证券日报网讯 2月11日，长江电力在互动平台回答投资者提问时表示，二级市场股价波动受多种因素影 响。目前，公司生产经营活动一切正常，基本面稳健。公司始终专注于提升公司核心竞争力和内在价 值，并通过稳健的经营策略和持续的技术创新为股东创造长期回报。 （文章来源：证券日报） ...

Core Viewpoint - The article highlights the increasing trend of pre-Spring Festival dividends among listed companies, indicating improved profitability and a stronger shareholder return awareness, which is encouraged by regulatory bodies [2][4]. Group 1: Dividend Trends - In the two months leading up to the Spring Festival, 235 listed companies on the Shanghai and Shenzhen stock exchanges are expected to distribute a total of 348.8 billion yuan in dividends, surpassing the previous year's total of 344.6 billion yuan [2]. - The financial and consumer sectors remain the primary contributors to dividends, with the banking sector distributing 243.4 billion yuan, accounting for nearly 70% of the total [2]. Group 2: Major Contributors - Leading companies such as Yangtze Power, Luxshare Precision, and CITIC Securities are planning to distribute over 10 billion yuan each, with Yangtze Power leading at over 5.1 billion yuan [3]. - Smaller companies are also participating actively, particularly those in specialized fields, with three companies from the Beijing Stock Exchange distributing a total of 4.45 million yuan [3]. Group 3: Timing and Growth - The timing of dividend distributions has advanced, with a total of 264.7 billion yuan distributed in December 2025, which is 3.7 times the amount from December 2024 [4]. - Private enterprises have shown a significant increase in dividend distribution, with amounts doubling to 61.6 billion yuan, now representing 18% of the total pre-Spring Festival dividends [4]. Group 4: Regulatory Influence - Regulatory bodies have been pushing for improvements in the dividend system, transitioning from "soft constraints" to "hard requirements," which has led to increased focus on shareholder returns [4]. - Measures such as halving dividend distribution fees have been implemented to lower costs and encourage companies to distribute dividends [4]. Group 5: Market Impact - The evolving dividend ecosystem is fostering a culture of value investment, enhancing investor confidence and attracting long-term capital into the market [5][6].

（文章来源：证券日报） 证券日报网讯 2月11日，长江电力在互动平台回答投资者提问时表示，当前股价波动受多重因素综合影 响，包括宏观经济环境、市场情绪、行业周期性变化以及投资者对政策预期的动态调整。关于电力行业 政策调整对上网电价及公司业绩的影响，需结合具体政策内容、执行细则及公司实际运营情况综合研 判。 ...

（编辑 楚丽君） 证券日报网讯 2月11日，长江电力在互动平台回答投资者提问时表示，公司已关注到国家发改委近期出 台的《关于完善发电侧容量电价机制的通知》。公司理解，该政策旨在推动行业健康可持续发展。公司 将积极应对并把握政策带来的发展机遇，继续发挥专业优势，加强投资与成本管控，并密切关注后续各 地实施细则的出台，以优化经营策略，确保业务的稳健发展并为投资者创造长期价值。 ...

Core Viewpoint - A batch of A-share companies is distributing dividends before the Spring Festival, indicating a shift from financing to shareholder returns, responding positively to new policies [4][12] Summary by Sections Dividend Distribution - On February 10, 2026, eight A-share companies, including Jinhuijiu and Ruixinwei, announced dividend distributions, with Gujinggongjiu leading at over 500 million yuan [3][6] - A total of 35 companies are expected to distribute dividends during the last trading week before the Spring Festival, with a total payout exceeding 19 billion yuan [3][6] - The main sectors involved in this dividend distribution are electric power, food and beverage, and non-bank financial industries [3][6] Company Performance - Companies distributing dividends generally reported positive earnings, with significant revenue and profit growth. For instance, Citic Securities reported a revenue of 74.83 billion yuan and a net profit of 30.05 billion yuan, both showing over 20% growth [12] - Longjiang Electric also reported a revenue of 85.88 billion yuan and a net profit of 34.17 billion yuan, indicating slight growth [12] - Lixun Precision is expected to report a net profit of 16.52 billion to 17.19 billion yuan, reflecting a year-on-year growth of 23.59% to 28.59% [12] Dividend Sustainability - The trend of companies distributing dividends has become more frequent and substantial since the implementation of the new "National Nine Articles" policy, with a shift towards a more sustainable dividend culture [16][18] - Companies are encouraged to ensure that their cash flow and profitability can support dividend payments, avoiding excessive distributions that could hinder future growth [4][18] - The regulatory environment has improved transparency and stability among A-share companies, promoting a rational dividend culture aligned with corporate life cycles [16][17]

