On October 31, Grace Securities' research report pointed out that China Yangtze Power (600900.SH) achieved a net income attributable to the mother of 28.025 billion yuan in the first three quarters, a year-on-year increase of 30.20%. The main reason for the year-on-year growth in the company's operating performance is the relatively abundant water supply in the first three quarters, which has affected the year-on-year growth of hydropower generation. The company continues to advance its pumped storage business, has fully taken over the operation and maintenance of the Zhejiang Changlongshan pumped storage power station, and completed the power generation preparation work at the Zhejiang Tiantai pumped storage power station. Additionally, the investment decision for the Fenshui Caisi Dam pumped storage power station in Fengjie, Chongqing has been completed, and the Guanghai Ping pumped storage power station in Youxian, Hunan has completed equity restructuring and investment decisions. With the continuous commissioning of the company's pumped storage projects in hand, the company's high-quality cash flow assets will further increase. Combined with the rational layout of the company's diversified business, the operating performance is expected to maintain a stable growth trend. The "buy" rating is maintained.