Core Viewpoint - Changjiang Electric Power announced a plan to invest approximately 26.6 billion yuan in the Gezhouba shipping capacity expansion project, which has faced criticism from small and medium-sized investors, leading to a 3% drop in stock price following the announcement [1][2]. Summary by Sections Investment Decision - The board resolution for the "repairing the ship lock" project was approved with 175.20 billion shares in favor, accounting for 96.0174% of the votes, while opposing and abstaining votes were 5.72 billion shares and 1.55 billion shares, representing 3.1358% and 0.8468% respectively [1]. Shareholder Concerns - Some shareholders expressed dissatisfaction, with one investor reporting a loss of one million yuan in market value since the announcement of the project. Another long-term investor indicated that the proposal is detrimental to the interests of small shareholders [2]. Company Governance and Economic Benefits - The company’s secretary, Xue Ning, stated that as a state-owned listed company, Changjiang Electric Power is significantly influenced by national policies. The economic benefits should not be limited to the Gezhouba project alone, as potential offsets or support from national projects may arise [4]. - Xue emphasized that the company and the Three Gorges Group approached the proposal with caution, having conducted extensive internal discussions to arrive at the optimal solution. The company remains committed to high cash dividends and the interests of small shareholders [4]. Dividend Policy - Changjiang Electric Power maintains a robust financial position, with a commitment to a dividend payout ratio of no less than 70% since the 14th Five-Year Plan, distributing over 20 billion yuan in dividends annually for the past three years. The company plans to continue this policy during the 15th Five-Year Plan [4]. Leadership Participation - The absence of the chairman, Liu Weiping, from shareholder meetings was explained by Xue as due to his dual role as chairman of the Three Gorges Group, which has a broad business scope. Xue assured that shareholder opinions would be communicated to the leadership for future meetings [4].

Group 1 - The China Securities Index for public utilities (000995) increased by 0.62% as of May 9, 2025, with notable gains from companies such as Datang Power (3.44%) and Sheneng Co. (3.04%) [1] - The National Development and Reform Commission (NDRC) plans to launch high-quality projects with a total investment scale of approximately 3 trillion yuan in key sectors including transportation, energy, water conservancy, and new infrastructure [1] - Dongguan Securities highlights the importance of focusing on quality opportunities in the electricity and gas sectors, particularly in hydropower, where installed capacity is steadily increasing [1] Group 2 - The public utility ETF (560190) closely tracks the China Securities Index for public utilities and has seen a 0.82% increase, marking its fourth consecutive rise [2] - As of April 30, 2025, the top ten weighted stocks in the China Securities Index for public utilities account for 58.58% of the index, with major companies including Yangtze Power and China Nuclear Power [2]