格隆汇8月22日丨长江电力(600900.SH)公布，公司控股股东中国长江三峡集团有限公司（简称中国三峡 集团）计划在未来12个月内通过二级市场增持公司股份，交易方式包括集中竞价、大宗交易等，增持金 额不低于人民币40亿元、不高于人民币80亿元,本次增持不设置固定价格区间，结合资本市场行情择机 开展股票增持，资金来源为中国三峡集团自有资金及自筹资金等。 ...

Core Viewpoint - The controlling shareholder of China Yangtze Power Co., Ltd., China Three Gorges Corporation, plans to increase its stake in the company through the secondary market within the next 12 months, with an investment amount between RMB 4 billion and RMB 8 billion, reflecting confidence in the company's future development [1] Summary by Sections 1. Basic Information of the Shareholder - The controlling shareholder is China Three Gorges Corporation, which holds a total of 12,864,812,941 shares, accounting for 52.58% of the company's total share capital [1] 2. Details of the Share Purchase Plan - The purpose of the share purchase is based on confidence in the company's future development [1] - The shares to be purchased are A-shares through the secondary market, including centralized bidding and block trading [1] - The planned investment amount is not less than RMB 4 billion and not more than RMB 8 billion [1] - There is no fixed price range for the share purchase; the timing will depend on market conditions [1] - The implementation period for the share purchase plan is within 12 months from the announcement date [1] - The funding sources for the purchase will be from the corporation's own funds and self-raised funds [1] - The shareholder commits not to reduce its holdings during the implementation period of the purchase plan [1] 3. Regulatory Compliance - The share purchase plan complies with relevant laws and regulations, including the Company Law and Securities Law [1] - The shareholder will strictly adhere to the regulations set by the China Securities Regulatory Commission and the Shanghai Stock Exchange [1] - The implementation of the share purchase plan will not affect the company's shareholding structure or lead to changes in the controlling shareholder [1]

证券代码：600900 证券简称：长江电力 公告编号：2025-041 中国长江电力股份有限公司 关于控股股东增持股份计划的公告 本公司董事会、全体董事及相关股东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： 增持计划基本情况：基于对中国长江电力股份有限公司（以下 简称公司）未来发展的信心，公司控股股东中国长江三峡集团有限公 司（以下简称中国三峡集团）计划在未来 12 个月内通过二级市场增 持公司股份，交易方式包括集中竞价、大宗交易等，增持金额不低于 人民币 40 亿元、不高于人民币 80 亿元,本次增持不设置固定价格区 间，结合资本市场行情择机开展股票增持，资金来源为中国三峡集团 自有资金及自筹资金等。 风险提示：本次增持计划可能存在因资本市场发生变化导致延 迟或无法实施的风险，敬请广大投资者注意投资风险。 近日，公司接到控股股东中国三峡集团通知，基于对公司未来发 展的信心，中国三峡集团拟在未来 12 个月内通过二级市场增持公司 股份，交易方式包括集中竞价、大宗交易等。现将相关情况公告如下： 一、增持主体的基本情况 （一）增持主体 ...

格隆汇8月22日｜长江电力(600900.SH)公告称，公司控股股东中国三峡集团计划在未来12个月内通过二 级市场增持公司股份，增持金额不低于40亿元，不高于80亿元。增持方式包括集中竞价、大宗交易等。 资金来源为中国三峡集团自有资金及自筹资金等。增持计划可能存在因资本市场变化导致延迟或无法实 施的风险。 ...

长江电力公告，中国长江三峡集团计划自本公告披露之日起12个月内，通过集中竞价、大宗交易等方式 增持公司A股，增持金额不低于40亿元、不高于80亿元；增持前持股104.74亿股，占42.81%，与一致行 动人合计持股128.65亿股，占52.58%。 ...

人民财讯8月22日电，长江电力（600900）8月22日晚间公告，公司控股股东中国长江三峡集团有限公司 (简称"中国三峡集团")计划在未来12个月内通过二级市场增持公司股份，增持金额不低于40亿元、不高 于80亿元，本次增持不设置固定价格区间，结合资本市场行情择机开展股票增持，资金来源为中国三峡 集团自有资金及自筹资金等。 ...

Summary of Key Points Core Viewpoint - Changjiang Electric Power experienced significant trading activity on August 21, with a total of 2 transactions on the block trading platform, amounting to 2.708 million shares and a total transaction value of 75.4321 million yuan [2]. Trading Activity - The stock had a closing price of 27.85 yuan, reflecting an increase of 0.58% for the day, with a turnover rate of 0.49% and a total trading volume of 3.284 billion yuan [2]. - Over the past three months, the stock has seen a total of 10 block trades, with a cumulative transaction value of 318 million yuan [2]. - The net inflow of main funds for the day was 15.674 million yuan, while the stock has seen a cumulative increase of 0.69% over the past five days, with a total net outflow of 684 million yuan during the same period [2]. Margin Financing Data - The latest margin financing balance for Changjiang Electric Power is 11.035 billion yuan, with an increase of 13.5638 million yuan over the past five days, representing a growth rate of 0.12% [2].