（文章来源：新华社） 人民财讯2月10日电，2月10日，国家电投广东廉江核电项目1号机组核岛钢制安全壳顶封头吊装就位， 标志着1号机组核岛反应堆厂房封顶，厂房主体结构正式成型。 廉江核电项目规划建设6台百万千瓦级 核电机组，其中一期工程建设2台单机容量为125万千瓦的核电机组，计划2028年建成投运。 ...

Core Viewpoint - A group of A-share companies is distributing dividends before the Spring Festival, with a total payout exceeding 19 billion yuan, reflecting a shift from financing to shareholder returns [1][3][9] Dividend Distribution Overview - From February 9 to February 13, a total of 35 A-share companies announced dividend distributions, with a total cash payout of 19.027 billion yuan [3][9] - The highest dividend payout is from Changjiang Electric Power, proposing a distribution of 5.138 billion yuan, followed by CITIC Securities and Darentang with payouts of 4.298 billion yuan and 1.888 billion yuan respectively [3][9] - Six companies are distributing over 1 billion yuan, with the main sectors involved being electric power, food and beverage, and non-bank financial services [1][3] Company Performance and Dividend Sustainability - Many companies that are distributing dividends have reported positive earnings, with CITIC Securities and Changjiang Electric Power both showing revenue growth of over 20% [9] - The trend of companies announcing dividends, including those that are newly listed or have not previously issued interim dividends, indicates a growing emphasis on shareholder returns [1][5][11] - The sustainability of dividends is highlighted as a key concern, with investors advised to consider cash flow and profitability to support dividend payments [2][11] Industry Trends - The recent dividend announcements are part of a broader trend where A-share companies are increasingly adopting a culture of regular dividends, moving from "soft advocacy" to "hard constraints" under new regulations [11][12] - The distribution of dividends is seen as a reflection of company value rather than a mere financial maneuver, with a call for a rational dividend culture that aligns with the lifecycle of the business [11][12]

Investment Rating - The report maintains a strong investment rating for the public utility sector, emphasizing a focus on "dividend + growth" opportunities and an increased allocation towards solid waste management in the environmental sector [1][5]. Core Insights - The public utility sector's fund allocation stabilized and increased in Q4 2025, with a market value of approximately 144.54 billion yuan, accounting for 0.39% of total fund allocation, a slight increase of 0.02% from the previous quarter [5][18]. - The report highlights the importance of focusing on leading companies that possess both dividend attributes and growth potential, particularly in light of improved profitability expectations due to capacity and electricity price policies [5][23]. - The environmental sector is advised to concentrate on solid waste management operations and companies with marginal improvements or thematic flexibility, as the demand for green fuels continues to tighten [5][27]. Summary by Sections Public Utility Sector Dynamics - In February 2026, the average transaction price for electricity in Jiangsu was 312.80 yuan/MWh, a decrease of 3.67% month-on-month and 23.89% year-on-year. In Shanxi, the average price was 288.65 yuan/MWh, down 1.17% month-on-month and 10.95% year-on-year [2][41]. - The total national power generation in December 2025 was approximately 858.6 billion kWh, reflecting a year-on-year increase of 1.46% and a month-on-month increase of 10.19% [2][44]. Fund Holdings Overview - The top ten stocks in the public utility sector by fund holdings in Q4 2025 included Changjiang Electric Power, Huaneng International, and China Nuclear Power, with significant increases in holdings for Huaneng International and Changjiang Electric Power [5][23][24]. - In the environmental sector, the top ten stocks by fund holdings included Weiming Environmental and Huanlan Environment, with notable increases in holdings for Weiming Environmental and Dadi Ocean [5][27][28]. Price Tracking - The report tracks the price trends of various energy sources, noting that the CCI index for thermal coal was 696 yuan/ton as of February 4, 2026, reflecting a slight increase [7][29]. - The LNG ex-factory price index in China was reported at 3965 yuan/ton, showing a decrease of 1.98% [8][29].

