研报掘金丨长江证券：维持长江电力“买入”评级，全年业绩展望依然积极

Core Viewpoint - Changjiang Power's electricity generation in Q3 2025 reached 108.47 billion kWh, a year-on-year decrease of 5.84% due to alternating water levels impacting seasonal performance [1] Group 1: Water Supply Impact - The total water supply for the Wudongde Reservoir in the first three quarters was approximately 83.49 billion cubic meters, a decrease of 6.04% compared to the same period last year [1] - The total water supply for the Three Gorges Reservoir was about 298.88 billion cubic meters, down 4.54% year-on-year [1] Group 2: Overall Performance - The total electricity generation from the company's six domestic cascade power stations in the first three quarters was approximately 235.13 billion kWh, remaining stable compared to the previous year [1] - With the onset of autumn floods and considering the current abundant water supply, the company's annual performance outlook remains positive despite a significant decline of 17.60% in Q4 of the previous year [1] Group 3: Investment Outlook - The company is viewed as a stable dividend investment, maintaining a "Buy" rating due to its long-term investment value [1]