Investment Rating - The report maintains a positive investment rating for the power and utilities sector, with specific recommendations for various companies based on their performance and market conditions [3][20][21]. Core Insights - The power sector outperformed the broader market, with the public utility sector index rising by 2.19% and the electricity sub-sector by 2.21% during the week ending March 14, 2025 [1][7]. - Significant investments are being made in renewable energy projects, particularly in the "Shagou Desert" area, with major state-owned enterprises planning substantial capacity expansions [2][23]. - The report emphasizes the acceleration of the electricity spot market construction and the establishment of a unified national electricity market system [2][28]. Summary by Sections Weekly Market Review - The public utility sector index closed at 2287.91 points, up 49.11 points, while the electricity sub-sector closed at 3042.41 points, up 65.87 points, indicating strong performance compared to the Shanghai and Shenzhen 300 index, which rose by 1.59% [1][7]. - Among the electricity sub-sectors, photovoltaic power generation saw a rise of 4.68%, followed by thermal services at 3.80%, and comprehensive energy services at 3.57% [14][19]. Investment Recommendations - For thermal power, the report recommends companies like Sheneng Co. and Funeng Co., while cautiously recommending Waneng Power and Huadian International [3][19]. - In the green energy sector, it suggests investing in Three Gorges Energy and keeping an eye on new energy companies like Xintian Green Energy [3][19]. - The report highlights the stable performance of large hydropower companies, recommending Changjiang Electric Power, and notes the growth potential in nuclear power with a recommendation for China Nuclear Power [3][19]. Industry Developments - The report discusses the ongoing construction of the "Shagou Desert" renewable energy base and the promotion of cross-regional energy dispatch projects to enhance energy supply security [2][22]. - It notes that Xinjiang's electricity export volume reached 126.4 billion kilowatt-hours in 2024, marking a continuous increase over five years [2][23]. - The establishment of a national carbon market and the first cross-regional green electricity transaction are highlighted as significant steps towards market integration [28][29].

文 | 银行螺丝钉 （转载请注明出处） 一、【直播回放】 有朋友问，中证A50指数，有啥特点，当前估值如何？ 第一类是宽基指数。 通常是按照上市公司的市值规模来选股的，会包含各个行业的股票，覆盖范围很"宽"。 有哪些指数基金可以选择呢？中证A50和A100、A500以及MSCI A50有啥区别？ 在今晚的直播课里，螺丝钉详细介绍了这些问题。 长按识别下面二维码，添加 @课程小助手 微信，回复「 0314 」即可观看直播回放。 （提示：回复后可以耐心等待几秒哦～） 二、【部分直播课内容如下】 1 . A股常见的四类指数 A股常见的指数，主要分为四类。 第二类是策略指数。 通常是在宽基指数的基础上，用了某一种投资策略，覆盖的行业也会比较广泛。 策略指数丰富了我们投资的选项，满足了很多投资者个性化的需求。 第三类是行业指数。 也就是仅覆盖了某个行业的股票，例如消费、医药、金融等。最常见的行业指数，是11个一级行业。 每个一级行业，其实都是社会不可或缺的一部分，长期也是跟着社会发展的。 第四类是主题指数。 所包含的股票，跟某个主题密切相关，例如科技、新能源、人工智能等。 主题指数，通常会横跨多个行业，但达不到宽基指数 ...

特此公告。 中国长江电力股份有限公司监事会 2025 年 3 月 7 日 1 股票代码：600900 股票简称：长江电力 公告编号：2025-011 中国长江电力股份有限公司 关于调整职工代表监事的公告 本公司监事会及全体监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。 根据中国长江电力股份有限公司四届一次职工代表大会选 举结果，黄勋女士、陆劲松先生继续担任公司职工代表监事，马 之涛先生不再担任职工代表监事。 ...

