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 | ...

Investment Rating - The report maintains a "Recommended" rating for several companies in the electricity sector, including Sanxia Energy, Changjiang Electric Power, and China Nuclear Power, while providing a "Cautious Recommendation" for China General Nuclear Power and others [24][25]. Core Insights - The electricity sector outperformed the market this week, with the public utility sector index rising by 2.55% and the electricity sub-sector by 2.81%, ranking first among 31 primary sectors [1][9]. - The report highlights the recent government policy aimed at optimizing pricing mechanisms for electricity, gas, and water, which is expected to enhance the sustainability of public utility pricing [2][22]. - The national carbon market has stabilized at a price of 100 yuan per ton, with increased trading activity and mandatory green certificate consumption, indicating a maturing green certificate market [2][22]. Summary by Sections Weekly Market Review - The public utility sector index closed at 2346.99 points, up 58.31 points, while the electricity sub-sector closed at 3129.43 points, up 85.49 points, outperforming the Shanghai and Shenzhen 300 index [1][9]. - Sub-sector performance included increases in wind power (3.49%), thermal power (3.61%), and hydropower (2.92%) [1][16]. Policy Developments - The Central Committee and State Council issued guidelines to improve pricing mechanisms for public utilities, focusing on market-driven pricing for electricity, gas, and water [2][22]. - The guidelines propose a phased approach to market-oriented pricing reforms for various power sources and emphasize the establishment of a unified green power certificate trading system [2][22]. Investment Recommendations - The report suggests focusing on defensive sectors with strong dividend yields, highlighting companies like Jiantou Energy, Huadian International, and Funiu Co., which are expected to maintain good growth in Q1 2025 [3][22]. - Specific recommendations include favoring companies with significant wind power assets and low-cost thermal power operations, while also monitoring potential mergers and acquisitions in the sector [22][23]. Key Company Forecasts - The report provides earnings per share (EPS) forecasts for key companies, with Sanxia Energy projected at 0.25 yuan for 2023, Changjiang Electric Power at 1.11 yuan, and China Nuclear Power at 0.55 yuan [24][25].

Group 1 - The report emphasizes the defensive attributes of the public utility sector, particularly in light of recent policy changes aimed at enhancing price governance mechanisms [1][14][30] - In March, the Shanghai Composite Index fell by 0.07%, while the public utility index rose by 1.87%, indicating a relative outperformance of the sector [1][32] - The report highlights the significant drop in coal prices, which enhances the profitability of thermal power generation, with a projected increase in earnings per kilowatt-hour as coal prices decrease [2][16][18] Group 2 - The report recommends major thermal power companies such as Huadian International and Shanghai Electric, citing their resilience in the face of declining coal prices and electricity prices [3][30] - It notes that the water and waste incineration sectors are entering a mature phase, with improved free cash flow and a favorable investment environment due to declining risk-free rates [31] - The report identifies high-dividend water power stocks, particularly Changjiang Electric Power, as having strong defensive characteristics and long-term investment value [24][25][29] Group 3 - The report discusses the expected stability in nuclear power company earnings, recommending companies like China Nuclear Power and China General Nuclear Power [3][30] - It highlights the growth potential in the renewable energy sector, recommending leading companies such as Longyuan Power and Three Gorges Energy, which are expected to benefit from ongoing government support for new energy development [3][30] - The report also points out the significant market opportunity in the domestic waste oil recycling industry, recommending companies like Shanggou Environmental Energy as beneficiaries of upcoming EU policies [31]

Investment Rating - The industry investment rating is "Positive" and maintained [9] Core Insights - The report emphasizes the central government's commitment to advancing electricity price reforms and the expectation of a more refined market mechanism [11][12] - The market-oriented reform of electricity pricing is expected to benefit various power sources, particularly thermal power, which is anticipated to gain significantly from these changes [11][12] - The report highlights the importance of green electricity price reforms and the acceleration of environmental value realization [11][12] Summary by Sections Event Description - The Central Committee and the State Council issued an opinion on improving price governance mechanisms, advocating for a gradual and systematic market-oriented reform of electricity pricing across various power sources [6][11] Event Commentary - The report notes that the elevation of electricity reform to the central government level indicates a strong commitment to market-oriented reforms, with a focus on establishing a supportive system for smooth reform progression [11] - It discusses the potential for capacity and ancillary service price reforms to create systemic benefits for stable output and flexible adjustment capabilities, particularly for thermal and nuclear power [11] - The report also mentions the need to eliminate unreasonable price competition and government interference in price formation, which could lead to a more orderly market environment [11] - The emphasis on green electricity pricing reform suggests that the environmental value of green power is expected to be realized more rapidly [11] Investment Recommendations - The report suggests that the "carbon neutrality" era and electricity market reforms will redefine the intrinsic value of power operators throughout the 14th Five-Year Plan period [11] - It recommends focusing on quality thermal power operators such as Huadian International, China Resources Power, and Huaneng Power, as well as large hydropower companies like Yangtze Power and Guotou Power [11] - For the renewable energy sector, it highlights companies like Longyuan Power, China Nuclear Power, and China Three Gorges Energy as potential investment opportunities [11]

