全国统一电力市场新政颁布，欧洲天然气库存降至低位 【】【】[Table_Industry] 公用事业—电力天然气周报 [Table_ReportDate] 2026 年 2 月 15 日 15666646523.tcy | 证券研究报告 | | | --- | --- | | 行业研究——周报 | | | [Table_ReportType] 行业周报 | | | [Table_StockAndRank] 公用事业 | | | 投资评级 | 看好 | | 上次评级 | 看好 | 李春驰 电力公用联席首席分析师 执业编号：S1500522070001 联系电话：010-83326723 邮 箱：lichunchi@cindasc.com 邢秦浩 电力公用分析师 执业编号：S1500524080001 联系电话：010-83326712 邮 箱：xingqinhao@cindasc.com 化工行业： 唐婵玉 电力公用分析师 执业编号：S1500525050001 邮 箱：tangchanyu@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.，LTD 北京市西城区宣武门西大街 ...

Group 1 - The core viewpoint of the article is that Changjiang Electric Power (600900) acknowledges that its stock price fluctuations in the secondary market are influenced by multiple factors, including macroeconomic conditions and market sentiment [1] - The company states that its production and operations are currently normal, indicating a stable fundamental performance [1] - The core competitiveness and intrinsic value of the company are continuously improving, suggesting a positive outlook for its future performance [1]

Core Viewpoint - The company emphasizes its commitment to ecological protection and sustainable development, adhering strictly to national and local environmental regulations [1] Group 1 - The company actively engages with policy requirements to enhance ecological protection measures [1] - The company aims to optimize watershed management and environmental governance models [1] - The company is dedicated to fulfilling corporate responsibilities while promoting green development and value creation [1] Group 2 - The company focuses on generating long-term stable returns for shareholders [1]

Group 1 - The core viewpoint of the article is that Yangtze Power (600900) has established a pricing mechanism for hydropower in collaboration with various provinces and cities under national guidance, which will enhance the competitiveness of hydropower as the electricity market and pricing system improve [1] Group 2 - The company emphasizes that the value of hydropower will be fully realized, including its energy value, flexibility value, and green environmental value, as the electricity market evolves [1]

证券日报网讯2月13日，长江电力（600900）在互动平台回答投资者提问时表示，公司始终秉持稳健的 现金流管理与可持续的股东回报理念。 ...

证券日报网讯 2月13日，长江电力在互动平台回答投资者提问时表示，公司始终注重资产负债结构优化 与财务成本管控。当前有息负债规模与融资结构符合战略发展需求，财务费用水平处于合理区间。公司 也将继续强化资金统筹与融资管理，积极推进低成本融资工具运用，不断提升资本使用效率，切实保障 股东长期利益与可持续发展能力。 （文章来源：证券日报） ...

Core Viewpoint - The company aims to become a globally leading innovative clean energy enterprise by focusing on enhancing the quality and efficiency of hydropower and developing new business models [2] Group 1: Company Strategy - The company actively responds to national strategies and has set a development goal to create a leading innovative clean energy enterprise [2] - The company is increasing its R&D investment to improve operational management and efficiency in hydropower stations [2] Group 2: Technological Development - The company is conducting technical research in areas such as operation and maintenance management, scientific scheduling, and traditional hydropower function adjustments [2] - The company aims to enhance its core capabilities in hydropower and pumped storage operation management [2] Group 3: Operational Efficiency - The company is focused on maximizing the comprehensive benefits of its power stations through continuous technological advancements [2]

Core Viewpoint - The article highlights the trend of A-share listed companies implementing cash dividends ahead of the Spring Festival, indicating a shift towards a "return-focused" market environment driven by regulatory policies and improved corporate governance [2][6]. Group 1: Cash Dividends Overview - As of February 11, 57 A-share listed companies have implemented cash dividends totaling 409.11 billion yuan since February [2]. - Notable companies such as Changjiang Electric Power and Darentang have announced significant cash dividends, with Changjiang Electric Power distributing over 51 billion yuan [3][4]. - From December 1, 2025, to February 11, 2026, 289 A-share companies have distributed cash dividends amounting to 3,896.83 billion yuan, reflecting a year-on-year growth of approximately 13% [4]. Group 2: Industry Insights - The financial and consumer sectors continue to dominate cash dividends, with banks accounting for 8 out of the top 10 companies by total dividend amount [4]. - The total cash dividends from 19 listed banks reached 2,627.34 billion yuan, representing 67% of the total dividends during the specified period [4]. - In the food and beverage sector, 23 listed companies have distributed cash dividends totaling 494.84 billion yuan, with leading firms like Kweichow Moutai and Wuliangye contributing significantly [5]. Group 3: Regulatory Influence - Recent policies, including the new "National Nine Articles," have emphasized the importance of cash dividends, encouraging companies to enhance dividend stability and predictability [6][7]. - The China Securities Regulatory Commission has advocated for multiple dividends per year and pre-dividend announcements to improve investor returns [6]. - The Shanghai and Shenzhen Stock Exchanges are promoting initiatives to enhance cash dividend policies and increase the frequency of cash distributions [7].

Core Viewpoint - The article discusses the performance of the HuShen 300 ETF managed by Harvest Fund Management, highlighting its recent market movements and key holdings [1] Group 1: ETF Performance - The HuShen 300 ETF (159919) opened at 4.918 yuan, experiencing a decline of 0.22% [1] - Since its establishment on May 7, 2012, the fund has achieved a return of 129.33%, while its return over the past month is -1.31% [1] Group 2: Key Holdings Performance - Notable stocks within the ETF include: - CATL (宁德时代) down 0.07% - Kweichow Moutai (贵州茅台) unchanged at 0.00% - Ping An Insurance (中国平安) down 0.59% - Zhongji Xuchuang (中际旭创) down 0.66% - Zijin Mining (紫金矿业) down 3.75% - China Merchants Bank (招商银行) down 0.10% - Xinyi Technology (新易盛) down 1.02% - Midea Group (美的集团) down 0.36% - Industrial Bank (兴业银行) up 0.05% - Yangtze Power (长江电力) up 0.04% [1] Group 3: Management Information - The ETF is managed by Harvest Fund Management Co., Ltd., with Liu Jiayin as the fund manager [1]

股票代码：600900 股票简称：长江电力 公告编号：2026-007 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。 中国长江电力股份有限公司（以下简称公司）于 2022 年 6 月 6 日在上海证券交易所网站发布了《关于公司控股股东完成可 交换公司债券发行的公告》（公告编号 2022-034）：控股股东中国 长江三峡集团有限公司（以下简称中国三峡集团）以其持有的公 司部分 A 股股票为标的，成功发行中国长江三峡集团有限公司 2022 年面向专业投资者公开发行绿色科技创新可交换公司债券 1 2025 年中期利润分配具体方案的议案》，股东会授权董事会在满 足中期利润分配前提条件和金额上限的范围内，制定并实施公司 2025 年中期利润具体分配方案。授权有效期自 2024 年年度股东 会审议通过之日起至 2026 年 3 月 31 日止。 公司于 2025 年 12 月 30 日召开第六届董事会第五十次会议， 审议通过《公司 2025 年中期利润分配方案》，并于 2026 年 2 月 5 日发布《公司 2025 年中期权益分派实施 ...