2025.12. 31 本文字数：1446，阅读时长大约3分钟 作者 | 第一财经 安卓 2025年的最后一天，10余家深市上市公司披露了中期分红、三季度分红实施公告。第一财经根据 Wind数据统计，预计2026年初还有超18家公司分红金额合计超百亿元。 上市公司实施稳定分红，不仅能增强股东对公司的认同，还能提升公司在市场中的认可度。近期，证 监会发布《上市公司监督管理条例（公开征求意见稿）》，对上市公司现金分红作出明确要求，支持 上市公司制定合理稳定的分红政策。 从全年的数据来看，年内，深市上市公司累计发放现金股利5475.59亿元。"十四五"期间实施分红 总额超2万亿元，上市公司"愿分红、常分红"的生态逐步形成。 近年来，越来越多的上市公司加入了中期分红大军。年内深市已有533家公司实施中期分红1329.28 亿元，同比增加25.98%。近六成中期分红的深市公司股利支付率超20%，其中105家公司股利支付 率超50%。 上市公司实施中期分红，可以让投资者更早分享企业成长红利。新"国九条"明确强化上市公司现金 分红监管，加大对分红优质公司的激励力度。证监会发布《上市公司监管指引第3号——上市公司现 金分红》 ...

Group 1 - Over 18 companies are expected to distribute dividends exceeding 100 billion yuan at the beginning of 2026 [1] - In 2025, listed companies in the Shenzhen market distributed a total of 5,475.59 billion yuan in cash dividends, with a total dividend amount exceeding 20 trillion yuan during the "14th Five-Year Plan" period [1] - 533 companies in the Shenzhen market implemented interim dividends totaling 1,329.28 billion yuan in 2025, a year-on-year increase of 25.98% [1] Group 2 - The new "National Nine Articles" strengthens the regulation of cash dividends for listed companies and increases incentives for companies with quality dividends [2] - In 2025, 166 companies in the Shenzhen market had a dividend yield exceeding 1%, with 108 companies exceeding 1.34%, attracting more medium- and long-term investments [2] - Main board companies in the Shenzhen market accounted for 74.90% of the total cash dividends, distributing 4,101.07 billion yuan, while the growth rate of dividends in the ChiNext board was 8.41% [2] Group 3 - In the consumer sector, Wuliangye distributed 100.07 billion yuan in dividends, while Gree Electric distributed 55.85 billion yuan [3] - In the financial sector, GF Securities distributed 7.61 billion yuan, and Ningbo Bank distributed 19.81 billion yuan in dividends [3] - In advanced manufacturing, CITIC Special Steel distributed 10.09 billion yuan, and Weichai Power distributed 31.01 billion yuan [3] Group 4 - In the digital economy sector, Yilian Network distributed 6.33 billion yuan, and GoerTek distributed 5.21 billion yuan in dividends [4] - In the green low-carbon sector, CATL distributed 45.68 billion yuan, and Longyuan Power distributed 8.36 billion yuan in dividends [4] - In the first three quarters of 2025, Shenzhen companies achieved a total operating income of 15.72 trillion yuan, a year-on-year increase of 4.31%, and a net profit of 9,030.18 billion yuan, a year-on-year increase of 9.69% [4]

数据来源：国家统计局，智研咨询整理 上市企业：金房能源（001210）、龙源电力（001289）、北京科锐（002350）、京能热力（002893）、 万邦达（300055）、潜能恒信（300191）、天壕能源（300332）、双杰电气（300444）、新雷能 （300593）、新特电气（301120） 相关报告：智研咨询发布的《2026-2032年中国能源行业市场研究分析及投资前景评估报告》 2025年11月，北京市发电40.9亿千瓦时，同比增长2.2%。2025年1-11月，北京市发电382.5亿千瓦时，同 比增长0.1%。分品种看，2025年1-11月，北京市火力发电量367.2亿千瓦时，占总发电量的96%，同比下 滑1.1%；北京市水力发电量11.8亿千瓦时，占总发电量的3.1%，同比增长52.5%；北京市风力发电量1.3 亿千瓦时，占总发电量的0.3%，同比增长7.6%；北京市太阳能发电量2.19亿千瓦时占总发电量的0.6%， 同比增长24.9%。 2018-2025年1-11月北京市各品种发电量累计产量统计图 由于规模以上工业企业范围每年发生变化，为保证本年数据与上年可比，计算产品产量等各项指标同 ...

