On January 8, Gelonghui reported that GTJA's research report pointed out that considering China Yangtze Power (600900.SH) as a leader in hydropower with a relatively high dividend payout ratio, the Target Price remains at 34.32 yuan, maintaining a "Shareholding" rating. The company's pessimistic expectations for electricity in Q4 2024 have been realized, and record high energy storage ensures the estimated electricity for Q1 2025. The stable relative value of dividends in a low interest rate environment is expected to continue to improve. With the realization of pessimistic electricity expectations, record high energy storage ensures the estimated electricity for Q1 2025. The bank speculates that the company's electricity generation in Q4 2024 declined mainly due to: 1) Water inflow to downstream reservoirs in the basin being relatively low year-on-year: in Q4 2024, the total water inflow to the Wudongde and Three Gorges reservoirs is approximately 23.5/61 billion cubic meters, with year-on-year changes of +9.2%/-26.1%; 2) Year-on-year increase in storage in tiered reservoirs: According to the company's official WeChat account, as of December 27, 2024, the company's tiered reservoirs have approximately 30.8 billion kilowatt-hours of storage, a historical high for the same period.