证券研究报告| 行业周报 2025 年 03 月 02 日 电力 煤价加速下跌重视火电超额机会，2025 能源工作强调绿色保供 本周行情回顾：本周（2.24-2.28）上证指数报收 3320.90 点，下降 1.72%，沪深 300 指数报收 3890.05 点，下降 2.22%。中信电力及公用事业指数报收 2752.47 点，下降 1.03%，跑赢沪深 300 指数 1.19pct，位列 30 个中信一级板块涨跌幅榜 第 15 位。 本周行业观点： 投资建议：本周煤价快速下跌至 700 元/吨附近，重视火电超额机会。市场对于 电价预期已经相对充分，区域电价风险基本出清、煤价下跌或超预期，建议关注 重点火电标的：皖能电力、申能股份、华电国际、浙能电力。推荐布局低估绿电板 块，推荐优先关注低估港股绿电以及风电运营商，建议关注新天绿色能源（H）、 龙源电力（H）、中闽能源、福能股份。把握水核防御，水电板块，建议关注长江 电力、国投电力、川投能源、华能水电；核电板块，建议关注中国核电和中国广核。 风险提示：原料价格超预期上涨；项目建设进度不及预期；电力辅助服务市场、绿 证交易等政策不及预期。 增持（维持） 行业走势 ...

股票代码：600900 股票简称：长江电力 公告编号：2025-010 中国长江电力股份有限公司 关于 2024 年度利润分配预案相关事项 征求投资者意见的公告 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。 根据国务院《关于加强监管防范风险推动资本市场高质量发展的 若干意见》《关于进一步加强资本市场中小投资者合法权益保护工作 的意见》、中国证监会《上市公司监管指引第 3 号——上市公司现金 分红（2023 年修订）》、上海证券交易所《上市公司自律监管指引 第 1 号——规范运作（2023 年修订）》以及《公司章程》的相关规 定和要求，为进一步增强利润分配透明度，切实维护投资者合法权益， 现就公司 2024 年度利润分配预案事项向广大投资者征求意见。 《公司章程》第二百三十一条规定：公司每年现金分红原则上不 低于母公司当年实现可供股东分配利润的百分之五十。对 2016 年至 2020 年每年度的利润分配按每股不低于 0.65 元进行现金分红；对 2021 年至 2025 年每年度的利润分配按不低于当年实现净利润的 70% 进 ...

Summary of Changjiang Electric Power Conference Call Company Overview - Changjiang Electric Power reported significant operational updates for 2024, including announcements on annual power generation and financial performance [3][4]. Key Financial Performance - In 2023, the total power generation reached 295.9 billion kWh, a year-on-year increase of approximately 5.7% despite drought conditions affecting water storage [4][3]. - The company reported annual revenue of 84.1 billion yuan, an increase of nearly 8%, and profit of 38.8 billion yuan, up about 20% [4][3]. - Earnings per share (EPS) rose from 1.11 yuan to 1.32 yuan, reflecting a growth of 20% [4][3]. - Return on equity (ROE) improved from 13.5% to 15.7%, an increase of over 2 percentage points [4][3]. Dividend Policy - Changjiang Electric Power completed a mid-term dividend of 5.1 billion yuan on January 24, 2024, with a per-share dividend of 0.21 yuan, committing to an annual dividend of no less than 70% [4][3][5]. Market Dynamics - The market-oriented power generation ratio approached 40% in 2023, with significant contributions from the Wudongde and Baihetan power stations [5][4]. - In 2024, electricity prices in Guangdong decreased by approximately 0.07 yuan, while Jiangsu and Zhejiang saw reductions of 0.04 to 0.05 yuan [6][4]. - The company aims to minimize the impact of price reductions and maintain stable pricing strategies for 2025 [6][4]. Competitive Positioning - Hydropower pricing remains competitive compared to other energy sources, with plans to explore auxiliary service markets and green certificate trading to enhance revenue [4][7]. - The company is actively involved in the construction of pumped storage power stations, holding major stakes in projects across Gansu, Chongqing, and Hunan, totaling 4.4 million kW [4][13]. Future Outlook - The company anticipates continued growth in electricity demand, projecting a 6.8% increase in demand in 2024 despite broader economic challenges [7][4]. - Changjiang Electric Power is committed to maintaining high cash dividend ratios, with a promise of at least 70% from 2016 to 2025, and plans to sustain this trend beyond 2025 [15][4]. International Expansion - The company has seen rapid growth in international operations, completing its first solar power station acquisition in October 2023 and its first wind power acquisition in April 2024 [16][4]. - Overseas revenue exceeded 8 billion yuan, with profits surpassing 2 billion yuan, and plans to further develop wind and solar projects while integrating Chinese industrial chains [16][4]. Additional Insights - The company is focused on enhancing its position in the auxiliary services market, including peak regulation and frequency modulation, with expectations of supportive policies from the National Development and Reform Commission [14][4]. - The competitive advantage of hydropower remains strong, particularly in the context of large-scale hydropower projects in the Yangtze River basin [8][4]. This summary encapsulates the key points from the conference call, highlighting the financial performance, market dynamics, competitive positioning, and future outlook of Changjiang Electric Power.

