股票代码：600900 股票简称：长江电力 公告编号：2026-007 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）于 2022 年 6 月 6 日在上海证券交易所网站发布了《关于公司控股股东完成可 交换公司债券发行的公告》（公告编号 2022-034）：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）以其持有的公 司部分 A 股股票为标的，成功发行中国长江三峡集团有限公司 2022 年面向专业投资者公开发行绿色科技创新可交换公司债券 1 2025 年中期利润分配具体方案的议案》，股东会授权董事会在满 足中期利润分配前提条件和金额上限的范围内，制定并实施公司 2025 年中期利润具体分配方案。授权有效期自 2024 年年度股东 会审议通过之日起至 2026 年 3 月 31 日止。 公司于 2025 年 12 月 30 日召开第六届董事会第五十次会议， 审议通过《公司 2025 年中期利润分配方案》，并于 2026 年 2 月 5 日发布《公司 2025 年中期权益分派实施 ...

Group 1 - The core viewpoint of the article highlights the performance of the 180 Governance ETF (510010), which saw a slight increase of 0.27% to 1.845 yuan as of midday closing on February 12 [1] - The ETF's major holdings include Guizhou Moutai, which fell by 1.42%, China Ping An down by 1.04%, and China Merchants Bank down by 1.60%, while Zijin Mining rose by 1.70% [1] - The ETF is managed by China International Fund Management Co., with a performance benchmark of the Shanghai Stock Exchange 180 Corporate Governance Index, achieving a return of 105.50% since its inception on September 25, 2009, and a return of 0.54% over the past month [1]

Group 1 - The core viewpoint of the article highlights the increasing trend of pre-Spring Festival dividends among listed companies, with a total amount of 348.8 billion yuan, surpassing the previous year's total of 344.6 billion yuan, setting a new record [1] - The financial and consumer sectors continue to dominate dividend distributions, with the banking sector contributing 243.4 billion yuan, accounting for nearly 70% of the total, and major companies like China Merchants Bank and Industrial Bank joining the trend [1] - The willingness of private enterprises to distribute dividends has significantly increased, with a total of 61.6 billion yuan, a year-on-year growth of 130%, indicating a broader reach to investors [3] Group 2 - Major companies such as Yangtze Power and Luxshare Precision are showing strong dividend intentions, with Yangtze Power planning to distribute over 5.1 billion yuan, maintaining a high dividend rate due to its stable power generation capabilities [2] - The overall timing of dividend distributions has advanced, with a significant increase in the amount distributed in December 2025, which is 3.7 times that of December 2024, benefiting investors by allowing them to enjoy the time value of money [3] - Regulatory bodies have been promoting improvements in the dividend system, transitioning from "soft constraints" to "hard requirements," which has encouraged companies to prioritize shareholder returns [3][4]

Group 1 - The total amount of dividends distributed by 235 listed companies before the Spring Festival reached 348.8 billion yuan, surpassing the previous year's total of 344.6 billion yuan, marking a new high [1] - The increase in dividend distribution is attributed to stable corporate profits and a strengthened awareness of shareholder returns, reflecting improved corporate governance [1] - The financial and consumer sectors remain the primary contributors to dividends, with the banking sector distributing 243.4 billion yuan, accounting for nearly 70% of the total [1] Group 2 - Major companies such as Yangtze Power and Luxshare Precision are actively participating in dividend distribution, with Yangtze Power proposing over 5.1 billion yuan in dividends, leading the distribution [2] - Small and medium-sized enterprises are also engaging in dividend distribution, focusing on specialized fields and benefiting investors, with three companies from the Beijing Stock Exchange distributing a total of 4.45 million yuan [2] - The overall timing of dividend distributions has advanced, with 264.7 billion yuan distributed in December 2025, 3.7 times that of December 2024, enhancing investor cash flow planning [2] Group 3 - The willingness of private enterprises to distribute dividends has significantly increased, with a total of 61.6 billion yuan distributed, a year-on-year growth of 130%, now accounting for 18% of the total [3] - Regulatory efforts have been made to improve the dividend system, transitioning from "soft constraints" to "hard requirements," which has pressured companies to prioritize shareholder returns [3] - The evolving dividend ecosystem in the stock market is fostering a culture of value investment, with predictable returns enhancing investor confidence and attracting long-term capital [3]

Core Viewpoint - A batch of A-share companies is distributing dividends before the Spring Festival, with a total payout exceeding 19 billion yuan, indicating a shift from financing to shareholder returns in response to new policies [2][9]. Group 1: Dividend Distribution - On February 10, eight A-share companies, including Gujing Gongjiu and Ruixinwei, announced dividend distributions, with Gujing Gongjiu's payout exceeding 500 million yuan [2][4]. - From February 9 to 13, a total of 35 companies are set to distribute dividends, with a total cash payout of over 19 billion yuan [5][9]. - Six companies are distributing over 1 billion yuan, including Changjiang Electric Power and CITIC Securities, with the highest payout being 5.138 billion yuan from Changjiang Electric Power [5][9]. Group 2: Industry and Company Performance - The main industries involved in this dividend distribution are electric power, food and beverage, and non-bank financial sectors [2][6]. - Companies like CITIC Securities and Changjiang Electric Power reported significant revenue and profit growth, with CITIC Securities achieving a revenue of 74.83 billion yuan and a net profit of 30.05 billion yuan, both up over 20% year-on-year [9][10]. - Lixun Precision is expected to report a net profit of 16.52 billion to 17.19 billion yuan, reflecting a year-on-year growth of 23.59% to 28.59% [9][10]. Group 3: Changes in Dividend Culture - The recent trend of dividend distribution reflects a shift in A-share companies towards a more consistent and sustainable dividend culture, influenced by the new "National Nine Articles" policy [11][12]. - The frequency of dividend distributions has increased, with many companies now offering interim and quarterly dividends in addition to annual payouts [11][12]. - The regulatory environment has improved transparency and stability in dividend practices, encouraging companies to adopt a more rational approach to dividend distribution [11][12].

