长江电力连续调整，问题在哪？

Investment Rating - The investment rating for the industry is "Positive" and maintained [11] Core Viewpoints - The recent adjustment in the stock price of Changjiang Electric is attributed to short-term capital behavior rather than fundamental factors, with a significant weekly decline of 2.82%, marking the largest drop since 2025 [2][8] - The company's performance remains robust, with a projected revenue of 85.882 billion yuan for 2025, reflecting a year-on-year growth of 1.65%, and a net profit of 34.167 billion yuan, up 5.14% [8][64] - The current dividend yield is at a historical high compared to the ten-year government bond yield, suggesting a strong dividend value and investment opportunity [9][19] Summary by Sections Company Performance - Changjiang Electric's total power generation from its six hydropower stations is expected to reach approximately 307.194 billion kWh in 2025, a year-on-year increase of 3.82%, with a notable 19.93% growth in the fourth quarter [8] - The company has a high dividend payout commitment of at least 70% for the period from 2026 to 2030, reinforcing its stable dividend yield [9][19] Market Dynamics - The stock has experienced significant capital outflows, with a net outflow of 949 million yuan this week, the highest since March 2025, influenced by market sentiment and bond market pressures [8] - The company is expected to play a stabilizing role in the market as a core heavyweight stock during periods of rising risk appetite [2][8] Investment Recommendations - Investors are advised to focus on low-positioning opportunities following the recent adjustments, as the fundamental value of Changjiang Electric remains solid [9] - Recommendations include quality transformation thermal power operators such as Huaneng International, Datang Power, and Guodian Power, as well as hydropower companies like Changjiang Electric and Guotou Power [9]