金融界4月2日消息，上证指数低开震荡，中证沪港深互联互通基建指数 (沪港深通基建，H30558)报 1477.90点。 从中证沪港深互联互通基建指数持仓的市场板块来看，上海证券交易所占比50.71%、香港证券交易所 占比37.59%、深圳证券交易所占比11.70%。 据了解，"中证沪港深主题指数系列基于中证沪港深互联互通综合指数样本和中证沪港深 500 指数样 本，同时结合中证行业分类的主题定义，选取相应主题指数样本，从多种主题投资的角度反映了在沪港 深三地上市的互联互通范围内证券的整体表现。"该指数以2004年12月31日为基日，以1000.0点为基 点。 从指数持仓来看，中证沪港深互联互通基建指数十大权重分别为：中国移动（11.52%）、长江电力 （8.2%）、中电控股（2.91%）、中国电信（2.91%）、长和（2.68%）、中国建筑（2.63%）、中国移 动（2.32%）、中国联通（2.12%）、中国核电（1.85%）、中国电信（1.84%）。 从中证沪港深互联互通基建指数持仓样本的行业来看，公用事业占比43.31%、工业占比26.77%、通信 服务占比26.59%、能源占比3.33%。 数据统计显示 ...

Group 1 - The core index, the CSI 300 Value Stable Strategy Index, closed down 0.18% at 6828.26 points with a trading volume of 90.703 billion [1] - The index has increased by 1.02% in the past month, decreased by 0.14% in the past three months, and has also decreased by 0.14% year-to-date [1] - The index is based on a sample space of the CSI 300, CSI 500, and CSI 1000, utilizing factors such as quality, value, and volatility to provide a multi-factor investment tool for investors [1] Group 2 - The top ten holdings of the CSI 300 Value Stable Strategy Index include Kweichow Moutai (6.39%), CATL (4.29%), Ping An Insurance (3.62%), China Merchants Bank (3.41%), Midea Group (3.26%), Industrial Bank (2.97%), Yangtze Power (2.67%), Gree Electric (2.40%), Zijin Mining (2.25%), and Luxshare Precision (2.24%) [1] - The market capitalization distribution of the index shows that the Shanghai Stock Exchange accounts for 64.39% and the Shenzhen Stock Exchange accounts for 35.61% [1] Group 3 - The industry composition of the index includes Financials (21.63%), Industrials (19.74%), Consumer Discretionary (10.50%), Consumer Staples (9.69%), Materials (8.76%), Information Technology (8.00%), Communication Services (6.91%), Health Care (6.34%), Utilities (4.40%), Energy (3.37%), and Real Estate (0.66%) [2] - The index samples are adjusted quarterly, with adjustments occurring in the second week of March, June, September, and December [2] - Public funds tracking the CSI 300 Value Stable Strategy include Huaxia CSI 300 Value Stable Strategy Link A, Huaxia CSI 300 Value Stable Strategy Link C, and Huaxia CSI 300 Value Stable Strategy ETF [2]

Investment Rating - The report maintains an "Outperform" rating for the power and utilities sector, indicating a positive outlook for the industry [4]. Core Insights - The implementation details for the green certificate issuance have been released, which is expected to positively impact the renewable energy sector [31]. - The overall market performance of the utilities sector has been weak, with the industry index declining by 0.73% during the week of March 24-30, 2025, underperforming compared to major indices [2][10]. - The report highlights specific stocks with investment ratings, including "Buy" for Guodian Power and "Overweight" for Longyuan Power, among others [1]. Market Performance Summary - The Shenyin Wanguo Utilities Industry Index PE (TTM) is at 16.44x, down from 16.61x the previous week, and significantly lower than 19.85x in the same period last year [2][22]. - The PB ratio for the utilities sector is currently 1.72x, slightly down from 1.73x last week and lower than 1.82x a year ago [2][25]. - The sector's performance ranks 11th among 31 major industries, with specific sub-sectors showing varied performance, such as thermal power down by 0.94% and hydropower up by 1.35% [10][16]. Stock Performance Summary - The top five performing stocks for the week include ST Lingda (+11.87%), Meinuo Energy (+4.46%), and Chuan Investment Energy (+4%) [3][28]. - Conversely, the worst performers include ST Xulan (-22.39%) and Guang'an Aizhong (-16.72%) [3][28]. Industry Dynamics - The National Energy Administration has initiated a consultation on the implementation details for the issuance of renewable energy green certificates, which will standardize the management of green certificates for various renewable energy projects [31]. - The administration is also focusing on enhancing the integration of renewable energy consumption and the construction of external transmission channels to ensure energy security [32][33]. Key Data Tracking - As of March 28, 2025, the price of Shanxi mixed coal (5500) is 667 RMB/ton, reflecting a week-on-week decrease of 0.89% [38]. - The trading volume for green certificates from March 24 to March 30 totaled 96.10 and 111.15 million for wind and solar power, respectively [41].

