9月30日，长江电力大宗交易成交100万股，成交额2725万元，占当日总成交额的1.59%，成交价27.25元，较市场收盘价27.25元持平。 | 交易日期 | 证券简称 | 证券代码 | 成交价(元) | 成交金额(万元) 成交量( * ) 买入营业部 | | | 卖出营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-09-30 | 长江电力 | 600900 | 27.25 | 1362.5 | 50 | 招商证券股份有限 公司北京号库街证 空营业部 | 广发证券股份有限公司总部 | | 2025-09-30 | 长江电力 | 600900 | 27.25 | 1362.5 50 | | 招商证券股份有限 公司北京警控有证 委营业部 | 广发证券股份有限 公司总部 | ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - In August, the electricity consumption growth rate in the secondary industry increased, contributing the largest increment to total electricity consumption, accounting for 59% of the total increase [3][7] - The total electricity consumption in August reached 10,154 billion kWh, a year-on-year increase of 5.0% [3][6] - The manufacturing sector saw a record monthly growth rate for the year, with high-tech and equipment manufacturing electricity consumption growing by 9.1%, surpassing the average manufacturing growth rate by approximately 4.6 percentage points [3][7] Summary by Sections 1. Electricity: August Secondary Industry Consumption Growth - The total electricity consumption in August was 10,154 billion kWh, with a year-on-year growth of 5.0% [3][6] - The first industry consumed 164 billion kWh (9.7% growth), the second industry consumed 5,981 billion kWh (5.0% growth), the third industry consumed 2,046 billion kWh (7.2% growth), and residential consumption was 1,963 billion kWh (2.4% growth) [3][8] - The secondary industry contributed the most to the total electricity consumption increase, with a significant growth in manufacturing, particularly in high-tech and equipment manufacturing [6][7] 2. Gas: Supply and Demand Stability - Global gas prices have shown narrow fluctuations, with the Henry Hub spot price at $2.90/mmBtu, a weekly increase of 0.17% [16][19] - The LNG national ex-factory price was 4,016 yuan/ton, with a slight weekly decrease of 0.07% [16][36] - The report suggests a positive outlook for city gas companies due to cost reductions and improved profitability [38] 3. Weekly Market Review - The public utility and environmental protection sectors underperformed compared to the CSI 300 index, while the electric equipment sector outperformed [40][42] 4. Company and Industry Dynamics - The report highlights recent government initiatives aimed at promoting high-quality development in energy equipment, focusing on enhancing the efficiency of energy conversion equipment and advancing renewable energy technologies [49] - Key announcements from companies include significant contract wins and strategic investments aimed at enhancing operational capabilities and market positioning [50]

Investment Rating - The report maintains a positive outlook on the power and gas sectors, recommending specific companies for investment based on their performance and market conditions [3][16][18]. Core Insights - The report highlights that in August, the total electricity consumption reached 10,154 billion kWh, marking a year-on-year growth of 5.0%. The second industry contributed the largest increase, accounting for 59% of the total electricity increment [3][8][9]. - The report notes that global gas prices are experiencing slight fluctuations, with the Henry Hub spot price at $2.90/mmBtu and the TTF spot price at €32.15/MWh as of September 26 [18][19]. - The report emphasizes the stable growth in electricity consumption driven by high temperatures and government policies aimed at boosting consumption [8][9]. Summary by Sections 1. Electricity Sector - In August, the second industry saw a significant increase in electricity consumption, with a year-on-year growth of 5.0% and contributing 59% to the total electricity increment [3][9]. - The manufacturing sector achieved a record monthly growth rate, particularly in high-tech and equipment manufacturing, which grew by 9.1% year-on-year [9][10]. - The report recommends investments in hydropower, green energy, nuclear power, and thermal power companies, citing favorable conditions for growth and profitability [16][17]. 2. Gas Sector - The report indicates that the supply-demand dynamics for gas remain stable, with slight fluctuations in global gas prices. The LNG price in Northeast Asia decreased by 2.61% to $11.20/mmBtu [18][19]. - It highlights the steady increase in U.S. natural gas inventories and the impact of mild weather on heating and cooling demands, leading to low price volatility [21][27]. - The report suggests focusing on integrated gas companies and city gas firms that are expected to benefit from cost reductions and improved profitability [41][42]. 3. Market Performance Review - The report notes that the public utility and environmental sectors underperformed compared to the Shanghai and Shenzhen 300 indices, while the power equipment sector outperformed [43][44]. 4. Company and Industry Dynamics - Recent government initiatives aim to enhance the quality of energy equipment and promote the development of renewable energy sources [52]. - The report includes updates on major companies' announcements, including contract wins and strategic investments, which are expected to positively impact their future performance [52][53]. 5. Key Company Valuation Table - The report provides a valuation table for key companies in the public utility and environmental sectors, indicating their market positions and potential for growth [54].