Core Viewpoint - The trend of pre-Spring Festival dividends among listed companies is on the rise, with a total amount of 348.8 billion yuan, surpassing the previous year's total of 344.6 billion yuan, indicating improved profitability and a stronger shareholder return awareness among companies [1] Group 1: Dividend Trends - A total of 235 listed companies are expected to distribute dividends before the Spring Festival, with the financial and consumer sectors being the main contributors [1] - The banking sector alone accounted for 243.4 billion yuan in dividends, representing nearly 70% of the total, with notable contributions from China Merchants Bank and Industrial Bank [1] - The overall dividend payout timing has advanced, with 2025 December dividends reaching 264.7 billion yuan, 3.7 times that of December 2024, enhancing investor returns [3] Group 2: Corporate Participation - Major companies like Yangtze Power and Luxshare Precision are leading with dividend amounts exceeding 1 billion yuan, with Yangtze Power's payout exceeding 5.1 billion yuan [2] - Small and medium-sized enterprises are also participating actively, focusing on specialized fields, with three companies from the Beijing Stock Exchange distributing a total of 4.45 million yuan [2] Group 3: Policy Influence - The willingness of private enterprises to distribute dividends has doubled, with a total of 61.6 billion yuan, increasing their share from 8% to 18% of the total pre-Spring Festival dividends [3] - Regulatory bodies have been promoting improvements in the dividend system, transitioning from soft constraints to hard requirements, which has encouraged companies to prioritize shareholder returns [3][4]

证券日报网讯 2月11日，长江电力在互动平台回答投资者提问时表示，二级市场股价波动受多种因素影 响。目前，公司生产经营活动一切正常，基本面稳健。公司始终专注于提升公司核心竞争力和内在价 值，并通过稳健的经营策略和持续的技术创新为股东创造长期回报。 （文章来源：证券日报） ...

Core Viewpoint - The article highlights the increasing trend of pre-Spring Festival dividends among listed companies, indicating improved profitability and a stronger shareholder return awareness, which is encouraged by regulatory bodies [2][4]. Group 1: Dividend Trends - In the two months leading up to the Spring Festival, 235 listed companies on the Shanghai and Shenzhen stock exchanges are expected to distribute a total of 348.8 billion yuan in dividends, surpassing the previous year's total of 344.6 billion yuan [2]. - The financial and consumer sectors remain the primary contributors to dividends, with the banking sector distributing 243.4 billion yuan, accounting for nearly 70% of the total [2]. Group 2: Major Contributors - Leading companies such as Yangtze Power, Luxshare Precision, and CITIC Securities are planning to distribute over 10 billion yuan each, with Yangtze Power leading at over 5.1 billion yuan [3]. - Smaller companies are also participating actively, particularly those in specialized fields, with three companies from the Beijing Stock Exchange distributing a total of 4.45 million yuan [3]. Group 3: Timing and Growth - The timing of dividend distributions has advanced, with a total of 264.7 billion yuan distributed in December 2025, which is 3.7 times the amount from December 2024 [4]. - Private enterprises have shown a significant increase in dividend distribution, with amounts doubling to 61.6 billion yuan, now representing 18% of the total pre-Spring Festival dividends [4]. Group 4: Regulatory Influence - Regulatory bodies have been pushing for improvements in the dividend system, transitioning from "soft constraints" to "hard requirements," which has led to increased focus on shareholder returns [4]. - Measures such as halving dividend distribution fees have been implemented to lower costs and encourage companies to distribute dividends [4]. Group 5: Market Impact - The evolving dividend ecosystem is fostering a culture of value investment, enhancing investor confidence and attracting long-term capital into the market [5][6].

Core Viewpoint - The current stock price fluctuations of Changjiang Electric Power are influenced by multiple factors, including macroeconomic environment, market sentiment, industry cyclical changes, and dynamic adjustments in investor policy expectations [2] Group 1: Factors Influencing Stock Price - The stock price is affected by the macroeconomic environment [2] - Market sentiment plays a significant role in stock price volatility [2] - Industry cyclical changes contribute to the fluctuations in stock price [2] - Investor expectations regarding policy adjustments are dynamically changing [2] Group 2: Impact of Policy Adjustments - The impact of power industry policy adjustments on grid-connected electricity prices and company performance requires a comprehensive assessment of specific policy content, implementation details, and the company's actual operational situation [2]

（编辑 楚丽君） 证券日报网讯 2月11日，长江电力在互动平台回答投资者提问时表示，公司已关注到国家发改委近期出 台的《关于完善发电侧容量电价机制的通知》。公司理解，该政策旨在推动行业健康可持续发展。公司 将积极应对并把握政策带来的发展机遇，继续发挥专业优势，加强投资与成本管控，并密切关注后续各 地实施细则的出台，以优化经营策略，确保业务的稳健发展并为投资者创造长期价值。 ...