8月21日，长江电力大宗交易成交270.8万股，成交额7543.21万元，占当日总成交额的2.25%，成交均价27.86元，较市场收盘价27.85元溢价0.02%，其中最高 成交价27.89元，最低成交价27.85元。 | 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 | | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-08-21 | 长江电力 | 600900 | 27.89 998.46 | 35.8 | 平安证券股份有限 | 平安证券股份有限 | | | | | | | | 公司宁波海晏北路 | 公司宁波海晏北路 | | | | | | | | 证券营业部 | 证券营业部 | | | 2025-08-21 | 长江电力 | 600900 | 27.85 6544.75 | 235 | 国泰海通证券股份 | 申万宏源证券有限 | | | | | | | | 有限公司总部 | 公司国际部 | | ...

Investment Rating - The investment rating for the electricity industry is "Positive" [2] Core Viewpoints - The report highlights the implementation of the "136" policy in five regions, leading to significant differentiation in the support for existing and new energy projects [7][10] - Future outlook indicates a need for clarity on pricing mechanisms, which will impact investment enthusiasm in the renewable energy sector [10] Summary by Sections Monthly Special Commentary - Five regions have introduced connection mechanisms, showing clear differentiation in support for existing and new energy projects. Shanxi has a robust protection for existing projects, while Hainan offers moderate support with lower guarantees for new projects. Liaoning provides good protection for existing projects but less favorable terms for new projects. Gansu has limited support for existing projects, and Ningxia offers the least protection overall [8][11] Monthly Sector and Key Listed Company Performance - In July, the electricity and public utilities sector fell by 0.8%, underperforming the broader market, while the Shanghai and Shenzhen 300 index rose by 3.54% [12][15] Monthly Electricity Demand Analysis - In June 2025, total electricity consumption reached 867 billion kWh, with a year-on-year growth of 5.40%. The growth rate for the secondary industry improved, while residential electricity consumption continued to rise [18][20] Monthly Electricity Supply Analysis - National electricity generation in June 2025 increased by 1.70% year-on-year, with coal power generation growing by 1.10% and solar power generation surging by 28.70% [39][40] Monthly Electricity Market Data Analysis - The average purchase price of electricity in August was 384.25 RMB/MWh, reflecting a 1.18% increase month-on-month [39] Investment Recommendations - The report suggests that the electricity sector is poised for profit improvement and value reassessment, particularly as the supply-demand balance stabilizes and new energy installations continue to grow [10][11]

Core Viewpoint - The company, Yangtze Power, has approved a significant investment of approximately 26.6 billion yuan for the construction of the Gezhouba shipping capacity expansion project, despite facing considerable shareholder opposition and potential impacts on future dividends [1][5]. Group 1: Project Details - The project received 96% approval at the shareholder meeting, but faced 5.72 billion shares in opposition and 1.55 billion shares in abstention [1]. - The project involves the construction of a new two-line single-level lock and the expansion of navigation channels, aimed at addressing the increasing shipping capacity needs on the Yangtze River [2]. - The project is expected to increase the annual power generation from the Gezhouba reservoir from approximately 15.8 billion kWh to 18 billion kWh, contributing to the overall efficiency of the Yangtze River's navigation and shipping operations [2][3]. Group 2: Financial Implications - The investment amount represents 82% of the company's projected net profit for 2024, which is estimated at 32.5 billion yuan [2]. - The project is anticipated to generate an additional revenue of 630 million yuan annually, offsetting the expected annual depreciation of 600 million yuan from the new infrastructure [3][4]. - The company has a strong cash flow position, with operational cash flow projected at 59.6 billion yuan and free cash flow at 45.2 billion yuan for 2024, allowing it to maintain a high dividend payout ratio [5][6]. Group 3: Dividend Concerns - The company has a history of high dividend payouts, with a cash dividend of 23.1 billion yuan planned for 2024, representing 71% of its net profit [5]. - Concerns have been raised regarding the potential impact of the new project on future dividend payments, with estimates suggesting a possible decrease in dividend yield from 3.4% to 3% by 2026 [5]. - The company has committed to maintaining a dividend payout of no less than 70% of its net profit for the years 2026 to 2030, despite the new investment [5].