华泰联合证券有限责任公司关于中国长江电力股份有限公司 发行股份及支付现金购买资产并募集配套资金暨关联交易 部分限售股份上市流通的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券"或"独立财务顾问"） 作为中国长江电力股份有限公司（以下简称"长江电力"或"公司"）发行股份 及支付现金购买资产并募集配套资金暨关联交易（以下简称"本次交易"）的独 立财务顾问及主承销商，根据《中华人民共和国公司法》《中华人民共和国证券 法》《上市公司重大资产重组管理办法》《上海证券交易所股票上市规则》等有 关法规的要求，对长江电力本次交易部分限售股份上市流通事项进行了核查，具 体情况如下： 经中国证券监督管理委员会（以下简称"中国证监会"）出具的《关于核准中 国长江电力股份有限公司向中国长江三峡集团有限公司等发行股份购买资产并 募集配套资金申请的批复》（证监许可[2022]2740 号）核准，公司向中国长江三 峡集团有限公司（以下简称"三峡集团"）、云南省能源集团有限公司（以下简称 "云能投"）、四川省能源投资集团有限责任公司（以下简称"川能投"）分别发行 460,961,213 股、230,480,606 股、230,4 ...

中信证券股份有限公司关于中国长江电力股份有限公司 发行股份及支付现金购买资产并募集配套资金暨关联交易 部分限售股份上市流通的核查意见 中信证券股份有限公司（以下简称"中信证券"或"独立财务顾问"）作为 中国长江电力股份有限公司（以下简称"长江电力"或"公司"）发行股份及支 付现金购买资产并募集配套资金暨关联交易（以下简称"本次交易"）的独立财 务顾问及主承销商，根据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司重大资产重组管理办法》《上海证券交易所股票上市规则》等有关法 规的要求，对长江电力本次交易部分限售股份上市流通事项进行了核查，具体情 况如下： 一、本次申请解除限售股份的基本情况 本次解除限售的股份为公司本次交易中发行股份购买资产限售股，具体情况 如下： （一）本次限售股核准情况 经中国证券监督管理委员会（以下简称"中国证监会"）出具的《关于核准中 国长江电力股份有限公司向中国长江三峡集团有限公司等发行股份购买资产并 募集配套资金申请的批复》（证监许可[2022]2740 号）核准，公司向中国长江三 峡集团有限公司（以下简称"三峡集团"）、云南省能源集团有限公司（以下简称 "云能投"）、四 ...

证券代码：600900 证券简称：长江电力 公告编号：2026-004 中国长江电力股份有限公司 关于重大资产重组之部分限售股份上市流通的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为非公开发行股份；股票认购方式为网 下，上市股数为460,961,213股。 本次股票上市流通总数为460,961,213股。 本次股票上市流通日期为2026 年 2 月 3 日。 一、本次限售股上市类型 中国长江电力股份有限公司（以下简称公司）本次限售股上 市类型为发行股份及支付现金购买资产并募集配套资金暨关联交 易（以下简称本次交易）中发行股份购买资产限售股。 （一）股票发行核准情况 经中国证券监督管理委员会（以下简称中国证监会）出具的 《关于核准中国长江电力股份有限公司向中国长江三峡集团有限 公司等发行股份购买资产并募集配套资金申请的批复》（证监许可 [2022]2740 号）核准，公司向中国长江三峡集团有限公司（以下 简称中国三峡集团）、云南省能源集团有限公司（以下简称云能投）、 四川省能源投资 ...

Core Viewpoint - The Shanghai 180 ETF Index Fund (530280) has shown a positive performance with a recent increase of 0.96%, reflecting a stable market trend and investor interest in the underlying assets [1]. Performance Summary - As of January 26, 2026, the Shanghai 180 Index (000010) increased by 0.22%, with notable gains from stocks such as Zijin Mining (up 10.00%) and China National Offshore Oil Corporation (up 6.66%) [1]. - The Shanghai 180 ETF Index Fund has experienced a cumulative increase of 0.24% over the past week [1]. - The fund's year-to-date maximum drawdown is 1.30%, with a relative benchmark drawdown of 0.06% [3]. Liquidity and Trading Activity - The trading volume for the Shanghai 180 ETF Index Fund was 6.07 thousand yuan, with a turnover rate of 0.1% [1]. - The average daily trading volume over the past year was 177.38 thousand yuan [1]. Risk and Return Metrics - The fund has a Sharpe ratio of 2.12 since its inception, indicating a favorable risk-adjusted return [2]. - The tracking error over the past three months is 0.022%, demonstrating the fund's close alignment with the Shanghai 180 Index [5]. Fee Structure - The management fee for the Shanghai 180 ETF Index Fund is 0.15%, while the custody fee is 0.05% [4]. Top Holdings - As of December 31, 2025, the top ten weighted stocks in the Shanghai 180 Index account for 25.29% of the index, with notable companies including Kweichow Moutai and Ping An Insurance [5]. - The top ten stocks and their respective weightings are as follows: - Kweichow Moutai: 4.22% - Zijin Mining: 4.03% - Ping An Insurance: 2.87% - Hengrui Medicine: 2.46% - WuXi AppTec: 2.08% - China Merchants Bank: 2.04% - Cambricon Technologies: 1.97% - Yangtze Power: 1.88% - SMIC: 1.80% - Industrial Fulian: 1.79% [5].

