证券代码：600900 证券简称：长江电力 公告编号：2024-049 中国长江电力股份有限公司 关于召开 2024 年第四次临时股东大会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、 召开会议的基本情况 （一）股东大会类型和届次 2024 年第四次临时股东大会 召开时间：2024 年 12 月 30 日 14 点 30 分 召开地点：湖北省武汉市江岸区三阳路 88 号 4205 会议室 （五）网络投票的系统、起止日期和投票时间 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 12 月 30 日 至 2024 年 12 月 30 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 东大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 1 本次股东大会审议议案及投票股东类型 不涉及。 股东大会召开日期：2024年12月30日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 ...

中国长江电力股份有限公司 特此公告。 中国长江电力股份有限公司董事会 2024 年 12 月 2 日 关于转让清能集团股权及相关债权完成情况的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 中国长江电力股份有限公司（以下简称公司）于 2023 年 10 月 24 日在北京产权交易所公开披露湖北清能投资发展集团有限公司 42.99%股权及相关债权转让项目（以下简称本项目）。2024 年 11 月 中上旬，公司已经与本项目的合格受让方湖北联信企业管理合伙企业 （有限合伙）签署《产权交易合同》，并收到全部转让价款 3,396,398,202.98 元。截至目前，本项目已转让完毕，上述股权工 商变更有关程序已完成。 股票代码：600900 股票简称：长江电力 公告编号：2024-046 1 ...

Group 1 - A total of 1784 stocks received net financing purchases during the week of November 25 to November 29, with 71 stocks having net purchases exceeding 100 million yuan [1] - Five stocks had net financing purchases exceeding 600 million yuan, with Dongfang Caifu leading at 1.132 billion yuan [2] - Other notable stocks with significant net financing purchases include Changjiang Electric Power, Tonghuashun, Hanwujing, Zhongke Shuguang, Sairisi, BlueFocus, Dongfang Precision, and Ruantong Power, with net purchases of 1.068 billion yuan, 661 million yuan, 644 million yuan, 641 million yuan, 482 million yuan, 451 million yuan, 353 million yuan, and 344 million yuan respectively [2]

股票代码：600900 股票简称：长江电力 公告编号：2024-045 中国长江电力股份有限公司 2024 年"提质增效重回报"行动方案公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 中国长江电力股份有限公司（以下简称公司）为深入贯彻党 的二十大和中央金融工作会议精神，积极响应上海证券交易所关 于开展沪市公司"提质增效重回报"专项行动倡议，践行以"投 资者为中心"的发展理念，进一步提高上市公司质量，保护投资 者利益，树立良好的资本市场形象，制定了 2024 年"提质增效 重回报"行动方案，相关举措如下： 一、聚焦主责主业，突出价值创造，实现业绩稳增长 1.提升大水电业务发展质效。继续发扬"三精"理念1，精 益运行长江干流梯级枢纽，充分挖掘梯级水库调度潜力，加强内 外部沟通协调，全力增发电量。统筹做好梯级电站联合消落、防 洪、蓄水调度实践，全力保障防洪安全、能源安全、生态安全。 2.稳妥推进抽蓄业务。聚焦区域调节性资源需求、消纳条件 和项目市场竞争力，结合国家容量电价政策调整情况，切实把控 抽蓄项目投资风险，"一项一策" ...

关于转让清能集团股权及相关债权进展的公告 1 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 中国长江电力股份有限公司（以下简称公司）于 2023 年 10 月 24 日在北京产权交易所公开披露湖北清能投资发展集团有限公司 42.99%股权及相关债权转让项目（以下简称本项目）。截至目前，根 据公司董事会决议，公司已经与本项目的合格受让方湖北联信企业管 理合伙企业（有限合伙）签署《产权交易合同》，并收到全部转让价 款 3,396,398,202.98 元。上述股权工商变更有关程序尚未完成。 股票代码：600900 股票简称：长江电力 公告编号：2024-044 中国长江电力股份有限公司 中国长江电力股份有限公司董事会 2024 年 11 月 14 日 特此公告。 ...

