Core Viewpoint - Yangtze Power is the largest publicly listed hydropower company globally, with significant operational advantages and strong financial performance in the hydropower sector [1][2]. Group 1: Financial Performance - In Q3 2025, Yangtze Power achieved a revenue of 65.741 billion, ranking first among 11 companies in the industry, significantly exceeding the industry average of 13.524 billion and the median of 3.644 billion [2]. - The net profit for the same period was 28.555 billion, also leading the industry, with the average net profit at 5.366 billion and the median at 2.227 billion [2]. Group 2: Profitability and Debt Ratios - As of Q3 2025, Yangtze Power's asset-liability ratio was 59.04%, down from 61.04% year-on-year but still above the industry average of 46.38% [3]. - The gross profit margin for Q3 2025 was 62.48%, an increase from 61.19% year-on-year, and higher than the industry average of 47.16% [3]. Group 3: Management and Shareholder Information - The chairman, Liu Weiping, is also the chairman of the Three Gorges Group, while the general manager, Liu Haibo, received a salary of 1.149 million in 2024, an increase from 997,700 in 2023 [4]. - As of September 30, 2025, the number of A-share shareholders decreased by 1.95% to 601,600, while the average number of circulating A-shares held per account increased by 1.99% to 39,900 [5]. Group 4: Market Outlook and Ratings - Yangtze Power's electricity generation was impacted by water supply but remains optimistic for the full-year performance due to the onset of autumn floods [5]. - The company continues to emphasize high dividend commitments, reflecting its focus on shareholder returns, with projected EPS for 2025-2027 at 1.38, 1.45, and 1.47, corresponding to PE ratios of 20.06, 19.07, and 18.92 [5].

Core Viewpoint - Changjiang Electric Power announced the appointment of Mr. Jiang Dezheng as the company's vice president on the evening of October 30 [2] Company Summary - The company has made a significant leadership change by hiring a new vice president, which may impact its strategic direction and operational efficiency [2]

Market Performance - Since July 2025, major indices have risen significantly, with the ChiNext 50, ChiNext Index, and Sci-Tech 50 increasing by over 45%[1] - The Shanghai Composite Index, CSI 300, CSI 500, CSI 1000, and CSI 2000 have risen by 15.79%, 19.20%, 24.10%, 17.67%, and 14.89% respectively[1] Fund Establishment and Holdings - A total of 90 equity-oriented active funds were established in Q3 2025, with a total share of 554.04 billion[2] - The average stock position of various types of equity-oriented active funds increased compared to Q2 2025[3] Industry Distribution - The industries with increased holdings of over 100 billion include electronics, communication, power equipment and new energy, computer, non-ferrous metals, machinery, pharmaceuticals, and media[4] - The electronics sector saw a holding increase of 5.17%, while communication increased by 3.95%[4] Individual Stock Distribution - The top five stocks with the largest increase in holdings are Zhongji Xuchuang, Xinyi Sheng, Industrial Fulian, CATL, and Cambricon[5] - The largest holdings in A-shares are CATL, Xinyi Sheng, Zhongji Xuchuang, Luxshare Precision, and Industrial Fulian[5] Large Fund Holdings Analysis - As of October 28, 2025, there are 34 equity-oriented active funds with holdings exceeding 100 billion, an increase of 10 from the previous quarter[6] - The stocks with the most significant changes in holdings among large funds include Zhongji Xuchuang, Xinyi Sheng, Luxshare Precision, CATL, and Industrial Fulian[6] Hong Kong Stock Holdings - The top six Hong Kong stocks held by funds in Q3 2025 include Tencent Holdings, Alibaba-W, SMIC, Innovent Biologics, Pop Mart, and Xiaomi Group-W, each with a market value exceeding 10 billion[7]

股票代码：600900 股票简称：长江电力 公告编号：2025-051 1 附件 姜德政先生简历 特此公告。 附件：姜德政先生简历 中国长江电力股份有限公司董事会 2025 年 10 月 30 日 中国长江电力股份有限公司 关于聘任姜德政先生为副总经理的公告 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。 2025 年 10 月 29 日，中国长江电力股份有限公司第六届董 事会第四十八次会议，审议通过《关于聘任姜德政先生为公司副 总经理的议案》，决定聘任姜德政先生为公司副总经理。 姜德政，男，1975 年 7 月出生，工学硕士，正高级工程师，中 共党员。历任中国长江电力股份有限公司生产计划部生产技术管理主 任，生产技术部技术业务主任、副经理、副主任，三峡电厂党委委员、 总工程师兼生产管理部主任，溪洛渡电厂党委委员、副厂长，溪洛渡 电厂党委委员、副厂长兼安全总监（其间抽调至销售公司（市场营销 部）工作），湖北能源集团股份有限公司党委委员、副总经理。现任 中国长江电力股份有限公司党委委员、副总经理。 2 ...

股票代码：600900 股票简称：长江电力 公告编号：2025-053 中国长江电力股份有限公司 关于召开 2025 年三季度业绩说明会的公告 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。 重要内容提示： 为便于广大投资者更全面深入地了解中国长江电力股份有限公 司（以下简称公司）生产经营情况，公司拟于2025年11月7日召开三 季度业绩说明会。具体如下： 一、会议类型 视频会议（采用小鱼易连视频会议系统） 二、会议时间 2025年11月7日（周五）10:00-11:00 1 会议时间：2025 年 11 月 7 日（周五）10:00-11:00 会议方式：视频会议 视频平台：小鱼易连（会议号 9025025012、密码 600900） 投资者可于 2025 年 11 月 5 日 17:00 前将需要了解的情况和关注 的问题发送至公司邮箱：cypc@cypc.com.cn，公司将在说明会上 对投资者普遍关注的问题进行解答。 三、参加人员 公司管理层 四、联系方式 特此公告。 附件：小鱼易连入会使用说明 中国长江电力股份有限公 ...

