Core Viewpoint - The construction of the 1000-ton navigation facility at the Longtan Hydropower Station marks a significant milestone in connecting Guizhou and Guangxi provinces, facilitating the realization of the "通江达海" (Connecting Rivers to the Sea) dream for local communities [3]. Group 1: Project Overview - The Longtan Hydropower Station's 1000-ton navigation facility is a key project that enhances the Red Water River, an important waterway in the Pearl River system [3]. - The project is part of the national high-grade waterway network and plays a strategic role in the development of the western land-sea new corridor and the national comprehensive transportation network [3]. - The project has received strong support from various government departments and has undergone several feasibility studies and adjustments since 2017 [3]. Group 2: Technical Specifications - The facility will feature a two-level vertical lift ship lock with a total length of 1980 meters and a maximum lift height of 156 meters, making it the highest of its kind in the world [4]. - The design allows for an annual one-way passage capacity of 3.7546 million tons, nearly double that of the previous 500-ton scheme, which will significantly reduce logistics costs and energy consumption [4]. Group 3: Economic Impact - The estimated total investment for the project is 5.346 billion yuan, which is an increase of 2.35 billion yuan compared to the original 500-ton plan [4]. - Upon completion, the project will eliminate the last barrier to navigation on the Red Water River, providing an efficient, green, and economical route for large vessels from Guizhou to the Guangdong-Hong Kong-Macao Greater Bay Area [4]. - This development is expected to bring tangible benefits to local communities along the Red Water River and stimulate regional economic collaboration and industrial optimization [4].

12月26日，以"新开局、新动能、新征程"为主题的"启航·2025金融峰会"在北京圆满举办，大会由金融界主办，汇聚监管部门、行业协会、金融机构、上市 公司、媒体等领域数百位相关领导和重磅嘉宾。会上，第十四届金融界"金智奖"年度评选结果重磅揭晓，桂冠电力荣获"上市公司韧性发展"奖项。 秉持绿色发展理念，桂冠电力积极践行能源安全新战略，全力推进清洁能源布局，持续攻坚重大能源项目建设，不断优化电源结构，巩固区域清洁能源供应 主体的领先地位。同时，公司以改革创新为动力，深入推进改革深化提升行动，重塑组织形态与激励机制，提升治理效能，还聚焦科技创新十大方向，实现 多项科研项目申报突破，以创新驱动增强核心竞争力。 未来，桂冠电力将继续秉持高质量发展理念，深耕清洁能源领域，持续深化改革创新，强化责任担当，在保障能源安全、推进绿色低碳转型的道路上稳步前 行，为资本市场与实体经济协同发展贡献更多力量。 财经频道更多独家策划、专家专栏，免费查阅>> 责任编辑：山上 "金智奖"旨在树立高质量发展标杆，引导上市公司聚焦主业、持续创新、践行社会责任，推动资本向优质企业集聚。本届评选中，金融界上市公司研究院紧 密契合"十五五"规划建议中 ...

本报讯 （记者刘晓一） 12月26日晚间，广西桂冠电力股份有限公司（以下简称"桂冠电力"）发布公告，其下属全资子公司龙滩 水电开发有限公司拟开工建设1000吨级通航建筑物，原500吨级建设方案正式升级，标志着红水河流域 交通能源枢纽建设迈入新阶段。 桂冠电力方面表示，将严格管控工程建设风险，及时披露进展。此次项目不构成重大资产重组或关联交 易，既彰显了企业社会责任担当，也符合全体股东长远利益，标志着桂冠电力在清洁能源与区域基建协 同发展的道路上迈出了坚实一步。 值得一提的是，作为清洁能源领先企业，桂冠电力近年发展势头强劲。截至2025年上半年，公司在役装 机容量达1417.77万千瓦，其中水电占比超七成，风电、光伏等新能源布局持续扩大。2024年新能源投 产容量创历史新高，达87.97万千瓦。同时，公司坚持稳定分红，2022至2024年每年每股派息0.2元（含 税），近三年平均分红比例82.83%，以扎实业绩回馈股东。 （编辑 张伟） 此次升级具有鲜明的战略价值与现实意义。红水河作为连接西南与珠三角及港澳地区的黄金水道，适配 1000吨级通航标准是船舶大型化、标准化发展的必然选择。工程契合西部陆海新通道建设战 ...

Core Viewpoint - Guangxi Guiguan Electric Power Co., Ltd. plans to construct a 1,000-ton navigation facility to enhance the navigation capacity of the Hongshui River, promoting economic development in the basin [1] Group 1: Project Details - The project is initiated by Longtan Hydropower Development Co., Ltd., a wholly-owned subsidiary of Guangxi Guiguan Electric Power [1] - The navigation facility is crucial infrastructure for the Hongshui River shipping, facilitating the development of the Xijiang shipping route and improving access for Guizhou to the sea [1] - The adjustment of the navigation capacity from 500 tons to 1,000 tons is necessary to accommodate the trend of larger vessels and to leverage the advantages of Xijiang water transport [1] Group 2: Strategic Importance - The project aligns with national strategies for building a resource-saving and environmentally friendly society, supporting sustainable development goals [1] - It aims to promote coordinated economic development in the basin and establish a modern comprehensive transportation system [1] - The initiative is part of efforts to construct a new land-sea passage in Southwest China, enhancing socio-economic development in the upstream areas along the Xijiang River [1]

每经AI快讯，桂冠电力（SH 600236，收盘价：7.3元）12月26日晚间发布公告称，按照国家部署，为提 升广西红水河通航能力，促进流域经济发展，根据国家发改委及广西、贵州发改委等文件批复精神，公 司下属全资子公司龙滩水电开发有限公司近期拟开工建设1000吨级通航建筑物。 每经头条（nbdtoutiao）——对话马斯克脑机接口"一号受试者"：大脑植入芯片23个月，我正重新夺回 人生的独立 （记者 贾运可） 2024年1至12月份，桂冠电力的营业收入构成为：电力占比99.45%，其他业务占比0.55%。 截至发稿，桂冠电力市值为575亿元。 ...