Group 1 - The chairman of Guodian Power, Tang Jian, has resigned due to work relocation, and the board has appointed General Manager Zhao Shibin to act as chairman and legal representative until a new chairman is elected [2][3] - Tang Jian's resignation will not affect the normal operations of the company, and he holds no shares in the company [3] - The board approved two significant investment and equity adjustment proposals, including the Dadu River Danba Hydropower Station project and the integration of renewable energy assets in Jiangsu [2][5] Group 2 - The Dadu River Danba Hydropower Station project, located in Sichuan Province, has a total installed capacity of 1.15 million kilowatts and involves an investment of approximately 15.273 billion yuan, with a capital ratio of 30% [6] - The project is a joint investment by Guodian Power, Sichuan Tieneng Power Development Co., and CATL, with respective shareholdings of 56.11%, 33.89%, and 10% [6] - The estimated annual power generation for the Danba Hydropower Station is about 4.718 billion kilowatt-hours, with an internal rate of return on capital of approximately 5.95% [6] Group 3 - Guodian Power's subsidiary, Beijing Guodian Power Co., plans to acquire a 35% stake in Jiangsu Renewable Energy from the State Energy Group, making Jiangsu Renewable Energy a wholly-owned subsidiary [7] - The assessed value of the 35% stake is approximately 282 million yuan, with a valuation increase rate of 32.17% [7] - This acquisition is expected to streamline the operational management of Jiangsu Renewable Energy and optimize the investment structure, aligning with the company's overall development strategy [7]

Investment Rating - The report provides a positive investment outlook for various sectors within the energy industry, particularly recommending companies involved in coal power, hydropower, nuclear power, green energy, and gas [1]. Core Insights - The report highlights that in November 2025, the total electricity consumption reached 835.6 billion kWh, marking a year-on-year increase of 6.2%. The growth contributions from the primary, secondary, and tertiary industries, as well as residential consumption, were 2%, 49%, 29%, and 19% respectively [4][6]. - The secondary industry remains the largest contributor to electricity consumption, accounting for over 60% of the total, with significant growth in high-tech and equipment manufacturing sectors [5][6]. - Natural gas prices have shown fluctuations, with the U.S. Henry Hub spot price at $3.31/mmBtu, reflecting a weekly decline of 7.30%. The report notes that the domestic LNG ex-factory price is 3915 yuan/ton, down 2.85% week-on-week [1][16]. Summary by Sections Electricity Sector - In November 2025, the electricity consumption by the first, second, and third industries grew by 7.9%, 4.4%, and 10.3% respectively, while residential consumption increased by 9.8% [4][6]. - The high-tech and equipment manufacturing sectors saw a 6.7% increase in electricity consumption, with automotive manufacturing leading at a 10% growth rate [5][6]. Natural Gas Sector - The report indicates that global gas prices are experiencing slight fluctuations, with the U.S. market showing a significant drop in spot prices. The report anticipates that the demand for natural gas will increase as winter approaches, potentially stabilizing prices [1][16]. - Recommendations include focusing on integrated gas companies and those benefiting from cost reductions and improved profitability due to lower oil prices [39][40]. Investment Recommendations - For coal power, companies like Guodian Power and Inner Mongolia Huadian are recommended due to their diversified revenue sources [1]. - Hydropower companies such as Yangtze Power and State Power Investment Corporation are favored due to expected improvements in profit margins from reduced capital expenditures [1]. - Nuclear power firms like China National Nuclear Power and China General Nuclear Power are highlighted for their stable cost structures and growth potential [1]. - In the green energy sector, companies like Xintian Green Energy and Longyuan Power are recommended for their stable returns and increasing operational value [1]. - The report also suggests investment in gas companies like Shenzhen Energy and Kunlun Energy, which are expected to benefit from cost reductions and improved market conditions [1][39].