Investment Rating - The report maintains a rating of "Outperform the Market" for the electricity sector [6]. Core Insights - The Ministry of Industry and Information Technology has announced a target for renewable energy to account for 30% of computing power centers by 2026, emphasizing green and low-carbon computing. This is expected to increase the demand for renewable energy consumption in data centers, leading to sustained growth in green electricity and green certificate consumption [1][10]. - The report expresses optimism regarding the transformation of thermal power companies into renewable energy operators, recommending several companies such as Sheneng Co., Shanghai Electric, and Huaneng International [5][10]. Summary by Sections Market Performance - From February 14 to February 21, the electricity sector (882528.WI) declined by 0.12%, underperforming the CSI 300 index, which rose by 1.00%. Year-to-date, the electricity sector has fallen by 5.09%, while the CSI 300 index has increased by 1.11% [2][14]. - The sub-sectors of thermal power, hydropower, and gas power saw changes of -0.93%, -1.25%, and -1.07% respectively during the same period [14][22]. Coal Prices and Inventory - The spot price of thermal coal in Qinhuangdao decreased by 2.67% month-on-month and by 23.64% year-on-year, with a current price of 730 RMB/ton [3][31]. - Coal inventory at Qinhuangdao increased by 3.38% month-on-month and by 40.88% year-on-year, reaching 7.03 million tons as of February 21 [4][36]. Investment Recommendations - The report continues to favor companies transitioning from thermal power to renewable energy operations, including Wanan Electric, Sheneng Co., and Huaneng International. It also recommends stable companies like China Nuclear Power and Three Gorges Energy [5][10]. - Specific recommendations include Longjiang Electric, benefiting from the injection of the Wuhai Power Station, and Huaneng Hydropower, which is expected to benefit from improving provincial market electricity prices [5][10]. Key News and Announcements - Jiangsu Province is encouraging renewable energy hydrogen production projects to participate in the electricity market, aiming for innovative management models [48]. - The Chongqing electricity spot market is set to begin trial operations on March 11, 2025, with a focus on optimizing clearing results based on real-time market conditions [48].

证券研究报告| 行业周报 2025 年 03 月 02 日 电力 煤价加速下跌重视火电超额机会，2025 能源工作强调绿色保供 本周行情回顾：本周（2.24-2.28）上证指数报收 3320.90 点，下降 1.72%，沪深 300 指数报收 3890.05 点，下降 2.22%。中信电力及公用事业指数报收 2752.47 点，下降 1.03%，跑赢沪深 300 指数 1.19pct，位列 30 个中信一级板块涨跌幅榜 第 15 位。 本周行业观点： 投资建议：本周煤价快速下跌至 700 元/吨附近，重视火电超额机会。市场对于 电价预期已经相对充分，区域电价风险基本出清、煤价下跌或超预期，建议关注 重点火电标的：皖能电力、申能股份、华电国际、浙能电力。推荐布局低估绿电板 块，推荐优先关注低估港股绿电以及风电运营商，建议关注新天绿色能源（H）、 龙源电力（H）、中闽能源、福能股份。把握水核防御，水电板块，建议关注长江 电力、国投电力、川投能源、华能水电；核电板块，建议关注中国核电和中国广核。 风险提示：原料价格超预期上涨；项目建设进度不及预期；电力辅助服务市场、绿 证交易等政策不及预期。 增持（维持） 行业走势 ...

股票代码：600900 股票简称：长江电力 公告编号：2025-010 中国长江电力股份有限公司 关于 2024 年度利润分配预案相关事项 征求投资者意见的公告 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。 根据国务院《关于加强监管防范风险推动资本市场高质量发展的 若干意见》《关于进一步加强资本市场中小投资者合法权益保护工作 的意见》、中国证监会《上市公司监管指引第 3 号——上市公司现金 分红（2023 年修订）》、上海证券交易所《上市公司自律监管指引 第 1 号——规范运作（2023 年修订）》以及《公司章程》的相关规 定和要求，为进一步增强利润分配透明度，切实维护投资者合法权益， 现就公司 2024 年度利润分配预案事项向广大投资者征求意见。 《公司章程》第二百三十一条规定：公司每年现金分红原则上不 低于母公司当年实现可供股东分配利润的百分之五十。对 2016 年至 2020 年每年度的利润分配按每股不低于 0.65 元进行现金分红；对 2021 年至 2025 年每年度的利润分配按不低于当年实现净利润的 70% 进 ...

