Core Viewpoint - A batch of A-share companies is distributing dividends before the Spring Festival, with a total payout exceeding 19 billion yuan, indicating a shift from financing to shareholder returns in response to new policies [2][9]. Group 1: Dividend Distribution - On February 10, eight A-share companies, including Gujing Gongjiu and Ruixinwei, announced dividend distributions, with Gujing Gongjiu's payout exceeding 500 million yuan [2][4]. - From February 9 to 13, a total of 35 companies are set to distribute dividends, with a total cash payout of over 19 billion yuan [5][9]. - Six companies are distributing over 1 billion yuan, including Changjiang Electric Power and CITIC Securities, with the highest payout being 5.138 billion yuan from Changjiang Electric Power [5][9]. Group 2: Industry and Company Performance - The main industries involved in this dividend distribution are electric power, food and beverage, and non-bank financial sectors [2][6]. - Companies like CITIC Securities and Changjiang Electric Power reported significant revenue and profit growth, with CITIC Securities achieving a revenue of 74.83 billion yuan and a net profit of 30.05 billion yuan, both up over 20% year-on-year [9][10]. - Lixun Precision is expected to report a net profit of 16.52 billion to 17.19 billion yuan, reflecting a year-on-year growth of 23.59% to 28.59% [9][10]. Group 3: Changes in Dividend Culture - The recent trend of dividend distribution reflects a shift in A-share companies towards a more consistent and sustainable dividend culture, influenced by the new "National Nine Articles" policy [11][12]. - The frequency of dividend distributions has increased, with many companies now offering interim and quarterly dividends in addition to annual payouts [11][12]. - The regulatory environment has improved transparency and stability in dividend practices, encouraging companies to adopt a more rational approach to dividend distribution [11][12].

Core Viewpoint - The trend of pre-Spring Festival dividends among listed companies is on the rise, with a total amount of 348.8 billion yuan, surpassing the previous year's total of 344.6 billion yuan, indicating improved profitability and a stronger shareholder return awareness among companies [1] Group 1: Dividend Trends - A total of 235 listed companies are expected to distribute dividends before the Spring Festival, with the financial and consumer sectors being the main contributors [1] - The banking sector alone accounted for 243.4 billion yuan in dividends, representing nearly 70% of the total, with notable contributions from China Merchants Bank and Industrial Bank [1] - The overall dividend payout timing has advanced, with 2025 December dividends reaching 264.7 billion yuan, 3.7 times that of December 2024, enhancing investor returns [3] Group 2: Corporate Participation - Major companies like Yangtze Power and Luxshare Precision are leading with dividend amounts exceeding 1 billion yuan, with Yangtze Power's payout exceeding 5.1 billion yuan [2] - Small and medium-sized enterprises are also participating actively, focusing on specialized fields, with three companies from the Beijing Stock Exchange distributing a total of 4.45 million yuan [2] Group 3: Policy Influence - The willingness of private enterprises to distribute dividends has doubled, with a total of 61.6 billion yuan, increasing their share from 8% to 18% of the total pre-Spring Festival dividends [3] - Regulatory bodies have been promoting improvements in the dividend system, transitioning from soft constraints to hard requirements, which has encouraged companies to prioritize shareholder returns [3][4]

证券日报网讯 2月11日，长江电力在互动平台回答投资者提问时表示，二级市场股价波动受多种因素影 响。目前，公司生产经营活动一切正常，基本面稳健。公司始终专注于提升公司核心竞争力和内在价 值，并通过稳健的经营策略和持续的技术创新为股东创造长期回报。 （文章来源：证券日报） ...