证券研究报告·行业跟踪周报·公用事业 公用事业行业跟踪周报 25M11 全社会用电同比+6.2%，促进光热发 电规模化发展 增持（维持） [Table_Tag] [投资要点 Table_Summary] ◼ 风险提示：需求不及预期、电价煤价波动风险、流域来水不及预期等 2025 年 12 月 29 日 证券分析师 袁理 执业证书：S0600522030002 renyx@dwzq.com.cn 行业走势 -10% -7% -4% -1% 2% 5% 8% 11% 14% 17% 2024/12/30 2025/4/29 2025/8/27 2025/12/25 公用事业 沪深300 相关研究 《2026 年全国能源工作会议召开，做 好 2026 年电力中长期合同签约履约》 2025-12-22 《气温偏高美国气价继续回落，库存 提取欧洲气价微增，25M11 国内用气 需求边际改善》 2025-12-22 东吴证券研究所 1 / 19 执业证书：S0600511080001 021-60199782 yuanl@dwzq.com.cn 证券分析师 任逸轩 请务必阅读正文之后的免责声明部分 ◼ 本周核心观点：1） ...

Core Viewpoint - The report highlights the premium rates of AH shares, with Northeast Electric, Zhejiang Shibao, and Hongye Futures leading in premium rates, while CATL, China Merchants Bank, and Heng Rui Medicine are at the bottom of the list [1][2]. Premium Rate Summary - Northeast Electric (00042) has a premium rate of 847.37%, followed by Zhejiang Shibao (01057) at 428.73% and Hongye Futures (03678) at 283.73% [1]. - The lowest premium rates are observed in CATL (03750) at -11.13%, China Merchants Bank (03968) at -3.84%, and Heng Rui Medicine (01276) at 3.17% [1]. Deviation Value Summary - The highest deviation values are recorded for Zhejiang Shibao (01057) at 136.00%, Junda Co. (02865) at 40.42%, and Nanjing Panda Electronics (00553) at 24.71% [1][2]. - The lowest deviation values are seen in Northeast Electric (00042) at -35.46%, GAC Group (02238) at -26.23%, and Nanhua Futures (02691) at -17.44% [1][3]. Top and Bottom AH Shares - The top ten AH shares by premium rate include companies like Sinopec Oilfield Service (01033) with a premium rate of 271.43% and Fudan Zhangjiang (01349) at 250.53% [1]. - The bottom ten AH shares by premium rate include Weichai Power (02338) at 9.88% and WuXi AppTec (02359) at 10.47% [1].

Investment Rating - The report maintains a "Positive" outlook on the utility and environmental sectors, indicating potential investment opportunities in these areas [2]. Core Insights - The report highlights that in November, the total electricity consumption in China reached 835.6 billion kWh, representing a year-on-year growth of 6.2%. The contributions from various sectors were: primary industry (7.9%), secondary industry (4.4%), tertiary industry (10.3%), and urban and rural residents (9.8%) [3][8]. - The growth in electricity consumption is primarily driven by the tertiary industry, particularly in sectors related to big data analysis and artificial intelligence services, which saw significant increases in electricity usage [9]. - The report notes that the natural gas market is experiencing slight fluctuations, with LNG prices continuing to decline. As of December 26, the national LNG ex-factory price was 3915 RMB/ton, down 2.85% week-on-week [3][40]. Summary by Sections Electricity Sector - In November, the total electricity consumption was 8356 billion kWh, with a year-on-year increase of 6.2%. The secondary industry contributed 49% to the growth, while the tertiary industry followed with a 29% contribution [10][11]. - The high-tech and equipment manufacturing sectors showed a notable increase in electricity consumption, with a year-on-year growth of 6.7%, surpassing the average growth rate of the manufacturing sector by 2.5 percentage points [9][10]. Natural Gas Sector - The report indicates that global gas prices are experiencing minor fluctuations, with the Henry Hub spot price at $3.31/mmBtu, reflecting a weekly decrease of 7.30%. The TTF spot price in the Netherlands was €27.70/MWh, down 1.42% week-on-week [3][19]. - The report suggests that the LNG ex-factory price in China is under pressure due to high inventory levels and low-cost sea gas resources, leading to a continued downward trend [40][41]. Investment Recommendations - The report recommends several companies based on their performance and market positioning: - For thermal power, companies like Guodian Power, Inner Mongolia Huadian, and Datang Power are highlighted for their integrated coal and power operations [3][17]. - In the hydropower sector, companies such as Yangtze Power and Guotou Power are recommended due to their stable financial performance and reduced capital expenditures [3][17]. - For nuclear power, China National Nuclear Power and China General Nuclear Power are suggested due to their stable cost structures and growth potential [3][17]. - In the green energy sector, companies like Xintian Green Energy and Longyuan Power are noted for their improved returns from stable project yields [3][17].