Core Viewpoint - The article discusses the investment potential of certain stocks, particularly focusing on banks and utility companies, suggesting that holding these stocks can provide stable returns over time, especially in a bullish market or during a style rotation [1][16]. Group 1: Investment Opportunities - Companies like China Merchants Bank, Industrial Bank, Yangtze Power, and China Mobile are highlighted as potential investments, with the worst-case scenario being the collection of dividends over time [1]. - The current price-to-book (PB) ratio of China Merchants Bank is approximately 0.89, which is historically low, indicating that the opportunity outweighs the risk [3]. - The article suggests that convertible bonds are currently overpriced, and many investors may have forgotten the risks associated with them, as seen in previous years [3][4]. Group 2: Comparisons Between Investment Types - The article contrasts convertible bonds with the mentioned stocks, arguing that the latter lacks investor-friendly features such as buyback options and downwards adjustments [14]. - It is noted that while convertible bonds have protective clauses, many investors are primarily attracted to the potential for price appreciation rather than the guaranteed returns [16]. - The discussion includes the idea that the current low prices of certain stocks may present a buying opportunity, especially as they are core assets that could rebound [16]. Group 3: Market Sentiment and Historical Context - The article reflects on past market behaviors, mentioning that sectors like real estate and liquor have faced significant downturns, which raises concerns about the stability of banks [6][7]. - There is a sentiment that the current market conditions may lead to a rotation in asset classes, suggesting that the undervalued stocks could start to gain traction [16]. - The potential for a bullish market or style rotation is emphasized, indicating that these stocks could experience a rebound in value [16].

Group 1 - The core point of the article highlights significant sell orders in the closing auction for multiple heavyweight stocks, with Zijin Mining's sell order amount exceeding 4 billion yuan [1] - Other companies such as China Ping An, Jiangxi Copper, China Duty Free Group, Shandong Gold, Wanhua Chemical, and Kweichow Moutai also had sell orders exceeding 400 million yuan [1] - Previously, on January 14, 2026, several stocks including China Merchants Bank, Zijin Mining, and Yangtze Power had sell orders exceeding 1 billion yuan [1]

Investment Rating - The report maintains a "Buy" rating for the public utility sector, indicating an expected investment return exceeding 15% over the next 6-12 months [5]. Core Insights - The public utility sector saw a 2.27% increase this week, ranking 15th among 31 sectors, while the Shanghai Composite Index rose by 0.84% [21]. - The total electricity market transaction volume for 2025 reached 66,394 billion kilowatt-hours, a year-on-year increase of 7.4%, accounting for 64.0% of total social electricity consumption [2][15]. - The peak electricity load in the country surpassed 1.4 billion kilowatts for the first time in winter, reaching 1.417 billion kilowatts due to a cold wave [2][15]. - The report highlights significant profit growth for companies like Qianyuan Power, which expects a net profit of 567-633 million yuan, a year-on-year increase of 160%-190% [10]. Summary by Sections Market Overview - The public utility sector's performance this week included a 2.71% increase in thermal power, a 7.21% increase in photovoltaic power, and a 4.56% increase in energy comprehensive services [21]. - Domestic and imported coal prices have decreased, with domestic coal prices dropping to below 700 yuan per ton [2][12]. Key Events - The report notes that the annual long-term contract bidding results are being disclosed, with expectations of reasonable outcomes due to the decline in coal prices [3]. - The average on-grid electricity price for 2025 is projected to be around 513.29 yuan per megawatt-hour, reflecting a slight increase compared to the previous year [11]. Company Performance - Companies like Longxin Technology and Guangdong Power A are expected to see significant profit growth, while Guangdong Power A anticipates a decline in profits by 21.45%-40.12% [10][11]. - The report suggests focusing on national thermal power operators such as Huaneng International and Guodian Power, which are expected to maintain stable dividends [3].

