公司点评报告 | 公用事业 证券研究报告 | 报告日期 | 2025 年 09 月 01 日 | | --- | --- | | 公司评级 | 买入（维持） | 基础数据 | 08 月 29 日收盘价（元） | 28.09 | | --- | --- | | 总市值（亿元） | 6,873.12 | | 总股本（亿股） | 244.68 | 来源：聚源，兴业证券经济与金融研究院整理 相关研究 【兴证公用】长江电力 2024 年年报及 2025 年一季报点评：稳健经营及高比例 分红趋势不改，截至 25Q1 长期借款相较 年初大幅下降-2025.05.01 【兴证公用 蔡屹】长江电力 2024 年三 季报点评：电量增长带动利润增厚，前 三季度财务费用节约明显-2024.10.31 【兴证公用 蔡屹】长江电力 2024 年半 年报点评：来水偏丰带来业绩增长，财 务费用下降明显-2024.08.31 分析师：蔡屹 S0190518030002 caiyi@xyzq.com.cn 分析师：史一粟 S0190523110001 shiyisu@xyzq.com.cn 长江电力(600900.SH) 上半年归母净利润同比+ ...

Group 1 - The core viewpoint of the article highlights the decline in China's hydropower generation, with a reported production of 139.1 billion kilowatt-hours in June 2025, representing a year-on-year decrease of 4% [1] - In the first half of 2025, China's cumulative hydropower generation reached 539.79 billion kilowatt-hours, showing a cumulative decline of 2.9% [1] - The article references a market analysis report by Zhiyan Consulting, which covers the development status and market forecast of the hydropower industry in China from 2025 to 2031 [1] Group 2 - The listed companies in the hydropower sector include Changjiang Electric Power, Huaneng Hydropower, Guotou Power, Chuan Investment Energy, Gui Guan Electric Power, Qian Yuan Electric Power, Hubei Energy, Mindong Electric Power, Leshan Electric Power, and Hunan International Power [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, providing comprehensive industry research reports, business plans, feasibility studies, and customized services [2]

Group 1 - The establishment of China Yajiang Group and the commencement of the Yarlung Tsangpo River downstream hydropower project inject new growth momentum into the hydropower industry [1] - The Yarlung Tsangpo River downstream hydropower project involves the construction of five cascade power stations with a total investment of approximately 1.2 trillion yuan, aiming for an annual power generation of about 300 billion kilowatt-hours [1] - The project is expected to enhance the long-term growth potential of the hydropower sector, with installed capacity projected between 60 to 70 million kilowatts [1] Group 2 - Central state-owned enterprises in the construction sector, particularly China Power Construction Corporation, are poised to benefit significantly from hydropower engineering projects [2] - China Power Construction Corporation is responsible for over 80% of river planning and more than 65% of the construction tasks for large and medium-sized hydropower stations in China, holding over 50% of the global market share in this area [2] - The demand for cement in Tibet is expected to rise, with a projected cement production of 13.1 million tons in 2024, primarily driven by six leading companies [2] Group 3 - The demand for explosives in Tibet is anticipated to increase due to the scale of the hydropower projects, with an estimated usage of approximately 139,300 tons of explosives for the Yarlung Tsangpo River downstream project [3] - Major players in the explosives market in Tibet include Gaozheng Minexplosion, Yipuli, and Guangdong Hongda, which hold significant market shares [3]