Group 1: Overview of Henan Capital Market in 2025 - The Henan capital market has shown significant progress in 2025, with various activities such as overseas expansion, mergers and acquisitions, listings, and share buybacks [1] - Companies in Henan are increasingly adopting strategic and systematic approaches to global expansion, reflecting a shift in their operational mindset [2][4] Group 2: Overseas Expansion - Henan listed companies are actively pursuing overseas opportunities, with some opting for substantial capital acquisitions to secure strategic resources [3] - For instance, Luoyang Molybdenum Co. announced a $1.015 billion acquisition of Equinox Gold Corp.'s gold mining projects in Brazil, which is expected to increase its annual gold production by 8 tons [3] - Other companies, like Chengfa Environment, are initiating projects abroad, such as a 30 MW solar power project in Hungary, marking a significant step towards becoming a global green energy supplier [3] Group 3: Mergers and Acquisitions - The activity level of mergers and acquisitions in Henan's capital market has surged, with 110 announcements made by A-share listed companies, totaling a transaction value of 80.905 billion yuan by December 26 [5] - A notable strategic merger involves China Pingmei Shenma Group and Henan Energy Group, which will create a new energy giant with total assets exceeding 550 billion yuan and annual revenue surpassing 250 billion yuan [6][7] - Other significant acquisitions include Jiaozuo Wanfang's purchase of 100% equity in Sanmenxia Aluminum and Jianlong Micro-Nano's acquisition of 51% equity in Shanghai Hanxing Energy [7] Group 4: IPOs and Listings - 2025 has seen a rise in Henan companies seeking to list on the Hong Kong Stock Exchange, with notable examples including the successful IPO of Mixue Ice City, which opened at 262.00 HKD per share, a 30% increase from its issue price [9] - Several other companies, such as Banou Hotpot and Real Bio, are also in the process of planning their listings in Hong Kong [9] Group 5: Share Buybacks - Share buybacks have become a prominent trend among Henan listed companies, with 27 companies repurchasing a total of 29.394 million shares for approximately 4.875 billion yuan, nearly double the amount from the previous year [11] - Companies like Shennong Technology and Qianwei Central Kitchen are utilizing buybacks for employee stock ownership plans, while Shennong plans to reduce its registered capital through buybacks [11] Group 6: Bond Financing - The bond market in Henan has demonstrated robust growth, with companies issuing over 1 trillion yuan in bonds for five consecutive years, and the total outstanding company bonds surpassing 500 billion yuan for the first time [12] - In the interbank market, 73 Henan companies raised 144.02 billion yuan through bond issuance in the first three quarters of the year, indicating a continuous expansion of financing channels [13]

Core Viewpoint - The Senegalese government announced a 10% reduction in electricity prices for certain users starting January 1, 2026, benefiting over 2.6 million residents and small businesses, aimed at alleviating the electricity cost burden on households and small enterprises [1] Group 1: Price Reduction Details - The electricity price reduction specifically targets low-power residential users and small commercial users, with the first tier of electricity prices for these groups being uniformly reduced by 10% [1] - The new electricity price for low-power residential users will be 82 West African francs per kilowatt-hour (approximately $0.14), while the corresponding price for small commercial users will be 147.43 West African francs per kilowatt-hour [1] Group 2: Impact on Revenue - The price reduction is expected to result in a revenue loss of approximately 18.279 billion West African francs for the Senegalese national distribution company (SENELEC) [1]

Core Viewpoint - The "Guiding Opinions" issued by the National Development and Reform Commission and the National Energy Administration aim to promote high-quality development of the power grid, establishing a new type of power grid platform by 2030 and enhancing its capabilities to support renewable energy integration and public electricity services [1][3]. Group 1: Development Goals - By 2030, a new power grid platform will be established, featuring a clear interface and efficient operation, with the capacity to support renewable energy generation accounting for approximately 30% of total generation [1][3]. - The "West-to-East Power Transmission" capacity will exceed 420 million kilowatts, with an additional inter-provincial power exchange capacity of around 40 million kilowatts [1][3]. Group 2: Key Tasks and Measures - The guiding opinions outline seven key tasks, including defining the functional positioning of the new power grid platform and enhancing the unified planning and construction of various grid levels [3][4]. - A new power dispatch system will be constructed to improve grid management and operational capabilities [4]. - The safety governance capacity of the grid will be enhanced, focusing on risk identification and emergency response capabilities [5]. Group 3: Technological and Service Enhancements - The development of new productive forces will empower grid development through advancements in key technologies, including artificial intelligence and digitalization [5]. - The opinions emphasize the importance of improving electricity service capabilities in urban and rural areas, supporting the construction of high-quality charging infrastructure [6]. Group 4: Regulatory and Management Improvements - Strengthening grid supervision and management is highlighted, with a focus on optimizing planning mechanisms and enhancing regulatory efficiency for natural monopoly businesses [6]. - The opinions stress the need for fair and open access for various grid-connected entities, optimizing connection standards and management processes to support the healthy development of new energy business models [6][7].

