金吾财讯 | 交银国际研报指，中国电力(02380)2025年盈利同比下降13.5%至29.1亿元（人民币，下同），低于该机构预期，主要原因是公司风电及光伏分部经营利润低于预期所致。虽然盈利不如预期，公司仍提高末期分红3.7%至每股0.168元。运营方面，2025年新增6.2GW风/光装机，唯风/光利用小时同比下跌1.2%/7.6%，上网电价则同比分别减少8.2%/8.3%。火电方面，期内公司点火价差同比上升11%，在项目出表后的情况下，板块经营利润仍录得同比增长12%。展望2026年，公司的装机计划仍属保守，管理层预期风/光新增装机分别为3GW/2GW，重点在优化装机结构与区域布局。另外，2025年4季度公司完成对电投水电的重组，管理层表示在三年内将旗下主要水电资产注入电投水电平台的预期不变。分红政策方面，管理层将考虑制定3-5年的分红指引，并探索从固定比例分红转向固定金额分红的可能性。该机构维持买入评级及3.75港元的目标价不变。
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