Summary of Conference Call on Yalong River Hydropower Project Industry Overview - The hydropower sector typically shows good absolute returns and odds after reaching historical highs, despite current high interest margins leading to subdued performance due to market risk appetite [1][3] - The overall performance of the hydropower sector is characterized by strong cash flow, high dividends, and significant dividend yields, which tend to follow certain patterns during changes in market risk preferences and interest rates [3] Company Insights Yalong River Company - The installed capacity in the Yalong River basin is 19.2 million kW, with an additional 200,000 kW from wind and solar power. Ongoing projects total over 3.7 million kW, with expectations for a 40% increase in competitive hydropower capacity by 2030 [9][2] - The compensation benefits from the Yalong River hydropower project include issuance benefits and seasonal smoothing effects, potentially exceeding 2 billion yuan in performance if fully realized [12] - New hydropower stations are expected to contribute approximately 2.5 billion yuan in performance increments, with 8 GW of new capacity planned [12] State Power Investment Corporation (Guotou) - Guotou's growth expectations are significantly better than those of Changjiang Electric, with a long-term compound return expectation of around 10% compared to Changjiang's 3.5%-3.6% [5][16] - Guotou's installed capacity in renewable energy is projected to grow from over 3 million kW in 2020 to 9 million kW by the end of 2025 [8] Sichuan Investment Group (Chuantou) - Chuantou operates as an investment platform, with nearly 100% of profit derived from investments, primarily in the Yalong River project [6] - The company has undergone significant profit growth linked to capacity investments, with expectations for further growth due to the integration of Sichuan Investment Group and Sichuan Energy Group starting in 2025 [6][20] Financial Performance and Projections - The Dadu River project is expected to contribute approximately 1 billion yuan in performance increments during its new production window in 2025-2026 [14][15] - Chuantou's dividend policy has shifted to 0.4 yuan per share, which may lead to a decline in the dividend payout ratio to 38% by 2025, compared to Guotou's 55% [18][19] - Chuantou's current valuation is around 14 times PE, which is lower than its peers, indicating a smaller downside risk compared to Guotou [21] Future Outlook - The performance growth rate for Chuantou is expected to maintain around 6% over the next two years, driven by new unit operations and stable pricing impacts from the Yalong River project [22] - Both Guotou and Chuantou are viewed positively for future growth, with Chuantou having a stronger safety margin against downside risks [22]

证券日报网讯 1月6日，川投能源在互动平台回答投资者提问时表示，公司作为参股股东，通过派驻董 事方式参与雅砻江的经营管理决策，持续关注参股公司的来水情况、电价及生产经营动态，同时督促雅 砻江公司强化电力营销工作，优化交易策略，积极应对电价波动等市场变化。 （文章来源：证券日报） ...

证券日报网讯 1月6日，川投能源在互动平台回答投资者提问时表示，在分水期签约模式下，枯水期电 价优于丰水期电价，整体平均电价能否保持稳定，核心取决于当年枯水期与主汛期的电量及电价占比情 况，具体生产经营数据请关注公司后续发布的生产经营快报。 （文章来源：证券日报） ...

Group 1 - The core point of the article is that ChuanTuo Energy (600674) clarified on an interactive platform that its holding company did not participate in the West-East Power Transmission project [1] Group 2 - The company responded to investor inquiries regarding its involvement in significant energy projects [1] - The clarification may impact investor sentiment and perceptions of the company's strategic direction in the energy sector [1]

证券日报网讯1月6日，川投能源（600674）在互动平台回答投资者提问时表示，公司没有参与东数西 算。 ...

格隆汇1月6日丨川投能源(600674.SH)在投资者互动平台表示，公司当前没有算电融合项目。 ...

格隆汇1月6日丨川投能源(600674.SH)在投资者互动平台表示，公司控股公司没有参与西电东送。 ...

格隆汇1月6日丨川投能源(600674.SH)在投资者互动平台表示，公司当前没有算电融合项目。 ...

格隆汇1月6日丨川投能源(600674.SH)在投资者互动平台表示，公司没有参与东数西算。 ...

Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating potential investment opportunities in these areas [1]. Core Insights - The 2026 long-term electricity prices are under pressure, with significant declines observed in transaction prices across various provinces, reflecting a shift in the power generation model from reliance on thermal power to a more diversified income structure [6][7]. - Natural gas consumption saw a year-on-year increase of 5.1% in November 2025, indicating a recovery in demand, particularly due to heating needs during the winter season [34]. - The report highlights the importance of optimizing the electricity market mechanism and restructuring the power generation mix as key future trends [7]. Summary by Sections 1. Electricity: 2026 Long-term Electricity Prices - The annual transaction results for 2026 show a total transaction volume of 2,724.81 billion kWh in Jiangsu, with a weighted average price of 344.19 yuan/MWh, down 16.55% from the previous year [6][8]. - Similar trends are observed in Guangdong and Anhui, with prices decreasing by 5.03% and 10.09% respectively [6][8]. - The report suggests that coastal provinces will face significant pricing pressure in 2026, as the role of thermal power shifts from being the main energy source to a regulatory support role [7]. 2. Gas: November Natural Gas Consumption - In November 2025, the apparent consumption of natural gas reached 362.8 billion m³, marking a 5.1% increase year-on-year, while the total consumption from January to November was 3,880 billion m³, a slight decline of 0.1% [34]. - The report notes that the increase in consumption is attributed to a low base from the previous year and a recovery in industrial gas demand [34]. - The report also highlights a favorable trend in natural gas pricing, with a decrease in costs due to lower international oil prices and improved supply conditions [36]. 3. Investment Analysis Recommendations - For thermal power, the report recommends companies with integrated coal and power operations, such as Guodian Power and Inner Mongolia Huadian, as well as those with significant large unit ratios like Datang Power and Huaneng International [10]. - In the hydropower sector, companies like Yangtze Power and Guotou Power are recommended due to their sufficient capacity and expected improvements in profit margins [10]. - The report suggests focusing on nuclear power companies like China Nuclear Power and China General Nuclear Power, which have stable cost structures and high utilization hours [10]. - For green energy, companies such as Xintian Green Energy and Longyuan Power are highlighted for their stable returns and increasing operational benefits from environmental value releases [10].