根据公告，本次增持主要是基于对长江电力未来发展的信心。此次增持不设定价格区间，将结合资本市 场行情择机开展，资金来源为三峡集团的自有资金及自筹资金等。首次增持前，三峡集团及其一致行动 人合计持有长江电力128.65亿股，占该公司总股本的52.58%，其中，三峡集团持有长江电力104.74亿 股，占总股本的42.81%。 公开资料显示，长江电力由三峡集团作为主发起人设立，主要从事水力发电、投融资、抽水蓄能等业 务。据此前发布的业绩快报，受益于六座梯级电站发电量同比增加，上半年，长江电力营收、盈利同比 双增，其中归母净利润129.84亿元，同比增长14.22%。 为进一步落实股东回报承诺、构建长期共赢机制，长江电力还发布了未来五年股东分红回报规划，拟对 2026年至2030年的利润分配按不低于当年合并报表中归母净利润的70%进行现金分红。原则上每年度进 行一次，在有条件的情况下，也将进行中期利润分配。 8月22日晚间，中国长江电力股份有限公司(以下简称"长江电力")公告，控股股东中国长江三峡集团有 限公司(以下简称"三峡集团")计划在未来12个月内以集中竞价、大宗交易等方式通过二级市场增持公司 股份，增持金额不低 ...

Investment Rating - The report maintains a positive outlook on the electricity and gas sectors, indicating a favorable investment environment [5]. Core Insights - In July, the national electricity consumption exceeded 1 trillion kWh for the first time, reaching 10,226 billion kWh, a year-on-year increase of 8.6% [10][11]. - The increase in electricity consumption was primarily driven by urban and rural residents, contributing 38% to the total growth, while the secondary and tertiary industries contributed 33% and 25%, respectively [11]. - The report highlights the impact of high temperatures in July, which were 1.3°C above the historical average, leading to increased electricity demand from residential sectors [11]. - In the gas sector, European gas prices have rebounded due to geopolitical tensions, while Asian and US gas prices have declined [19][30]. - The report suggests that the gas supply-demand balance remains loose, with US gas production at historical highs, contributing to lower prices [22][23]. Summary by Sections 1. Electricity: July National Electricity Consumption Exceeds 1 Trillion kWh - The national electricity consumption reached 10,226 billion kWh in July, marking a historic milestone [10]. - The first industry saw a 20.2% increase in electricity consumption, while the second and third industries grew by 4.7% and 10.7%, respectively [12]. - Cumulative electricity consumption from January to July was 58,633 billion kWh, a 4.5% year-on-year increase [14]. 2. Gas: Gas Supply-Demand Remains Loose, Geopolitical Tensions Affect European Gas Prices - As of August 22, the Henry Hub spot price in the US was $2.76/mmBtu, a weekly decrease of 7.19% [19]. - The TTF spot price in Europe rose to €33.10/MWh, reflecting an 8.17% increase due to geopolitical tensions [20]. - The report notes that European gas inventories are significantly lower than last year and the five-year average, raising concerns about supply stability [30]. 3. Weekly Market Review - The report indicates that the gas, public utilities, electricity, and environmental sectors underperformed relative to the CSI 300 index during the period from August 18 to August 22 [47]. 4. Company and Industry Dynamics - The report mentions the release of a notice regarding the bidding arrangement for new energy projects in Gansu Province, indicating ongoing developments in the renewable energy sector [54]. - Key announcements from companies such as Guodian Power and Kunlun Energy highlight their financial performance and strategic initiatives [55][58]. 5. Key Company Valuation Table - The report includes a valuation table for key companies in the public utility sector, indicating buy ratings for several firms, including China Nuclear Power and Huaneng International [59].

风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 8月25日，截止午间收盘，沪深300ETF中金（510320）涨1.02%，报1.189元，成交额856.13万元。沪深 300ETF中金（510320）重仓股方面，贵州茅台截止午盘涨1.36%，宁德时代涨1.45%，中国平安涨 0.17%，招商银行涨0.95%，兴业银行涨0.44%，长江电力涨1.97%，美的集团涨1.08%，紫金矿业涨 6.00%，比亚迪涨0.66%，东方财富涨1.15%。 沪深300ETF中金（510320）业绩比较基准为沪深300指数收益率，管理人为中金基金管理有限公司，基 金经理为刘重晋，成立（2025-04-16）以来回报为17.41%，近一个月回报为6.44%。 来源：新浪基金∞工作室 ...

