- The report does not contain any quantitative models or factors related to the requested analysis

证券代码：600900 证券简称：长江电力 公告编号：2025-032 中国长江电力股份有限公司2024年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.733元（含税） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/7/17 | － | 2025/7/18 | 2025/7/18 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 22 日召开的2024年年度股东大会审议通 过。 二、 分配方案 1. 发放年度：2024年度 四、 分配实施办法 1. 实施办法 （1）无限售条件流通股的红利委托中国结算上海分公司通过其资金清算系统 向股权登记日上海证券交易所收市后登记在册并在上海证券交易所各会员办理了 指定交易的股东派发。已办理指定交易的投资者可于红利发放日在其 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% within the next six months [4][18]. Core Views - The company reported a favorable water inflow at the Wudongde reservoir, with a total inflow of approximately 39.964 billion cubic meters in the first half of 2025, which is 9.01% higher than the same period last year [3]. - The total power generation from the company's six domestic hydropower stations reached approximately 126.656 billion kWh in the first half of 2025, reflecting a 5.01% increase year-on-year [3]. - The company is actively investing in pumped storage projects and integrated renewable energy bases, with a total investment of no more than 7.739 billion yuan for the Jiangxi Xunwu pumped storage power station project [4]. Financial Performance and Forecast - The company's projected net profits for 2025, 2026, and 2027 are 35.102 billion yuan, 36.981 billion yuan, and 38.831 billion yuan, respectively, with corresponding P/E ratios of 20.9, 19.8, and 18.9 [4][6]. - The expected revenue for 2025 is 86.242 billion yuan, with a growth rate of 2% compared to the previous year [6]. - The earnings per share (EPS) for 2025 is projected to be 1.43 yuan, with a steady increase in subsequent years [6].

Group 1 - The core viewpoint of the articles indicates that the A500 index and its ETF are showing positive performance, with significant increases in specific constituent stocks such as Northern Rare Earth and YTO Express [1][2] - As of July 9, 2025, the A500 index has seen a weekly increase of 1.25%, reflecting a general upward trend in the market [1] - The National Bureau of Statistics reported a year-on-year increase in the Consumer Price Index (CPI) for June, indicating a shift from decline to growth, while the Producer Price Index (PPI) shows signs of stabilization in certain industries [1] Group 2 - Financial analysis suggests that the market is experiencing a narrow fluctuation with high trading volumes, particularly in sectors like pharmaceuticals, military, and computing, indicating increased activity [2] - The A500 index is composed of 500 securities selected for their large market capitalization and liquidity, representing the most significant publicly traded companies across various industries [2] - As of June 30, 2025, the top ten weighted stocks in the A500 index include Kweichow Moutai, CATL, and Ping An Insurance, collectively accounting for 20.67% of the index [2][4] Group 3 - The A500 ETF closely tracks the A500 index, with its latest price reported at 0.98 yuan, reflecting a 0.51% increase [1][2] - The top ten stocks by weight in the A500 index show varied performance, with Kweichow Moutai and Ping An Insurance experiencing slight increases, while BYD and Midea Group saw declines [4] - The A500 ETF is linked to several other funds, indicating a broad interest in this index and its performance [4]

Group 1: Company Performance - Northern Rare Earth expects a net profit of 900 million to 960 million yuan for the first half of 2025, representing a year-on-year increase of 1882.54% to 2014.71% [1] - Muyuan Foods anticipates a net profit of 10.5 billion to 11 billion yuan for the first half of 2025, reflecting a year-on-year growth of 924.6% to 973.39% [2] - Hongta Securities projects a net profit of 651 million to 696 million yuan for the first half of 2025, indicating a year-on-year increase of 45% to 55% [3] Group 2: Business Developments - Dazhihui clarifies that it has not engaged in businesses related to "stablecoins," "virtual asset trading," or "cross-border payments," following a significant stock price fluctuation [4] - Bluetech announces a share transfer agreement where its actual controller will change, with the Ma'anshan Municipal Government becoming the actual controller after the transfer of 18% of shares [5] Group 3: Industry Trends - Jiangsu Electric Power reports a 5.01% year-on-year increase in electricity generation for the first half of 2025 [6] - Jin'an Guoji anticipates a non-recurring net profit growth of 4700% to 6300% for the first half of 2025 [6] - New Beiyang expects a non-recurring net profit growth of 650% to 720% for the first half of 2025 [6]

证券研究报告：金融工程报告 研究所 分析师:肖承志 SAC 登记编号:S1340524090001 Email:xiaochengzhi@cnpsec.com 近期研究报告 《上交 AI 智能体表现亮眼， AlphaEvolve 生成代码反超人类——AI 动态汇总 20250707》 - 2025.07.08 《低估值高盈利，基本面表现占优— —中邮因子周报 20250706》 - 2025.07.07 《ETF 流入金融与 TMT，连板高度与涨 停家数限制下活跃资金处观望态势— —行业轮动周报 20250706》 - 2025.07.07 《"量化新规"或将平稳落地，双均线 法再现买点——微盘股指数周报 20250706》 - 2025.07.07 《谷歌推出 Gemini Robotics On- Device 大模型，快手开源 keye-VL 多 模态模型——AI 动态汇总 20250630》 - 2025.07.02 《基于宏观经济状态划分的 BL 模型与 ETF 实践》 - 2025.07.01 《基于大模型外部评价体系框架介 绍》 - 2025.06.30 《beta 风格显著，高波占优——中邮 ...

