数据统计显示，中证沪港深500非周期指数近一个月上涨0.97%，近三个月下跌5.11%，年至今上涨 7.57%。 从中证沪港深500非周期指数持仓的市场板块来看，香港证券交易所占比47.75%、上海证券交易所占比 27.33%、深圳证券交易所占比24.92%。 从中证沪港深500非周期指数持仓样本的行业来看，可选消费占比26.58%、通信服务占比19.36%、信息 技术占比17.00%、工业占比12.41%、主要消费占比10.73%、医药卫生占比8.62%、公用事业占比 5.21%、原材料占比0.10%。 据了解，"中证沪港深主题指数系列基于中证沪港深互联互通综合指数样本和中证沪港深 500 指数样 本，同时结合中证行业分类的主题定义，选取相应主题指数样本，从多种主题投资的角度反映了在沪港 深三地上市的互联互通范围内证券的整体表现。"该指数以2004年12月31日为基日，以1000.0点为基 点。 从指数持仓来看，中证沪港深500非周期指数十大权重分别为：腾讯控股（11.4%）、阿里巴巴-W （8.52%）、贵州茅台（3.82%）、小米集团-W（3.54%）、美团-W（3.38%）、宁德时代（2.65%）、 ...

Group 1 - The core index, the China Securities Sustainable Development 100 Index, reflects the performance of the top 100 listed companies with the highest sustainability scores selected from the CSI 300 Index [1][2] - The index has shown a monthly increase of 3.37%, a quarterly decrease of 1.36%, and a year-to-date increase of 0.11% [1] - The index's top ten holdings include Kweichow Moutai (10.02%), CATL (6.96%), and China Merchants Bank (5.58%) [1] Group 2 - The index's sector distribution shows that Consumer Staples account for 21.07%, Financials 19.25%, and Industrials 18.71% [2] - The index samples are adjusted biannually, with changes implemented on the next trading day after the second Friday of June and December [2] - The index is tracked by public funds such as the Bosera Sustainable Development 100 ETF [3]

证券代码：600900 证券简称：长江电力 公告编号：2025-028 中国长江电力股份有限公司 (五) 公司董事和高级管理人员的出席情况 1、公司在任董事11人，出席1人（刘海波董事），未出席 10 人（刘伟平董事、何 红心董事、胡伟明董事、滕卫恒董事、苏天鹏董事、洪猛董事、黄德林独立 董事、黄峰独立董事、李文中独立董事、孙正运独立董事因工作原因未出席）； 2、公司总经理刘海波、财务总监张传红、董事会秘书薛宁出席会议。 二、 议案审议情况 2024年年度股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 4,609 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 17,742,154,218 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 72.5110 | | 份总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定， ...

北京德恒律师事务所 关于中国长江电力股份有限公司 2024 年年度股东大会的 法律意见 北京市西城区金融街 19 号富凯大厦 B 座 12 层 电话:010-52682888 传真:010-52682999 邮编:100033 北京德恒律师事务所 关于中国长江电力股份有限公司 2024 年年度股东大会的法律意见 北京德恒律师事务所 关于中国长江电力股份有限公司 2024 年年度股东大会的 法律意见 德恒 01G20220548-22 号 致：中国长江电力股份有限公司 中国长江电力股份有限公司（以下简称"公司"）2024 年年度股东大会（以 下简称"本次会议"）于 2025 年 5 月 22 日（星期四）召开。北京德恒律师事务 所（以下简称"本所"）受公司委托，指派杨兴辉律师、王曦律师（以下简称"本 所律师"）出席了本次会议。根据《中华人民共和国公司法》（以下简称"《公 司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《上市 公司股东会规则》（以下简称"《股东会规则》"）、《中国长江电力股份有限 公司章程》（以下简称"《公司章程》"）的相关规定，本所律师就本次会议的 召集、召开程序、现场出席会议 ...

