每经记者|章光日 张宛 每经编辑|吴永久 7月30日晚间，长江电力发布董事会决议公告，宣布拟出资建设葛洲坝航运扩能工程（以下简称"修船闸"议案），出资金额约为266亿元（可研估算）。不过，这份决议公告让业绩稳定、分红丰 就相关议案的表决，8月15日，长江电力在武汉召开股东大会。根据长江电力2025年第二次临时股东会决议公告，"修船闸"议案审议结果为通过。其中同意票数共计175.20亿股，占比96.017 受某长江电力小股东委托，每经资本眼专栏记者现场参加了长江电力此次股东大会，接下来就以小股东的视角对股东会进行实录。 长江电力董秘薛宁回应道："董秘作为公司市值管理的责任人，对于您批评我们在市值管理方面做得不足的地方，我们虚心认领，后期的话我们会进一步加强和相关单位的沟通及学习，进一步把 关键提问5："修船闸"议案是否会影响公司未来的分红政策？ 长江电力战略相关工作人员表示，长江电力经营稳健，资金也是比较充沛的，经过深入论证，整个项目（指"修船闸"议案）不会影响公司的分红。 这位工作人员随后进行了详细说明："公司上市以来坚持高分红的政策，这个是写进《公司章程》里的。'十四五'以来，我们每年的分红比例是没有低于7 ...

7月30日晚间，长江电力发布董事会决议公告，宣布拟出资建设葛洲坝航运扩能工程（以下简称"修船闸"议 案），出资金额约为266亿元（可研估算）。不过，这份决议公告让业绩稳定、分红丰厚而口碑出众的长江电 力面临来自中小投资者的质疑。 就相关议案的表决，8月15日，长江电力在武汉召开股东大会。根据长江电力2025年第二次临时股东会决议公 告，"修船闸"议案审议结果为通过。其中同意票数共计175.20亿股，占比96.0174%；反对票数共计5.72亿股， 占比3.1358%；弃权票数1.55亿股，占比0.8468%。 受某长江电力小股东委托，每经资本眼专栏记者现场参加了长江电力此次股东大会，接下来就以小股东的视 角对股东会进行实录。 股东会安排用心 "修船闸"议案成会议焦点 先来谈谈对长江电力的整体感受，可以用两个字来描述：用心！长江电力相关工作人员早早就在三阳中心A座 的大厅门口等待股东们的到来，并帮助股东进行现场登记。会议现场每个股东席位上摆放着股东大会的相关 资料、纸笔，以及贴心的纸巾和湿纸巾。每个股东到达股东席位后，就会有相关工作人员送来倒好的茶水。 每经资本眼专栏记者到达会议现场时，来的人还不多，而长江电力 ...

中金发布研报称，8月3日晚间，中国神华管理层开展电话会交流，坦诚深入交流投资者关心几大问题， 会议重点如下：公司说明此次交易是为了履行避免同业竞争承诺的协议，并减少关联交易；公司多次强 调此次交易将努力争取增厚EPS，而不是摊薄EPS；公司多次强调神华的高回报、可持续分红政策不 变，分红承诺会超额兑现(今年年初公司公告2025-27年将底线分红从60%提升至65%)。 智通财经APP获悉，中国神华(01088)再涨超4%，高见37.24港元创历史新高，截至发稿，涨3.78%，报 36.82港元，成交额3.74亿港元。 消息面上，8月1日，中国神华报公告，收到控股股东国家能源集团的《关于筹划重大事项的通知》，初 步考虑拟由公司发行股份及支付现金购买国家能源集团持有的煤炭、坑口煤电以及煤制油煤制气煤化工 等相关资产并募集配套资金。民生证券指出，本次交易涉及重组标的13家，包含避免同业竞争协议中承 诺收购的资产（除宁夏煤业）；上述资产全部注入后，上市公司煤炭在产产能增厚74.5%、在建产能增 厚1.25倍。 ...

