Core Viewpoint - The report highlights the growth of China's hydropower generation, indicating a significant increase in production and a positive outlook for the industry from 2026 to 2032 [1] Industry Overview - According to the National Bureau of Statistics, China's hydropower generation reached 135.1 billion kilowatt-hours in October 2025, marking a year-on-year increase of 28.2% [1] - From January to October 2025, the cumulative hydropower generation in China was 1,131.12 billion kilowatt-hours, reflecting a cumulative growth of 1.6% [1] Company Insights - Listed companies in the hydropower sector include: - Changjiang Electric Power (600900) - Huaneng Hydropower (600025) - Guotou Power (600886) - Chuan Investment Energy (600674) - Guiguan Electric Power (600236) - Qianyuan Electric Power (002039) - Hubei Energy (000883) - Mindong Electric Power (000993) - Leshan Electric Power (600644) - Chenzhou International (600969) [1]

Core Viewpoint - The recent adjustments in the market have provided investors with opportunities to strategically position themselves for the upcoming "cross-year" market trends, particularly focusing on growth and dividend styles [2]. Group 1: Market Performance - As of December 22, 2025, the Shanghai 180 Index (000010) increased by 0.65%, with notable gains from stocks such as Tuojing Technology (688072) up by 6.39%, China Duty Free Group (601888) up by 6.27%, and Zijin Mining (601899) up by 4.95% [1]. - The Shanghai 180 ETF Index Fund (530280) rose by 0.58%, with the latest price reported at 1.21 yuan [1]. Group 2: Investment Recommendations - The report from China International Capital Corporation (CICC) suggests focusing on three main investment themes: 1. **Growth in AI Technology**: The AI sector is expected to transition into industrial applications, with opportunities in computing power, optical modules, and cloud computing infrastructure, particularly favoring domestic companies. Applications to watch include robotics, consumer electronics, smart driving, and software [2]. 2. **External Demand**: Companies with overseas expansion strategies are seen as reliable growth opportunities, particularly in sectors like home appliances, engineering machinery, commercial buses, power grid equipment, gaming, and non-ferrous metals [2]. 3. **Cyclical Reversal**: Attention is recommended on sectors nearing improvement in supply-demand dynamics or benefiting from policy support, such as chemicals, aquaculture, and new energy [2]. Group 3: Seasonal Trends and Market Catalysts - According to Huatai Securities, the upcoming spring market is anticipated to show positive momentum, driven by potential catalysts such as foreign capital position adjustments post-Christmas, the dense disclosure period for annual reports starting mid-January, and possible reserve requirement ratio cuts in January [3]. - The Shanghai 180 ETF closely tracks the Shanghai 180 Index, which comprises 180 large-cap, liquid stocks from the Shanghai market, reflecting the overall performance of core listed companies [3].

Group 1 - The rapid development of AI technology is driving explosive growth in data center construction, which significantly increases electricity consumption and becomes a core growth engine for electricity demand [1][9] - Data centers are identified as a major reason for the electricity supply gap, highlighting the interdependence between electricity and computational power development [1][9] Group 2 - The targeted index includes various power generation methods: thermal power (42.99%), hydropower (24.21%), wind power (13.18%), nuclear power (12.17%), and photovoltaic power (6.01%), showcasing both dividend and growth attributes [3][10] - The top ten weighted stocks in the index include leading companies in the power industry, such as Changjiang Electric Power, China Nuclear Power, and Three Gorges Energy, with a combined weight of 54.21% [5][11]