Market Overview - The Shanghai Composite Index rose by 0.38% on April 1, with 23 industries experiencing gains, led by the pharmaceutical and public utilities sectors, which increased by 3.34% and 1.78% respectively [1] - The main funds in the two markets saw a net outflow of 10.395 billion yuan, with 8 industries recording net inflows, primarily in the pharmaceutical sector, which had a net inflow of 3.402 billion yuan [1] Public Utilities Sector - The public utilities sector increased by 1.78%, with a total net inflow of 1.272 billion yuan, and out of 132 stocks in this sector, 123 rose while 6 fell [2] - The top three stocks in terms of net inflow were Guodian Power (1.72 billion yuan), China Nuclear Power (1.50 billion yuan), and Star Power (1.13 billion yuan) [2] Public Utilities Sector - Inflow and Outflow - The inflow list includes Guodian Power with a 3.60% increase and a turnover rate of 1.82%, followed by China Nuclear Power with a 1.74% increase [2] - The outflow list is led by Shaoneng Co. with a 5.93% increase but a net outflow of 40.658 million yuan, followed by Sheneng Co. and Chuan Investment Energy with net outflows of 25.416 million yuan and 23.768 million yuan respectively [4]

Core Points - The A-share market indices closed mixed, with the China Securities Hong Kong-Shenzhen Connect Infrastructure Index at 1461.15 points [1] - The index has seen a 0.52% increase over the past month, a 2.31% decrease over the past three months, and a year-to-date decline of 2.31% [1] - The index is based on the comprehensive index samples of the Hong Kong-Shenzhen Connect and the China Securities 500 Index, reflecting the overall performance of securities listed in the three regions [1] Index Holdings - The top ten weighted stocks in the index include China Mobile (11.6%), China Yangtze Power (8.26%), China Telecom (2.96%), CLP Holdings (2.9%), China State Construction (2.66%), CK Hutchison Holdings (2.66%), China Mobile (2.35%), China Unicom (2.15%), China Nuclear Power (1.84%), and China Telecom (1.83%) [1] - The market share of the index holdings is distributed as follows: Shanghai Stock Exchange 50.81%, Hong Kong Stock Exchange 37.51%, and Shenzhen Stock Exchange 11.68% [1] Industry Composition - The industry composition of the index holdings shows that utilities account for 43.11%, industrials for 26.78%, communication services for 26.78%, and energy for 3.32% [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2]

3月31日，公募基金2024年年报基本披露完毕。 天相投顾数据显示，上市公司业绩成为公募基金买入的"锚"，在2024年公募基金净买入金额前十个股 中，美的集团、比亚迪等绩优股频现。红利资产也成为公募基金的"心头好"，格力电器、中国平安、长 江电力、京沪高铁、招商银行等也被公募基金大手笔买入。 数据显示，美的集团、格力电器、宁德时代、比亚迪、立讯精密等在2024年被公募基金净买入金额居 前；贵州茅台、恒瑞医药、长安汽车、泸州老窖、陕西煤业等遭公募基金净卖出金额居前。 ● 本报记者 万宇 张凌之 锚定绩优股 2024年，公募基金净买入金额较多的公司集中在家电、新能源等领域的绩优公司，以及金融、能源等领 域的红利资产。 天相投顾数据显示，2024年全年，公募基金净买入金额前十的个股为美的集团、格力电器、宁德时代、 比亚迪、立讯精密、中国平安、长江电力、赛力斯、京沪高铁、招商银行。 具体来看，美的集团2024全年获公募基金净买入208.26亿元，位居榜首；格力电器获公募基金净买入 132.46亿元，位居次席；宁德时代、比亚迪获公募基金净买入金额均超100亿元；立讯精密、中国平 安、长江电力、赛力斯、京沪高铁、招商银行 ...