Core Insights - The Shenzhen Stock Exchange (SZSE) companies demonstrated strong dividend performance in 2025, driven by policy guidance, improved corporate profitability, and enhanced governance, establishing a solid foundation for investor returns [1][4][5] Dividend Performance - In 2025, SZSE companies distributed a total cash dividend of 5475.59 billion, maintaining a stable level above 5000 billion; during the 14th Five-Year Plan period, total dividends exceeded 20,000 billion, indicating a sustainable investment return mechanism [2][3] - The number of companies implementing interim dividends increased, with 533 companies distributing a total of 1329.28 billion, marking a year-on-year growth of 25.98%; nearly 60% of these companies had a payout ratio exceeding 20% [2][3] - High dividend yield companies attracted long-term capital, with 166 companies having a yield over 1% and 108 companies exceeding 1.34%, enhancing market appeal for long-term investments [2] Sector Analysis - The main board accounted for 4101.07 billion of the total cash dividends, representing 74.90% of the SZSE total, while the ChiNext board showed strong growth with 1374.52 billion in dividends, a year-on-year increase of 8.41% [3] - Leading companies in consumer and financial sectors, such as Wuliangye and Gree Electric, actively fulfilled their dividend responsibilities, while advanced manufacturing, digital economy, and green low-carbon sectors also showcased dividend benchmarks [3] Driving Factors - Policy guidance has played a crucial role in enhancing the dividend mechanism, with recent regulations encouraging companies to increase dividend frequency and stability [4][5] - Improved profitability provided a solid financial basis for cash dividends, with total operating income reaching 15.72 trillion, a year-on-year increase of 4.31%, and net profit of 9030.18 billion, up 9.69% [5] - Enhanced corporate governance has led to more predictable and standardized dividend practices, with 533 companies disclosing interim dividend plans, a year-on-year increase of 7.24% [5] Future Outlook - As the regulatory framework continues to improve and market vitality is further released, SZSE companies are expected to solidify the foundation for investment returns, providing more stable income expectations for investors [6]

中国南方电网有限公司党组成员、副总经理吴小辰表示，当前，能源革命与数字革命深度融合，电鸿开 源生态是推动新型电力系统建设的关键载体。未来，南方电网将持续攻关核心底层技术，构建安全可靠 的数字底座，推动电鸿开源生态从行业级平台向跨领域、国际化解决方案演进。 吴小辰强调，电鸿开源生态不仅要服务于国内新型电力系统建设，更要面向世界，融合"感知终端+电 力物联+数字孪生+人工智能"能力，形成数字电网整体解决方案，为破解新型电力系统清洁低碳、安全 充裕与经济高效"不可能三角"提供中国范式，为全球能源绿色低碳转型贡献中国方案。 工业和信息化部信息技术发展司副司长王威伟表示，基于开源鸿蒙打造的电鸿社区正加速实现从概念验 证到工程落地、从试点成功到规模拓展的跨越，为千行百业用足用好开源模式，共同推动开源鸿蒙落地 见效提供了有益借鉴。 近日，由南方电网主办的2025年电鸿生态大会在北京举行。大会聚焦电鸿开源生态共建，系统探讨了从 技术协同到产业繁荣的关键路径。通过深化开源协作，推动能源数字化与智能化转型，为构建新型电力 系统、建设新型能源体系提供支撑，这也是能源行业贯彻落实"人工智能+"行动的体现。 电鸿开源生态是电力行业首个 ...

