Investment Rating - The report maintains a "Positive" outlook for the utility sector, indicating that the expected settlement price for thermal power in 2026 is likely to be better than market expectations [7]. Core Insights - The long-term contract electricity price risk has materialized, and the average reduction in long-term contract electricity prices for 2026 is estimated to be around 3-4 cents per kilowatt-hour. However, the capacity price for coal-fired power is expected to increase by at least 65 yuan per kilowatt per year, which may lead to a lower-than-expected decline in thermal power settlement prices [7]. - The report highlights that the performance expectations for the utility sector have reached a low point, making low-priced utility assets worth considering for investment [7]. - The report suggests that the utility sector remains a quality dividend asset for long-term allocation, especially under the trend of low interest rates and policies encouraging long-term capital market entry [7]. Summary by Sections Electricity Price Dynamics - The average clearing price for the Guangdong electricity market from January 3 to January 9, 2026, was 321 yuan per megawatt-hour, down 51 yuan year-on-year (-13.7%) [10]. - The average price for Shanxi during the same period was 234 yuan per megawatt-hour, down 107 yuan year-on-year (-31.4%) [10]. Coal Price Trends - As of January 9, 2026, the price of Q5500 thermal coal in Qinhuangdao was 699 yuan per ton, reflecting a week-on-week increase of 17 yuan (+2.5%) [15]. - The coal inventory at Qinhuangdao port decreased by 11.6% week-on-week, indicating a tightening supply situation [21]. Performance of Utility Sector - The utility sector index increased by 2.5% during the week of January 5 to January 9, 2026, underperforming compared to the Shanghai Composite Index, which rose by 2.8% [35]. - The report notes that the gas sector within utilities showed the highest weekly increase of 4.8% [37]. Investment Recommendations - The report recommends focusing on quality dividend assets in the utility sector, particularly in thermal power, hydropower, and nuclear power, with specific stocks highlighted for potential investment [7].

Core Viewpoint - The Northbound Stock Connect funds have shown increased trading activity in the A-share market, with significant holdings and trading volumes reported for the fourth quarter of 2025 [2][10]. Group 1: Northbound Stock Connect Holdings - As of the end of Q4 2025, Northbound Stock Connect funds held a total of 4,014 securities, including stocks and ETFs, with overall holdings remaining relatively stable [4][5]. - Notably, Northbound funds held over 1 billion shares in 213 stocks, and in 37 stocks, holdings exceeded 5 billion shares. Key stocks with holdings over 10 billion shares include BOE Technology Group, Industrial and Commercial Bank of China, Zijin Mining, Agricultural Bank of China, and others [5][6]. Group 2: Increased Holdings - During Q4 2025, Northbound Stock Connect funds increased their holdings in over 1,600 stocks, with more than 1,000 stocks seeing an increase of over 1 million shares. Significant increases were noted in stocks such as China Aluminum, Weichai Power, and Industrial and Commercial Bank of China, with increases exceeding 10 million shares in several cases [7][8]. Group 3: Trading Activity - The trading activity of Northbound Stock Connect has been notably active, with trading volumes exceeding 300 billion yuan for four consecutive trading days, reaching a peak of 369.6 billion yuan on January 9, 2026, marking the highest level since September 2025 [10]. - Cumulatively, since the establishment of the mutual market access mechanism, the total trading volume of Northbound Stock Connect has surpassed 200 trillion yuan, with 2025's total trading volume reaching 50.33 trillion yuan, a growth of over 40% compared to 2024 [11].