中国长江电力股份有限公司 关于莫锦和先生不再担任公司监事的公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 中国长江电力股份有限公司（以下简称公司）监事会于近日 收到莫锦和先生的书面辞职报告。因个人原因，莫锦和先生辞去 公司监事职务。截至本公告披露日，莫锦和先生未持有公司股票。 根据《公司章程》及有关规定，莫锦和先生的离任不会导致 公司监事会成员低于法定人数，不会影响监事会和公司正常运 作。 股票代码：600900 股票简称：长江电力 公告编号：2024-043 特此公告。 中国长江电力股份有限公司监事会 2024 年 11 月 12 日 1 公司监事会对莫锦和先生任职期间为公司所作的贡献表示 衷心感谢。 ...

Investment Rating - The report maintains a "Buy" rating for the company [6][5] Core Insights - The company has shown resilience in its hydropower generation, achieving a 15.05% year-on-year increase in electricity generation for the third quarter, totaling 115.96 billion kWh [3][4] - The company's revenue for the third quarter reached 31.52 billion yuan, reflecting a 17.27% year-on-year growth, with a gross profit margin of 70.93%, up by 3.86 percentage points [3][4] - The company has optimized its asset structure, resulting in a 10.69% year-on-year decrease in financial expenses, and investment income increased by 17.38% to 1.374 billion yuan [3][4] - The net profit attributable to shareholders for the third quarter was 16.663 billion yuan, marking a 31.81% year-on-year increase [3][4] Summary by Sections Revenue and Profitability - The company reported a total revenue of 31.52 billion yuan for Q3 2024, a 17.27% increase year-on-year, and a net profit of 16.663 billion yuan, up 31.81% year-on-year [3][4] - The gross profit margin reached 70.93%, an increase of 3.86 percentage points compared to the previous year [3][4] Hydropower Generation - The company experienced favorable water inflow, with a total water volume of 888.52 million cubic meters for the Wudongde Reservoir, a 12.56% increase year-on-year, and 3,131.10 million cubic meters for the Three Gorges Reservoir, a 20.26% increase year-on-year [3][4] - The electricity generation for the first three quarters was 2,358.14 billion kWh, a 15.97% increase year-on-year [3][4] Market and Pricing - The report highlights the ongoing market reforms that are expected to support long-term electricity prices, particularly in regions with high hydropower marketization [4] - The company is expected to benefit from a stable pricing mechanism for its electricity sales, which has been adjusted to include a floating price component [4] Future Outlook - The company is projected to have earnings per share (EPS) of 1.39 yuan, 1.42 yuan, and 1.51 yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (PE) ratios of 20.12, 19.76, and 18.55 [5][6]

Investment Rating - The investment rating for the company is "Buy" [3] Core Views - The company's Q3 performance exceeded expectations with a net profit of 16.663 billion yuan, a year-on-year increase of 31.81%, surpassing the forecast of 15-15.5 billion yuan [1] - The company achieved a net profit of 28.025 billion yuan for the first three quarters, reflecting a year-on-year growth of 30.20% [1] - Revenue growth was driven by improved water inflow and a favorable power generation structure leading to higher average electricity prices [1] - Financial expenses and investment income contributed positively to the growth momentum, with interest expenses decreasing significantly [1] - The company's stock price performance is closely linked to credit spreads, indicating a need to monitor changes in credit conditions [1] Summary by Sections Financial Performance - In H1, the company generated 120.618 billion kWh of electricity, a 16.86% increase year-on-year, while Q3 saw a generation of 115.196 billion kWh, up 15.05% year-on-year [1] - Revenue for H1 grew by 12.38%, while Q3 revenue increased by 17.27% year-on-year, primarily due to higher electricity prices [1] - The company’s financial expenses for H1 were 5.704 billion yuan, down 0.676 billion yuan from the previous year, exceeding market expectations [1] Profit Forecast and Valuation - The company’s projected net profits for 2024-2026 are 33.59 billion, 35.235 billion, and 36.982 billion yuan respectively, with corresponding P/E ratios of 20, 19, and 18 [3] - The company is expected to maintain a strong return on equity (ROE) of 16.13% in 2024, increasing slightly in subsequent years [3]