Summary of Changjiang Electric Power Conference Call Company Overview - Changjiang Electric Power reported significant operational updates for 2024, including announcements on annual power generation and financial performance [3][4]. Key Financial Performance - In 2023, the total power generation reached 295.9 billion kWh, a year-on-year increase of approximately 5.7% despite drought conditions affecting water storage [4][3]. - The company reported annual revenue of 84.1 billion yuan, an increase of nearly 8%, and profit of 38.8 billion yuan, up about 20% [4][3]. - Earnings per share (EPS) rose from 1.11 yuan to 1.32 yuan, reflecting a growth of 20% [4][3]. - Return on equity (ROE) improved from 13.5% to 15.7%, an increase of over 2 percentage points [4][3]. Dividend Policy - Changjiang Electric Power completed a mid-term dividend of 5.1 billion yuan on January 24, 2024, with a per-share dividend of 0.21 yuan, committing to an annual dividend of no less than 70% [4][3][5]. Market Dynamics - The market-oriented power generation ratio approached 40% in 2023, with significant contributions from the Wudongde and Baihetan power stations [5][4]. - In 2024, electricity prices in Guangdong decreased by approximately 0.07 yuan, while Jiangsu and Zhejiang saw reductions of 0.04 to 0.05 yuan [6][4]. - The company aims to minimize the impact of price reductions and maintain stable pricing strategies for 2025 [6][4]. Competitive Positioning - Hydropower pricing remains competitive compared to other energy sources, with plans to explore auxiliary service markets and green certificate trading to enhance revenue [4][7]. - The company is actively involved in the construction of pumped storage power stations, holding major stakes in projects across Gansu, Chongqing, and Hunan, totaling 4.4 million kW [4][13]. Future Outlook - The company anticipates continued growth in electricity demand, projecting a 6.8% increase in demand in 2024 despite broader economic challenges [7][4]. - Changjiang Electric Power is committed to maintaining high cash dividend ratios, with a promise of at least 70% from 2016 to 2025, and plans to sustain this trend beyond 2025 [15][4]. International Expansion - The company has seen rapid growth in international operations, completing its first solar power station acquisition in October 2023 and its first wind power acquisition in April 2024 [16][4]. - Overseas revenue exceeded 8 billion yuan, with profits surpassing 2 billion yuan, and plans to further develop wind and solar projects while integrating Chinese industrial chains [16][4]. Additional Insights - The company is focused on enhancing its position in the auxiliary services market, including peak regulation and frequency modulation, with expectations of supportive policies from the National Development and Reform Commission [14][4]. - The competitive advantage of hydropower remains strong, particularly in the context of large-scale hydropower projects in the Yangtze River basin [8][4]. This summary encapsulates the key points from the conference call, highlighting the financial performance, market dynamics, competitive positioning, and future outlook of Changjiang Electric Power.

股票代码：600900 股票简称：长江电力 公告编号：2025-009 中国长江电力股份有限公司 第六届董事会第三十九次会议决议公告 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 第三十九次会议于2025年2月18日以现场方式召开。会议应到董 事11人，实到9人，委托出席2人，其中刘伟平董事、洪猛董事委 托张星燎董事代为出席并行使表决权，符合《公司法》和《公司 章程》等有关规定。公司部分监事、高管列席了会议。会议由张 星燎董事主持，以记名表决方式审议通过《关于投资建设河南巩 义后寺河抽水蓄能电站项目的议案》。 2 同意由河南巩义抽水蓄能有限公司投资建设河南巩义后寺 河抽水蓄能电站项目，总投资不超过82.64亿元，其中资本金占 总投资的20%。 附件 本议案已经公司第六届董事会审计委员会第二十一次会议 审议通过。 河南巩义后寺河抽水蓄能电站项目简介 河南巩义后寺河抽水蓄能电站项目（以下简称本项目）位于 河南省郑州市下辖的巩义市境内，距离巩义市、郑州市主城区分 别为7千米、 ...

