从个股情况来看，截至一季度末，北向资金十大重仓股分别为宁德时代、贵州茅台、美的集团、招商银 行、比亚迪、长江电力、汇川技术、中国平安、迈瑞医疗、紫金矿业。其中，北向资金对宁德时代持仓 市值超1400亿元，对贵州茅台持仓市值超过1200亿元，对美的集团持仓市值近900亿元。 以下文章来源于财经图解 ，作者乘桴于海 财经图解 . 财经大事早知道，关注东方财富股票！ 最新数据显示，截至2025年一季度末，北向资金共持有3393只A股，合计持股量1198.05亿股，持股市值 2.24万亿元。相较去年末，北向资金持仓市值增加了约286亿元。 免责声明 文章转载自公众号"图解财经"，以上观点来自相关机构，不代表天天基金的观点，不对观点 的准确性和完整性做任何保证。收益率数据仅供参考，过往业绩和走势风格不预示未来表 ↓ 点击"阅读原文" 快速开通天天基金交易账户， 当天开户当天可买基金！ 分享、点赞、在看 顺手三连越来越有钱 从持仓市值变动来看，一季度北向资金持仓市值增加超过10亿元的公司共计39家。从市值增加的原因来 看，主要源于两方面。一是增持，二是股价上涨，持仓市值增加居前的股票，大部分两者兼有。 具体来看，一季度北 ...

智通财经4月11日电，记者最新获悉，4月10日，上交所在北京启动了针对央国企的市值管理专项培训， 包括贵州茅台、长江电力、中国石化等在内的82家主板央国企公司139位关键人员参与此次培训。培训 内容覆盖市值管理的政策、路径、实践等维度，例如，通过股权激励与投资者关系管理等课程，帮助公 司提升向外传递价值的综合能力。（智通财经记者 沈娇娇） 上交所市值管理专项培训 贵州茅台、长江电力、中国石化等82家央国企参加 ...

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **electric power industry** in China, focusing on recent changes in electricity pricing and the implications for various energy sectors, particularly hydropower and thermal power [2][3][4]. Core Insights and Arguments - **Electricity Pricing Reform**: The Chinese government has initiated a market-oriented electricity pricing reform, which is expected to significantly impact the industry. This reform aims to widen the price gap between peak and off-peak hours, benefiting peak-shaving energy sources, thermal power, and energy storage [2][3]. - **Changes in Renewable Energy Installation**: Major companies like Huaneng, Huadian, Datang, and China Resources have reduced their photovoltaic installation growth while increasing wind power installations, indicating a shift in the industry to address economic conditions and excess renewable capacity [2][3]. - **Current Market Signals**: Recent trends show that spot electricity prices in provinces like Guangdong, Shanxi, Shandong, and Gansu have stabilized or increased, suggesting a potential stabilization of long-term contract prices by 2026 [5][6]. - **Coal Price Impact**: Despite a significant drop in coal prices, spot electricity prices have not decreased correspondingly, indicating a shift in supply-demand dynamics within the industry [6]. - **Hydropower Sector Performance**: The hydropower sector showed strong performance in Q1 2025, with companies like Yangtze Power reporting positive generation data. However, future water availability remains uncertain [8][12]. Additional Important Insights - **Valuation Trends**: The hydropower sector experienced significant valuation changes in 2024, with leading companies like Huaneng and Yangtze Power seeing their valuations rise to 18-20 times earnings. Although valuations have slightly declined in 2025, there remains potential for revaluation [9][10]. - **Investment Opportunities**: Companies such as Chuanwei Energy and Huaneng Hydropower are highlighted for their strong operational data and growth potential, with Chuanwei Energy's electricity generation growth reaching around 20% due to new installations [13][14]. - **Cash Flow and Dividend Capacity**: Yangtze Power is noted for its strong cash flow, which allows it to cover investment needs without additional financing, enhancing its dividend capacity [20][21]. - **Future Challenges**: The Yalong River basin faces challenges related to external electricity pricing and competition, but its strong water storage and adjustment capabilities provide a buffer against potential fluctuations [24]. Recommendations - **Investment Strategy**: The four leading hydropower companies are currently positioned for long-term investment due to their neutral performance outlook and relatively low valuations. For defensive strategies, Yangtze Power and Chuanwei Energy are recommended, while companies like Guotou and Electric Power may also present opportunities for longer holding periods [25].