Summary of Conference Call Notes Company and Industry Overview - The company has maintained a high cash dividend policy since its listing, accumulating cash dividends of 183.94 billion yuan, with a cash dividend of 0.82 USD per share in 2023, exceeding 20 billion yuan in total cash dividends for the year [1] - The company operates in the energy sector, specifically focusing on hydropower generation and renewable energy projects Key Points and Arguments Financial Performance - The company reported a total power generation of approximately 2,358.14 billion kilowatt-hours in the first three quarters, an increase of 15.97% year-on-year [1] - The total power generation for the six hydropower stations in the third quarter of 2024 was 1,151.96 billion kilowatt-hours, showing an increase of over 15% compared to the same period in the previous year [1] - Investment returns for the first three quarters were 436 million yuan, an increase of 600 million yuan year-on-year, with total investments reaching 5.21 billion yuan [3] Operational Highlights - The company has successfully managed water resources, with the total inflow to the Wudongde Reservoir at approximately 88.852 billion cubic meters, a year-on-year increase of 12.56%, and the Three Gorges Reservoir inflow at approximately 313.11 billion cubic meters, a year-on-year increase of 20.26% [1] - The company has established several new projects, including the construction of the Zhejiang Tiantai Power Plant and the advancement of various pumped storage projects [2] - The company has maintained a 3A credit rating domestically and an A1 rating internationally, with a total of 9 billion yuan in bonds issued at a comprehensive cost of 2.28% [3] Research and Development - R&D investment for the first nine months was 584 million yuan, remaining stable compared to the previous year, with a total of 2,365 domestic patent applications filed [2] - The company anticipates a total R&D expenditure of approximately 2.35 billion yuan for the year 2024 [14] Future Outlook - The company plans to continue its high cash dividend policy, with a commitment to maintain a profit distribution ratio of no less than 70% from 2021 to 2025, and a projected cash dividend ratio of approximately 75% for 2023 [20][21] - The company is actively pursuing overseas business opportunities, including the acquisition of a 140,000-kilowatt wind power project in Peru and the expansion of its electric vehicle fleet [8][9] Challenges and Risks - The company faces challenges in meeting water storage targets, particularly for the Three Gorges Reservoir, which has a target of 175 meters but is expected to fall short [6][25] - The company is also navigating the complexities of market pricing for electricity, with expectations for stable pricing in the upcoming year despite fluctuations in supply and demand [10][11] Additional Important Information - The company has received recognition from local government bodies for its contributions to energy supply and management [1] - The company is focused on optimizing its capital structure and reducing financial costs, with a goal to lower its debt ratio [5] - The company is committed to enhancing its operational efficiency and safety management practices across its projects [3][4]

Investment Rating - The investment rating for the company is "Buy" (首次覆盖) [1] Core Views - The company has shown a robust performance with a year-on-year revenue increase of 14.65% and a net profit increase of 30.20% for the first three quarters of 2024 [1] - The increase in electricity generation, which rose by 15% year-on-year, has significantly contributed to revenue growth [1] - The company is expected to achieve its annual electricity generation target of 308.8 billion kWh [1] Financial Performance Summary - For the first three quarters of 2024, the company reported revenues of 66.331 billion yuan and a net profit of 28.025 billion yuan [1] - In Q3 2024 alone, the company achieved revenues of 31.522 billion yuan, a 17.27% increase year-on-year, and a net profit of 16.663 billion yuan, up 31.81% year-on-year [1] - The total electricity generation for the first three quarters was approximately 235.814 billion kWh, reflecting a 15.97% increase year-on-year [1] Market Data - As of November 1, 2024, the company's stock price was 27.98 yuan, with a market capitalization of approximately 2,446.82 billion yuan [1] - The company has a gross profit margin of 70.93% and a net profit margin of 53.28% in Q3 2024, both showing improvements from the previous year [1] - Financial expenses were effectively managed, resulting in a decrease of 11% year-on-year, with a financial expense ratio of 8.91% [1] Earnings Forecast - The company is projected to achieve net profits of 33.852 billion yuan, 35.675 billion yuan, and 37.014 billion yuan for the years 2024, 2025, and 2026 respectively [2] - The corresponding price-to-earnings (P/E) ratios for these years are expected to be 20.2, 19.2, and 18.5 [2] Comparable Company Valuation - The company is compared with peers such as Huaneng Hydropower, Chuanwei Energy, and Guotou Power, with its current valuation slightly above the industry average [1][3]