Core Viewpoint - The article highlights the increasing trend of pre-Spring Festival dividends among listed companies, indicating improved profitability and a stronger shareholder return awareness, which is encouraged by regulatory bodies [2][4]. Group 1: Dividend Trends - In the two months leading up to the Spring Festival, 235 listed companies on the Shanghai and Shenzhen stock exchanges are expected to distribute a total of 348.8 billion yuan in dividends, surpassing the previous year's total of 344.6 billion yuan [2]. - The financial and consumer sectors remain the primary contributors to dividends, with the banking sector distributing 243.4 billion yuan, accounting for nearly 70% of the total [2]. Group 2: Major Contributors - Leading companies such as Yangtze Power, Luxshare Precision, and CITIC Securities are planning to distribute over 10 billion yuan each, with Yangtze Power leading at over 5.1 billion yuan [3]. - Smaller companies are also participating actively, particularly those in specialized fields, with three companies from the Beijing Stock Exchange distributing a total of 4.45 million yuan [3]. Group 3: Timing and Growth - The timing of dividend distributions has advanced, with a total of 264.7 billion yuan distributed in December 2025, which is 3.7 times the amount from December 2024 [4]. - Private enterprises have shown a significant increase in dividend distribution, with amounts doubling to 61.6 billion yuan, now representing 18% of the total pre-Spring Festival dividends [4]. Group 4: Regulatory Influence - Regulatory bodies have been pushing for improvements in the dividend system, transitioning from "soft constraints" to "hard requirements," which has led to increased focus on shareholder returns [4]. - Measures such as halving dividend distribution fees have been implemented to lower costs and encourage companies to distribute dividends [4]. Group 5: Market Impact - The evolving dividend ecosystem is fostering a culture of value investment, enhancing investor confidence and attracting long-term capital into the market [5][6].

（文章来源：证券日报） 证券日报网讯 2月11日，长江电力在互动平台回答投资者提问时表示，当前股价波动受多重因素综合影 响，包括宏观经济环境、市场情绪、行业周期性变化以及投资者对政策预期的动态调整。关于电力行业 政策调整对上网电价及公司业绩的影响，需结合具体政策内容、执行细则及公司实际运营情况综合研 判。 ...

（编辑 楚丽君） 证券日报网讯 2月11日，长江电力在互动平台回答投资者提问时表示，公司已关注到国家发改委近期出 台的《关于完善发电侧容量电价机制的通知》。公司理解，该政策旨在推动行业健康可持续发展。公司 将积极应对并把握政策带来的发展机遇，继续发挥专业优势，加强投资与成本管控，并密切关注后续各 地实施细则的出台，以优化经营策略，确保业务的稳健发展并为投资者创造长期价值。 ...

Core Viewpoint - A batch of A-share companies is distributing dividends before the Spring Festival, indicating a shift from financing to shareholder returns, responding positively to new policies [4][12] Summary by Sections Dividend Distribution - On February 10, 2026, eight A-share companies, including Jinhuijiu and Ruixinwei, announced dividend distributions, with Gujinggongjiu leading at over 500 million yuan [3][6] - A total of 35 companies are expected to distribute dividends during the last trading week before the Spring Festival, with a total payout exceeding 19 billion yuan [3][6] - The main sectors involved in this dividend distribution are electric power, food and beverage, and non-bank financial industries [3][6] Company Performance - Companies distributing dividends generally reported positive earnings, with significant revenue and profit growth. For instance, Citic Securities reported a revenue of 74.83 billion yuan and a net profit of 30.05 billion yuan, both showing over 20% growth [12] - Longjiang Electric also reported a revenue of 85.88 billion yuan and a net profit of 34.17 billion yuan, indicating slight growth [12] - Lixun Precision is expected to report a net profit of 16.52 billion to 17.19 billion yuan, reflecting a year-on-year growth of 23.59% to 28.59% [12] Dividend Sustainability - The trend of companies distributing dividends has become more frequent and substantial since the implementation of the new "National Nine Articles" policy, with a shift towards a more sustainable dividend culture [16][18] - Companies are encouraged to ensure that their cash flow and profitability can support dividend payments, avoiding excessive distributions that could hinder future growth [4][18] - The regulatory environment has improved transparency and stability among A-share companies, promoting a rational dividend culture aligned with corporate life cycles [16][17]

（文章来源：新华社） 人民财讯2月10日电，2月10日，国家电投广东廉江核电项目1号机组核岛钢制安全壳顶封头吊装就位， 标志着1号机组核岛反应堆厂房封顶，厂房主体结构正式成型。 廉江核电项目规划建设6台百万千瓦级 核电机组，其中一期工程建设2台单机容量为125万千瓦的核电机组，计划2028年建成投运。 ...