Group 1 - The State Grid Beijing Electric Power Company has implemented comprehensive power supply guarantees and quality service measures for the upcoming National Day holiday, with 3,058 emergency repair personnel and 360 rescue team members on standby [1] - A new batch of five supercharging stations has been put into operation, increasing the total number of electric vehicle supercharging stations in Beijing to 22, with a daily service capacity of nearly 6,000 vehicle trips [1] - The newly operational supercharging stations utilize liquid-cooled supercharging technology, with charging power increased from 250 kW to 480 kW at highway service areas, allowing for rapid charging of compatible vehicles in about 10 minutes [1] Group 2 - The State Grid Beijing Electric Power Company has completed two rounds of "health checks" on 104 charging stations across the city, ensuring operational reliability [2] - During the holiday period, three high-demand charging stations will be equipped with an additional eight temporary charging piles as emergency supplies, supported by 157 operation and maintenance personnel for round-the-clock service [2] - A digital platform will be used to monitor the status of charging equipment in real-time, ensuring stable operation of charging facilities [2]

Group 1 - The A500ETF by Jiashi has a turnover rate of 3.57% and a transaction volume of 4.41 billion yuan, with an average daily transaction of 22.80 billion yuan over the past year as of September 26, 2025 [3] - The latest scale of A500ETF by Jiashi reached 116.54 billion yuan, with a net value increase of 18.59% over the past year as of September 26, 2025 [3] - The highest monthly return since inception for A500ETF by Jiashi was 11.71%, with the longest consecutive monthly gains being 4 months and a maximum gain of 22.93% [3] Group 2 - The top ten weighted stocks in the CSI A500 index as of August 29, 2025, include Kweichow Moutai, CATL, Ping An Insurance, and others, accounting for a total of 19.11% [4] - The individual weightings of the top stocks are as follows: Kweichow Moutai at 3.87%, CATL at 2.89%, and Ping An Insurance at 2.60% [6] - Investors without stock accounts can access the A500ETF Jiashi linked fund (022454) for exposure to the top 500 A-shares [6]

Core Points - The announcement states that Ms. Wei Ling has resigned from her position as the head of the internal audit department for personal reasons [1] - Ms. Wei Ling will continue to serve the company in a secondary consulting role after her resignation [1] - The board expresses gratitude for Ms. Wei Ling's contributions during her tenure as the head of the audit department [1] Company Information - The resignation of Ms. Wei Ling is effective immediately upon delivery of her resignation report to the board [1] - As of the date of the announcement, Ms. Wei Ling does not hold any shares in the company and has no outstanding public commitments [1]

Core Viewpoint - The performance of the CSI 300 ETF managed by CICC shows a slight decline in opening price, while individual stocks within the ETF exhibit mixed results, indicating a volatile market environment [1] Group 1: ETF Performance - The CSI 300 ETF (510320) opened down by 0.90%, priced at 1.210 yuan [1] - Since its inception on April 16, 2025, the fund has achieved a return of 22.05%, with a monthly return of 2.22% [1] Group 2: Individual Stock Performance - Kweichow Moutai opened up by 0.31% [1] - Contemporary Amperex Technology Co. (CATL) increased by 1.56% [1] - China Ping An decreased by 0.07% [1] - China Merchants Bank fell by 0.07% [1] - Industrial Bank dropped by 0.30% [1] - Yangtze Power declined by 0.15% [1] - Midea Group rose by 0.31% [1] - Zijin Mining increased by 1.09% [1] - BYD fell by 0.27% [1] - East Money Information decreased by 0.08% [1]

Group 1 - The announcement states that Ms. Wei Ling has resigned from her position as the head of the internal audit department for personal reasons [1] - Ms. Wei's resignation is effective immediately upon delivery of her resignation report to the board of directors [1] - After her resignation, Ms. Wei will continue to serve in a secondary consulting role within the company [1] Group 2 - The board expresses gratitude for Ms. Wei's diligent and responsible service during her tenure as the head of the audit department [1] - As of the date of the announcement, Ms. Wei does not hold any company shares and has no outstanding public commitments [1]

Investment Rating - The report maintains a "Positive" investment rating for the utility sector [8] Core Insights - The introduction of the "stabilizing electricity prices" policy aims to mitigate "involutionary" competition among power generation companies, which is expected to support electricity price expectations for 2026 and beyond [2][12] - The stable electricity price policy is anticipated to catalyze the revaluation of thermal power assets, as it encourages companies to avoid irrational price competition [12] - The linkage between thermal power prices and hydro/nuclear power prices is expected to strengthen, providing a price anchor for these sectors [12] - The report suggests that the new policy direction will alleviate irrational low-price competition in the renewable energy sector, promoting a shift towards high-quality development [12] Summary by Sections Policy Developments - The State-owned Assets Supervision and Administration Commission (SASAC) has emphasized stabilizing electricity and coal prices to prevent harmful competition, which is crucial for the high-quality development of state-owned enterprises [2][12] Market Dynamics - The report highlights that the capital market has historically viewed the thermal power industry as a "coal processing industry," with profitability primarily driven by the coal-electricity price differential [12] - Concerns over declining long-term electricity prices for 2026 have been a source of anxiety for investors, but the new policy is expected to provide a stable foundation for future negotiations [12] Investment Recommendations - The report recommends focusing on quality thermal power operators such as Huaneng International, Datang Power, and Guodian Power, as well as hydroelectric companies like Yangtze Power and State Power Investment Corporation [12] - In the renewable energy sector, companies like Longyuan Power and China Nuclear Power are highlighted as potential investment opportunities due to their expected growth and stability [12]

股票代码：600900 股票简称：长江电力 公告编号：2025-046 中国长江电力股份有限公司 1 特此公告。 中国长江电力股份有限公司董事会 2025 年 9 月 28 日 中国长江电力股份有限公司（以下简称公司）董事会近日收 到公司审计部主任魏玲女士的书面辞任报告，魏玲女士因个人原 因申请辞去公司审计部主任职务。 根据《公司章程》等有关规定，魏玲女士的辞任报告自送达 公司董事会之日起生效。辞任后，魏玲女士在公司担任二级咨询 职务。 截至本公告日，魏玲女士未持有公司股票，不存在未履行完 毕的公开承诺。魏玲女士在担任公司审计部主任期间恪尽职守、 勤勉尽责，公司董事会对魏玲女士在任职期间为公司作出的贡献 表示衷心感谢！ 关于魏玲女士不再担任内部审计机构负责人的公告 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。 ...