Group 1 - The core viewpoint of the news is that Longyuan Power's stock performance and financing activities indicate a mixed outlook, with a notable decrease in revenue and profit year-on-year [1][2][3] Group 2 - On December 26, Longyuan Power's stock fell by 0.13%, with a trading volume of 55.31 million yuan. The financing buy-in amount was 6.86 million yuan, while the financing repayment was 4.82 million yuan, resulting in a net financing buy of 2.05 million yuan [1] - As of December 26, the total balance of margin trading for Longyuan Power was 103 million yuan, which accounts for 0.13% of its market capitalization, indicating a high level compared to the past year [1] - In terms of short selling, there were no shares repaid or sold on December 26, with a short selling balance of 12,230 yuan, which is below the 10th percentile level over the past year [1] Group 3 - Longyuan Power Group Co., Ltd. was established on January 27, 1993, and listed on January 24, 2022. Its main business includes technical transformation, services, and production maintenance related to power systems and electrical equipment [2] - As of September 30, Longyuan Power reported a revenue of 22.22 billion yuan for the first nine months of 2025, a year-on-year decrease of 15.67%, and a net profit attributable to shareholders of 4.39 billion yuan, down 19.76% year-on-year [2] Group 4 - Longyuan Power has distributed a total of 6.81 billion yuan in dividends since its A-share listing, with 5.58 billion yuan distributed in the last three years [3] - As of September 30, 2025, the number of shareholders for Longyuan Power was 34,200, a decrease of 16.42% from the previous period [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited held 3.05 million shares, a decrease of 819,900 shares from the previous period [3]

Core Viewpoint - The article reports on the dividend distribution announcements from several A-share listed companies, detailing the amounts and types of dividends being issued to shareholders [1] Dividend Distribution - China International Capital Corporation (中金公司) announced a dividend of 0.90 yuan per 10 shares (after tax: 0.81 yuan) [1] - CITIC Publishing (中信出版) declared a dividend of 1.60 yuan per 10 shares (after tax: 1.44 yuan) [1] - Biyin Lefen (比音勒芬) issued a dividend of 0.20 yuan per 10 shares (after tax: 0.18 yuan) [1] - Longyuan Power (龙源电力) announced a dividend of 1.00 yuan per 10 shares (after tax: 0.90 yuan) [1] - Yanjing Beer (燕京啤酒) declared a dividend of 1.00 yuan per 10 shares (after tax: 0.90 yuan) [1] Equity Registration for Dividend Distribution - Heshun Petroleum (和顺石油) set a registration date for a dividend of 1.00 yuan per 10 shares (after tax: 0.90 yuan) [1] - Southwest Securities (西南证券) announced a registration date for a dividend of 0.10 yuan per 10 shares (after tax: 0.09 yuan) [1] - Sanyuan Biological (三元生物) set a registration date for a dividend of 5.00 yuan per 10 shares (after tax: 4.50 yuan) [1] - *ST Zhongzhuang (ST中装) announced a stock conversion of 10 shares to 10.31 shares [1] - *ST Dongyi (ST东易) set a stock conversion of 10 shares to 12.67 shares [1]