Group 1: Company Overview and Market Conditions - The overall business situation from April to June remained stable, with export sales affected by U.S. tariffs and order cycles, leading to a slowdown in sales but still maintaining normal levels [2] - Domestic market competition has intensified, prompting the company to adjust marketing strategies and actively promote market expansion, resulting in steady growth in shipment volume [2] Group 2: Impact of U.S. Tariffs - Export sales to the U.S. are primarily impacted by tariffs, with the highest tariff reaching 145%, causing many customers to adopt a wait-and-see approach; however, orders are gradually returning to normal after the retention of a 30% tariff [3] - Tariffs are generally borne by customers through FOB arrangements, with some costs reflected in product pricing, and the company also absorbs part of the tariff [3] - The company maintains close communication with customers to develop countermeasures and plans to participate in 29 trade shows in 2025 to explore other overseas and domestic markets [3] Group 3: Financial Performance and Future Outlook - The impact of tariffs on gross profit margins is uncertain and will be clarified in the 2025 semi-annual report; however, the expected change is not significant [3] - The company has not seen a reduction in customer reliance on its products, and the demand in the U.S. market remains relatively stable, particularly for bathroom products [3] - The company aims to maintain its advantages in plastic bathroom pumps while significantly developing stainless steel pumps, with plans to expand product categories and sales channels [4] Group 4: Dividend Policy - The company has historically maintained a high cash dividend ratio, with cumulative net profit of CNY 2.773 billion and cumulative cash dividends of CNY 2.255 billion, exceeding 80% of net profit [4] - Future dividend distributions will depend on the company's development needs and actual operating conditions, subject to approval by the board and shareholders [4]

Summary of China Ping An's Conference Call Company Overview - **Company**: China Ping An - **Industry**: Insurance and Financial Services Key Points Business Performance - In Q1 2025, the life insurance business reported an operating profit growth of approximately 5%, with expectations for steady performance throughout the year. Despite a decline in profits in 2023, the per-share dividend increased year-on-year, marking three consecutive years without a decrease in dividend amounts. Future net profit is expected to maintain steady growth, and dividends are anticipated to remain stable [2][5][12]. Management Changes - Recent adjustments in the life insurance management team include Shi Weiyu as the new General Manager and Cai Ting as Vice Chairman, overseeing agent and individual insurance channel development. The overall business will be led by Cai Ting, implementing a matrix management structure [2][7][8]. New Business Value (NBV) Growth - In Q1 2025, the NBV growth reached 35%, with the bancassurance channel experiencing rapid growth, accounting for over 30% of total sales. Individual insurance maintained positive growth, and the strategic adjustments in the bancassurance channel resulted in more than double growth. The strong trend in the bancassurance channel is expected to continue into Q2 [2][9][13]. Profitability and Investment Performance - The property and casualty insurance segment saw a decline in net profit in Q1 2025 due to bond losses from rising interest rates. However, with interest rates falling in Q2, this impact is expected to diminish, and underwriting improvements will drive profitability. Overall, the profit trend remains difficult to predict but is considered stable [2][14]. Dividend Policy - The dividend policy remains linked to operating profit performance, with no significant changes anticipated. The company is confident in maintaining stable dividend expectations, contingent on annual operating profit performance [2][5]. Asset Management and Investment Strategy - The asset management segment reported a net loss of approximately 12 billion in the previous year, with expectations for reduced losses this year. The group aims to maintain a stable performance in its asset management business, with a 5% growth achieved in Q1 2025 [3][17]. Future Outlook - The company expects net profit to maintain steady growth in the coming quarters, supported by stable asset growth contributions. The outlook for dividends remains optimistic, based on the company's solid operational logic and past performance [12][15]. Cost of New and Existing Policies - The break-even yield for new business is expected to be below 2.2% for 2024, while existing business costs are projected to be below 2.5%. This indicates a potential decrease in costs for new policies, enhancing profitability [19][21]. Investment in High Dividend Assets - The company has a significant allocation in high dividend assets, which constitutes nearly 50% of its OCI (Other Comprehensive Income). This strategy aims to enhance net asset performance despite lower short-term volatility [22][18]. Impact of Macroeconomic Environment - The performance of Ping An Bank is closely tied to the macroeconomic environment, with a slight decline in profits observed in Q1 2025. However, the overall impact on the group's net profit and dividends is considered limited, primarily affecting the life insurance segment [15][16]. Conclusion - China Ping An is positioned for steady growth in its life insurance and asset management segments, with a focus on maintaining stable dividends and profitability despite external economic pressures. The management changes and strategic adjustments in sales channels are expected to enhance operational efficiency and market performance [2][7][12].

