研报掘金丨长江证券：长江电力全年业绩稳健增长，维持“买入”评级

Core Viewpoint - The report from Changjiang Securities indicates that the downstream water supply is expected to improve in the fourth quarter, leading to stable growth in Changjiang Electric's annual performance [1] Group 1: Performance Metrics - In 2025, the company achieved a power generation of 307.194 billion kilowatt-hours, representing a year-on-year increase of 3.82%, successfully meeting the initial target of 300 billion kilowatt-hours and exceeding it by 2.40% [1] - The high level of energy storage is anticipated to ensure strong performance in future electricity generation [1] Group 2: Dividend Policy - The company continues its commitment to high dividends, positioning itself as a long-term dividend model [1] Group 3: Financial Forecast - Based on the latest financial data, the company has adjusted its profit forecast while maintaining a "buy" rating [1]