Group 1 - The core viewpoint of the article emphasizes the integration of coal mining and renewable energy, advocating for the development of photovoltaic and wind power industries in mining areas [1] - The report highlights the importance of electrification transformation in key areas and encourages the construction of smart microgrids in mining regions [1] - It suggests orderly development of green electricity direct connection and aims to deeply explore the potential for green electricity consumption in the mining industry [1] Group 2 - The report indicates that the demand for new energy in mining is expected to expand from coal mining to other mining sectors [1] - It specifically recommends Longjing Environmental Protection (600388.SH) as a key investment opportunity [1] - Additionally, it suggests paying attention to high-quality green electricity operators such as Longyuan Power (00916) and Three Gorges Energy (600905.SH) [1]

Core Insights - The central theme of the news is the launch and progress of the "Co-chain Action" initiated by the State-owned Assets Supervision and Administration Commission and the Ministry of Industry and Information Technology, aimed at enhancing the resilience and competitiveness of China's industrial chains [1][4]. Group 1: Co-chain Action Overview - Since its initiation in September 2023, the Co-chain Action has led to the release of nearly 10,000 supply-demand matching lists by central enterprises, facilitating the integration of numerous small and medium-sized enterprises into the industrial chain [1][3]. - The action has evolved from ensuring the stability of supply chains to fostering a collaborative ecosystem that enhances innovation capabilities and international competitiveness [1][4]. Group 2: Offshore Wind Power Industry - The offshore wind power sector is highlighted as a key area for clean energy development, with China leading the world in both cumulative installed capacity and new installations for seven consecutive years, reaching 44.61 million kilowatts by September 2023 [2][3]. - The establishment of the Offshore Wind Power Modern Industrial Chain Alliance aims to promote collaboration among key enterprises across the entire industrial chain, transitioning from "single-point competition" to "ecological win-win" [3][4]. Group 3: Regional Development and Collaboration - The Co-chain Action promotes a new model of regional coordinated development, exemplified by the strategic cooperation agreement between Dalian City and the Three Gorges Group, focusing on resource integration and innovation in the offshore wind sector [5][6]. - The initiative encourages local governments to actively participate in national strategic industrial chains, transforming them into "capability co-builders" that foster a conducive environment for industrial development [7].

Core Viewpoint - Longyuan Power's stock experienced a slight decline of 0.51% on November 7, with a trading volume of 85.68 million yuan, indicating a low financing balance relative to its market value and a high short-selling balance compared to historical levels [1][2]. Financing and Trading Activity - On November 7, Longyuan Power had a financing buy amount of 10.49 million yuan and a financing repayment of 9.36 million yuan, resulting in a net financing buy of 1.14 million yuan [1]. - The total financing and securities balance for Longyuan Power reached 65.75 million yuan as of November 7, with the financing balance at 65.31 million yuan, accounting for 0.07% of the circulating market value, which is below the 20th percentile of the past year [1]. - In terms of short selling, there were no shares repaid on November 7, but 1,100 shares were sold short, amounting to 19,300 yuan at the closing price, with a short selling balance of 443,500 yuan, which is above the 90th percentile of the past year [1]. Company Overview - Longyuan Power Group Co., Ltd. was established on January 27, 1993, and listed on January 24, 2022. The company specializes in power system and electrical equipment technology transformation, technical services, and production maintenance, among other related activities [2]. - As of September 30, 2025, Longyuan Power reported a revenue of 22.22 billion yuan, a year-on-year decrease of 15.67%, and a net profit attributable to shareholders of 4.39 billion yuan, down 19.76% year-on-year [2]. Dividend and Shareholder Information - Since its A-share listing, Longyuan Power has distributed a total of 5.98 billion yuan in dividends, with 4.75 billion yuan distributed over the past three years [3]. - As of September 30, 2025, the number of shareholders decreased by 16.42% to 34,200, with significant changes in the holdings of major shareholders, including reductions in shares held by several ETFs [3].

Core Points - The establishment of the Offshore Wind Power Modern Industrial Chain Alliance aims to enhance collaboration among key enterprises in the offshore wind power sector, promoting a shift from "single-point competition" to "ecological win-win" [3] - China has become a global leader in offshore wind power, with a cumulative installed capacity of 44.61 million kilowatts as of September 2023, accounting for over half of the world's total [1][2] - The conference highlighted the strategic importance of offshore wind power in building a modern industrial system and advancing marine development [1][2] Group 1: Industry Developments - The Offshore Wind Power Modern Industrial Chain Alliance includes 26 enterprises and research institutions, focusing on joint research, standard formulation, and supply-demand matching [3] - The conference released a "2025 Offshore Wind Power Technology Challenge List," outlining key technological needs in areas such as core component localization and deep-sea transmission technology [3] - The alliance aims to address challenges in critical materials, core components, and wind power software, with a focus on advanced offshore wind power technologies [3] Group 2: Regional Collaboration - A strategic cooperation agreement was signed between Dalian City and the Three Gorges Group to promote resource integration and innovation in the renewable energy sector [4] - Liaoning Province has significant offshore wind resources, with a marine supply area of 41,300 square kilometers, ranking fifth in the country [4] - The Three Gorges Group plans to leverage the conference to deepen collaboration with upstream and downstream enterprises in the offshore wind power industry, aligning with Liaoning's development strategy [4]