Core Viewpoint - The dividend performance of listed companies in Sichuan has shown significant improvement, characterized by increased dividend payout ratios, stable dividend amounts, and the gradual establishment of a normalized dividend mechanism, enhancing investment value [1][2]. Group 1: Dividend Payout Ratio - The annual dividend payout ratio for Sichuan-listed companies reached 50.28%, an increase of 7.02 percentage points from the previous year. Approximately 40% of the 43 companies had a payout ratio exceeding 50%, indicating a strong commitment to shareholder returns [1]. Group 2: Stability of Dividend Amounts - Despite some companies facing performance pressures, 105 Sichuan-listed companies announced a total cash dividend of 57.766 billion yuan in 2024, maintaining the same level as the previous year, even with a decrease in profitable companies. Notably, some companies with negative net profits still distributed dividends, reflecting their focus on investor relations [1]. Group 3: Leading Role of Major Companies - In 2024, seven Sichuan-listed companies distributed dividends exceeding 1 billion yuan each, collectively contributing about 43 billion yuan, which accounts for 74% of the total dividend amount [2]. Group 4: Performance of Newly Listed Companies - Over 60% of the 20 newly listed companies in the past three years introduced cash dividend plans for 2024, with an average payout ratio exceeding 50%. Six of these companies executed multiple dividend distributions within the year [2]. Group 5: Normalized Dividend Mechanism - A total of 27 companies increased their frequency of dividend payments by 285% year-on-year, with over 12 billion yuan distributed before the Spring Festival. Additionally, 61 companies have maintained continuous dividends for five years, and 53 companies have disclosed long-term return plans or sought shareholder approval for mid-term dividend strategies [2].

Group 1 - The securities industry is entering a new development stage, with firms adjusting their strategic layouts and showing a clear investor-oriented approach during performance briefings [2][3] - Nearly 20 securities firms, including Shenwan Hongyuan, Northeast Securities, Western Securities, and Changjiang Securities, have engaged deeply with investors through various channels [1][3] Group 2 - Cash dividends have become a key focus in communications between securities firms and investors, with Shanxi Securities committing to a cash dividend policy since its listing, planning to increase the cash dividend ratio from at least 10% to at least 30% of distributable profits for 2024 to 2026 [4] - Changjiang Securities has maintained a stable dividend philosophy, having implemented cash dividends for 17 consecutive years, ranking high among listed securities firms [4] Group 3 - The ongoing merger and acquisition (M&A) trend in the securities industry is a focal point for investors, with Western Securities currently undergoing regulatory review for its acquisition of Guorong Securities [5] - Guosheng Jinkong is actively communicating with relevant departments regarding the complex absorption and merger with Guosheng Securities, while Zhejiang Securities and Guodu Securities are also progressing with their integration plans [5] - The acceleration of industry consolidation through multiple ongoing M&A cases is expected to optimize the industry structure and enhance market concentration, ultimately creating greater value for investors [5]

