股票代码：600900 股票简称：长江电力 公告编号：2025-019 中国长江电力股份有限公司 第六届董事会第四十一次会议决议公告 会议选举何红心董事为公司副董事长。 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 事会第四十一次会议于2025年4月25日以通讯方式召开。会 议应到董事11人，实到11人，符合《公司法》和《公司章程》 等有关规定。会议以通讯表决方式审议通过以下议案： 一、审议通过《关于选举何红心董事为公司副董事长的 议案》。 经董事长提名，会议选举何红心董事、刘海波董事为公 司董事会战略与ESG委员会委员。 表决结果：同意 11 票，反对 0 票，弃权 0 票。 特此公告。 中国长江电力股份有限公司董事会 2025 年 4 月 25 日 表决结果：同意 11 票，反对 0 票，弃权 0 票。 二、审议通过《关于调整公司董事会战略与ESG委员会 组成人员的议案》。 1 ...

北京德恒律师事务所 关于中国长江电力股份有限公司 2025 年第一次临时股东大会的 法律意见 北京市西城区金融街 19 号富凯大厦 B 座 12 层 电话:010-52682888 传真:010-52682999 邮编:100033 （一）《公司章程》； 北京德恒律师事务所 关于中国长江电力股份有限公司 2025 年第一次临时股东大会的法律意见 北京德恒律师事务所 关于中国长江电力股份有限公司 （二）《中国长江电力股份有限公司股东大会议事规则》； 2025 年第一次临时股东大会的 法律意见 德恒 01G20220548-21 号 致：中国长江电力股份有限公司 中国长江电力股份有限公司（以下简称"公司"）2025 年第一次临时股东 大会（以下简称"本次会议"）于 2025 年 4 月 25 日（星期五）召开。北京德恒 律师事务所（以下简称"本所"）受公司委托，指派杨兴辉律师、王曦律师（以 下简称"本所律师"）出席了本次会议。根据《中华人民共和国公司法》（以下 简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、 《上市公司股东会规则》（以下简称"《股东会规则》"）、《中国长江电力股 份有限 ...

■ 中国长江电力股份有限公司 关于召开2024年度暨2025年一季度 业绩说明会的公告 中国长江电力股份有限公司（以下简称公司）拟于4月30日在上海证券交易所网站 （http://www.sse.com.cn）披露公司2024年度报告和2025年一季度报告。为便于广大投资者全面深入地 了解公司生产经营情况，公司拟于5月7日召开业绩说明会，回答投资者关注的问题。具体如下： 一、会议类型 本次业绩说明会采用"现场+视频"方式举行，公司管理层将就发展战略、生产经营、财务状况和业务开 展等事项与投资者进行沟通交流，并广泛听取投资者的意见和建议。 二、时间地点 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： ● 会议时间：2025年5月7日（周三）10:00-11:00 ● 会议方式：现场+视频 ● 投资者可于2025年5月5日12:00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。 （一）会议时间：2025年5月7日（周三）10:00- ...

股票代码：600900 股票简称：长江电力 公告编号：2025-015 中国长江电力股份有限公司 关于召开 2024 年度暨 2025 年一季度 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： 中国长江电力股份有限公司（以下简称公司）拟于4月30日在上 海证券交易所网站（http://www.sse.com.cn）披露公司2024年度报告 和2025年一季度报告。为便于广大投资者全面深入地了解公司生产经 营情况，公司拟于5月7日召开业绩说明会，回答投资者关注的问题。 具体如下： 一、会议类型 1 会议时间：2025 年 5 月 7 日（周三）10:00-11:00 会议方式：现场+视频 会议地点：北京市西城区金融大街 19 号富凯大厦 B 座 2207 视频平台：小鱼易连（会议号 9025025012、密码 600900） 投资者可于 2025 年 5 月 5 日 12:00 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 ...

Group 1 - The A-share market indices closed mixed, with the Shanghai Corporate Governance Index rising by 0.34% to 1101.21 points, with a trading volume of 103.81 billion yuan [1] - The Shanghai Corporate Governance Index has decreased by 3.14% over the past month, increased by 1.36% over the past three months, and has fallen by 2.42% year-to-date [1] - The index aims to encourage and promote the improvement of corporate governance among listed companies, enhancing the overall quality of these companies [1] Group 2 - The top ten weighted stocks in the Shanghai Corporate Governance Index include Kweichow Moutai (10.44%), Ping An Insurance (5.93%), and China Merchants Bank (5.71%) [1] - The index is composed entirely of stocks listed on the Shanghai Stock Exchange, with a 100% representation [1] - The industry composition of the index shows that finance accounts for 27.98%, industrials for 16.91%, and consumer staples for 15.01% [2] Group 3 - The index samples are adjusted biannually, with evaluations occurring in May and November, and adjustments implemented on the next trading day after the second Friday of June and December [2] - In cases of severe negative events affecting companies in the index, those companies will be promptly removed, and the index will be adjusted accordingly [2]