Investment Rating - The report maintains a strong investment rating for the public utility sector, emphasizing a focus on "dividend + growth" opportunities and an increased allocation towards solid waste management in the environmental sector [1][5]. Core Insights - The public utility sector's fund allocation stabilized and increased in Q4 2025, with a market value of approximately 144.54 billion yuan, accounting for 0.39% of total fund allocation, a slight increase of 0.02% from the previous quarter [5][18]. - The report highlights the importance of focusing on leading companies that possess both dividend attributes and growth potential, particularly in light of improved profitability expectations due to capacity and electricity pricing policies [5][23]. - The environmental sector is advised to concentrate on solid waste management operations and companies with marginal improvements or thematic flexibility, as the demand for green fuels continues to tighten [5][27]. Summary by Sections 1. Fund Holdings Overview - In Q4 2025, the top ten stocks in the public utility sector by fund holdings included Changjiang Electric, Huaneng International, and China Nuclear Power, with significant increases in holdings for Huaneng International and Changjiang Electric [5][23][24]. 2. Weekly Review of the Sector - From February 2 to February 6, 2026, the public utility index rose by 0.16%, while the environmental index increased by 0.09%, contrasting with declines in the Shanghai Composite and ChiNext indices [5][29]. 3. Dynamics of the Public Utility Sector 3.1 Electricity Tracking - In February 2026, the average transaction price for electricity in Jiangsu was 312.80 yuan/MWh, down 3.67% month-on-month and 23.89% year-on-year. In Shanxi, the average price was 288.65 yuan/MWh, down 1.17% month-on-month and 10.95% year-on-year [5][41]. 3.2 Power Generation - The total power generation in December 2025 was approximately 858.6 billion kWh, a year-on-year increase of 1.46% and a month-on-month increase of 10.19% [5][44]. 4. Price and Inventory Tracking - The report notes an upward trend in thermal coal prices, with the CCI index at 696 yuan/ton as of February 4, 2026, reflecting a slight increase [5][7]. - Natural gas prices showed a decrease, with the LNG ex-factory price index at 3965 yuan/ton as of February 6, 2026, down 1.98% [5][8].

Investment Rating - The report maintains a "Buy" rating for several companies in the power and gas sectors, indicating a positive outlook for their performance in the upcoming periods [40][41]. Core Insights - The carbon market in China is expanding, with a cumulative trading volume of 865 million tons and a total transaction value of 57.663 billion yuan in 2025, reflecting a year-on-year growth of approximately 24% [4][5]. - The report highlights the shift in national policy towards carbon emission control, emphasizing the importance of carbon reduction initiatives, which are expected to create investment opportunities in the environmental sector [7]. - Natural gas prices have seen a significant decline due to seasonal factors and increased supply, with the Henry Hub spot price dropping by 39.20% week-on-week to $4.37/mmBtu as of February 6 [12][29]. Summary by Sections 1. Power Sector - The carbon market's trading volume reached 865 million tons in 2025, with a transaction value of 57.663 billion yuan, despite a decrease in average transaction price to 62.36 yuan/ton, down 19.23% year-on-year [4][5]. - Key emission units in the carbon market include 3,378 entities, with the power sector comprising 2,087 units, indicating a strong awareness of carbon reduction among major emitters [4][5]. - Recommendations for investment include companies with diversified revenue sources such as Guodian Power, Inner Mongolia Huadian, and Huaneng International Power, which are expected to benefit from stable capacity income [7][8]. 2. Gas Sector - Natural gas prices have decreased significantly, with the U.S. Henry Hub spot price at $4.37/mmBtu, reflecting a 39.20% drop week-on-week, while European prices also fell due to improved supply conditions [12][29]. - The report suggests that the recovery in macroeconomic conditions may lead to a rebound in gas companies' performance, recommending firms like Kunlun Energy and New Hope Energy [31][32]. - LNG prices in Northeast Asia have also declined, with spot prices at $10.70/mmBtu, down 7.76% week-on-week, influenced by seasonal demand and inventory levels [24][29]. 3. Company and Industry Dynamics - The report notes significant developments in the energy sector, including the implementation of a capacity price mechanism for coal and gas power generation, which aims to enhance revenue stability for power plants [36][37]. - Key announcements from companies include performance forecasts indicating substantial profit growth, such as Datang Power's expected net profit increase of 51% to 73% year-on-year [38]. - The report emphasizes the importance of ongoing infrastructure improvements and energy transition initiatives as part of the national economic development plan [37].