（临 2025-051 号）以及《关于吸收合并下属 全资子公司事项通知债权人的公告》（临 2025-052 号）。 ...

Group 1 - The core point of the article is that the company, Three Gorges Water Conservancy, has announced the absorption and merger of its wholly-owned subsidiary, United Energy, to streamline management levels and optimize organizational structure [1] - The merger will result in the legal status of United Energy being canceled, with all its assets, debts, and business operations being inherited by the company [1] - The legal deregistration of United Energy has already been completed recently [1]

重庆三峡水利电力（集团）股份有限公司 董 事 会 二〇二五年十二月三十日 股票代码：600116 股票简称：三峡水利 编号：临 2025-073 号 重庆三峡水利电力（集团）股份有限公司 关于公开挂牌转让下属参股公司股权完成工商 变更登记的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 为进一步提升重庆三峡水利电力（集团）股份有限公司（以下简称"公司"） 资产运营效率，持续优化公司战略布局，经公司 2025 年第一次临时股东大会审 议通过，公司下属全资子公司重庆两江长兴电力有限公司（以下简称"长兴电力"） 已通过公开挂牌的方式转让其持股 41.0071%的参股公司重庆天泰能源集团有限 公司（以下简称"天泰能源"）的全部股权。本次公开挂牌转让底价不低于长兴 电力所持 41.0071%股权对应的评估机构所出具的评估报告中的评估价值 64,075.96 万元（增值率为 123.60%）。前期，长兴电力已与受让方重庆市博赛 矿业(集团)有限公司正式签订《股权交易合同》，并收到本次交易全额价款 64,075.96 万元。 近日，长 ...

（文章来源：证券日报） 证券日报网讯 12月22日，三峡水利在互动平台回答投资者提问时表示，公司已经完成董事会换届和总 经理聘任事宜，详见公司于12月19日在上海证券交易所披露的相关公告。 ...

（文章来源：证券日报） 证券日报网讯 12月22日，三峡水利在互动平台回答投资者提问时表示，公司已经完成董事会换届事 宜，详见公司于12月19日在上海证券交易所披露的相关公告。 ...

Core Viewpoint - The company, Three Gorges Water Conservancy, held its third extraordinary shareholders' meeting and the first meeting of the 11th board of directors, completing the board's re-election and several governance system revisions [1] Group 1: Shareholder Meeting Outcomes - The shareholders' meeting attracted 633 shareholders and proxies, with a voting power participation rate of 60.82% [1] - All 16 proposals, including the revised articles of association and the profit distribution plan for the first three quarters of 2025, were approved, with core proposals receiving over 99% approval [1] Group 2: Board of Directors Re-election - The core agenda of the shareholders' meeting was the re-election of the board of directors, with Lin Feng, Jiang Jianfeng, Zhou Weiwei, Xiong Hao, Lian Zejian, Dong Xian, Shen Xi, and Zhao Yihua elected as non-independent directors [1] - Independent directors Wang Benzhe, Zhao Fengyun, He Yonghong, Wang Yiping, and Zeng Zhiyuan were elected through a cumulative voting system, joining employee representative director Yin Mingxin to form the new board [1] Group 3: New Board Leadership - In the subsequent first meeting of the 11th board, Lin Feng was elected as the chairman, while Jiang Jianfeng and Zhou Weiwei were elected as vice-chairmen, with Jiang also appointed as the general manager [2] - Lin Feng holds a master's degree and has extensive management and compliance experience, while Jiang Jianfeng and Zhou Weiwei also possess significant qualifications and experience in their respective roles [2] Group 4: Governance Optimization - The company stated that the governance optimization will further standardize operations, protect shareholder rights, and lay a foundation for sustainable business development [2]

Core Viewpoint - The price of electrolytic manganese has risen continuously for 13 days since December, reaching a new high of 17,820 yuan/ton, with a cumulative increase of over 2,300 yuan/ton, marking a nearly 15% rise since the beginning of the month [1][3]. Price Drivers - The recent price increase of electrolytic manganese is driven by multiple factors including supply contraction, cost support, and improved demand [3]. - Environmental regulations in major production areas like Guangxi and Guizhou have led to reduced production from smaller facilities, contributing to supply tightness [3]. - Rising water and electricity costs due to the dry season have increased production costs, prompting some small smelting enterprises to cut back on output [3]. - The ongoing construction of a 600,000-ton electrolytic manganese project by Ningxia Tianyuan Manganese Industry is expected to further tighten supply until its completion in the second half of 2026 [3]. Demand Analysis - The steel industry shows stable demand, with many steel mills maintaining production rates and year-end inventory replenishment needs becoming apparent [4]. - Specific downstream sectors, such as the 200 series stainless steel, exhibit strong demand resilience for electrolytic manganese [4]. - Recent bidding prices for spherical electrolytic manganese have surged to 16,600 yuan/ton, reflecting a significant increase of 2,102 to 2,420 yuan/ton from the previous round, boosting market sentiment [4]. Growth in New Energy Sector - The manganese industry is transitioning from being primarily associated with steel to becoming a critical component in the new energy sector, particularly in battery production [5]. - The commercial application of new battery technologies, such as lithium iron phosphate manganese, is driving explosive growth in demand for high-purity electrolytic manganese [5]. - Projects like Yunnan Youneng's second phase, expected to be fully operational by the end of 2025, will add significant production capacity for lithium iron phosphate manganese [5]. Manganese Industry Stocks - Key manganese industry stocks include Sanxia Water, Hongxing Development, Xiangtan Electric, Western Gold, and Zhonggang Tianyuan, among others [6]. - Hongxing Development holds manganese mining assets with a total capacity of approximately 250,000 tons/year [6]. - Xiangtan Electric has a total capacity of 122,000 tons for electrolytic manganese dioxide and plans to expand its lithium manganese oxide capacity [7]. - Zhonggang Tianyuan is the largest producer of battery-grade manganese tetroxide, with a production capacity of 85,000 tons [7]. - Western Gold's subsidiary, Kebang Manganese, is the only electrolytic manganese producer in Xinjiang, benefiting from a complete industry chain [8].