Investment Rating - The report maintains a "Positive" outlook for the utility sector [4] Core Views - The growth rate of electricity generation is slowing down, while coal prices continue to decline [2] - The utility sector is seen as a defensive asset with low valuations, making it attractive for investment [7] - The report emphasizes the need for further market-oriented pricing reforms to support the integration of renewable energy [7] Summary by Sections Electricity Generation - In November 2025, the electricity generation of large-scale power plants increased by 2.7% year-on-year, but the growth rate decreased by 5.2 percentage points compared to October 2025 [10] - The growth of renewable energy generation significantly improved, with wind power increasing by 22.0% and solar power by 23.4% year-on-year [10] - The report notes that the growth of hydropower decreased but remained high, while thermal power generation turned negative with a decline of 4.2% [10] Coal Prices - Port coal prices have been declining, with the Qinhuangdao port's Q5500 coal price at 703 RMB/ton, down 5.6% week-on-week [16] - The report indicates that high coal inventories and low demand from downstream power plants are contributing to the price drop [7] - The report anticipates that the decline in spot coal prices may gradually narrow due to improved acceptance from power plants [7] Investment Recommendations - The report suggests focusing on utility stocks, particularly in thermal power, hydropower, and nuclear power sectors, highlighting specific companies such as Huadian International and China General Nuclear Power [7] - It recommends investing in high-quality hydropower companies due to their low cost per kilowatt-hour and stable business models [7] - The report also notes the potential for growth in wind and solar sectors under carbon neutrality expectations [7] Market Performance - The utility sector index fell by 0.6%, underperforming the CSI 300 index by 0.3 percentage points [41] - Among sub-sectors, hydropower, thermal power, and wind power saw declines, while solar power showed a slight increase of 0.9% [43]

[Table_Page] 跟踪分析|公用事业 证券研究报告 [Table_Title] 公用事业行业深度跟踪 风光贡献全部发电增量，关注板块低配高股息 [Table_Summary] 核心观点： [Table_Grade] 行业评级 买入 前次评级 买入 报告日期 2025-12-21 [Table_PicQuote] 相对市场表现 -10% -3% 4% 10% 17% 24% 12/24 03/25 05/25 07/25 10/25 12/25 公用事业 沪深300 | [分析师： Table_Author]郭鹏 | | --- | | SAC 执证号：S0260514030003 | | SFC CE No. BNX688 | | 021-38003655 | | guopeng@gf.com.cn | | 分析师： 许子怡 | | SAC 执证号：S0260524010002 | | 021-38003618 | | xuziyi@gf.com.cn | | 分析师： 郝兆升 | | SAC 执证号：S0260524070001 | | 0755-82557403 | | haozhaosheng@ ...

据天眼查APP显示，中国长江电力股份有限公司成立于2002年11月04日，注册资本2446821.7716万人民 币。（数据宝） 12月18日长江电力大宗交易一览 | 成交量 | 成交金 | 成交价 | 相对当日收盘 | | | | --- | --- | --- | --- | --- | --- | | （万 | 额（万 | 格 | 折溢价（%） | 买方营业部 | 卖方营业部 | | 股） | 元） | （元） | | | | | 173.47 | 4359.30 | 25.13 | -10.51 | 广发证券股份有限公司 上海西藏南路证券营业 | 国投证券股份有限公司上海浦 东新区花园石桥路证券营业部 | | | | | | 部 | | （文章来源：证券时报网） 长江电力12月18日大宗交易平台出现一笔成交，成交量173.47万股，成交金额4359.30万元，大宗交易成 交价为25.13元，相对今日收盘价折价10.51%。该笔交易的买方营业部为广发证券股份有限公司上海西 藏南路证券营业部，卖方营业部为国投证券股份有限公司上海浦东新区花园石桥路证券营业部。 进一步统计，近3个月内该股累计发生4笔大宗交易 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 12月18日，长江电力收涨0.57%，收盘价为28.08元，发生1笔大宗交易，合计成交量173.47万股，成交 金额4359.3万元。 进一步统计，近3个月内该股累计发生4笔大宗交易，合计成交金额为1.33亿元。该股近5个交易日累计 上涨0.79%，主力资金合计净流出1600.79万元。 责任编辑：小浪快报 第1笔成交价格为25.13元，成交173.47万股，成交金额4,359.30万元，溢价率为-10.51%，买方营业部为 广发证券股份有限公司上海西藏南路证券营业部，卖方营业部为国投证券股份有限公司上海浦东新区花 园石桥路证券营业部。 ...