Core Viewpoint - The A-share market in 2025 shows a positive trend, with the Shanghai Composite Index returning to 4000 points and nearly 80% of listed companies experiencing stock price increases, supported by significant capital repurchases and increases by industry players [1][2] Group 1: Market Performance - In 2025, the total transaction volume of the A-share market reached a historic record of 420 trillion yuan [1] - A total of 1494 listed companies implemented share repurchases, with a total amount of 142.736 billion yuan [1] - 534 companies announced shareholding increases, with a maximum proposed increase amount of 83.922 billion yuan [1] Group 2: Capital Support - The trend of repurchases and increases is supported by a special loan program, with 522 companies or their shareholders disclosing repurchase and increase loan situations, amounting to a maximum of 111.165 billion yuan [1] - As of January 8, 2026, the number of disclosed repurchase and increase loans reached 789, with a total maximum loan amount of 160.62 billion yuan [1] Group 3: Leading Companies - In 2025, 293 companies repurchased over 100 million yuan, with 15 companies repurchasing over 1 billion yuan, and one company exceeding 10 billion yuan [3] - Midea Group led with a total repurchase amount of 11.545 billion yuan, being the only company to exceed 10 billion yuan in repurchases for the year [3] - Guizhou Moutai repurchased a total of 6 billion yuan in 2025, marking its first-ever cancellation-style repurchase since its listing [4] Group 4: Loan Policy Changes - The People's Bank of China optimized the stock repurchase and increase loan policy, reducing the self-funding ratio requirement from 30% to 10% and extending the maximum loan term from 1 year to 3 years [6] - The total quota for the combined tools of 500 billion yuan for securities, funds, and insurance companies and 300 billion yuan for stock repurchase and increase loans was raised to 800 billion yuan [6] Group 5: Economic Impact - The stock repurchase and increase loans provide low-cost funding for companies, facilitating effective market value management and enhancing investor confidence [7] - Recommendations for future loan programs include expanding coverage to more quality enterprises and optimizing pricing mechanisms [7]

格隆汇1月7日｜长江证券研报指出，长江电力四季度下游来水转丰，全年业绩展望稳健。整体而言，得 益于下游的丰沛来水，四季度电量实现高速增长，单季业绩展望积极。全年来看，公司发电量实现稳健 增长，同时考虑来水改善的背景下，公司参股投资收益同样有望贡献业绩增量，公司全年业绩有望实现 稳健增长。若按照"十五五"初期2026-2027年预期平均业绩测算，公司股息率将达到3.73%，坚定看好公 司作为稳健红利典范的长期投资价值。根据最新经营数据，调整公司盈利预测，预计公司2025-2027年 对应EPS分别为1.41元、1.44元和1.47元，对应PE分别为19.33倍、18.95倍和18.58倍。维持"买入"评级。 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Insights - The company is expected to achieve a power generation volume of approximately 307.19 billion kWh in 2025, representing a year-on-year growth of 3.82%. The fourth quarter alone is projected to see a significant increase of 19.93% in power generation [2][6] - The anticipated dividend yield of the company is at a high level, with a difference from the ten-year government bond yield reaching the 97th percentile since 2023. The expected average dividend yield for 2026-2027 is projected to be 3.73%, indicating strong long-term investment value as a stable dividend stock [2][12] Summary by Sections Event Description - The company reported that its total power generation from six domestic hydropower stations is expected to be around 307.19 billion kWh in 2025, which exceeds the initial target of 300 billion kWh by 2.40%. The fourth quarter's generation is expected to be about 72.07 billion kWh, showing a year-on-year increase of 19.93% [6] Event Commentary - The fourth quarter has seen abundant water supply, leading to a robust performance in power generation. The company’s investment income is also expected to contribute positively to its overall performance. The company is projected to maintain steady growth in its annual performance [12] - The company has committed to a high dividend payout ratio of at least 70% of the net profit attributable to shareholders from 2026 to 2030, reflecting its commitment to shareholder returns [12] - The company’s earnings per share (EPS) forecasts for 2025-2027 are adjusted to 1.41, 1.44, and 1.47 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 19.33, 18.95, and 18.58 [12]

沪深300ETF中金（510320）业绩比较基准为沪深300指数收益率，管理人为中金基金管理有限公司，基 金经理为刘重晋，成立（2025-04-16）以来回报为28.81%，近一个月回报为4.58%。 来源：新浪基金∞工作室 1月7日，截止午间收盘，沪深300ETF中金（510320）涨0.23%，报1.289元，成交额407.61万元。沪深 300ETF中金（510320）重仓股方面，宁德时代截止午盘跌0.87%，贵州茅台跌0.13%，中国平安涨 0.16%，招商银行跌0.77%，紫金矿业跌1.22%，新易盛涨1.09%，中际旭创涨2.54%，美的集团跌 0.46%，东方财富跌1.71%，长江电力跌0.40%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 ...