消息面上，国家能源局数据显示，1-7月全国电力市场交易电量同比增长3.2%，其中绿电交易电量同比 大幅增长43.2%，反映出清洁能源需求持续提升，与碳中和ETF基金重仓的光伏、风电等成分股表现形 成联动。 截至08月25日10:05，碳中和ETF基金(159885.SZ)上涨1.72%，其关联指数内地低碳(000977.CSI)上涨 1.70%；主要成分股中，阳光电源上涨3.80%，长江电力上涨1.58%，罗博特科上涨15.78%，大全能源上 涨14.59%，金风科技上涨10.04%。 券商研究方面，招商证券指出印尼提出大规模光储计划，光伏发展限制已逐步放宽，微电网式光储系统 在印尼具有巨大发展潜力，此次规划整体投资体量估算达万亿人民币级别，有望对分布式光伏、储能等 产业形成拉动；长江证券则关注高压一二次设备持续增长趋势，多品种出口迭创新高，反映出电网设备 领域的结构性机会。两家机构均从不同维度分析了电力设备及新能源行业的细分领域发展动态。 碳中和ETF基金（159885），联接基金（A类 012754，C类 012755，I类 022797） 关联产品： 关联个股： 宁德时代（300750）、长江电力（60 ...

Group 1 - The A500 index has shown a positive trend, with a rise of 0.87% as of August 25, 2025, and notable increases in constituent stocks such as Daqo New Energy (up 15.19%) and Kangtai Biological (up 12.68%) [1] - The A500 ETF managed by Harvest has experienced a trading volume of 2.05 billion yuan, with a recent average daily trading volume of 34.14 billion yuan over the past week, and its latest scale reached 12.817 billion yuan [3] - The A500 ETF has achieved a net value increase of 11.53% over the past six months, with a maximum single-month return of 4.48% since its inception [3] Group 2 - The top ten weighted stocks in the CSI A500 index as of July 31, 2025, include Kweichow Moutai, CATL, and Ping An Insurance, collectively accounting for 19.83% of the index [3] - The outlook for the A-share market is optimistic due to factors such as capital market reforms, stable market liquidity, and improved social attitudes towards risk, which are expected to support the performance of Chinese assets [4] - The institution highlights that China's economic transformation is accelerating, leading to a decrease in opportunity costs for the stock market, thus creating a favorable environment for equity performance [4]

Macro News - The State Council, led by Premier Li Qiang, discussed the implementation of large-scale equipment updates and the old-for-new policy for consumer goods, emphasizing the need for effective subsidy use and coordination to boost domestic demand [5] - The State Council also addressed the potential of sports consumption and the development of the sports industry, focusing on increasing supply, enhancing service levels, and fostering growth points in the sector [5] Industry News - Goldman Sachs reported that hedge funds have net bought Chinese stocks at the fastest pace in seven weeks, indicating a strong interest in the Chinese market [8] - The National Development and Reform Commission released a draft on internet platform pricing behavior, requiring platforms to adhere to transparent pricing rules and publicize subsidy activities [8] - Several express delivery companies in Guangdong and Zhejiang have raised prices for e-commerce clients, with price adjustments ranging from 0.3 to 0.7 yuan per item [8] - The China Photovoltaic Industry Association called for enhanced industry self-discipline to maintain fair competition and avoid harmful practices [10] - The Ministry of Industry and Information Technology published interim measures for the total control of rare earth mining and smelting, requiring companies to maintain records of product flows [10] - The insurance asset management industry showed a preference for stocks as the top investment asset for the second half of 2025, followed by bonds and securities investment funds [10] - The electronic sector's A-share market capitalization reached 11.54 trillion yuan, marking a historical high, with major companies like Industrial Fulian leading the market [11] - The Ministry of Industry and Information Technology emphasized the need for orderly development of computing power facilities to enhance resource supply quality [11] Company News - Changjiang Electric Power announced plans for its controlling shareholder to increase holdings by 4 to 8 billion yuan [14] - Vanke A reported a net loss of 11.947 billion yuan for the first half of the year [14] - TCL Zhonghuan disclosed a net loss of 4.242 billion yuan for the first half of the year [16] - Jiangsu Guotai announced plans to use up to 12 billion yuan of idle funds for entrusted wealth management [18] - Jiu Gui Jiu reported a 92.6% decline in net profit for the first half of the year [18]