每经记者｜朱成祥 每经编辑｜董兴生 丨 2025年12月18日 星期四 丨 NO.1 长江电力：秘鲁红珊瑚风电项目完成股权交割 据长江电力公众号，秘鲁时间12月12日，长江电力所属秘鲁路德斯公司在秘鲁首都利马完成红珊瑚风电 项目股权交割。这是路德斯公司历史第三个新能源发电并购项目，该项目交割后路德斯公司已成为秘鲁 第一大风电运营商。 点评：此举标志长江电力国际化与"水风光储"多能互补战略加速推进，通过并购快速切入海外风电市 场，优化能源结构，提升抗风险能力与综合竞争力。短期事件提振市场情绪，中长期若项目运营良好， 有望为公司贡献稳定收益，并为后续海外新能源布局提供范本。 NO.2 隆基绿能李振国：呼吁强化行业自律，坚决抵制非理性竞争 12月17日，在"2025光伏供应链配套发展研讨会"上，隆基绿能创始人、首席技术官李振国表示，中国光 伏产业要持续强化创新引领、构建韧性协同的供应链体系，积极开拓全球市场，持续提升中国光伏品牌 的国际影响力与竞争力。他呼吁产业链上下游同仁加强务实合作，强化行业自律，坚决抵制非理性竞 争，合力营造开放包容、规范有序、韧性高效的产业新生态，为构建新型能源体系、保障国家能源安全 贡献光 ...

（文章来源：证券日报） 本报讯 （记者贺王娟）12月17日，中国长江电力股份有限公司（以下简称"长江电力"）宣布，秘鲁时 间2025年12月12日，长江电力所属秘鲁路德斯公司在秘鲁首都利马顺利完成红珊瑚风电项目股权交割。 这是路德斯公司历史第三个新能源发电并购项目，该项目成功交割后路德斯公司已成为秘鲁第一大风电 运营商，标志着路德斯公司在秘鲁构建"水风光多种能源形式互补、发配售全产业链协同"的发展目标取 得重大进展。 长江电力披露，上述项目标的资产位于秘鲁伊卡大区，装机规模13.57万千瓦，年发电量约6.6亿千瓦 时，年利用小时数超4800小时。该项目毗邻前期并购的蓝宝石风电场，可充分发挥路德斯公司作为配售 电企业的优势，实现电力运营与销售协同，取得较好的经济效益。 ...

Group 1: Core Insights - The future narrative for thermal power is expected to shift towards enhanced profitability stability and increased dividends due to rising capacity prices and deeper assessments by the State-owned Assets Supervision and Administration Commission (SASAC) [2][60] - In the short term, integrated coal power companies are likely to have a comparative advantage as coal prices rise, with a consensus forming around an increase in the coal price baseline for next year [2][6] - Renewable energy companies, despite facing challenges such as supply-demand imbalance and subsidy delays, have shown considerable absolute returns, supported by improving policies for green energy development [6][8] Group 2: Thermal Power Analysis - Historical performance of thermal power shows a certain "counter-cyclical" nature, with earnings often moving inversely to coal prices, which are now market-driven [19][26] - The current policy framework limits the duration of profitability expectations for thermal power, leading to a "high first, low second" characteristic in the market for 2023 and 2024 [6][45] - The expected increase in capacity prices across provinces by 2026 will enhance the fixed cost recovery ability of coal power plants, significantly improving profitability stability [60][64] Group 3: Renewable Energy Insights - The renewable energy sector is currently facing multiple issues, including market price pressure and subsidy delays, but the gradual improvement in policy support is expected to create investment opportunities [6][8] - Companies with low valuations, high wind power ratios, and strong regional price certainty are still worth considering for investment despite the uncertain timing of policy impacts [2][6] Group 4: Hydropower and Nuclear Power - Leading hydropower companies exhibit high earnings certainty and dividend ratios, making them attractive for long-term investment [7] - Nuclear power is anticipated to see significant capacity growth during the 14th Five-Year Plan, with stable long-term price expectations despite some market price fluctuations [8][60] Group 5: Investment Recommendations - Recommended companies include quality thermal power operators such as Huaneng International, Datang Power, and China Power, as well as leading hydropower firms like Yangtze Power and Guotou Power [9] - In the renewable sector, companies like Longyuan Power and China Nuclear Power are highlighted as potential investment opportunities [9]