Group 1 - The "Five One" holiday saw many construction workers dedicated to accelerating major project developments [1] - The Zhejiang Tiantai Pumped Storage Power Station's Unit 1 completed rotor hoisting on May 2, marking the start of the assembly phase, with the first unit expected to be operational by the end of the year [3][5] - The Tiantai Power Station features the largest single-unit capacity in the country at 425 MW, capable of generating 1.7 million kWh per hour when all four units are operating at full capacity, sufficient to meet the instantaneous electricity demand of a medium-sized city [5] Group 2 - The Tiantai Pumped Storage Power Station set a world record with a rated head of 724 meters, indicating a significant vertical drop between the upper and lower reservoirs [7] - The project utilized domestically developed 1000 MPa high-strength steel for its pipelines, marking a first in the country and surpassing the previous record set by the Baihetan Hydropower Station [7] Group 3 - In the first four months of the year, the China-Europe Railway Express (Zhengzhou) operated 538 trains and sent 54,494 TEUs, representing year-on-year increases of 60.1% and 54.0%, respectively [8] - To meet the rising freight demand, the construction of the Zhengzhou Railway Express gathering center is accelerating, with over 1,500 workers on-site during the "Five One" holiday to ensure the first phase is completed by the end of June [8][10] - The ongoing first phase of the gathering center will have a storage area of 380,000 square meters, an increase of 112% compared to the previous storage capacity [12]

Core Viewpoint - The construction of the Shuangjiangkou Hydropower Station, a key energy project under China's 14th Five-Year Plan, is progressing rapidly, showcasing the country's commitment to enhancing its energy capacity and infrastructure [3][6]. Group 1: Project Overview - The Shuangjiangkou Hydropower Station has an installed capacity of 2 million kilowatts and an average annual power generation of 7.7 billion kilowatt-hours [3]. - The dam, designed to be the highest in the world at 315 meters, has a total fill volume exceeding 46 million cubic meters, which could form a wall that wraps around the Earth's equator if constructed as a one-meter square wall [10][12]. Group 2: Recent Developments - On May 1, 2023, the reservoir of the Shuangjiangkou Hydropower Station completed its first water storage, marking a significant step towards operational readiness [6][8]. - The current water storage level has reached 1.1 million cubic meters, equivalent to nearly 8 West Lakes, with plans to raise the water level by over 150 meters by 2027 [8]. Group 3: Engineering Challenges - The dam's construction has reached a height of 205 meters, with an additional 110 meters planned, presenting substantial engineering challenges due to the rapid rise in water levels [10][12]. - The dam's design features a trapezoidal structure, with a base thickness of 1,400 meters tapering to 16 meters at the top, enhancing its stability against the pressure from upstream water [10]. Group 4: Future Impact - Once operational, the Shuangjiangkou Hydropower Station is expected to generate over 7 billion kilowatt-hours annually, supporting downstream hydropower stations to increase their output by 6.6 billion kilowatt-hours, sufficient to meet the annual electricity needs of 3.26 million households [12].

月度策略/A 股市场 2025 年 4 月 30 日 继续企稳修复 2025 年 5 月份投资策略报告 分析师：费小平 SAC 执业证书编号： S0340518010002 电话：0769-22111089 邮箱：fxp@dgzq.com.cn 分析师：尹炜祺 SAC 执业证书编号： S0340522120001 电话：0769-22118627 邮箱： yinweiqi@dgzq.com.cn 分析师：曾浩 SAC 执业证书编号： S0340523110001 电话：0769-22119276 邮箱： zenghao@dgzq.com.cn | 市场主要指数 | 4 | 月份表现 | | --- | --- | --- | | | 收盘点位 | 涨跌幅 | | 上证指数 | 3279.03 | -1.70% | | 深证成指 | 9899.82 | -5.75% | | 沪深 300 | 3770.57 | -3.00% | | 创业板指 | 1948.03 | -7.40% | | 北证 50 | 1331.13 | 4.72% | | 科创 50 | 1012.42 | -1.01% | 资料来源：东莞 ...

2025.04. 30 本文字数：3614，阅读时长大约6分钟 作者 | 第一财经 林春挺 广西境内群山连绵，驱车行驶在蜿蜒于深山老林的高速路上，透过车窗望去，有时会看到一座座小水 电站在苍翠的林海中若隐若现。走进电站，你会听到水力带动机组发电的轰鸣声。但自去年秋季以 来，持续的少雨干旱天气，让这些依赖水力发电的电站长时间停摆，陷入沉寂。 位于广西贺州市八步区的上坪电站便是其中之一。四月末，几场"贵如酥" 的春雨终于降临，这座因 干旱而发电时断时续的电站，机组终于重新轰鸣运转，打破了长久以来的安静。 广西气象部门数据显示，自去年11月以来，全区平均降雨量仅110毫米，较常年同期偏少三至七成， 创下1961年有记录以来的同期最低值。截至4月21日，广西12市的55个县份出现干旱灾害。 上坪电站正是这场干旱的直接受害者。4月28日上午，在上坪电站值守的老覃告诉第一财经记者，他 已在此坚守多年，但从未见过如此长时间的干旱。自去年秋季开始，电站频繁停机。今年1至4月， 电站发电量仅为去年同期的十分之一，微薄的收入甚至难以覆盖工人工资。 在贺州市八步区，像上坪电站这样的小水电站就有数十座之众。电站所有制形式，有国有的， ...