Investment Rating - The report maintains an "Increase" investment rating for the company, indicating an expected relative increase of 5% to 15% compared to the CSI 300 index over the next six months [30]. Core Insights - The company achieved a total operating revenue of 84.198 billion yuan in 2024, representing a year-on-year growth of 7.75%. The net profit attributable to shareholders reached 32.520 billion yuan, up 19.36% year-on-year [6]. - The company has a strong dividend policy, with a cash dividend of 0.21 yuan per share distributed in January 2025, totaling 5.138 billion yuan. The cumulative cash dividends since its listing in 2003 amount to 188 billion yuan, maintaining a payout ratio above 70% in recent years [7]. - The company’s performance in 2024 was bolstered by favorable water conditions, with total electricity generation from its six hydropower stations reaching 295.904 billion kWh, a year-on-year increase of 7.11% [8]. Summary by Sections Financial Performance - The company reported a basic earnings per share of 1.3291 yuan for 2024, reflecting a 19.36% increase year-on-year. The weighted average return on equity was 15.72%, up 2.2 percentage points from the previous year [6]. - The company’s gross profit margin stood at 61.19%, and the net asset return rate was 13.32% [2]. Investment and Growth - The company’s investment income for the first three quarters of 2024 was 4.266 billion yuan, an increase of 11.41% year-on-year. The company is focusing on equity investments in the hydropower industry and exploring new investment models [11]. - The report forecasts net profits for 2024, 2025, and 2026 to be 32.520 billion yuan, 33.463 billion yuan, and 35.187 billion yuan, respectively, with corresponding earnings per share of 1.33 yuan, 1.37 yuan, and 1.44 yuan [12]. Market Position and Industry Outlook - The hydropower industry is expected to benefit from favorable water conditions in 2024, with a national increase in hydropower generation of 10.7% year-on-year [10]. - The company is positioned as the largest hydropower listed company in the world, with a total installed capacity of 71.795 million kW, indicating strong operational stability and profitability [12].

Investment Rating - The report maintains an "Increase" investment rating for the company, indicating an expected relative increase of 5% to 15% compared to the CSI 300 index over the next six months [2][32]. Core Views - The company has achieved a new level of profitability, with total revenue for 2024 reaching 841.98 billion yuan, a year-on-year increase of 7.75%, and net profit attributable to shareholders of 325.20 billion yuan, up 19.36% [6][14]. - The company is characterized as a high-dividend asset, with a cash dividend of 0.21 yuan per share distributed in January 2025, totaling 51.38 billion yuan, and a historical cumulative cash dividend of 188 billion yuan since its listing [7][14]. - The company’s operational performance is expected to improve significantly due to the full operation of major hydropower stations, with a projected increase in net profit for 2024-2026 [14]. Summary by Sections Financial Performance - The company reported a basic earnings per share of 1.3291 yuan for 2024, reflecting a 19.36% increase year-on-year [6]. - The weighted average return on equity (ROE) for 2024 is projected at 15.72%, an increase of 2.2 percentage points from the previous year [6]. Operational Highlights - The company’s six hydropower stations generated a total of 2,959.04 billion kilowatt-hours in 2024, marking a year-on-year increase of 7.11% [8]. - The company’s investment income for the first three quarters of 2024 rose by 11.41% year-on-year, supported by strategic investments in the hydropower sector [13]. Market Position - The company is the largest listed hydropower company in the world, with a total installed capacity of 71.795 million kilowatts, and is recognized as a value blue-chip stock with strong and stable profitability [14]. - The company’s dividend yield over the past 12 months reached 3.66%, which is significantly higher than the 10-year government bond yield of 1.67% [14].