Core Viewpoint - The announcement of a significant share buyback by China Three Gorges Corporation for China Yangtze Power Co., Ltd. signals confidence in the company's future amidst a fluctuating market and declining stock prices [2][5][6]. 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 [5]. - 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 [8]. Group 2: Market Context - The A-share market has seen the electronic sector surpass the banking sector in market capitalization, indicating a shift in investor interest [3]. - China Yangtze Power's stock has declined nearly 10% from its recent highs, raising questions about whether the stock has reached a correction point [7]. - The company is expected to release its mid-year report on August 30, with a first-quarter net profit growth exceeding 30%, although weather conditions may impact future performance [7]. Group 3: Analyst Insights - Analysts from CITIC Securities predict that improvements in water supply and reductions in depreciation and financial costs will lead to sustained dividend growth, estimating implied dividend yields of 3.7%, 3.9%, and 4.1% for 2025-2027 [9]. - Other securities firms have also issued buy ratings for China Yangtze Power, reflecting a positive outlook on the stock [9].

Core 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].

Core Viewpoint - China Three Gorges Group plans to increase its stake in Yangtze Power through the secondary market, with an investment amount between 4 billion to 8 billion yuan over the next 12 months, reflecting confidence in the company's future development [2][3] Group 1: Shareholding and Dividend Policy - The shareholding increase will be executed through methods such as centralized bidding and block trading, without a fixed price range, depending on market conditions [2] - Yangtze Power announced a five-year dividend plan (2026-2030), aiming for cash or stock dividends, with a minimum cash dividend ratio of 70% of the net profit attributable to shareholders [2][3] - The company intends to distribute cash dividends annually, with the possibility of mid-term profit distribution if conditions allow [2] Group 2: Company Performance and Operations - Yangtze Power is the largest publicly listed hydropower company globally and a leading player in China's power sector, operating six major hydropower stations [3] - As of the end of 2024, the total installed hydropower capacity is projected to be 71.795 million kilowatts, with domestic capacity accounting for 71.695 million kilowatts, representing 16.45% of the national hydropower capacity [3] - In the first half of the year, the company reported revenue of 36.587 billion yuan, a year-on-year increase of 5.02%, and a net profit of 12.984 billion yuan, up 14.22% year-on-year, driven by increased electricity generation from its hydropower stations [3]

8月22日，国内隧洞直径最大的引水式电站——大渡河硬梁包水电站全面投产发电，可满足215万户家庭一年的用电需求，为我国能源保障再添"绿色引擎"。 此外，硬梁包水电站还创造了多项纪录。 硬梁包水电站全面投产后，每年可提供清洁能源超51.8亿千瓦时，可节约标准煤约155万吨，减少二氧化碳排放约407万吨，为我国绿色低碳发展作出重要贡 献。 （总台记者 温晓） 硬梁包水电站位于四川省甘孜藏族自治州泸定县境内，是国家电力发展"十三五"规划重点项目，大渡河干流梯级规划开发中的第14级电站，总装机容量 111.6万千瓦。 ● 电站装机由大厂房4台27万千瓦混流式和生态厂房1台3.6万千瓦轴流转桨式机组组成，是国内装机容量最大的一站两厂房联合送出电站； ● 电站闸坝高41米，是国内深厚覆盖层基础最高混凝土闸坝； ● 覆盖层深度130米，是国内高地震烈度区基础覆盖层最深面板坝； ● 泄洪流量89立方米每秒，是国内深厚覆盖层基础水闸最大泄洪单宽流量； ● 进水口宽度123米，是国内最宽集中布置进水口； ● 调压室高度118.2米，是国内最高地下长廊型阻抗式调压室。 电站采用长隧道引水开发方式，通过修建两条长达14.4公里的引水 ...