Core Points - Changjiang Electric Power announced the appointment of He Hongxin and Liu Haibo as directors, while Zhang Xingliao will no longer serve as a director [1] - Liu Haibo has been appointed as the new general manager of Changjiang Electric Power, replacing Zhang Xingliao [1] Summary of Key Individuals - **He Hongxin**: Born in October 1969, holds a bachelor's degree and an MBA, is a senior accountant, and has held various positions within China Three Gorges Corporation, including roles in capital operations and financial management [1] - **Liu Haibo**: Born in October 1971, holds a bachelor's degree and is a senior engineer, has extensive experience in operational and technical roles within Changjiang Electric Power and its subsidiaries [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company's hydropower operational performance outlook is positive due to improved water inflow, with a total power generation of approximately 57.679 billion kWh in the first quarter of 2025, representing a year-on-year increase of 9.35% [2][6]. - The expected dividend yield has reached a high point, with the difference between the expected dividend yield and the yield of ten-year government bonds reaching the 93rd percentile since 2023, highlighting the company's investment value as a stable dividend model [2][6]. Summary by Sections Event Description - The company reported a total power generation of approximately 57.679 billion kWh from its six domestic hydropower stations in the first quarter of 2025, which is a 9.35% increase compared to the same period last year [6]. Event Commentary - The improved water inflow has led to a robust increase in power generation, with specific power generation figures for major stations: - Wudongde Station: 6.546 billion kWh, up 9.90% - Baihetan Station: 12.574 billion kWh, up 17.10% - Xiluodu Station: 13.202 billion kWh, up 8.47% - Xiangjiaba Station: 7.040 billion kWh, up 9.39% - Three Gorges Station: 14.793 billion kWh, up 5.55% - Gezhouba Station: 3.524 billion kWh, up 2.74% [6]. - The company anticipates strong performance in the first quarter despite external electricity price adjustments, supported by stable hydropower generation and improved investment returns [6]. Financial Forecasts - The company’s earnings per share (EPS) forecasts for 2024-2026 are projected to be 1.33 yuan, 1.34 yuan, and 1.45 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 21.81, 21.69, and 20.03 [6].

Core Points - The board of directors of China Yangtze Power Co., Ltd. held its 40th meeting on April 9, 2025, and approved several key resolutions [1][4][6] - The company plans to appoint He Hongxin and Liu Haibo as new directors, while Zhang Xingliao will no longer serve as a director [1][6] - Liu Haibo has been appointed as the new general manager, replacing Zhang Xingliao [7][8] - A temporary shareholders' meeting is scheduled for April 25, 2025, in Wuhan, Hubei Province [10][12] Summary by Sections Board Resolutions - The board approved the adjustment of directors and will submit this proposal for shareholder approval [1][4] - The voting results for the director adjustment were unanimous, with 11 votes in favor [5] - The board also approved the adjustment of the general manager position, appointing Liu Haibo [6][9] Shareholders' Meeting - The first temporary shareholders' meeting of 2025 will take place on April 25, 2025, at 9:30 AM [10][12] - The meeting will utilize the Shanghai Stock Exchange's online voting system for shareholder participation [12][13] - Shareholders can vote both in person and online, with specific time slots designated for voting [12][13] Director Profiles - He Hongxin, born in October 1969, holds a master's degree in business administration and has extensive experience in capital operations within the China Yangtze Three Gorges Group [2] - Liu Haibo, born in October 1971, is a senior engineer with a strong background in power plant operations and management [3]

重要内容提示： 一、 召开会议的基本情况 召开的日期时间：2025 年 4 月 25 日 9 点 30 分 证券代码：600900 证券简称：长江电力 公告编号：2025-014 中国长江电力股份有限公司 关于召开 2025 年第一次临时股东大会的通知 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。 召开地点：湖北省武汉市江岸区三阳路 88 号 4205 会议室 （五）网络投票的系统、起止日期和投票时间 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2025 年 4 月 25 日 至 2025 年 4 月 25 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通 1 股东大会召开日期：2025年4月25日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 （一）股东大会类型和届次 2025 年第一次临时股东大会 （二）股东大会召集人：公司董事会 （三）投票方式： ...