Core Points - The CSI Hong Kong-Shanghai-Shenzhen 500 Non-Cyclical Index has shown a 6.26% increase over the past month and an 8.05% increase year-to-date [1] - The index is based on the comprehensive index samples of the Hong Kong-Shanghai-Shenzhen Stock Connect and reflects the overall performance of securities listed in these three markets [1] - The top ten holdings of the index include Tencent Holdings (11.43%), Alibaba-W (8.73%), and Kweichow Moutai (4.06%) [1] Index Composition - The index's market composition shows that the Hong Kong Stock Exchange accounts for 47.33%, the Shanghai Stock Exchange for 27.67%, and the Shenzhen Stock Exchange for 25.01% [1] - In terms of industry allocation, consumer discretionary makes up 26.95%, communication services 19.08%, and information technology 16.99% [2] - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2]

Market Overview - The Shanghai Composite Index fell by 0.68% on May 15, with four industries experiencing gains, led by the beauty and personal care sector, which rose by 3.68% [1] - The utilities sector ranked third in terms of daily gains, while the computer and communication sectors saw the largest declines, with drops of 2.97% and 2.45% respectively [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 53.83 billion yuan, with five industries seeing net inflows. The pharmaceutical and biological sector led with a net inflow of 735 million yuan despite a slight decline of 0.12% [1] - The beauty and personal care sector also saw a net inflow of 386 million yuan, corresponding to its 3.68% increase [1] - The computer industry experienced the largest net outflow, totaling 10.16 billion yuan, followed by the electronics sector with an outflow of 7.83 billion yuan [1] Utilities Sector Performance - The utilities sector increased by 0.12% with a net capital outflow of 66.7 million yuan. Out of 131 stocks in this sector, 38 rose, including two that hit the daily limit, while 87 fell, with one hitting the lower limit [2] - The top three stocks with net inflows in the utilities sector were Jingyuntong, Ningbo Energy, and Sanxia Energy, with net inflows of 176 million yuan, 124 million yuan, and 64.4 million yuan respectively [2] - The stocks with the largest net outflows included Changjiang Electric, Leshan Electric, and Luxiao Technology, with outflows of 1.49 billion yuan, 1.39 billion yuan, and 1.11 billion yuan respectively [4] Utilities Sector Capital Inflow and Outflow - The top inflow stocks in the utilities sector included: - Jingyuntong: +10.00%, 1214% turnover, 175.58 million yuan inflow - Ningbo Energy: +4.63%, 1690% turnover, 123.89 million yuan inflow - Sanxia Energy: +0.46%, 0.55% turnover, 64.34 million yuan inflow [2] - The top outflow stocks included: - Changjiang Electric: +0.90%, 0.30% turnover, -1485.56 million yuan outflow - Leshan Electric: +4.01%, 2433% turnover, -1391.42 million yuan outflow - Luxiao Technology: -4.12%, 3.42% turnover, -1108.47 million yuan outflow [4]

华泰联合证券有限责任公司 关于中国长江电力股份有限公司 发行股份及支付现金购买资产并募集配套资金暨关联交易 1、发行股份及支付现金购买资产 2022 年 11 月 14 日，上市公司收到中国证监会出具的《关于核准中国长江 电力股份有限公司向中国长江三峡集团有限公司等发行股份购买资产并募集配 套资金申请的批复》（证监许可[2022]2740 号），本次交易获得中国证监会的核准。 根据昆明市盘龙区市场监督管理局于 2023 年 1 月 10 日核发的"（昆盘）登 字【2023】第 627 号"《登记通知书》，本次交易的标的资产过户至上市公司事宜 已办理完成变更登记。标的公司已取得了换发后的营业执照（统一社会信用代码： 915301030615619360），长江电力已合法直接持有云川公司 100%股权，云川公司 成为上市公司的全资子公司，本次重组的交易对方依法完成了将标的资产过户给 1 上市公司的义务。 （二）独立财务顾问核查意见 经核查，本独立财务顾问认为，上市公司本次交易事项的实施程序符合《公 司法》、《证券法》和《重组管理办法》等法律、法规和规范性文件的规定，实施 情况与交易双方的各项协议和承诺以及经中国证 ...

