证券研究报 告 【策略专题】 分红能力盘点：周期&公用篇 ——自由现金流资产系列 12 工业金属：25Q1 现金流比例 33%，具备较大股东回报提升空间 石化：25Q1 现金流比例 26%，盈利周期熨平、现金流稳定 港口： 25Q1 现金流比例 33%，市场或已充分认知其稳定现金创造能力 2）行业逻辑演变带来现金流改善：航运受益于近年来地缘事件频繁、运价 大波动的时代背景，农业则正发生开支周期转向平稳阶段的积极变化： 航运：25Q1 现金流比例 41%，地缘事件频繁、运价大波动时代 农业：25Q1 现金流比例 34%，开支周期进入平稳阶段 3）景气周期承压：虽然资本开支力度下降，但 EPS 压力较大，包括煤炭、 钢铁、建材、航空机场、地产： 煤炭：25Q1 现金流比例 25%，煤价下跌与开支高位持续矛盾 钢铁：25Q1 现金流比例 42%，去库影响显著 建材：25Q1 现金流比例 28%，股东回报提升空间有限 航空机场：25Q1 现金流比例 64%，盈利规模与疫情前接近 地产：25Q1 现金流阶段性修复，去库补充现金流 4）仍处高资本开支阶段：资本开支力度均在 2 以上，行业逻辑仍以扩张为 主，包括贵金属、能 ...

因清水江三板溪水电站水位超汛限，贵州清水江水电有限公司将于6月26日13:00开闸泄洪，泄洪流量 1500立方米/秒，总出库流量2220立方米/秒(含发电流量720立方米/秒)，目标是将库水位逐步降至473.5 米汛限水位以下。三板溪水电站泄洪后，白市水电站入库流量预计达3050立方米/秒，将同步控制泄洪 加发电流量至3050立方米/秒，确保水位稳定。请天柱县群众密切关注水情信息，远离河道、低洼地带 及库区岸坡，避免在河道内从事捕鱼、漂流等活动。(央视新闻) ...

Core Insights - China continues to invest heavily in hydropower, maintaining a leading position in the global renewable energy sector, with 14.4 GW of the 24.6 GW of new hydropower capacity added globally last year [1][3] - Over half of the new hydropower capacity in China last year came from pumped storage projects, which are essential for grid stability and flexibility [3] - China has set a carbon neutrality goal for 2060 and has already surpassed its initial 2030 targets for solar and wind capacity, achieving over 1.2 billion watts by the end of 2024 [3] Hydropower Capacity and Technology - China's total hydropower capacity is nearing 436 GW, accounting for over three-quarters of Asia's total hydropower capacity [3] - Pumped storage hydropower plants are recognized for their peak shaving, frequency regulation, pressure control, and black start capabilities, making them the most mature and economically viable green flexible power sources [3] Global Context and Challenges - Other countries, including Australia, Vietnam, Thailand, Laos, and the Philippines, are also advancing new hydropower projects, but face significant challenges outside of China due to high upfront costs and long investment recovery periods [5] - The lack of clear capacity service assessment mechanisms in many markets complicates investment for developers, while some regions face technical and climatic limitations that hinder energy development [5]

Group 1 - The Shanghai Composite Index opened lower but rose throughout the day, with the CSI 300 Utilities (secondary industry) index reported at 2669.83 points [1] - The CSI 300 Utilities index has decreased by 1.10% over the past month, increased by 5.80% over the past three months, and has declined by 1.36% year-to-date [1] - The CSI 300 index categorizes its 300 sample stocks into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries, providing a comprehensive analysis tool for investors [1] Group 2 - The top ten holdings in the CSI 300 Utilities index are: Changjiang Electric (49.31%), China Nuclear Power (10.16%), Three Gorges Energy (8.03%), Guodian Power (5.52%), State Power Investment (4.65%), Huaneng International (4.17%), Chuanwei Energy (4.09%), China General Nuclear Power (3.81%), Zhejiang Energy (2.82%), and Huadian International (2.5%) [1] - The market share of the CSI 300 Utilities index is dominated by the Shanghai Stock Exchange at 95.87%, while the Shenzhen Stock Exchange accounts for 4.13% [2] - In terms of industry composition, hydropower constitutes 60.36%, thermal power 15.01%, nuclear power 13.97%, wind power 8.36%, and gas power 2.31% of the index [2] Group 3 - The index samples are adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - Weight factors are adjusted in accordance with the regular sample adjustments, which occur at the same time as the index sample adjustments [2] - Temporary adjustments to the index samples occur when the CSI 300 index undergoes changes, and special events affecting sample companies may also lead to corresponding adjustments in the CSI 300 industry index [2]