股票代码：600900 股票简称：长江电力 公告编号：2025-009 中国长江电力股份有限公司 第六届董事会第三十九次会议决议公告 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 第三十九次会议于2025年2月18日以现场方式召开。会议应到董 事11人，实到9人，委托出席2人，其中刘伟平董事、洪猛董事委 托张星燎董事代为出席并行使表决权，符合《公司法》和《公司 章程》等有关规定。公司部分监事、高管列席了会议。会议由张 星燎董事主持，以记名表决方式审议通过《关于投资建设河南巩 义后寺河抽水蓄能电站项目的议案》。 2 同意由河南巩义抽水蓄能有限公司投资建设河南巩义后寺 河抽水蓄能电站项目，总投资不超过82.64亿元，其中资本金占 总投资的20%。 附件 本议案已经公司第六届董事会审计委员会第二十一次会议 审议通过。 河南巩义后寺河抽水蓄能电站项目简介 河南巩义后寺河抽水蓄能电站项目（以下简称本项目）位于 河南省郑州市下辖的巩义市境内，距离巩义市、郑州市主城区分 别为7千米、 ...

Investment Rating - The report maintains an "Increase" investment rating for the company, indicating an expected relative increase of 5% to 15% compared to the CSI 300 index over the next six months [30]. Core Insights - The company achieved a total operating revenue of 84.198 billion yuan in 2024, representing a year-on-year growth of 7.75%. The net profit attributable to shareholders reached 32.520 billion yuan, up 19.36% year-on-year [6]. - The company has a strong dividend policy, with a cash dividend of 0.21 yuan per share distributed in January 2025, totaling 5.138 billion yuan. The cumulative cash dividends since its listing in 2003 amount to 188 billion yuan, maintaining a payout ratio above 70% in recent years [7]. - The company’s performance in 2024 was bolstered by favorable water conditions, with total electricity generation from its six hydropower stations reaching 295.904 billion kWh, a year-on-year increase of 7.11% [8]. Summary by Sections Financial Performance - The company reported a basic earnings per share of 1.3291 yuan for 2024, reflecting a 19.36% increase year-on-year. The weighted average return on equity was 15.72%, up 2.2 percentage points from the previous year [6]. - The company’s gross profit margin stood at 61.19%, and the net asset return rate was 13.32% [2]. Investment and Growth - The company’s investment income for the first three quarters of 2024 was 4.266 billion yuan, an increase of 11.41% year-on-year. The company is focusing on equity investments in the hydropower industry and exploring new investment models [11]. - The report forecasts net profits for 2024, 2025, and 2026 to be 32.520 billion yuan, 33.463 billion yuan, and 35.187 billion yuan, respectively, with corresponding earnings per share of 1.33 yuan, 1.37 yuan, and 1.44 yuan [12]. Market Position and Industry Outlook - The hydropower industry is expected to benefit from favorable water conditions in 2024, with a national increase in hydropower generation of 10.7% year-on-year [10]. - The company is positioned as the largest hydropower listed company in the world, with a total installed capacity of 71.795 million kW, indicating strong operational stability and profitability [12].

Investment Rating - The report maintains an "Increase" investment rating for the company, indicating an expected relative increase of 5% to 15% compared to the CSI 300 index over the next six months [2][32]. Core Views - The company has achieved a new level of profitability, with total revenue for 2024 reaching 841.98 billion yuan, a year-on-year increase of 7.75%, and net profit attributable to shareholders of 325.20 billion yuan, up 19.36% [6][14]. - The company is characterized as a high-dividend asset, with a cash dividend of 0.21 yuan per share distributed in January 2025, totaling 51.38 billion yuan, and a historical cumulative cash dividend of 188 billion yuan since its listing [7][14]. - The company’s operational performance is expected to improve significantly due to the full operation of major hydropower stations, with a projected increase in net profit for 2024-2026 [14]. Summary by Sections Financial Performance - The company reported a basic earnings per share of 1.3291 yuan for 2024, reflecting a 19.36% increase year-on-year [6]. - The weighted average return on equity (ROE) for 2024 is projected at 15.72%, an increase of 2.2 percentage points from the previous year [6]. Operational Highlights - The company’s six hydropower stations generated a total of 2,959.04 billion kilowatt-hours in 2024, marking a year-on-year increase of 7.11% [8]. - The company’s investment income for the first three quarters of 2024 rose by 11.41% year-on-year, supported by strategic investments in the hydropower sector [13]. Market Position - The company is the largest listed hydropower company in the world, with a total installed capacity of 71.795 million kilowatts, and is recognized as a value blue-chip stock with strong and stable profitability [14]. - The company’s dividend yield over the past 12 months reached 3.66%, which is significantly higher than the 10-year government bond yield of 1.67% [14].