Summary of China Yangtze Power Co. Research Call Company Overview - **Company**: China Yangtze Power Co. - **Industry**: Utilities - **Market Cap**: Rmb645,868.8 million - **Stock Rating**: Overweight - **Price Target**: Rmb34.22 - **Current Share Price**: Rmb28.40 (as of April 3, 2025) - **52-Week Range**: Rmb32.28 - Rmb24.39 - **Shares Outstanding**: 22,742 million [6][6] Key Points Earnings and Cash Flow - The company provides defensive earnings and cash flow supported by six hydropower stations with a total installed capacity of 72GW [2][2] - Earnings growth in the medium term is expected to be driven by: 1. Tariff increases from auxiliary services, green certificates, and higher market volume 2. Financial cost savings 3. Decreased depreciation costs due to the end of generators' depreciation period [2][2] Dividend Policy - The company has committed to a dividend payout ratio of over 70% during the period from 2021 to 2025 [2][2] Probability Estimates - There is an estimated 70% to 80% probability for the positive scenario regarding the company's performance [3][3] Valuation Methodology - The price target is derived from a discounted cash flow (DCF) methodology, assuming stable profit and cash flows from hydropower stations - The weighted average cost of capital (WACC) is set at 6.7%, with no terminal growth assumed [9][9] Risks - **Upside Risks**: 1. Better-than-expected hydropower resources 2. Higher-than-expected dividend payout ratio 3. Increased hydropower utilization hours 4. Greater renewable energy capacity expansion [10][10] - **Downside Risks**: 1. Weaker-than-expected hydropower resources 2. Lower-than-expected dividend payout ratio 3. Reduced renewable energy capacity expansion [11][11] Additional Insights - The company is positioned favorably within the utilities sector, with an attractive industry view [6][6] - Analysts express confidence in the company's ability to generate stable cash flows, which supports the positive outlook for its stock price [9][9] This summary encapsulates the essential insights from the research call regarding China Yangtze Power Co., highlighting its financial stability, growth prospects, and associated risks.

Core Points - Changjiang Electric Power announced the appointment of He Hongxin and Liu Haibo as directors, while Zhang Xingliao will no longer serve as a director [1] - Liu Haibo has been appointed as the new general manager of Changjiang Electric Power, replacing Zhang Xingliao [1] Summary of Key Individuals - **He Hongxin**: Born in October 1969, holds a bachelor's degree and an MBA, is a senior accountant, and has held various positions within China Three Gorges Corporation, including roles in capital operations and financial management [1] - **Liu Haibo**: Born in October 1971, holds a bachelor's degree and is a senior engineer, has extensive experience in operational and technical roles within Changjiang Electric Power and its subsidiaries [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company's hydropower operational performance outlook is positive due to improved water inflow, with a total power generation of approximately 57.679 billion kWh in the first quarter of 2025, representing a year-on-year increase of 9.35% [2][6]. - The expected dividend yield has reached a high point, with the difference between the expected dividend yield and the yield of ten-year government bonds reaching the 93rd percentile since 2023, highlighting the company's investment value as a stable dividend model [2][6]. Summary by Sections Event Description - The company reported a total power generation of approximately 57.679 billion kWh from its six domestic hydropower stations in the first quarter of 2025, which is a 9.35% increase compared to the same period last year [6]. Event Commentary - The improved water inflow has led to a robust increase in power generation, with specific power generation figures for major stations: - Wudongde Station: 6.546 billion kWh, up 9.90% - Baihetan Station: 12.574 billion kWh, up 17.10% - Xiluodu Station: 13.202 billion kWh, up 8.47% - Xiangjiaba Station: 7.040 billion kWh, up 9.39% - Three Gorges Station: 14.793 billion kWh, up 5.55% - Gezhouba Station: 3.524 billion kWh, up 2.74% [6]. - The company anticipates strong performance in the first quarter despite external electricity price adjustments, supported by stable hydropower generation and improved investment returns [6]. Financial Forecasts - The company’s earnings per share (EPS) forecasts for 2024-2026 are projected to be 1.33 yuan, 1.34 yuan, and 1.45 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 21.81, 21.69, and 20.03 [6].

Core Points - The board of directors of China Yangtze Power Co., Ltd. held its 40th meeting on April 9, 2025, and approved several key resolutions [1][4][6] - The company plans to appoint He Hongxin and Liu Haibo as new directors, while Zhang Xingliao will no longer serve as a director [1][6] - Liu Haibo has been appointed as the new general manager, replacing Zhang Xingliao [7][8] - A temporary shareholders' meeting is scheduled for April 25, 2025, in Wuhan, Hubei Province [10][12] Summary by Sections Board Resolutions - The board approved the adjustment of directors and will submit this proposal for shareholder approval [1][4] - The voting results for the director adjustment were unanimous, with 11 votes in favor [5] - The board also approved the adjustment of the general manager position, appointing Liu Haibo [6][9] Shareholders' Meeting - The first temporary shareholders' meeting of 2025 will take place on April 25, 2025, at 9:30 AM [10][12] - The meeting will utilize the Shanghai Stock Exchange's online voting system for shareholder participation [12][13] - Shareholders can vote both in person and online, with specific time slots designated for voting [12][13] Director Profiles - He Hongxin, born in October 1969, holds a master's degree in business administration and has extensive experience in capital operations within the China Yangtze Three Gorges Group [2] - Liu Haibo, born in October 1971, is a senior engineer with a strong background in power plant operations and management [3]

重要内容提示： 一、 召开会议的基本情况 召开的日期时间：2025 年 4 月 25 日 9 点 30 分 证券代码：600900 证券简称：长江电力 公告编号：2025-014 中国长江电力股份有限公司 关于召开 2025 年第一次临时股东大会的通知 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。 召开地点：湖北省武汉市江岸区三阳路 88 号 4205 会议室 （五）网络投票的系统、起止日期和投票时间 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2025 年 4 月 25 日 至 2025 年 4 月 25 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 东大会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通 1 股东大会召开日期：2025年4月25日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 （一）股东大会类型和届次 2025 年第一次临时股东大会 （二）股东大会召集人：公司董事会 （三）投票方式： ...