重磅信号！ 长江电力（600900）8月22日晚间发布公告称，基于公司未来发展的信心，公司控股股东中国长江三峡集团有限公司（以下简 称"中国三峡集团"）计划在未来12个月内通过二级市场增持公司股份，交易方式包括集中竞价、大宗交易等，增持金额不低于 人民币40亿元、不高于人民币80亿元，本次增持不设置固定价格区间，结合资本市场行情择机开展股票增持，资金来源为中国 三峡集团自有资金及自筹资金等。 公告显示，首次增持前，中国三峡集团及其一致行动人合计持有公司股份128.65亿股，占公司总股本的52.58%，其中本次增持 主体中国三峡集团持有公司股份104.74亿股，占公司总股本的42.81%。 根据公司初步统计，2025年上半年，乌东德水库来水总量约399.64亿立方米，较上年同期偏丰9.01%；三峡水库来水总量约 1355.32亿立方米，较上年同期偏枯8.39%。2025年上半年，公司境内所属六座梯级电站总发电量约1266.56亿千瓦时，较上年同 期增加5.01%。其中，第二季度公司境内所属六座梯级电站总发电量约689.77亿千瓦时，较上年同期增加1.63%。 值得一提的是，公司7月份发布了2024年度权益分派实 ...

【导读】时隔12年拟增持长江电力，中国三峡集团出资40亿元至80亿元 8月22日晚间，长江电力（600900）公告称，公司控股股东长江三峡集团有限公司（以下简称中国三峡集团）拟增持公司股份，增持金 额40亿元至80亿元。 截至8月22日收盘，长江电力股价报27.87元/股。以此估算，中国三峡集团可以增持1.44亿股至2.87亿股长江电力的股份。 对比可见，中国三峡集团此次计划增持长江电力的股份数量，远超过往。 中国三峡集团上一次增持长江电力的股份，要追溯至2012年10月9日，增持计划期限于2013年4月9日届满，距今已有12年。 官网显示，中国三峡集团是国务院国资委确定的首批创建世界一流示范企业之一，也是全球最大的水电开发运营企业，以及中国领先 的清洁能源、生态环保集团。截至2024年底，中国三峡集团的资产总额达1.5万亿元。 拟增持金额40亿元至80亿元 增持股份数量远超过往 长江电力公告称，中国三峡集团计划在未来12个月内，通过二级市场增持公司股份，交易方式包括集中竞价、大宗交易等，增持金额 40亿元至80亿元，资金来源为自有及自筹资金。 中国三峡集团上一次增持长江电力始于2012年10月9日，增持计划 ...

【导读】时隔 12 年拟增持长江电力，中国三峡集团出资 40 亿元至 80 亿元 中国基金报记者 闻言 8 月 22 日晚间，长江电力公告称，公司控股股东长江三峡集团有限公司（以下简称中国三峡 集团）拟增持公司股份，增持金额 40 亿元至 80 亿元。 中 国 三 峡 集 团 上 一 次 增 持 长 江 电 力 的 股 份 ， 要 追 溯 至 2 0 1 2 年 1 0 月 9 日 ， 增 持 计 划 期 限 于 2 0 1 3 年 4 月 9 日 届 满 ， 距 今 已 有 1 2 年 。 增持股份数量远超过往 长江电力公告称，中国三峡集团计划在未来 12 个月内，通过二级市场增持公司股份，交易方 式包括集中竞价、大宗交易等，增持金额 40 亿元至 80 亿元，资金来源为自有及自筹资金。 截至 8 月 22 日收盘，长江电力股价报 27.87 元 / 股。以此估算，中国三峡集团可以增持 1.44 亿股至 2.87 亿股长江电力的股份。 对比可见，中国三峡集团此次计划增持长江电力的股份数量，远超过往。 官网显示，中国三峡集团是国务院国资委确定的首批创建世界一流示范企业之一，也是全球 最大的水电开发运营企业，以 ...