股票代码：600900 股票简称：长江电力 公告编号：2025-013 中国长江电力股份有限公司 第六届董事会第四十次会议决议公告 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。 中国长江电力股份有限公司（以下简称公司）第六届董事会 第四十次会议于2025年4月9日以通讯方式召开。会议应到董事11 人，实到11人，符合《公司法》和《公司章程》等有关规定。会 议以通讯表决方式审议通过如下议案： 一、审议通过《关于调整公司董事的议案》，并同意提请股 东大会审议。 经股东单位中国长江三峡集团有限公司推荐，拟补选何红心 先生、刘海波先生为公司董事。张星燎先生不再担任公司董事职 务。 附： 1.何红心先生简历 何红心，男，1969年10月出生，大学本科学历，工商管理硕 士，正高级会计师，中共党员。历任中国长江三峡集团公司资本 运营部副主任兼长江电力资本运营部经理，中国电力新能源发展 有限公司执行董事、首席执行官兼中电国际新能源控股有限公司 主要负责人，中国三峡新能源有限公司副总经理，中国长江三峡 1 集团公司资产财务部副主任（主持工作 ...

中国长江电力股份有限公司 2025 年第一次临时股东大会资料 2025 年 4 月 4205 会议室 见证律师：北京德恒律师事务所律师 会议安排： 1 一、参会人签到、股东进行发言登记（8:30～9:25） 二、主持人宣布会议开始 三、主持人报告出席的股东人数及其代表的股份数 四、推选计票人、监票人 五、审议议案 六、股东发言 七、股东投票表决 八、统计表决票 九、宣读股东大会决议 十、宣读法律意见书 十一、签署股东大会决议 十二、会议结束 会 议 须 知 | | | | 三、会议议案 | | --- | | 关于选举公司董事的议案 3 | 会 议 议 程 会议时间：2025 年 4 月 25 日（星期五）9:30 会议地点：湖北省武汉市江岸区三阳路 88 号 各位股东及股东代表： 经股东单位中国长江三峡集团有限公司推荐，拟补选何 红心先生、刘海波先生为公司董事。张星燎先生不再担任公 司董事职务。 为了维护全体股东的合法权益，确保股东大会的正常秩 序和议事效率，公司根据有关法律法规和中国证监会《上市 公司股东会规则（2025 年修订）》（证监会公告〔2025〕7 号） 等文件要求，特制定本须知。 一、股东参加 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown stable growth in electricity generation, with a 9.35% year-on-year increase in total power generation in Q1 2025, supported by favorable water inflow conditions [8] - The decline in the ten-year government bond yield to 1.66% opens up space for dividend benchmarks for the company, with a current dividend yield of 3.20% [8] - The company is expected to achieve a net profit of 32.52 billion yuan in 2024, reflecting a year-on-year growth of 19.39% [8] Financial Summary - Total revenue is projected to grow from 78.11 billion yuan in 2023 to 85.88 billion yuan in 2026, with a compound annual growth rate of approximately 2.5% [1] - The net profit attributable to the parent company is forecasted to increase from 27.24 billion yuan in 2023 to 35.43 billion yuan in 2026 [1] - The earnings per share (EPS) is expected to rise from 1.11 yuan in 2023 to 1.45 yuan in 2026 [1] - The price-to-earnings (P/E) ratio is projected to decrease from 26.10 in 2023 to 20.06 in 2026, indicating a more attractive valuation over time [1]