股票代码：600900 股票简称：长江电力 公告编号：2025-052 重要内容提示： 拟聘任的会计师事务所名称：信永中和会计师事务所（特殊普 通合伙） 原聘任的会计师事务所名称：大华会计师事务所（特殊普通合 伙） 一、拟聘任会计师事务所的基本情况 （一）机构信息 1.基本信息 名称：信永中和会计师事务所（特殊普通合伙） 中国长江电力股份有限公司 关于变更财务报表审计机构的公告 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。 成立日期：2012 年 3 月 2 日 组织形式：特殊普通合伙企业 注册地址：北京市东城区朝阳门北大街 8 号富华大厦 A 座 8 层 首席合伙人：谭小青先生 截至 2024 年 12 月 31 日，信永中和合伙人（股东）259 人，注 册会计师 1780 人。签署过证券服务业务审计报告的注册会计师人数 超过 700 人。 信永中和 2024 年度业务收入为 40.54 亿元，其中，审计业务收 1 入为 25.87 亿元，证券业务收入为 9.76 亿元。2024 年度，信永中和 上市公司年报审计项目 3 ...

中国长江电力股份有限公司 关于召开2025年第三次临时股东会的通知 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。 重要内容提示： 股东会召开日期：2025年11月20日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 一、召开会议的基本情况 证券代码：600900 证券简称：长江电力 公告编号：2025-054 (一)股东会类型和届次 2025年第三次临时股东会 (二)股东会召集人：董事会 (三)投票方式：现场投票和网络投票相结合的方式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 11 月 20 日 9 点 30 分 召开地点：湖北省武汉市江岸区三阳路 88 号 A 座 4 楼会议室 (五)网络投票的系统、起止日期和投票时间 上海证券交易所股东会网络投票系统 网络投票起止时间：自2025 年 11 月 20 日 至2025 年 11 月 20 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25，9:30-11:30， ...

中国长江电力股份有限公司 第六届董事会第四十八次会议决议公告 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 第四十八次会议于2025年10月29日以现场方式召开。会议应到董 事11人，实到7人，委托出席4人，其中刘伟平董事、刘海波董事 委托何红心董事，李文中董事委托黄德林董事，洪猛董事委托黄 峰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，公司部分高管列席会议。会议由何红心副董事长主 持，以记名表决方式通过如下议案： 一、审议通过《公司2025年第三季度报告》。 具 体 内 容 详 见 公 司 刊 登 在 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）的《中国长江电力股份有限公司2025年第三 季度报告》。 本议案已经公司第六届董事会审计委员会第二十四次会议 审议通过。 表决结果：同意11票，反对0票，弃权0票。 二、审议通过《关于聘请2025年度财务报表审计机构的议 案》，并同意提请股东会审议。 股票代码：600900 股票 ...

Core Insights - The company reported a decline in third-quarter revenue and net profit for 2025 compared to the previous year [1] - Despite a decrease in third-quarter performance, the year-to-date net profit showed a slight increase [1] Financial Performance - Third-quarter revenue was 29.044 billion yuan, a year-on-year decrease of 7.86% (adjusted) [1] - Third-quarter net profit was 15.137 billion yuan, a year-on-year decrease of 9.16% (adjusted) [1] - Year-to-date revenue for the first three quarters was 65.741 billion yuan, a year-on-year decrease of 0.89% (adjusted) [1] - Year-to-date net profit for the first three quarters was 28.193 billion yuan, a year-on-year increase of 0.6% (adjusted) [1]

Investment Rating - The report assigns a "Buy" rating for several key companies in the public utility sector, including China Resources Power, Guodian Power, and Inner Mongolia Huadian [28]. Core Insights - The public utility sector is crucial for achieving national "dual carbon" goals, with a strong emphasis on environmental and social issues in the ESG evaluation framework [5][4]. - The ESG evaluation system for public utilities includes four categories of positive indicators and one category of negative indicators, focusing on objective assessment metrics [8][23]. - Recent policies from various government departments emphasize the need for green transformation, pollution prevention, and social welfare in the public utility sector [5][4]. Summary by Sections 1. ESG Policy in Public Utilities - The public utility sector is a major contributor to energy consumption and carbon emissions, making its green transformation essential for national goals [5]. - Key policies include the "14th Five-Year" energy conservation and emission reduction plan, which outlines specific requirements for green transformation and public service stability [5][4]. 2. ESG Evaluation System Construction - The ESG evaluation system consists of four positive categories: General Indicators, Environmental Indicators, Social Indicators, and Governance Indicators, with a total of 18 primary indicators and 35 secondary indicators [8][23]. - The negative category focuses on violations and penalties, with specific metrics for environmental, social, and governance aspects [23]. 3. General Indicators - General indicators assess the authenticity and standardization of ESG reports, including the basis for report preparation, third-party verification, and the publication of ESG-specific reports [10][9]. 4. Environmental Indicators - Environmental indicators are based on energy conservation, low carbon, and circular economy principles, with a total of four primary indicators focusing on emissions management, ecological compliance, resource utilization, and climate strategy [11][12]. 5. Social Indicators - Social indicators highlight the public utility sector's role in community development and social stability, with six primary indicators covering community contributions, employee development, innovation, supply chain responsibility, product safety, and core operational responsibilities [15][16][17]. 6. Governance Indicators - Governance indicators aim to enhance corporate governance and decision-making, with five primary indicators focusing on party leadership, industry reform, compliance risk management, governance structure, and information transparency [19][20][21]. 7. Negative Indicators - The negative indicators focus on compliance issues, with penalties for violations in environmental, social, and governance areas, deducting points for each violation [23][25].