Core Viewpoint - The event held in Zhengzhou on May 22 aimed to enhance communication between investors and executives of listed companies in Henan, focusing on annual reports, risk management, investor protection, and sustainable development [3][4]. Group 1: Financial Performance - In 2024, Henan A-share listed companies achieved a total operating revenue of 10,559.35 billion yuan, marking a year-on-year increase of 6.01%, and this is the first time their revenue exceeded 1 trillion yuan [6]. - The net profit attributable to shareholders reached 720.80 billion yuan, reflecting a year-on-year growth of 31.91% [6]. - Among 111 listed companies, 87 reported profits, resulting in a profitability rate of 78.38% [6]. Group 2: Investor Returns - A total of 82 listed companies in Henan distributed cash dividends amounting to 41.688 billion yuan in 2024, an increase of 10.131 billion yuan or 32.10% compared to the previous year [6]. - 47 companies had a cash dividend payout ratio exceeding 40%, and there is a growing trend of companies opting for multiple dividends within a year [6]. Group 3: Investor Engagement - The event recorded a response rate of 87.89%, with 1,230 questions posed by investors and 1,081 answered by company representatives [9]. - Key topics of interest included stock prices, dividends, buybacks, and market value management [9]. Group 4: Market Strategies - Companies like Tianma New Materials and XJ Electric are focusing on enhancing market value management and operational efficiency to address stock price declines [10][11]. - The merger and acquisition landscape is becoming increasingly active, with companies like Chengfa Environment and Jiaozuo Wanfang engaging in strategic acquisitions to enhance market presence and operational capabilities [12][13]. Group 5: Future Outlook - Zheng Coal Machine plans to invest in market growth areas and new industries to sustain revenue and profit increases [15]. - Blue Sky Gas reported a revenue decline of 3.87% to 4.755 billion yuan and a net profit drop of 16.98% to 503 million yuan, attributing this to a sluggish real estate market and pricing issues [16]. - Ankai High-Tech aims to implement four key strategies in 2025, including market expansion, cost control, project focus, and resource acquisition to enhance competitiveness [17].

Group 1: Company Overview and Product Capacity - The company produces various products with capacities as follows: Special Polyether 19,000 tons/year, Polyether Amine 31,000 tons/year, Alkyl Glycoside 35,000 tons/year, Flame Retardants 34,800 tons/year, Silicone Oil 4,600 tons/year, and Silicone Rubber 8,500 tons/year [2] - The current capacity utilization rate is good, and the company is focused on capturing market opportunities to secure more orders [2] Group 2: Dividend Policy and Historical Performance - Since its listing in 2017, the company has distributed a total of 308 million RMB in dividends, with the total funds raised at 264 million RMB [3] - The dividend payout ratios from 2016 to 2023 have shown a consistent increase: 18%, 19%, 19%, 24%, 44%, 48%, 59%, and 63% respectively [3] - For the 2024 profit distribution, the company plans to distribute 2.00 RMB (including tax) per 10 shares, totaling 43,001,596 RMB [3] Group 3: Share Buyback Plan - The share buyback will commence on May 13, 2025, and will last for 12 months [4] - The company will adhere to information disclosure requirements during the buyback period [4] Group 4: Market Trends and Future Outlook - In the surfactant sector, the company aims to strengthen its product line and enhance quality, maintaining deep cooperation with renowned companies [5] - The flame retardant business is expected to see a slight decline in scale due to oversupply in the domestic market [5] - The organic silicone rubber materials are projected to have a slight increase in gross profit due to leading technology and brand advantages [5] - The market trends for 2025 are expected to follow the development patterns observed in 2024 [5]

Group 1: Company Overview - The report highlights that 京能清洁能源 (579 HK) experienced a slight year-on-year decline in profit of 2.7% in Q1 2025, primarily due to one-off project impacts. However, the company's gross profit increased by 11% year-on-year, driven by new wind and solar installations [1] - The company announced a new dividend policy for 2025-2027, with payout ratios set at 42%, 44%, and 46% of distributable profits, significantly exceeding market expectations. The expected dividends per share for 2025-2027 have been raised to HKD 0.18, 0.21, and 0.24 respectively [1] - The valuation for 京能清洁能源 has been adjusted to a price-to-earnings ratio of 6.5 times for 2025, up from 5.4 times, with the target price increased to HKD 3.03, indicating a potential upside of 27.8% [1] Group 2: Industry Insights - The report provides insights into the performance of major global indices, with the 恒指 (Hang Seng Index) closing at 22,505, reflecting a year-to-date increase of 11.88%. In contrast, the 上 A (Shanghai A-share Index) has seen a decline of 2.19% year-to-date [2] - Key commodity prices are highlighted, with Brent crude oil at USD 61.33, down 17.81% over the past three months, while gold futures have increased by 12.55% [3] - The report notes that the overall revenue for 碧桂园服务 (6098 HK) is projected to grow, with a core business revenue share expected to rise to approximately 87% in 2024, while non-owner value-added services will account for only about 1.6% of total revenue [4]