主题：2017年度德意志银行研报（翻译）：走进中国峰会的会议亮点

原文
Access China conference highlights
Yangtze Power attended our AccessChina 2018 conference and we lay out thekey takeaways below:
Power output: The water inflow improved much in 2H17 and the totalgeneration in 2017 was up by 2.4% yoy (vs. 4% decrease in 1H17). ThreeGorges/Gezhouba recorded 4.4%/4.1% generation growth while Xiluodu’s outputremained flattish and Xiangjiaba’s output decreased slightly by 1.2%. Accordingto the management, there are 6bn kwh power curtailment in 2017 (vs. 210.8bnkwh total power output) mainly in Xiluodu/Xiangjiaba and management expects itto decrease going forward. The synchronized dispatching among Yangtze’s fourhydro plants has contributed 9.6bn kwh additional power output in 2017 andmanagement believes there is still further room to improve.Tariff updates: Yangtze Power just announced the tariff hike for its Xiluodu/Xiangjiaba (effective on Jul 2017) due to the mid-year tariff hike for thermal power.
Tariff was raised by Rmb1.9/mwh to Rmb326.3/mwh for Xiluodu (Right) and wasraised by Rmb4.6/mwh to Rmb300.6/mwh for Xiluodu (Left) and Xiangjiaba. Outof the total 210.8bn kwh power output in 2017, around 12bn kwh is market-basedvolume with a price discount of c.Rmb20/mwh.
Capital deployment: Yangtze has budgeted Rmb12bn/year for externalinvestments for next 2-3 year. They will mainly focus on hydro/power retail sectorin domestic market and are also interested in overseas opportunities in hydro/power retail/gas power sector.
Other key takeaways: The company is aware of the draft version notice by NDRCto reduce the VAT for hydro power, but they are still waiting for further official updates on this. Mgmt expects the financial cost to drop yoy in 2017 and remain flattish in 2018 with some reduction in total debt offset by higher effective interestrate. Yangtze will stick to its dividend policy of no less than Rmb0.65/sh for2017-20.[Deutsche Bank AG]

翻译：
走进中国峰会的会议亮点

长江电力出席了我们举行的2018年走进中国峰会，我们对此列出了以下关键的结论:
发电量：17年下半年来水量大幅增加，2017年全年同比增长2.4％（2017上半年同比下降4％）。三峡/葛洲坝的发电量分别取得了4.4％/ 4.1％的增长，而溪洛渡的发电量保持平稳态势，向家坝的发电量则同比减少1.2％。根据管理层的说法，2017年的发电量减少了近6亿千瓦时（相对于全年2108亿千瓦时的总发电量），减少的发电量主要集中在溪洛渡/向家坝，管理层预计因发电量减少而出现的差距将在未来逐步缩小。2017年，长江电力的四个水电厂在统一调度的指挥下贡献了96亿千瓦时的额外发电量，管理层认为其还有进一步提升的空间。电价的最新消息：长江电力刚刚宣布上调其溪洛渡/向家坝(2017年7月7日生效)的上网电价，其原因是由于今年年中火电电价(上网标杆电价)发生了上调。
溪洛渡(右岸)的电价上调了1.9元/千千瓦时，至326.3元/千千瓦时，同时溪洛渡(左岸)和向家坝(左岸)的电价分别上调4.6元/千千瓦时至300.6元/千千瓦时。2017年的总发电量为2108亿千瓦时，其中市场交易化电量约为120亿千瓦时，相对于计划电量的电价,其折扣约为20元/千千瓦时。
资本配置:长江电力已经为未来2-3年的外部市场投资计划了120亿元人民币的预算。他们将主要投资对象放在了国内市场中的水电/售电行业，同时也对水电/售电/天然气行业的海外投资机会产生兴趣。
其他关键点：公司已经得知了国家发改委关于减少水电增值税的草案版公告，但仍在等待官方的进一步更新。管理层预计2017年的财务成本将同比下降，2018年度将继续保持平稳，其主要原因是实际利率的提高而抵消了因总体债务减少而降低财务成本的可能。长江电力将坚持其2017-2020年不低于人民币0.65元/股的分红政策。[德意志银行股份公司]


【免责声明】上海大牛网络科技有限公司仅合法经营金融岛网络平台，从未开展任何咨询、委托理财业务。任何人的文章、言论仅代表其本人观点，与金融岛无关。金融岛对任何陈述、观点、判断保持中立，不对其准确性、可靠性或完整性提供任何明确或暗示的保证。股市有风险，请读者仅作参考，并请自行承担相应责任。

水平有限，望指正。

非常好。