Core Viewpoint - A group of A-share companies is distributing dividends before the Spring Festival, with a total payout exceeding 19 billion yuan, reflecting a shift from financing to shareholder returns [1][3][9] Dividend Distribution Overview - From February 9 to February 13, a total of 35 A-share companies announced dividend distributions, with a total cash payout of 19.027 billion yuan [3][9] - The highest dividend payout is from Changjiang Electric Power, proposing a distribution of 5.138 billion yuan, followed by CITIC Securities and Darentang with payouts of 4.298 billion yuan and 1.888 billion yuan respectively [3][9] - Six companies are distributing over 1 billion yuan, with the main sectors involved being electric power, food and beverage, and non-bank financial services [1][3] Company Performance and Dividend Sustainability - Many companies that are distributing dividends have reported positive earnings, with CITIC Securities and Changjiang Electric Power both showing revenue growth of over 20% [9] - The trend of companies announcing dividends, including those that are newly listed or have not previously issued interim dividends, indicates a growing emphasis on shareholder returns [1][5][11] - The sustainability of dividends is highlighted as a key concern, with investors advised to consider cash flow and profitability to support dividend payments [2][11] Industry Trends - The recent dividend announcements are part of a broader trend where A-share companies are increasingly adopting a culture of regular dividends, moving from "soft advocacy" to "hard constraints" under new regulations [11][12] - The distribution of dividends is seen as a reflection of company value rather than a mere financial maneuver, with a call for a rational dividend culture that aligns with the lifecycle of the business [11][12]

Investment Rating - The report maintains a strong investment rating for the public utility sector, emphasizing a focus on "dividend + growth" opportunities and an increased allocation towards solid waste management in the environmental sector [1][5]. Core Insights - The public utility sector's fund allocation stabilized and increased in Q4 2025, with a market value of approximately 144.54 billion yuan, accounting for 0.39% of total fund allocation, a slight increase of 0.02% from the previous quarter [5][18]. - The report highlights the importance of focusing on leading companies that possess both dividend attributes and growth potential, particularly in light of improved profitability expectations due to capacity and electricity price policies [5][23]. - The environmental sector is advised to concentrate on solid waste management operations and companies with marginal improvements or thematic flexibility, as the demand for green fuels continues to tighten [5][27]. Summary by Sections Public Utility Sector Dynamics - In February 2026, the average transaction price for electricity in Jiangsu was 312.80 yuan/MWh, a decrease of 3.67% month-on-month and 23.89% year-on-year. In Shanxi, the average price was 288.65 yuan/MWh, down 1.17% month-on-month and 10.95% year-on-year [2][41]. - The total national power generation in December 2025 was approximately 858.6 billion kWh, reflecting a year-on-year increase of 1.46% and a month-on-month increase of 10.19% [2][44]. Fund Holdings Overview - The top ten stocks in the public utility sector by fund holdings in Q4 2025 included Changjiang Electric Power, Huaneng International, and China Nuclear Power, with significant increases in holdings for Huaneng International and Changjiang Electric Power [5][23][24]. - In the environmental sector, the top ten stocks by fund holdings included Weiming Environmental and Huanlan Environment, with notable increases in holdings for Weiming Environmental and Dadi Ocean [5][27][28]. Price Tracking - The report tracks the price trends of various energy sources, noting that the CCI index for thermal coal was 696 yuan/ton as of February 4, 2026, reflecting a slight increase [7][29]. - The LNG ex-factory price index in China was reported at 3965 yuan/ton, showing a decrease of 1.98% [8][29].