广西气象部门数据显示，自去年11月以来，全区平均降雨量仅110毫米，较常年同期偏少三至七成，创下1961年有记录以来的同期最低值。截至4月21日，广 西12市的55个县份出现干旱灾害。 上坪电站正是这场干旱的直接受害者。4月28日上午，在上坪电站值守的老覃告诉第一财经记者，他已在此坚守多年，但从未见过如此长时间的干旱。自去 年秋季开始，电站频繁停机。今年1至4月，电站发电量仅为去年同期的十分之一，微薄的收入甚至难以覆盖工人工资。 多座小水电站相关负责人表示，电站今年的收入，要看4月之后的降雨情况。 广西境内群山连绵，驱车行驶在蜿蜒于深山老林的高速路上，透过车窗望去，有时会看到一座座小水电站在苍翠的林海中若隐若现。走进电站，你会听到水 力带动机组发电的轰鸣声。但自去年秋季以来，持续的少雨干旱天气，让这些依赖水力发电的电站长时间停摆，陷入沉寂。 位于广西贺州市八步区的上坪电站便是其中之一。四月末，几场"贵如酥" 的春雨终于降临，这座因干旱而发电时断时续的电站，机组终于重新轰鸣运转， 打破了长久以来的安静。 在过去的几个月里，上坪电站一直在亏本中运营着。付先生给记者算了一笔账：电站目前有14名员工，每月光是工资支出 ...

Core Viewpoint - The photography exhibition titled "The Construction of the World's Largest Clean Energy Corridor Begins in Yichang - Chinese Dam Builders" aims to celebrate the spirit of labor and craftsmanship, showcasing the achievements of China's hydropower construction industry and honoring the builders behind these monumental projects [1][3][7]. Group 1: Exhibition Overview - The exhibition is organized by the Hubei Provincial Photographers Association, Yichang Workers' Cultural Palace, and Yichang Photographers Association, with support from various local organizations [3]. - It features over 120 precious images that depict the struggles and achievements of the builders involved in China's water conservancy and hydropower projects [3][5]. Group 2: Exhibition Content - The exhibition is divided into two main sections: 1. "The Construction Journey of the World's Largest Clean Energy Corridor," showcasing 19 images that document the construction of the Gezhouba and Three Gorges Dams, as well as the six hydropower stations along the corridor [5]. 2. "Chinese Dam Builders - Image Archives of the Baihetan Hydropower Station Builders," featuring 101 images that capture various aspects of the builders' lives and work, highlighting their resilience, dedication, and emotional connections [5]. - The exhibition aims to transform cold engineering data into human stories, presenting a comprehensive view of the working environment, living conditions, and spirit of the Chinese dam builders [5]. Group 3: Significance of Yichang - Yichang is recognized as the starting point of the world's largest clean energy corridor, witnessing the monumental progress from the Gezhouba Dam to the Baihetan Hydropower Station [7]. - The six hydropower stations along the Yangtze River have a total installed capacity of 71.695 million kilowatts, symbolizing a significant achievement in clean energy development [7].

上 市 公 司 公用事业 2025 年 04 月 30 日 长江电力 (600900) ——来水改善蓄能充足 降息持续增厚业绩 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 04 月 29 日 | | --- | --- | | 收盘价（元） | 29.46 | | 一年内最高/最低（元） | 32.28/25.16 | | 市净率 | 3.4 | | 息率（分红/股价） | 3.50 | | 流通 A 股市值（百万元） | 707,254 | | 上证指数/深证成指 | 3,286.65/9,849.80 | | 注："息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 8.82 | | 资产负债率% | 59.65 | | 总股本/流通 A 股（百万） | 24,468/24,007 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 04-29 05-29 06-29 07-29 08-29 09-29 10-29 11-29 12-29 01 ...