Market Overview - The Shanghai Composite Index rose by 1.04% and the ChiNext Index increased by 3.11% on June 25, 2025, with sectors like comprehensive finance, non-bank finance, and defense industry leading the gains at 5.7%, 4.4%, and 3.49% respectively, while oil and petrochemicals, coal, and transportation sectors lagged behind with changes of -0.15%, -0.04%, and 0.25% [1] Reasons for Market Fluctuation - The market experienced a significant increase in volume, with brokerage, computer, and military sectors showing the highest gains, contributing to the Shanghai Composite Index reaching a new high for the year. Recent improvements in the international market environment, including dovish signals from the Federal Reserve and a potential ceasefire agreement between Israel and Iran, have positively influenced global risk assets. Additionally, the domestic economic fundamentals are improving, supported by steady capital market reforms [2] Future Market Outlook - The outlook for the second half of the year remains moderately optimistic, driven by ongoing growth stabilization policies, accelerated infrastructure investment, and effective consumption stimulus measures. Industrial profits are expected to recover in the latter half of the year. Capital market reforms, such as relaxing insurance capital market entry ratios and optimizing dividend repurchase systems, are set to enhance the A-share market ecosystem. The strong policy intent to stabilize the capital market suggests limited chances for significant market corrections. Two asset categories are highlighted: high-elasticity new productivity sectors, including new technologies and materials, and stable industries focusing on core operations and shareholder returns, which are less affected by economic downturns in developed economies [3] Factors to Monitor - Key factors to watch include geopolitical situations, upcoming US-China trade negotiations in early August, EU-US trade talks in early July, and marginal changes in domestic real estate sales data [4]

来源：中国新闻网 国家二级重点保护野生动物长鳍吻鮈属于长江上游特有鱼类，栖息于江河底层，被世界自然保护联盟列 为濒危物种。长鳍吻鮈存在应激性强、性腺发育迟缓、易感染小瓜虫等特性，导致成活率低，苗种培育 难度大，其物种保护工作是块"硬骨头"。 自2009年起，三峡集团长江经济带生态环境国家工程研究中心启动长鳍吻鮈保护研究工作。2014年，科 研团队突破长鳍吻鮈人工繁殖技术并开展苗种试验性培育；2015至2021年，科研团队持续探索长鳍吻鮈 苗种培育技术；2022至2024年，团队攻克了长鳍吻鮈野生亲鱼批量化驯养及子一代规模化繁育技术，建 立了国内规模最大的人工种群，并累计放流子一代长鳍吻鮈43万尾。 2025年，科研团队以子一代长鳍吻鮈人工群体为研究对象，探索小瓜虫病防控、环境调控与营养调控等 综合技术手段，成功将子一代亲鱼调控成熟，繁殖培育子二代鱼苗1万余尾，目前鱼苗体长2-3厘米，长 势良好。 下一阶段，三峡集团长江经济带生态环境国家工程研究中心将继续深化长鳍吻鮈人工群体建设并开展物 种保护技术研发，持续助力长江生物多样性保护工作。(完) 子二代长鳍吻鮈苗种。三峡集团长江经济带生态环境国家工程研究中心供图 ...

Core Viewpoint - The article highlights the successful integration of insurance capital into green finance initiatives, particularly through the investment of China Life Asset Management in the Qinghai Yellow River Company, which has transformed a barren land into a thriving clean energy and ecological restoration project [2][9]. Group 1: Investment and Strategic Impact - China Life Asset Management's investment of 9 billion yuan in the Qinghai Yellow River Company represents a significant move in the mixed-ownership reform of state-owned enterprises, marking it as the largest deal in 2019 for central enterprises [2][9]. - The investment supports the "West-East Power Transmission" strategy and demonstrates the role of insurance capital in national major projects [2][9]. - The project has a clean energy installed capacity structure of 95.44%, providing stability and resilience against economic cycles, which aligns with the long-term investment needs of insurance capital [9]. Group 2: Ecological and Social Benefits - The project has led to an 80% increase in vegetation coverage in the photovoltaic sub-area, transforming 100 square kilometers of desert into a green pasture, thus achieving ecological restoration and improving local livelihoods [3][4]. - The integration of sheep grazing within the photovoltaic panels exemplifies a harmonious coexistence of renewable energy production and ecological restoration [3][4]. - Local herders have seen an increase in income by tens of thousands of yuan annually, showcasing the project's impact on improving living standards [4]. Group 3: Technological Advancements - The Laxiwa Hydropower Station, with a height of 250 meters, is noted for its record-breaking technology and significant contribution to the stability of the Northwest power grid [6][7]. - The station's annual average power generation capacity is 10.2 billion kilowatt-hours, making it the largest hydropower station in the Yellow River basin [6][7]. - The project also includes the Gongma Energy Storage Station, which addresses the challenges of renewable energy intermittency by providing a reliable energy storage solution [6][7]. Group 4: Commitment to Green Finance - China Life Asset Management has developed a "Green Engine" plan that systematically incorporates ESG principles into its investment strategy, with a green investment scale expected to exceed 450 billion yuan by March 2025 [10]. - The company emphasizes the importance of long-term, stable value assets and focuses on sectors such as clean energy, rail transportation, and water conservancy projects [9][10]. - The investment strategy is driven by a three-tier research system that enhances asset allocation efficiency while achieving economic and social benefits [9].

