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： ...

股票代码：600900 股票简称：长江电力 公告编号：2025-013 中国长江电力股份有限公司 第六届董事会第四十次会议决议公告 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 第四十次会议于2025年4月9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如下议案： 一、审议通过《关于调整公司董事的议案》，并同意提请股 东大会审议。 经股东单位中国长江三峡集团有限公司推荐，拟补选何红心 先生、刘海波先生为公司董事。张星燎先生不再担任公司董事职 务。 附： 1.何红心先生简历 何红心，男，1969年10月出生，大学本科学历，工商管理硕 士，正高级会计师，中共党员。历任中国长江三峡集团公司资本 运营部副主任兼长江电力资本运营部经理，中国电力新能源发展 有限公司执行董事、首席执行官兼中电国际新能源控股有限公司 主要负责人，中国三峡新能源有限公司副总经理，中国长江三峡 1 集团公司资产财务部副主任（主持工作 ...

中国长江电力股份有限公司 2025 年第一次临时股东大会资料 2025 年 4 月 4205 会议室 见证律师：北京德恒律师事务所律师 会议安排： 1 一、参会人签到、股东进行发言登记（8:30～9:25） 二、主持人宣布会议开始 三、主持人报告出席的股东人数及其代表的股份数 四、推选计票人、监票人 五、审议议案 六、股东发言 七、股东投票表决 八、统计表决票 九、宣读股东大会决议 十、宣读法律意见书 十一、签署股东大会决议 十二、会议结束 会 议 须 知 | | | | 三、会议议案 | | --- | | 关于选举公司董事的议案 3 | 会 议 议 程 会议时间：2025 年 4 月 25 日（星期五）9:30 会议地点：湖北省武汉市江岸区三阳路 88 号 各位股东及股东代表： 经股东单位中国长江三峡集团有限公司推荐，拟补选何 红心先生、刘海波先生为公司董事。张星燎先生不再担任公 司董事职务。 为了维护全体股东的合法权益，确保股东大会的正常秩 序和议事效率，公司根据有关法律法规和中国证监会《上市 公司股东会规则（2025 年修订）》（证监会公告〔2025〕7 号） 等文件要求，特制定本须知。 一、股东参加 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown stable growth in electricity generation, with a 9.35% year-on-year increase in total power generation in Q1 2025, supported by favorable water inflow conditions [8] - The decline in the ten-year government bond yield to 1.66% opens up space for dividend benchmarks for the company, with a current dividend yield of 3.20% [8] - The company is expected to achieve a net profit of 32.52 billion yuan in 2024, reflecting a year-on-year growth of 19.39% [8] Financial Summary - Total revenue is projected to grow from 78.11 billion yuan in 2023 to 85.88 billion yuan in 2026, with a compound annual growth rate of approximately 2.5% [1] - The net profit attributable to the parent company is forecasted to increase from 27.24 billion yuan in 2023 to 35.43 billion yuan in 2026 [1] - The earnings per share (EPS) is expected to rise from 1.11 yuan in 2023 to 1.45 yuan in 2026 [1] - The price-to-earnings (P/E) ratio is projected to decrease from 26.10 in 2023 to 20.06 in 2026, indicating a more attractive valuation over time [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's electricity generation is steadily increasing, supported by favorable water inflow conditions and a decline in the ten-year government bond yield, which opens up space for dividend benchmarks [8] - The average yield of ten-year government bonds has decreased to 1.66%, enhancing the attractiveness of the company's dividend yield, which is projected at 3.20% for 2024 [8] - The company is expected to achieve a net profit of 32.52 billion yuan in 2024, reflecting a year-on-year growth of 19.39% [8] Financial Forecasts - Total revenue is projected to grow from 78.11 billion yuan in 2023 to 85.88 billion yuan in 2026, with a compound annual growth rate (CAGR) of approximately 2.5% [1] - The net profit attributable to the parent company is forecasted to increase from 27.24 billion yuan in 2023 to 35.43 billion yuan in 2026, with a CAGR of about 8.5% [1] - The earnings per share (EPS) is expected to rise from 1.11 yuan in 2023 to 1.45 yuan in 2026 [1] Market Data - The closing price of the company's stock is 29.05 yuan, with a market capitalization of approximately 710.80 billion yuan [5] - The price-to-earnings (P/E) ratio is projected to decrease from 26.10 in 2023 to 20.06 in 2026, indicating an improving valuation [1][9] Operational Performance - In Q1 2025, the company's total electricity generation reached approximately 576.79 billion kWh, a year-on-year increase of 9.35% [8] - The water inflow levels for key reservoirs have improved, providing a solid foundation for increased electricity generation throughout the year [8]

截至2025年4月8日 10:52，中证A500指数(000510)上涨0.20%，成分股中国通号(688009)上涨8.63%，中国中车(601766)上涨8.15%，欧派家居(603833)上涨 7.97%，汤姆猫(300459)上涨6.35%，碧水源(300070)上涨5.88%。A500ETF基金(512050)上涨1.29%，最新价报0.87元。 流动性方面，A500ETF基金盘中换手6.24%，成交10.43亿元。拉长时间看，截至4月7日，A500ETF基金近1年日均成交39.63亿元，居可比基金第一。 消息面上，昨日临近收盘之时，中央汇金发布公告称，坚定看好中国资本市场发展前景，充分认可当前A股配置价值，已再次增持了交易型开放式指数基金 （ETF），未来将继续增持，坚决维护资本市场平稳运行。继中央汇金公司盘中发布增持公告后，4月7日夜，中国诚通、中国国新两家央企也发布增持公 告，坚定看好中国资本市场发展前景。 规模方面，A500ETF基金最新规模达166.89亿元。 从估值层面来看，A500ETF基金跟踪的中证A500指数最新市盈率（PE-TTM）仅13.36倍，处于近1年2.48%的分位，即估 ...

根据公司初步统计，2025 年第一季度，乌东德水库来水总量约 167.05 亿立方米，较上年同期偏丰 12.50%；三峡水库来水总量约 555.19 亿立方米，较上年同期偏丰 11.56%。 2025 年第一季度，公司境内所属六座梯级电站总发电量约 576.79 亿千瓦时，较上年同期增加 9.35%。各电站发电量具体如下： 股票代码：600900 股票简称：长江电力 公告编号：2025-012 中国长江电力股份有限公司 2025 年第一季度发电量完成情况公告 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董事会 2025 年 4 月 8 日 1 | 电站名称 | 总发电量（亿千瓦时） | 同比变动（%） | | --- | --- | --- | | 乌东德电站 | 65.46 | 9.90 | | 白鹤滩电站 | 125.74 | 17.10 | | 溪洛渡电站 | 132.02 | 8.47 | | 向家坝电站 | 70.40 | 9.39 | | 三峡电站 | 147.93 | 5.55 | ...