Group 1 - The core viewpoint of the news is the optimistic outlook for the Chinese stock market in 2026, with a recommendation from Goldman Sachs to overweight Chinese stocks, particularly A-shares and Hong Kong stocks [1][2] - The A500 index, representing core assets in China, has shown a strong performance with a 0.38% increase, driven by significant gains in stocks such as Wei股份 (up 12.26%) and 南大光电 (up 11.26%) [1] - The number of new A-share accounts opened in 2025 reached 27.44 million, a 9.75% increase from 2024, indicating growing investor interest [1] Group 2 - The A500 index is noted for its balanced representation of both traditional and emerging industries, with a focus on valuation, profitability, and dividends, suggesting an increasing demand for capital allocation towards it [1] - The top ten weighted stocks in the A500 index as of December 31, 2025, include 宁德时代, 贵州茅台, and 中国平安, collectively accounting for 20.33% of the index [2] - The market is expected to continue its upward trend, supported by key sectors such as commercial aerospace, artificial intelligence, and robotics, alongside cyclical sectors like oil and non-ferrous metals [2]

两融数据显示，该股最新融资余额为100.14亿元，近5日增加1.63亿元，增幅为1.65%。（数据宝） 1月6日长江电力大宗交易一览 | 成交量 | 成交金额 | 成交价格 | 相对当日收盘折 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | （万股） | （万元） | （元） | 溢价（%） | | | | | | | | 广发证券股份有 | 招商证券股份有限公司北京 | | 50.00 | 1372.00 | 27.44 | 0.00 | 限公司总部 | 景辉街证券营业部 | （文章来源：证券时报网） 长江电力1月6日大宗交易平台出现一笔成交，成交量50.00万股，成交金额1372.00万元，大宗交易成交 价为27.44元。该笔交易的买方营业部为广发证券股份有限公司总部，卖方营业部为招商证券股份有限 公司北京景辉街证券营业部。 进一步统计，近3个月内该股累计发生3笔大宗交易，合计成交金额为1.19亿元。 证券时报·数据宝统计显示，长江电力今日收盘价为27.44元，上涨0.59%，日换手率为0.31%，成交额为 20.20亿元，全天主力资金净 ...

股票代码：600900 股票简称：长江电力公告编号：2026-001 中国长江电力股份有限公司 2025年发电量完成情况公告 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。 根据公司初步统计，2025年，乌东德水库来水总量约1051.35亿立方米，较上年同期偏枯6.44%；三峡水 库来水总量约3962.68亿立方米，较上年同期偏丰5.93%。 2025年，公司境内所属六座梯级电站总发电量约3071.94亿千瓦时，较上年同期增长3.82%。其中，第四 季度公司境内所属六座梯级电站总发电量约720.68亿千瓦时，较上年同期增长19.93%。各电站发电量具 体如下： ■ 注：原始数据为小数点后四位，本表格按照惯例保留两位，为了保持原始数据精度，求和值未做调整。 特此公告。 中国长江电力股份有限公司董事会 2026年1月5日 ...

Group 1 - Maduro denies all charges from the U.S. and claims he is still the President of Venezuela [2] - The U.S. has accused Maduro of drug terrorism conspiracy, cocaine smuggling conspiracy, and possession of firearms [2] - Maduro states he was forcibly taken from his home in Caracas [2] Group 2 - China condemns the U.S. for violating Venezuela's sovereignty and international principles [3] - The U.S. is accused of undermining multilateralism and threatening peace in Latin America and the Caribbean [3] Group 3 - Venezuela's oil exports have nearly dropped to zero due to U.S. sanctions and blockade [4] - The Venezuelan oil company is reducing production and closing some oil fields due to accumulated inventory [4] - Shortages of diluents for blending heavy crude oil are further restricting production activities [4] Group 4 - Trump claims the U.S. must have complete access to Venezuela's resources and asserts U.S. control over the country [5][6] - The U.S. Vice President's residence was attacked, with one suspect arrested [6] Group 5 - High expectations for Chinese stocks with projected annual growth of 15% to 20% in 2026 and 2027 [8] - Corporate earnings in China are expected to grow by 14% and 12% in 2026 and 2027, respectively [8] - Factors driving growth include AI applications, international expansion, and policies to reduce internal competition [8]