炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ A股融资余额站上2.7万亿元的新台阶；下周电力板块获得投资者看好。 A股融资余额站上 2.7万亿元新台阶 本周（2026年1月12日至16日），A股融资余额持续攀升，最新已经站上2.7万亿元的新台阶，达27012.4 亿元（截至1月15日），再创历史新高。本周A股融资净买入合计1006.51亿元。 分行业来看，电子、计算机行业融资净买入额均超过百亿元，分别为164.45亿元、114.38亿元；通信、 非银金融、电力设备、医药生物行业紧随其后，融资净买入额均在70亿元以上。美容护理、石油石化、 建筑材料行业遭到融资资金千万元以上的净偿还，分别为2152.08万元、6106.18万元、9879.84万元。 这些个股融资客大幅买入 个股方面，本周84股融资净买入额在3亿元以上。中国平安、特变电工排在第一、第二，金额分别为 33.43亿元、22.79亿元；中际旭创、贵州茅台、长江电力、新易盛、立讯精密、蓝色光标融资净买入额 均在16亿元以上。 特变电工周五盘中股价创下历史新高，为30.7元/股，一周涨幅达11.19%，最新总市值为1401.14 ...

Investment Rating - The report maintains a "Positive" outlook for the utility sector, indicating a favorable investment environment [7][3]. Core Insights - December's electricity consumption growth was affected by temperature, but a stable growth rate is expected for 2026, with an anticipated growth rate of around 5% [7][10]. - The report highlights that the long-term electricity price reform is necessary to support the increasingly complex new energy system in China [7]. - The performance expectations for the utility sector have reached a low point, making low-priced utility assets worth considering for investment [7]. Summary by Sections Electricity Consumption - In 2025, the total electricity consumption in China increased by 5.0% year-on-year, with growth rates for different sectors being +9.9% for primary industry, +3.7% for secondary industry, +8.2% for tertiary industry, and +6.3% for residential use [10][9]. - The average national temperature in December 2025 was -1.1°C, which contributed to the decline in electricity consumption growth [7][10]. Coal Prices and Supply - Coal prices at ports and production sites have weakened slightly, aligning with previous expectations. The report anticipates that short-term coal prices will remain stable with limited upward potential [7][27]. - As of January 16, 2026, the price of Q5500 thermal coal at Qinhuangdao was 695 CNY/ton, showing a week-on-week decrease of 0.6% [27][30]. Performance of Utility Sector - The utility sector index rose by 0.1%, outperforming the CSI 300 index by 0.7 percentage points during the week of January 10-16, 2026 [53]. - The report suggests that the utility sector remains a quality dividend asset for long-term investment, especially under the current low-interest-rate environment [7][3]. Investment Recommendations - The report recommends focusing on utility stocks, particularly in thermal, hydropower, nuclear, and renewable energy sectors, with specific stocks highlighted for potential investment [7][3]. - Notable stocks include: - Thermal Power: Jiantou Energy, Huadian International, Guodian Power, Huaneng International, and Waneng Power [7]. - Hydropower: Yangtze Power, Guiguan Power, Chuanwei Energy, and Huaneng Hydropower [7]. - Nuclear Power: China General Nuclear Power [7]. - Wind and Solar: Longyuan Power [7].