关于下属龙滩水电站通航建筑物建设方案由 500 吨级变更 为 1000 吨级并即将开工的公告 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个别及连带责任。 股票代码：600236 股票简称：桂冠电力 编号:2025-043 广西桂冠电力股份有限公司 1 / 7 程，原工程项目属性不变。原 500 吨级通航建筑物投资 24.3 亿元及融资费 用由大唐集团负责（发改办能源〔2022〕59 号），项目新增投资由贵州省 负责筹措。2023 年广西、贵州两省区发改委联合批复 1000 吨级工程可行 性研究报告（桂发改交通〔2023〕753 号），建设工期 69 个月，项目估算 总投资为 534,596.89 万元，资金筹措按（发改办能源〔2022〕59 号）要 求执行，各方融资成本各自负责。 二、500 吨级通航建筑物变更为 1000 吨级的必要性 （一）适应珠江水系通航船舶体型规模的发展 按照国家部署，为提升广西红水河通航能力，促进流域经济发展，根 据国家发改委及广西、贵州发改委等文件批复精神，广西桂冠电力股份有 限公司（以下简称公司或桂冠电 ...

Core Viewpoint - The announcement indicates that the subsidiary Longtan Company of Guiguan Electric Power plans to start construction of the Longtan Hydropower Station's 1000-ton navigation structure by the end of December 2025, with a total estimated investment of 5.346 billion yuan, which is an increase of 2.35 billion yuan from the original 500-ton plan [1] Investment Details - The construction period for the Longtan Hydropower Station is projected to be 69 months, with water debugging expected to be completed by September 20, 2031 [1] - The original investment and financing costs of 2.43 billion yuan will be covered by Datang Group, while the additional investment will be raised by Guizhou Province [1] Impact on Company Operations - The adjustment does not constitute a major asset restructuring and is not expected to have a significant adverse impact on the company's production operations, financial status, or cash flow [1] - The project aligns with the long-term interests of all shareholders [1]

Core Viewpoint - The company announced that its wholly-owned subsidiary, Longtan Hydropower Development Co., Ltd., plans to commence the construction of a 1,000-ton navigation structure, which was previously delayed due to regulatory requirements [1] Group 1: Project Details - The Longtan Hydropower Station is a key control project in the Hongshui River cascade, originally designed to be built to a 500-ton standard, which was later upgraded to 1,000 tons as per the National Development and Reform Commission's requirements [1] - The original 500-ton project was suspended in 2018, and the feasibility study report for the 1,000-ton project was jointly approved by the development and reform commissions of Guangxi and Guizhou provinces in 2023 [1] - The construction period for the project is estimated to be 69 months, with a total investment of 5.346 billion yuan [1]

Core Viewpoint - The report highlights the growth of China's hydropower generation, indicating a significant increase in production and a positive outlook for the industry from 2026 to 2032 [1] Industry Overview - According to the National Bureau of Statistics, China's hydropower generation reached 135.1 billion kilowatt-hours in October 2025, marking a year-on-year increase of 28.2% [1] - From January to October 2025, the cumulative hydropower generation in China was 1,131.12 billion kilowatt-hours, reflecting a cumulative growth of 1.6% [1] Company Insights - Listed companies in the hydropower sector include: - Changjiang Electric Power (600900) - Huaneng Hydropower (600025) - Guotou Power (600886) - Chuan Investment Energy (600674) - Guiguan Electric Power (600236) - Qianyuan Electric Power (002039) - Hubei Energy (000883) - Mindong Electric Power (000993) - Leshan Electric Power (600644) - Chenzhou International (600969) [1]

[Table_Page] 跟踪分析|公用事业 证券研究报告 [Table_Title] 公用事业行业深度跟踪 风光贡献全部发电增量，关注板块低配高股息 [Table_Summary] 核心观点： [Table_Grade] 行业评级 买入 前次评级 买入 报告日期 2025-12-21 [Table_PicQuote] 相对市场表现 -10% -3% 4% 10% 17% 24% 12/24 03/25 05/25 07/25 10/25 12/25 公用事业 沪深300 | [分析师： Table_Author]郭鹏 | | --- | | SAC 执证号：S0260514030003 | | SFC CE No. BNX688 | | 021-38003655 | | guopeng@gf.com.cn | | 分析师： 许子怡 | | SAC 执证号：S0260524010002 | | 021-38003618 | | xuziyi@gf.com.cn | | 分析师： 郝兆升 | | SAC 执证号：S0260524070001 | | 0755-82557403 | | haozhaosheng@ ...