Group 1: Event Overview - The 9th China-South Asia Expo concluded successfully, attracting 2,510 domestic and international exhibitors, a 14.7% increase compared to the previous year [1] - A total of 153 trade contracts were signed during the event, with foreign trade contract value reaching 8.479 billion yuan, and visitor attendance exceeding 500,000 [1] Group 2: Business Engagement - The expo showcased a vibrant market atmosphere with both returning and new exhibitors, facilitating active communication and negotiations [2] - Yunnan Bowen Technology Co., Ltd. participated for the first time, aiming to promote its coffee industry achievements on an international platform [2] - A trade contract worth approximately 25 million yuan was signed between Bangladeshi buyers and Yunnan Bingyu Kun International Trade Company, covering various sectors [3] Group 3: Technological Innovations - The expo highlighted advancements in green trade, digital trade, and service trade, attracting significant visitor interest [4] - Southern Power Grid showcased VR projects from Southeast Asia, demonstrating its international cooperation in the Mekong River region [4] - Companies like iFlytek presented AI technologies, including a multilingual AI translation screen, enhancing the visitor experience [4][5] Group 4: Health and Cultural Integration - AI-based traditional Chinese medicine diagnostic tools were introduced, achieving over 80% accuracy in health assessments [5] - The establishment of interactive experience zones aimed to promote traditional Chinese medicine culture and enhance public engagement [5]

Group 1: Weather and Alerts - Beijing has issued four heat warnings since June, with temperatures reaching up to 38°C during the day and 24°C at night [2] - A high-temperature orange alert was issued on June 23, predicting daily maximum temperatures around 38°C from June 23 to 24 [2] Group 2: Transportation Measures - The transportation sector has activated a heat protection mechanism, ensuring air conditioning is operational in buses, subways, taxis, and ride-hailing services [3][4] - Subway stations have installed air conditioning and fans in 16 stations to improve waiting conditions, with dynamic temperature adjustments based on passenger flow [3] - Buses will activate air conditioning when temperatures exceed 26°C and provide necessary heat prevention supplies [4] Group 3: Construction Regulations - Outdoor construction work is restricted during high-temperature periods, with measures in place to limit continuous working hours and outdoor exposure [5][6] - The management of hot work is emphasized to prevent accidents, with temperature monitoring at construction sites [6] Group 4: Power and Water Supply Management - The summer of 2023 is expected to see a significant increase in electricity demand, with the maximum load projected to exceed 1.2 billion kilowatts [7] - The Beijing Water Supply Group has initiated a summer peak water supply mode, anticipating a maximum daily water demand of approximately 3.9 million cubic meters [8] - The electricity supply is enhanced through AI technology to improve fault response times and service reliability [8]

Core Viewpoint - Huaneng Hydropower's non-public stock issuance has been approved, aiming to raise up to RMB 58.25 billion for specific hydropower projects [1][2]. Group 1: Stock Issuance Details - The total amount to be raised from the stock issuance is capped at RMB 58.25 billion, which will be allocated to RM Hydropower Station and TB Hydropower Station projects [2][3]. - The RM Hydropower Station project has a total investment of approximately RMB 584 million, with RMB 43.25 million planned for this stock issuance. The TB Hydropower Station project has a total investment of about RMB 200 million, with RMB 15 million allocated from the issuance [3]. Group 2: Issuance Structure and Participants - The issuance will target no more than 35 specific investors, including various financial institutions and qualified investors, with the possibility of related party participation [4]. - The issuance will be conducted through a competitive bidding process, with the price set at no less than 80% of the average trading price over the previous 20 trading days [4][5]. - The number of shares issued will not exceed 10% of the total share capital prior to the issuance, amounting to a maximum of 1.8 billion shares [5]. Group 3: Control and Governance - The stock issuance will not change the control of the company, as China Huaneng will remain the controlling shareholder with a 50.40% stake post-issuance [5]. - The lead underwriter for this issuance is CITIC Securities, with designated representatives overseeing the process [5].