要闻速递 国常会：听取实施大规模设备更新和消费品以旧换新政策情况汇报 国务院总理李强8月22日主持召开国务院常务会议，听取实施大规模设备更新和消费品以旧换新政策情 况汇报，研究释放体育消费潜力进一步推进体育产业高质量发展的意见，审议通过《"三北"工程总体规 划》，部署开展海洋渔船安全生产专项整治工作。 事关平台经济，价格行为将进一步规范 国家发展改革委等部门联合起草《互联网平台价格行为规则（征求意见稿）》，要求平台经营者、平台 内经营者严格遵守明码标价规定、提高价格规则透明度、及时公示收费变更情况，更好接受社会监督。 据玉渊谭天，文件并不是针对"外卖大战"推出的文件。文件也没有任何叫停补贴的表述，只有要求平台 公示补贴促销活动规则、不得虚假宣传和夸大补贴金额的相关表述。 中国光伏行业协会：坚决抵制以低于成本的价格开展恶性竞争 中国光伏行业协会倡议发布关于进一步加强行业自律，共同维护公平竞争、优胜劣汰的光伏市场秩序的 倡议。一、企业严格遵守《中华人民共和国价格法》《中华人民共和国反垄断法》《中华人民共和国招 标投标法》《中华人民共和国反不正当竞争法》等法律法规，坚决抵制以低于成本的价格开展恶性竞 争。电站企业优 ...

证券研究报告 | 行业周报 gszqdatemark 2025 08 24 年 月 日 电力 电企龙头连续发布分红承诺，强化红利提升预期 本周行情回顾：本周（8.18-8.22）上证指数报收 3825.76 点，上涨 3.49%， 沪深 300 指数报收 4378.00 点，上涨 4.18%。中信电力及公用事业指数 报收 3051.63 点，上涨 1.59%，跑输沪深 300 指数 2.58pct，位列 30 个 中信一级板块涨跌幅榜第 25 位。 个股方面，电力及公用事业板块上市公司超半数上涨。 本周行业观点： 我们认为，电力龙头企业纷纷发布分红规划，提升分红预期，回馈股 东，强化电力板块红利优势，具备长期投资价值。 ➢ 7 月太阳能发电新增装机 11GW，风、光新增装机环比 6 月持续下 降。根据国家能源局数据，截至 7 月底，全国累计发电装机容量 36.7 亿千瓦，同比增长 18.2%。其中，太阳能发电装机容量 11.1 亿千瓦， 同比增长 50.8%；风电装机容量 5.7 亿千瓦，同比增长 22.1%。7 月 单月，太阳能发电装机新增 11.04GW，风电新增 2.28GW，新增容量 环比 6 月持续 ...

Core Viewpoint - China Three Gorges Group plans to increase its stake in Yangtze Power by investing between 4 billion to 8 billion yuan, reinforcing its control over the company [1] Group 1: Shareholding and Stake Increase - As of the announcement date, China Three Gorges Group holds 10.474 billion shares, representing a 42.81% stake, while combined with its concerted parties, the total stake is 52.58% [1] - This is not the first time China Three Gorges Group has increased its stake in Yangtze Power, having previously done so multiple times since 2010, accumulating a total of 874 million shares [1] Group 2: Major Projects and Financial Impact - Yangtze Power is undertaking a significant project to expand the Gezhouba shipping capacity, with an investment of approximately 26.6 billion yuan [1] - The project is expected to increase annual power generation by 2.2 billion kWh, and it has received 96% approval from shareholders [2] - Concerns have been raised by small investors regarding the potential impact of this project on the company's short-term and long-term performance, leading to a 3% drop in stock price following the announcement [2] Group 3: Financial Performance - For the first half of 2025, Yangtze Power reported total revenue of 36.587 billion yuan, a year-on-year increase of 5.02%, and a net profit attributable to shareholders of 12.984 billion yuan, up 14.22% [2] - The company’s total power generation from its six hydropower stations reached approximately 126.656 billion kWh in the first half of the year, a 5.01% increase compared to the previous year [2] - Yangtze Power plans to increase its dividend payout, committing to distribute at least 70% of its net profit to shareholders annually from 2026 to 2030 [2]

知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 数据来源：国家统计局，智研咨询整理 上市企业：长江电力（600900）,华能水电（600025）,国投电力（600886）,川投能源（600674）,桂冠电 力（600236）,黔源电力（002039）,湖北能源（000883）,闽东电力（000993）,乐山电力（600644）,郴 电国际（600969） 相关报告：智研咨询发布的《2025-2031年中国水电行业发展现状调查及市场分析预测报告》 根据国家统计局数据显示：2025年6月中国水力发电量产量为1391亿千瓦时，同比下降4%；2025年1-6 月中国水力发电量累计产量为5397.9亿千瓦时，累计下降2.9%。 ...