Group 1 - China Three Gorges Group plans to transfer 979 million shares of China Yangtze Power, accounting for 4% of the total share capital, to its wholly-owned subsidiary, Yangtze Environmental Protection Group, as part of a strategy to enhance ecological and environmental business support [1] - After the transfer, China Three Gorges Group's shareholding in China Yangtze Power will decrease from 46.81% to 42.81%, with the new shareholding amounting to 10,474,432,302 shares [1] - Yangtze Environmental Protection Group will become the fifth largest shareholder of China Yangtze Power following the transfer [1] Group 2 - Yangtze Environmental Protection Group was established on December 28, 2018, with a registered capital of 30 billion yuan and has over 2,000 employees and assets exceeding 90 billion yuan as of the end of 2023 [2] - The mission of Yangtze Environmental Protection Group is to participate in ecological environment protection and restoration along the Yangtze River Economic Belt, focusing on becoming a technology-driven environmental protection enterprise [3] - China Yangtze Power has committed to a dividend policy stating that the dividend payout ratio from 2021 to 2025 will not be less than 70% [3] Group 3 - In 2024, China Yangtze Power reported a net profit of 32.52 billion yuan, representing a year-on-year increase of 19.36% [3] - Yangtze Environmental Protection Group is expected to gain substantial income through share dividends from its holdings in China Yangtze Power [4]

股票代码：600900 股票简称：长江电力 公告编号：2025-008 中国长江电力股份有限公司 关于国有股份无偿划转的提示性公告 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： 本次股东权益变动系无偿划转所致，不涉及要约收购。 本次无偿划转实施后，不会导致公司控股股东及实际控制人发 生变化。 近日，中国长江电力股份有限公司（以下简称公司）接到控股股 东中国长江三峡集团有限公司（以下简称中国三峡集团）《关于划转 长江电力部分股份的通知》（三峡财函〔2024〕520 号），现将有关情 况公告如下： 一、本次无偿划转的基本情况 为贯彻落实国家共抓长江大保护发展战略，加强生态环保业务可 持续经营资金支持，促进清洁能源与生态环保业务融合发展，公司控 股股东中国三峡集团与其全资子公司长江生态环保集团有限公司（以 下简称长江环保集团）签署了《关于中国长江电力股份有限公司国有 股份无偿划转协议》（以下简称无偿划转协议），中国三峡集团拟将其 持有的公司 978,728,709 股股份（占公司总股本 4%）无偿划转至长江 环保 ...

股票代码：600900 股票简称：长江电力 公告编号：2025-007 中国长江电力股份有限公司 关于公司控股股东发行可交换公司债券对持有的部 分本公司 A 股股票办理补充担保及信托登记的公告 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。 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 （第一期）（以下简称 G 三峡 EB2），实际发行规模 100 亿元， 最终票面利率为 0.10%。 G 三峡 EB2 采用股票担保及信托形式，中国三峡集团以其 合法拥有的公司 A 股股票作为担保及信托财产并办理相关担保 及信托登记，以保障 G 三峡 EB2 持有人交换标的股票和 G 三峡 EB2 本息按照约定如期足额兑 ...

股票代码：600900 股票简称：长江电力 公告编号：2025-006 中国长江电力股份有限公司 第六届董事会第三十八次会议决议公告 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 第三十八次会议于2025年1月21日以现场方式召开。会议应到董 事11人，实到8人，委托出席3人，其中刘伟平董事委托张星燎董 事，王洪董事、洪猛董事委托黄峰董事代为出席并行使表决权， 符合《公司法》和《公司章程》等有关规定。公司部分监事、高 管列席了会议。会议由张星燎董事主持，以记名表决方式审议通 过如下议案： 一、审议通过《公司2024年度内部审计工作报告》。 本议案已经公司第六届董事会审计委员会第二十次会议审 议通过。 表决结果：同意 11 票，反对 0 票，弃权 0 票。 2 二、审议通过《公司2025年度内部审计工作计划》。 本议案已经公司第六届董事会审计委员会第二十次会议审 议通过。 表决结果：同意 11 票，反对 0 票，弃权 0 票。 1 三、审议通过《关于公司2025年度全面风 ...