Core Viewpoint - As of the end of Q2 2025, northbound funds held a total of 3,572 A-shares with a combined market value of 2.28 trillion yuan, reflecting an increase of approximately 500 billion yuan compared to the end of Q1 2025 [1]. Group 1: Northbound Fund Holdings - Northbound funds increased their holdings in seven industries by over 10% compared to the end of Q1 2025, including retail, construction decoration, telecommunications, defense, comprehensive, non-bank financials, and steel [1]. - Conversely, the household appliances, electronics, and textile and apparel sectors saw a decline in holdings of over 10% [1]. Group 2: Top Holdings and Changes - The top ten stocks held by northbound funds at the end of Q2 2025 included Ningde Times, Kweichow Moutai, Midea Group, China Merchants Bank, Yangtze Power, BYD, Ping An Insurance, Zijin Mining, Huichuan Technology, and Mindray Medical [1]. - Notably, the market value of holdings in Ningde Times was nearly 153.1 billion yuan, while Kweichow Moutai and Midea Group had holdings valued at over 102.7 billion yuan and approximately 74.2 billion yuan, respectively [1]. Group 3: Net Buying and Selling - In Q2 2025, northbound funds recorded a net purchase of 54.77 billion yuan in A-shares, marking the second consecutive quarter of net buying [2]. - The top three stocks with the highest net buying amounts were Ningde Times (12.58 billion yuan), Hengrui Medicine (7.36 billion yuan), and Dongpeng Beverage (4.04 billion yuan) [2]. - The stocks with the largest net selling amounts included Kweichow Moutai (10.32 billion yuan), Midea Group (8.13 billion yuan), and Wuliangye (4.27 billion yuan) [2].

Core Points - The A-share market's three major indices closed mixed, with the CSI 300 Infrastructure Theme Index reporting at 2163.03 points [1] - The CSI 300 Infrastructure Theme Index has increased by 0.51% over the past month, 0.96% over the past three months, and has decreased by 2.43% year-to-date [2] Index Composition - The CSI 300 Infrastructure Theme Index is composed of infrastructure-related listed companies selected from the CSI 300 Index, providing investors with a diversified investment option [2] - The index was established on December 31, 2004, with a base point of 1000.0 [2] - The top ten weighted companies in the index are: - China Yangtze Power (14.9%) - China State Construction Engineering (8.74%) - China Telecom (8.45%) - China Mobile (7.25%) - China Unicom (6.01%) - China Nuclear Power (5.51%) - Three Gorges Energy (4.37%) - China Railway (4.19%) - Guodian Power (3.07%) - China Power Construction (3.03%) [2] Market Distribution - The CSI 300 Infrastructure Theme Index has a market distribution of 96.01% on the Shanghai Stock Exchange and 3.99% on the Shenzhen Stock Exchange [2] - The industry composition of the index includes: - Utilities: 42.59% - Industrials: 34.52% - Communication Services: 22.90% [2] Sample Adjustment - The index samples are adjusted semi-annually, with adjustments implemented on the next trading day following the second Friday of June and December each year [3] - Weight factors are adjusted in accordance with sample changes, typically remaining fixed until the next scheduled adjustment [3] - In the event of special circumstances affecting the CSI 300 Index samples, corresponding adjustments will be made to the index samples [3]

Group 1 - The A-share index closed mixed, with the Shanghai A-share index down by 0.13% at 3661.33 points, with a trading volume of 595.285 billion [1] - Over the past month, the Shanghai A-share index has increased by 3.32%, by 11.20% over the past three months, and by 4.34% year-to-date [1] - The index is composed of eligible A-shares listed on the Shanghai Stock Exchange, reflecting the overall performance of A-share prices in the Shanghai market [1] Group 2 - The top ten weighted stocks in the Shanghai A-share index include Industrial and Commercial Bank of China (3.81%), Agricultural Bank of China (3.56%), Kweichow Moutai (3.24%), China Petroleum (2.53%), and others [1] - The financial sector accounts for 28.18% of the index, followed by industrials at 18.36%, information technology at 10.73%, and materials at 8.19% [2] - The index includes stocks that have ranked in the top 10 by average total market capitalization in the Shanghai market after three months of listing, while other stocks are included after one year [2]

Core Viewpoint - In the first half of 2025, the company reported a year-on-year increase of 5.01% in power generation, indicating a positive growth trend in its operational performance [1] Group 1: Company Performance - The total power generation from the company's six domestic hydropower stations reached approximately 126.656 billion kilowatt-hours in the first half of 2025 [1] - In the second quarter of 2025, the power generation was about 68.977 billion kilowatt-hours, reflecting a year-on-year increase of 1.63% [1]