Investment Rating - The investment rating for the company is "Buy" and it is maintained [9] Core Views - The company benefits from abundant water supply in downstream power stations, leading to a projected 3.82% year-on-year growth in power generation for 2025, with a significant 19.93% increase in the fourth quarter. This growth contributes to a fourth-quarter net profit of 49.17 billion yuan, up 8.71% year-on-year, and a total net profit of 59.74 billion yuan, up 33.61% year-on-year [2][6] - For the full year of 2025, the company is expected to achieve a net profit of 341.67 billion yuan, representing a 5.14% increase year-on-year, and a non-recurring net profit of 331.24 billion yuan, up 1.90% year-on-year [2][6] - The company has a high dividend commitment, planning to distribute at least 70% of the net profit attributable to shareholders in cash dividends from 2026 to 2030, reflecting a strong focus on shareholder returns [2][6] - The expected dividend yield is projected to reach 3.70% based on average performance estimates for 2026-2027, indicating high investment value from a yield perspective [2][6] Summary by Relevant Sections Financial Performance - In 2025, the company achieved total revenue of 858.82 billion yuan, a year-on-year increase of 1.65%, and a net profit of 341.67 billion yuan, up 5.14% [6] - The fourth quarter saw a significant increase in power generation due to favorable water conditions, with total generation reaching 720.68 billion kWh, a 19.93% increase year-on-year [2][6] Water Supply and Generation Capacity - The total water supply from the Wudongde Reservoir was approximately 105.135 billion cubic meters, down 6.44% year-on-year, while the Three Gorges Reservoir saw an increase of 5.93% year-on-year [12] - The company completed its annual power generation target of 300 billion kWh, achieving 307.194 billion kWh, exceeding the target by 2.40% [12] Investment Outlook - The company maintains a high level of water storage, which is expected to support future power generation performance [12] - The anticipated earnings per share (EPS) for 2025-2027 are projected to be 1.40 yuan, 1.43 yuan, and 1.46 yuan, with corresponding price-to-earnings (PE) ratios of 19.59, 19.12, and 18.71 [12]

【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 东吴证券研报指出，长江电力发电量稳增带动全年业绩提升，红利价值彰显。2025年公司实现营业 总收入858.82亿元，同比增长1.65%；归属于上市公司股东的净利润341.67亿元，同比增长5.14%，符合 市场预期。司拟以2025年1-9月实现的归属于上市公司股东净利润281.93亿元为基础，实施中期现金分 红；每股派发0.21元人民币（含税），合计派发现金红利51.38亿元（含税），分红比例18%。截至 2026/1/15，按照分红比例不低于70%计算，2026年股息率3.83%，与十年期国债收益率息差达到 1.98%，考虑息差回归，红利标杆长江电力空间打开。2025年公司归母净利润略低于我们的预期，原因 或为电价下行，按照2026年分红比例70%计算，对应股息率3.83%（估值日2026/1/15），维持"买入"评 级。 （责任编辑：张晓波 ） ...

2025 电量蓄水双高，高股息优势凸显 长江电力(600900) 长江电力 2025 业绩快报点评 本报告导读： 2025 业绩亮眼，蓄能保障 26H1 枯期电量，低利率环境下高股息、稳现金流优势显 著。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 78,144 | 84,492 | 85,882 | 84,834 | 88,712 | | (+/-)% | 13.5% | 8.1% | 1.6% | -1.2% | 4.6% | | 净利润(归母) | 27,245 | 32,496 | 34,166 | 35,187 | 37,436 | | (+/-)% | 14.8% | 19.3% | 5.1% | 3.0% | 6.4% | | 每股净收益(元) | 1.11 | 1.33 | 1.40 | 1.44 | 1.53 | | 净资产收益率(%) | 13.5% | 15.5% | 15.5% | 1 ...

国泰海通证券研报指出，2025业绩亮眼，蓄能保障26H1枯期电量，低利率环境下高股息、稳现金流优 势显著。25Q4来水、蓄能双高，保障26H1 枯期发电。明确2026-2030年归母净利70%现金分红比例，高 股息、稳现金流资产稀缺性凸显。考虑公司大水电资产的稀缺性及稳健现金流、高股息的估值溢价，给 予2026年22倍PE估值，对应目标价31.68元，维持"增持"评级。 ...