Core Viewpoint - Under the guidance of policies, the market value management system of A-share listed companies, especially state-owned enterprises, has attracted significant attention from investors. China Yangtze Power Co., Ltd. (referred to as "Yangtze Power") disclosed its financial report and several important announcements regarding market value management on April 29 [1]. Market Value Management System - Yangtze Power has officially launched a market value management system aimed at enhancing company quality and implementing strategic management to improve investment value and shareholder return capabilities. The company plans to integrate market value management into its overall strategic planning, ensuring alignment with business development [3]. - The company will consider investor interests and returns in major decision-making processes, including corporate governance, daily operations, mergers and acquisitions, and financing, while maintaining prudent operations and avoiding blind expansion [3]. - Yangtze Power will monitor market reflections of its value and will analyze and address any significant discrepancies between market performance and company value [3]. - The company will explore capital operations, including mergers and acquisitions and share buybacks, to enhance asset quality and profitability, and will develop a dividend policy to balance shareholder returns with reinvestment needs [3]. Financial Performance - For the year 2024, Yangtze Power achieved operating revenue of 84.492 billion yuan, a year-on-year increase of 8.12%. The net profit attributable to shareholders was 32.496 billion yuan, up 19.28% year-on-year, while the net profit excluding non-recurring gains and losses was 32.507 billion yuan, reflecting an 18.17% increase [4]. - The company’s six domestic cascade power stations generated 295.904 billion kilowatt-hours of electricity in 2024, an increase of 19.641 billion kilowatt-hours, or 7.11% year-on-year. The revenue from the domestic hydropower sector grew by 7.87% to 74.479 billion yuan, with a gross profit margin of 62.51%, up 1.54 percentage points year-on-year [4]. - In the first quarter of 2025, Yangtze Power continued to show steady growth, with operating revenue of 17.015 billion yuan, a year-on-year increase of 8.68%, and a net profit attributable to shareholders of 5.181 billion yuan, reflecting a 30.56% year-on-year growth [4]. Dividend Distribution - Yangtze Power announced a profit distribution plan for 2024, proposing a cash dividend of 0.943 yuan per share, which includes an interim dividend of 0.21 yuan per share and a proposed final dividend of 0.733 yuan per share. The total cash dividend for 2024 is expected to be approximately 23.074 billion yuan, accounting for 71.00% of the net profit attributable to shareholders [5]. - This marks the third consecutive year that Yangtze Power has distributed over 20 billion yuan in dividends, with total cash dividends of 20.064 billion yuan in 2023 and 20.092 billion yuan in 2022 [6].

点评：天合光能2025年第一季度业绩同比下滑，凸显光伏行业当前面临的挑战。光伏市场正经历的价格 波动和竞争加剧，对行业内的企业提出了更高要求。天合光能需进一步加强成本控制和创新，以此应对 市场变化，保持竞争力。 NO.2长江电力：一季度净利润同比增长30.56% 丨 2025年4月30日星期三丨 4月29日，长江电力（600900）公告称，公司2025年第一季度实现营业收入170.15亿元，同比增长 8.68%，归母净利润为51.81亿元，同比增长30.56%。净利润同比变动的主要原因是公司六座梯级电站发 电量同比增加。 NO.1天合光能：一季度净亏损13.2亿元 4月29日，天合光能公告称，公司2025年第一季度的营业收入为143.35亿元，同比下滑21.48%，归母净 利润为-13.20亿元，同比由盈转亏。归母净利润变动原因为：受光伏产业链供需影响，公司组件产品售 价同比下降，光伏组件盈利能力有所下降。 NO.3晶科能源：一季度净亏损13.9亿元 4月29日，晶科能源公告称，公司2025年第一季度营业收入138.43亿元，同比下降40.03%，归母净利润 为-13.90亿元。业绩变动主要原因是光伏组件价格 ...

Group 1: Hydropower - The hydropower sector is supported by a series of policies aimed at promoting green and low-carbon energy transitions, with significant emphasis on the development of hydropower projects [11][12][13] - China's hydropower installed capacity is projected to grow from 370 million kilowatts at the end of 2020 to 436 million kilowatts by the end of 2024, reflecting a compound annual growth rate of 4% [12][15] - Major hydropower companies such as Yangtze Power, Huaneng Hydropower, and Yalong River Company have plans for new installations, indicating future growth potential in hydropower capacity [15][19] - The hydropower sector has maintained profitability, with a revenue of 178.7 billion yuan in 2023, a year-on-year increase of 22.51%, and a net profit of 47.9 billion yuan, up 20.18% [19][21] - Nine out of eleven listed hydropower companies have returned profits to shareholders through cash dividends, with significant payout ratios, indicating a commitment to sharing development results with investors [19][21] Group 2: Coal Power - The establishment of a coal power capacity price mechanism is expected to assist in the recovery of fixed costs for compliant coal power plants, with a standard fixed cost of 330 yuan per kilowatt per year [24][26] - The capacity price mechanism will allow coal power companies to recover a portion of their fixed costs, with most regions set to recover around 30% to 50% of these costs in 2024-2025 [26][27] - The auxiliary service market is being continuously improved, with policies in place to enhance the compensation mechanisms for various types of power auxiliary services [29][30] - The average price of thermal coal has decreased by 6.28% year-on-year, which is expected to positively impact the performance of coal power companies [38][39] Group 3: Natural Gas - The development of the industrial economy is anticipated to boost natural gas demand, with a projected consumption of 426.05 billion cubic meters in 2024, reflecting an 8% year-on-year increase [51][53] - A series of policies aimed at stimulating industrial growth are expected to enhance natural gas demand, with the 2025 government work report emphasizing the need to expand domestic demand [53][65] - The orderly advancement of the natural gas price linkage mechanism is expected to help gas companies manage procurement costs effectively, promoting healthy development in the gas sector [57][60]