Group 1 - The core viewpoint of the report is that by 2025, the total electricity consumption in society is expected to increase by 5.0% year-on-year, while the regulated power generation is projected to grow by 2.2% year-on-year, with a significant shift towards renewable energy sources like wind and solar contributing 90.1% of the incremental power generation [1] - The increase in electricity consumption is shifting from the secondary industry to the tertiary industry and urban-rural residents, with the contribution of the tertiary industry and urban-rural residents expected to account for 50.2% of the total increment by 2025 [1] - The report highlights that the growth in power generation is primarily driven by wind and solar energy, with their contributions to total generation increasing significantly, indicating a transition to a cleaner and low-carbon energy structure [1] Group 2 - The annual long-term electricity price agreements are nearing completion, with expectations for stable electricity prices and reduced competition, particularly in regions like North China and Northwest China [2] - Monthly electricity prices in December showed a decline in several provinces, with Jiangsu experiencing an 8-point drop year-on-year, while the overall annual price changes varied across regions [2] - The report emphasizes investment opportunities in thermal and hydropower sectors, particularly in companies like JianTou Energy and JingNeng Power, which have shown significant stock price increases [2][3] Group 3 - The acceleration of public utility development is noted, with a focus on high-dividend and market-managed companies in the thermal power sector, such as Huaneng International Power and Huadian International Power [3] - In the hydropower sector, companies like Yangtze Power and Guiguan Power are highlighted for their strong performance and asset injection potential [3] - The report also mentions opportunities in gas and nuclear power sectors, particularly with companies like Jiufeng Energy and China General Nuclear Power [3]

Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating a favorable investment environment for renewable energy and gas companies [2][3]. Core Insights - The report highlights a slight increase in overall power generation in 2025, primarily driven by wind and solar energy contributions, while traditional coal power generation shows a decline [8][9]. - The extreme cold weather in the U.S. has led to a significant spike in natural gas prices due to increased demand and supply constraints [18][22]. - The report suggests various investment opportunities across different segments of the energy sector, including coal power, hydropower, nuclear power, renewable energy, and gas companies [18][43]. Summary by Sections 1. Power Generation - In December 2025, total power generation was 858.6 billion kWh, a year-on-year increase of 0.1%. Coal power generation decreased by 3.2%, while renewable sources like wind and solar saw significant growth [10][11]. - For the entire year of 2025, total power generation reached 9715.9 billion kWh, up 2.2% from the previous year, with coal power down by 1.0% and solar power up by 24.4% [15][19]. 2. Natural Gas - As of January 23, 2026, the Henry Hub spot price surged to $30.72/mmBtu, reflecting a week-on-week increase of 903.53%. European gas prices also rose significantly due to low inventory levels and increased demand [20][28]. - The report notes that the extreme cold weather has tightened supply and demand dynamics, leading to higher global gas prices, particularly in Europe and Northeast Asia [22][37]. 3. Investment Recommendations - For coal power, companies like Guodian Power and Inner Mongolia Huadian are recommended due to their integrated coal and power operations [18]. - Hydropower companies such as Yangtze Power and State Power Investment Corporation are favored due to favorable conditions for energy storage and reduced capital expenditures [19]. - Nuclear power companies like China National Nuclear Power and China General Nuclear Power are highlighted for their stable cost structures and growth potential [18]. - Renewable energy operators such as Xinte Energy and Longyuan Power are recommended as new market rules enhance the stability of returns [18]. - Gas companies like Kunlun Energy and New Hope Liuhe are suggested for their potential recovery in profitability due to cost reductions and improved pricing mechanisms [43].

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The transition towards cleaner electricity generation is accelerating, highlighting the value of sector dividends [1] - The overall electricity consumption in 2025 is projected to grow by 5.0%, with significant contributions from the tertiary sector and urban-rural residents [3][15] - The generation capacity is shifting towards wind and solar, with these sources contributing 90.1% of the total generation increase in 2025 [3][15] - The annual long-term electricity prices are stabilizing, with expectations for improved pricing dynamics in 2026 [3][15] - Investment opportunities are emerging in thermal and hydropower sectors, emphasizing the defensive attributes of the sector [3][15] Summary by Sections Electricity Consumption - In 2025, total electricity consumption is expected to reach 10.37 trillion kWh, reflecting a year-on-year increase of 5.0% [15] - The contribution from the tertiary sector and urban-rural residents is projected to rise, accounting for 50.2% of the total increase in electricity consumption by 2025 [3][15] - The growth rates for different sectors in 2025 are as follows: primary industry +9.9%, secondary industry +3.7%, tertiary industry +8.2%, and urban-rural residents +6.3% [15][27] Generation Capacity - The total installed capacity of wind and solar is expected to increase by 360 GW, while the share of thermal power is projected to decrease to 40% [3][15] - In 2025, the generation increase from wind and solar is expected to dominate, with a significant contribution to the overall power generation structure [3][15] Electricity Pricing - The report indicates a downward trend in electricity prices in several provinces, with expectations for stabilization as the market matures [3][15] - The market share of electricity traded through market mechanisms is projected to reach 64.0% in 2025, with a notable increase in green electricity transactions [3][15] Investment Opportunities - The report highlights several companies with strong dividend yields and market management strategies, including Huaneng International Power and Huadian International Power [3][15] - There are also opportunities in hydropower, particularly for companies like Yangtze Power and Guigang Power, which are expected to see profit growth in the coming quarters [3][15]