| 股票名称 | 涨跌幅 (%) | 主力资金流向 | 所属行 | | --- | --- | --- | --- | | 特变电工 | -2.67 | -30.85亿元 | 电网设备 | | 蓝色光标 | -11.52 | -20.24亿元 | 文化传史 | | 紫雯矿业 | -2.04 | -20.09亿元 | 有色金属 | | 中国卫星 | -4.61 | -17.29亿元 | 航天航空 | | 宁德时代 | -0.4 | -15.79亿元 | 电池 | | 中际旭创 | -1.28 | -14.31亿元 | 通信设备 | | 中国铝业 | -3.49 | -14.23亿元 | 有色金属 | | 华胜天成 | -9.95 | -12.53亿元 | 互联网服 | | 长江电力 | -1.12 | -12.50亿元 | 电力行业 | | 昆仑万维 | -10.51 | -12.17亿元 | 互联网服 | | 汉得信息 | -12.17 | -10.05亿元 | 互联网服 | | 润泽科技 | -2.3 | -9.12亿元 | 互联网服 | | --- | --- | --- | --- | | 盛路通信 | ...

| 股票名称 特变电工 | 涨跌幅 (%) -0.35 | 主力资金流向 -25.29亿元 | 所属行) 电网设备 | | --- | --- | --- | --- | | 蓝色光标 | -8.09 | -17.66亿元 | 文化传媒 | | 紫雯矿业 | -2.07 | -15.59亿元 | 有色金属 | | 中国卫星 | -3.47 | -14.72亿元 | 航天航空 | | 长江电力 | -1.27 | -12.54亿元 | 电力行业 | | 中国铝业 | -4 | -11.27亿元 | 有色金属 | | 华胜天成 | -9.17 | -9.91亿元 | 互联网服 | | 昆仑万维 | -9.93 | -9.83亿元 | 互联网服 | | 宁德时代 | -0.45 | -9.20亿元 | 电池 | | 中际旭创 | - 1.1 1 | -8.71亿元 | 通信设é | | 盛路通信 | -10.02 | -8.14亿元 | 通信设 | | 汉得信息 | -10.9 | -7.57亿元 | 互联网服 | | --- | --- | --- | --- | | 用友网络 | -7.2 | -6.72亿元 ...

公 2025 电量蓄水双高，高股息优势凸显 长江电力(600900) 长江电力 2025 业绩快报点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 吴杰(分析师) | 021-23183818 | wujie3@gtht.com | S0880525040109 | | 傅逸帆(分析师) | 021-23185698 | fuyifan@gtht.com | S0880525040042 | 本报告导读： 2025 业绩亮眼，蓄能保障 26H1 枯期电量，低利率环境下高股息、稳现金流优势显 著。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 78,144 | 84,492 | 85,882 | 84,834 | 88,712 | | (+/-)% | 13.5% | 8.1% | 1.6% | -1.2% | 4.6% | ...

| 股票名称 | 涨跌幅 (%) | 主力资金流向 | 所属行 | | --- | --- | --- | --- | | 特变电工 | -0.42 | -18.50亿元 | 电网设备 | | 蓝色光标 | -8.85 | -17.49亿元 | 文化传妙 | | 中国卫星 | -1.71 | -13.45亿元 | 航天航空 | | 昆仑万维 | -8.6 | -8.94亿元 | 互联网服 | | 华胜天成 | -7.08 | -7.75亿元 | 互联网服 | | 长江电力 | -0.89 | -7.29亿元 | 电力行业 | | 紫雯贴,不 | -0.78 | -6.43亿元 | 有色金属 | | 汉得信息 | -9.2 | -6.23亿元 | 互联网服 | | 航天电子 | -1.53 | -5.98亿元 | 航天航空 | | 卫宁健康 | -12.55 | -5.91亿元 | 软件开发 | | 用友网络 | -6.4 | -5.90亿元 | 软件开发 | 据交易所数据显示，截至1月16日午间收盘，主力资金流出前20的股票分别为： 特变电工（-18.50亿元）、 蓝色光标（-17.49亿元）、 中国卫星（- ...