CYPC(SH:600900) 券商中国·2025-08-22 23:31Core Viewpoint - The announcement of a significant share buyback by China Three Gorges Corporation for China Yangtze Power Co., Ltd. indicates confidence in the company's future amidst a fluctuating market environment [1][3][4]. Group 1: Company Actions - China Three Gorges Corporation plans to increase its stake in China Yangtze Power by investing between 40 billion to 80 billion CNY over the next 12 months, utilizing its own and self-raised funds [3][4]. - The company has also announced a shareholder return plan for 2026-2030, committing to distribute no less than 70% of the annual net profit as cash dividends, continuing its previous policy [4]. Group 2: Market Context - The A-share market has seen a surge, with the electronic sector surpassing the banking sector in market capitalization, indicating a shift in investor interest [1][4]. - China Yangtze Power's stock has recently declined by nearly 10% from its peak, prompting speculation about whether the market has adjusted for dividend stocks [2][4]. Group 3: Analyst Insights - Analysts from CITIC Securities expect that improvements in water supply and reductions in depreciation and financial costs will lead to sustained growth in dividends for China Yangtze Power, projecting implied dividend yields of 3.7%, 3.9%, and 4.1% for 2025-2027 [4]. - Other securities firms, including Changjiang Securities and GF Securities, have given buy ratings for the stock, reflecting positive sentiment in the market [4]. Group 4: Broader Market Trends - The recent market rally has been concentrated in AI-related technology stocks, contrasting with the previous focus on dividend stocks, raising questions about potential shifts in market style [6][7]. - The performance of dividend indices has shown resilience, with the CSI Dividend Total Return Index demonstrating a higher annualized return and lower maximum drawdown compared to other indices, suggesting ongoing value in dividend assets [7].