发行股份及支付现金购买资产并募集配套资金暨关联交易 之 2024 年度持续督导意见暨持续督导总结报告 中信证券股份有限公司（以下简称"中信证券"或"独立财务顾问"）作为 中国长江电力股份有限公司（以下简称"长江电力"或"公司"或"上市公司"） 发行股份及支付现金购买资产并募集配套资金暨关联交易（以下简称"本次交易"） 的独立财务顾问及主承销商，根据《中华人民共和国公司法》（以下简称"《公司 法》"）《中华人民共和国证券法》（以下简称"《证券法》"）《上市公司证券发行注 册管理办法》《上市公司重大资产重组管理办法》（以下简称"《重组管理办法》"） 《上市公司并购重组财务顾问业务管理办法》《上海证券交易所股票上市规则》 （以下简称"《上市规则》"）等有关法规的要求，对本次发行股份及支付现金购 买资产并募集配套资金暨关联交易的实施情况进行了持续督导，并结合长江电力 《2024 年年度报告》，出具独立财务顾问持续督导意见如下： 一、交易资产的交付或者过户情况 中信证券股份有限公司 关于中国长江电力股份有限公司 （一）本次交易基本情况 1、发行股份及支付现金购买资产 2022 年 11 月 14 日，上市公司收到中国证 ...

Group 1 - The public utility ETF (560190.SH) increased by 0.31%, while its associated index, the All Public Utilities Index (000995.CSI), decreased by 0.03% [1] - Major constituent stocks such as Changjiang Electric Power, Zhejiang Energy, and JinKai New Energy saw increases of 0.64%, 0.56%, and 1.25% respectively, indicating positive market sentiment [1] - Minsheng Securities reported that thermal power companies experienced steady growth in Q1 due to a significant drop in coal prices, with expectations for continued improvement in performance as the peak electricity consumption season approaches [1] Group 2 - Huayuan Securities highlighted that the public utility sector benefits from new fund regulations, leading to a notable increase in the valuation of low-covariance assets, with leading hydropower and thermal power companies showing strong risk-reward ratios [1] - Galaxy Securities' annual report indicated a clear performance divergence within the electricity sector, with hydropower and thermal power companies maintaining stable profitability, while nuclear and green energy sectors face short-term pressure [1] - Key companies like Changjiang Electric Power and China Nuclear Power continue to receive "recommended" ratings, reflecting institutional confidence in the long-term stability of core public utility assets [1]

Core Viewpoint - The dividend policy of China Yangtze Power Co., Ltd. has attracted investor attention, with rumors suggesting uncertainty about the management's commitment to a 70% dividend payout ratio in the company's articles of association [2][4]. Dividend Policy - China Yangtze Power has been recognized as a "cash cow" due to its stable and substantial dividend performance, having distributed over 200 billion yuan in dividends since its A-share market debut in 2003 [3]. - For the 2024 fiscal year, the company plans to distribute a total cash dividend of 230.74 billion yuan, with a payout ratio of 71.00% of the net profit attributable to shareholders [3]. - The 2024 dividend payout ratio is lower than the previous two years, where the ratios were 94.29% in 2022 and 73.66% in 2023 [3]. Financial Performance - In 2024, the company reported revenue of 844.92 billion yuan, an increase of 8.12% year-on-year, and a net profit of 324.96 billion yuan, up 19.28% [8]. - The first quarter of 2025 continued this growth trend, with revenue of 170.15 billion yuan, a year-on-year increase of 8.68%, and a net profit of 51.81 billion yuan, up 30.56% [8]. - Despite revenue growth, the net cash flow from operating activities decreased by 7.88% in 2024, raising concerns about cash flow sustainability [8][9]. Operational Insights - The company primarily engages in hydropower generation, with a total installed capacity of 71.795 million kilowatts, making it the largest publicly listed hydropower company globally [6]. - The company has also been expanding into pumped storage and renewable energy projects, with significant progress in various initiatives [6]. - The increase in power generation is closely linked to favorable water inflow conditions, with notable increases in water inflow at key reservoirs [7]. Debt and Investment Concerns - As of the first quarter of 2025, the company's debt-to-asset ratio stood at 59.65%, with total liabilities amounting to 336.464 billion yuan [8]. - The company faces questions regarding its short-term debt repayment capabilities, especially given its significant long-term equity investments totaling 74.573 billion yuan [9].