Core Viewpoint - China Yangtze Power (600900) announced a plan for its controlling shareholder, China Three Gorges Corporation, to increase its stake in the company by no less than RMB 4 billion and no more than RMB 8 billion within the next 12 months, indicating confidence in the company's future development [1][3]. Group 1: Shareholding and Corporate Structure - As of the announcement, China Three Gorges Corporation and its concerted parties hold a total of 12.865 billion shares, accounting for 52.58% of the total share capital, with China Three Gorges Corporation alone holding 10.474 billion shares, or 42.81% [3]. - China Yangtze Power was established in September 2002 and listed on the Shanghai Stock Exchange in November 2003, being the largest power listed company in China and the largest hydropower listed company globally [3]. Group 2: Business Operations - The company is engaged in hydropower generation, investment and financing, pumped storage, smart integrated energy, new energy, and power distribution, with operations spanning multiple countries including China, Peru, Brazil, and Pakistan [3]. - The company operates six cascade power stations, forming the world's largest clean energy corridor, which supports flood control, shipping, water supply, and ecological safety in the Yangtze River basin [3]. Group 3: Financial Performance - For the first half of 2025, the company reported a total profit of RMB 15.464 billion, an increase of RMB 1.917 billion or 14.15% year-on-year, with net profit attributable to shareholders reaching RMB 12.984 billion, up by RMB 1.616 billion or 14.22% [4][5]. - The total revenue for the reporting period was RMB 36.587 billion, reflecting a year-on-year increase of 5.02% [5]. - The company’s total assets at the end of the reporting period were RMB 567.104 billion, showing a slight increase of 0.13% [5]. Group 4: Hydropower Generation Statistics - In the first half of 2025, the total inflow of water to the Wudongde Reservoir was approximately 39.964 billion cubic meters, which is 9.01% higher than the same period last year, while the inflow to the Three Gorges Reservoir was about 135.532 billion cubic meters, down 8.39% year-on-year [6]. - The total power generation from the six cascade power stations was approximately 126.656 billion kWh, representing a 5.01% increase compared to the previous year [6]. Group 5: Dividend Distribution - The company announced a cash dividend of RMB 0.733 per share (before tax) for the 2024 fiscal year, totaling RMB 17.935 billion, with a cumulative cash dividend for 2024 amounting to RMB 23.0735 billion [6].

广东梅雁吉祥水电股份有限公司 2025 年第二次临时股东会会议资料 广东梅雁吉祥水电股份有限公司 （600868） 二O 二五年八月二十三日 广东梅雁吉祥水电股份有限公司 2025 年第二次临时股东会会议资料 广东梅雁吉祥水电股份有限公司 一、会议时间 现场会议时间：2025 年 8 月 27 日 14 点 30 分 网络投票起止时间：自 2025 年 8 月 27 日 至 2025 年 8 月 27 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互 联网投票平台的投票时间为股东会召开当日的 9:15-15:00。 二、现场会议召开地点：广东省梅州市梅江区华南大道 58 号公司会议室 三、会议主持人：公司董事长张能勇先生 四、会议议程 （一）主持人宣布会议开始 （二）推选股东会监票人和计票人 （三）会议审议内容： 五、对上述 2 项议案进行表决 六、休会统计表决结果 统计各项议案的现场表决结果，将现场投票数据上传至上证所信息网络有限 公司，下载网络投票表决数据，汇总现场及网络投票表决结 ...

Summary of Key Points Core Viewpoint - China Power Construction Corporation reported its major operating performance from January to July 2025, highlighting a total new contract amount of 736.13 billion RMB, representing a year-on-year increase of 4.30% By Business Type - The company signed 3,230 new projects in the energy and power sector, with a total new contract amount of 472.068 billion RMB, up 12.94% year-on-year - Hydropower projects accounted for 630 new contracts worth 113.088 billion RMB, showing a significant increase of 70.03% - Wind power projects saw 723 new contracts totaling 157.226 billion RMB, an increase of 68.40% - Solar power projects experienced a decline, with 656 contracts worth 118.509 billion RMB, down 29.96% - Thermal power projects decreased significantly, with 287 contracts amounting to 19.915 billion RMB, down 63.82% - New energy storage projects included 115 contracts worth 28.504 billion RMB - Water resources and environmental projects totaled 615 contracts worth 75.039 billion RMB, down 23.31% - Urban construction and infrastructure projects accounted for 744 contracts worth 151.622 billion RMB, down 4.82% - The total new contracts across all business types amounted to 736.133 billion RMB [1][2] By Regional Distribution - Domestic contracts totaled 580.050 billion RMB, reflecting a slight increase of 0.61% - International contracts reached 156.083 billion RMB, showing a significant increase of 20.78% - The overall contract amount was 736.133 billion RMB, with a year-on-year increase of 4.30% [2] Major Contract Signing Details - Key projects included: - A 1 million kW/4 million kWh grid-type energy storage project in Inner Mongolia, valued at 10 billion RMB - A 190 MW wind power project in Inner Mongolia, valued at 2.8 billion RMB - A 275 MW/1,100 MWh energy storage project in Yanchi County, valued at 2.75 billion RMB - A 500 kW wind power project in the Toli County of Huaneng, valued at 5 billion RMB - Various other significant contracts in urban construction and energy sectors [3][4]