根据公司初步统计，2025 年第一季度，乌东德水库来水总量约 167.05 亿立方米，较上年同期偏丰 12.50%；三峡水库来水总量约 555.19 亿立方米，较上年同期偏丰 11.56%。 2025 年第一季度，公司境内所属六座梯级电站总发电量约 576.79 亿千瓦时，较上年同期增加 9.35%。各电站发电量具体如下： 股票代码：600900 股票简称：长江电力 公告编号：2025-012 中国长江电力股份有限公司 2025 年第一季度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。 中国长江电力股份有限公司董事会 2025 年 4 月 8 日 1 | 电站名称 | 总发电量（亿千瓦时） | 同比变动（%） | | --- | --- | --- | | 乌东德电站 | 65.46 | 9.90 | | 白鹤滩电站 | 125.74 | 17.10 | | 溪洛渡电站 | 132.02 | 8.47 | | 向家坝电站 | 70.40 | 9.39 | | 三峡电站 | 147.93 | 5.55 | ...

Core Viewpoint - China has elevated carbon neutrality to a national strategic level, implementing a series of policies and action plans to achieve energy conservation and carbon reduction goals [1][2]. Policy and Action Plans - The State Council has introduced the "2024-2025 Energy Conservation and Carbon Reduction Action Plan," outlining specific targets and action paths for energy conservation and carbon reduction [1]. - In March 2025, the National Development and Reform Commission and other departments issued a document to promote the green power certificate market for renewable energy [1]. Industry Structure - The carbon neutrality industry chain in China can be divided into three main parts: 1. Front-end energy structure adjustment, replacing high-carbon energy with low-carbon and renewable energy. 2. Mid-end improvement of energy conservation and emission reduction levels, including industrial structure adjustments [1]. 3. Back-end carbon capture and storage technologies [2]. Carbon Trading - Carbon trading plays a crucial role in the development of carbon neutrality, allowing one party to purchase greenhouse gas reduction credits from another, which can be used to mitigate climate change [2]. Economic Opportunities - The carbon neutrality industry holds significant development potential, fostering new industries such as renewable energy, energy conservation, and carbon capture, creating numerous job opportunities and driving technological innovation [2]. - The development of the carbon neutrality industry is not only a response to climate change but also a new engine for promoting high-quality economic growth [2]. Key Companies in Carbon Neutrality - Major companies in the carbon neutrality sector include: - China Three Gorges New Energy Group Co., Ltd. (Registered Capital: 2,862,522 million RMB, Established: 1985) [4]. - Longi Green Energy Technology Co., Ltd. (Registered Capital: 757,804.44 million RMB, Established: 2000) [2]. - China Yangtze Power Co., Ltd. (Registered Capital: 2,446,821.8 million RMB, Established: 2002) [2]. - Inner Mongolia Baotou Steel Union Co., Ltd. (Registered Capital: 4,540,494.2248 million RMB, Established: 1999) [2]. - Hebei Iron and Steel Co., Ltd. (Registered Capital: 1,033,712.1 million RMB, Established: 1997) [2]. - Anhui Conch Cement Co., Ltd. (Registered Capital: 529,930.25 million RMB, Established: 1997) [2]. - Beijing Qingxin Environmental Technology Co., Ltd. (Registered Capital: 142,438.86 million RMB, Established: 2001) [2]. Carbon Neutrality Leadership - China Three Gorges New Energy is recognized as a leading enterprise in the carbon neutrality sector, managing significant hydropower capacity and actively promoting low-carbon development [5][6].

Group 1 - The Shanghai Composite Index opened lower and fluctuated, with the Shanghai Large, Medium, and Small Cap Index down by 0.34%, closing at 3392.46 points and a trading volume of 232.615 billion yuan [1] - Over the past month, the Shanghai Large, Medium, and Small Cap Index has increased by 1.09%, decreased by 0.89% over the past three months, and has risen by 0.45% year-to-date [1] - The index is designed to reflect the overall performance of listed companies in the Shanghai market, categorized by market capitalization and trading volume, with a base date of December 31, 2003, set at 1000.0 points [1] Group 2 - The top ten weighted stocks in the Shanghai Large, Medium, and Small Cap Index include Kweichow Moutai (5.63%), Ping An Insurance (3.18%), China Merchants Bank (3.18%), and Yangtze Power (1.95%) [1] - The market sectors represented in the index include Finance (27.72%), Industry (17.39%), Information Technology (12.23%), and Consumer Staples (9.50%) among others [2] - The index sample is adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December, typically not exceeding 10% of the sample [2]

Market Overview - The Shanghai Composite Index fell by 0.10% on March 19, with 9 out of the 28 sectors experiencing gains, led by the banking and public utilities sectors, which rose by 1.42% and 1.28% respectively [1] - The total net outflow of capital from the two markets was 48.764 billion yuan, with 5 sectors seeing net inflows, primarily in public utilities and banking [1] Sector Performance - The public utilities sector saw a net inflow of 1.708 billion yuan, with 132 stocks in the sector, of which 92 rose and 31 fell [2] - The banking sector also performed well, with a net inflow of 784 million yuan and a daily increase of 1.42% [1][2] Capital Flow Analysis - The electronic sector experienced the largest net outflow of capital, totaling 12.202 billion yuan, followed by the computer sector with a net outflow of 10.953 billion yuan [1] - In the public utilities sector, the top stocks by net inflow included Changjiang Electric with 443 million yuan, Guang'an Aizhong with 336 million yuan, and Guodian Power with 110 million yuan [2]

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。 ...

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].