Core Viewpoint - The implementation of stable cash dividends by listed companies enhances shareholder recognition and market acceptance, with regulatory support from the China Securities Regulatory Commission (CSRC) encouraging reasonable and stable dividend policies [2][3]. Group 1: Dividend Implementation - Over 10 companies listed on the Shenzhen Stock Exchange announced mid-term and third-quarter dividend implementation announcements, with over 18 companies expected to distribute more than 10 billion yuan in total dividends at the beginning of 2026 [2]. - In 2025, Shenzhen-listed companies cumulatively distributed cash dividends amounting to 547.56 billion yuan, with a total of over 2 trillion yuan in dividends expected during the "14th Five-Year Plan" period [2]. - A total of 533 companies in Shenzhen implemented mid-term dividends of 132.93 billion yuan in 2025, representing a year-on-year increase of 25.98% [2]. Group 2: Regulatory Environment - The new "National Nine Articles" strengthens the regulation of cash dividends for listed companies and increases incentives for high-dividend companies [3]. - The CSRC issued guidelines to encourage cash dividends, aiming to enhance dividend levels and promote more frequent dividend distributions [3]. Group 3: Dividend Distribution by Sector - In 2025, the main board of Shenzhen listed 965 companies that cumulatively distributed cash dividends of 410.11 billion yuan, accounting for 74.90% of the total cash dividends in Shenzhen [3]. - The growth rate of dividends in the ChiNext board is notable, with 945 companies distributing a total of 137.45 billion yuan, reflecting a year-on-year growth of 8.41% [3]. Group 4: Notable Companies and Dividend Amounts - In the consumer sector, Wuliangye (000858.SZ) distributed 10 shares for 25.78 yuan, totaling 10.01 billion yuan in December 2025 [4]. - Gree Electric (000651.SZ) approved a mid-term profit distribution plan, distributing 10 yuan per 10 shares, totaling 5.59 billion yuan [4]. - In the financial sector, GF Securities (000776.SZ) distributed 1 yuan per 10 shares, totaling 0.76 billion yuan [4]. Group 5: Financial Performance - In the first three quarters of 2025, Shenzhen-listed companies achieved a total operating income of 15.72 trillion yuan, a year-on-year increase of 4.31%, and a net profit attributable to shareholders of 903.02 billion yuan, up 9.69% [5]. - 2,169 companies reported profits, representing 75.34% of the total, with 207 companies (9.54% of profitable companies) experiencing profit growth exceeding 100% [5].

香港联交所最新资料显示，12月30日，中信证券资产管理有限公司增持中广核电力(01816)3049.4万股， 每股作价2.9394港元，总金额约为8963.41万港元。增持后最新持股数目约为20.36亿股，最新持股比例 为18.24%。 ...

智通财经APP获悉，香港联交所最新资料显示，12月30日，中信证券资产管理有限公司增持中广核电力 (01816)3049.4万股，每股作价2.9394港元，总金额约为8963.41万港元。增持后最新持股数目约为20.36 亿股，最新持股比例为18.24%。 ...

香港联交所最新资料显示，12月29日，上海睿郡资产管理有限公司增持华能国际（600011）电力股份 (00902)613.6万股，每股作价5.7069港元，总金额约为3501.75万港元。增持后最新持股数目约为5.66亿 股，最新持股比例为12.04%。 ...

最初，一根根质朴的木质电杆撑起了早期的电网，将光明送入千家万户。云南第一次大批量使用木 质电杆，就是石龙坝电站送电至昆明小西门的910根柏木电杆。随着经济社会发展和用电需求迅猛增 长，单木杆也升级为双木杆，此后由钢筋和混凝土制造的水泥电杆应运而生，连接起不断延伸的输电线 网。而当电力输送迈向更高电压等级时，水泥电杆就被一座座巍然矗立的输电铁塔取代。输电铁塔承载 着超大容量电能跨越山河，成为现代能源动脉的强大支柱。 从木质电杆到水泥电杆再到输电铁塔，每一次升级都是云南电力向更高、更强迈出的有力步伐，也 见证着电力为这片土地发展作出的卓越贡献。 总策划：陶洁 杨帆 韩海阔 李霞 统筹：郑永忠 李丹 李琛 执行：韩文萍 云南电网有限责任公司 新华网云南频道 联合出品 你知道吗？电杆不仅是电力基础设施的重要组成部分，它的变迁也反映出电力发展的辉煌历程。 ...