东吴证券给予长江电力买入评级，2026~2030年最低分红比例维持70%，安全边际稳固

Group 1 - The core viewpoint of the report is that Dongwu Securities has given a "buy" rating to Changjiang Electric Power (600900.SH) based on expected performance improvements driven by stable growth in power generation and favorable market conditions [2] - The report highlights that the increase in power generation is expected to enhance the company's performance in the first half of 2025 [2] - A decline in the yield of ten-year government bonds is seen as a factor that opens up more space for Changjiang Electric Power as a dividend benchmark [2] Group 2 - The report identifies potential risks including lower than expected water inflow, fluctuations in electricity prices, policy risks, and intensified competition in the renewable energy market [2]