Investment Rating - The report provides a positive investment outlook for various sectors within the energy industry, particularly highlighting opportunities in hydropower, green energy, nuclear power, thermal power, and gas sectors [10][30]. Core Insights - The electricity market in the State Grid operating area has achieved near-complete coverage of the electricity spot market, with significant developments in provinces such as Shanxi, which has seen a 128.75% increase in new energy and clean energy installed capacity since the 14th Five-Year Plan [4][9]. - Natural gas prices have shown a divergent trend globally, with increases in Europe and the US, while prices in Asia remain stable due to ample supply [11][30]. Summary by Sections 1. Electricity - The State Grid has implemented a continuous settlement trial for the electricity spot market in Sichuan and Chongqing, marking a significant step towards full coverage [4][7]. - Shanxi's electricity spot market has recorded a total clearing volume of 156.23 billion kWh in the first half of 2025, with real-time average prices reflecting a "two peaks and one valley" pattern [9][10]. 2. Natural Gas - As of November 7, 2025, the Henry Hub spot price in the US reached $3.76/mmBtu, reflecting a weekly increase of 5.52%, while European prices also saw upward trends [11][12]. - The report notes that the LNG national ex-factory price in China is 4382 yuan/ton, with a slight weekly decrease of 0.57% [28][30]. 3. Investment Recommendations - Hydropower: Favorable conditions for winter and spring generation, recommending companies like Guotou Power and Chuan Investment Energy [10]. - Green Energy: Increased stability in returns for existing projects, suggesting attention to companies like New Energy and Longyuan Power [10]. - Nuclear Power: Long-term growth potential remains strong, with recommendations for China Nuclear Power and China General Nuclear Power [10]. - Thermal Power: Improved profitability due to lower fuel costs, recommending companies like Guodian Power and Huaneng International [10]. - Gas Sector: Favorable conditions for city gas companies, recommending Kunlun Energy and New Energy [30]. 4. Company and Industry Dynamics - As of September 2025, China's new energy storage capacity exceeded 100 million kW, accounting for over 40% of the global total [39]. - The report highlights the steady growth in electricity market transactions, with a total of 4.92 trillion kWh traded by September 2025, marking a 7.2% year-on-year increase [39].

Investment Rating - The report maintains a "Positive" outlook on the power and gas sectors, highlighting the full coverage of the electricity spot market in the State Grid operating area and the seasonal rise in gas prices in Europe and the US [1]. Core Insights - The electricity spot market in the State Grid operating area has achieved near-complete coverage, with 18 provincial-level markets in continuous settlement trial operation as of November 1, 2025. This includes the formal operation of inter-provincial markets and five provincial-level markets [4][8]. - In the gas sector, US Henry Hub spot prices rose to $3.76/mmBtu, reflecting a weekly increase of 5.52%, while European gas prices also saw increases due to seasonal demand [13][19]. Summary by Sections 1. Electricity - The State Grid operating area has nearly achieved full coverage of the electricity spot market, with significant developments in various provinces. As of November 1, 2025, the market has transitioned to continuous settlement trials in Sichuan and Chongqing [4][8]. - In Shanxi, the first province to fully implement the electricity spot market, the average spot price for electricity was recorded at 0.283 yuan/kWh, with a total of 156.23 billion kWh cleared in the first half of 2025 [10]. - The growth of renewable energy capacity in Shanxi has been substantial, with an increase of 128.75% since the 14th Five-Year Plan, leading to a significant impact on electricity pricing and market dynamics [10]. 2. Gas - The report notes a divergence in global gas prices, with US prices rising while Asian LNG prices remain stable due to ample supply. As of November 7, 2025, the Northeast Asia LNG spot price was $11.10/mmBtu, unchanged from the previous week [13][27]. - The report highlights the increase in US natural gas production and demand, with the Henry Hub futures price reaching $4.32/mmBtu, marking a 4.63% increase [14][19]. - Recommendations for investment in gas-related companies include those with integrated natural gas trading capabilities, such as Kunlun Energy and New Hope Energy, as well as city gas companies benefiting from cost reductions [31]. 3. Weekly Market Review - The report indicates that the electricity equipment, public utilities, environmental protection, and gas sectors outperformed the Shanghai and Shenzhen 300 index during the week of November 2 to November 9, 2025 [35]. 4. Company and Industry Dynamics - As of September 2025, China's new energy storage capacity exceeded 100 million kW, representing over 40% of the global total, with significant contributions from various regions [41]. - The report also notes that the National Energy Administration is actively promoting the construction of a unified national electricity market, with trading volumes and participants steadily increasing [41].

Core Insights - The report indicates that mainstream thermal power operators have significantly increased profits in the first three quarters of 2025, primarily benefiting from the decline in coal prices and effective cost control by some companies [1][3]. Group 1: Green Energy Performance - In Q3 2025, except for Xintian Green Energy, Jinko Technology, and Yinxing Energy, the net profits of other companies in the green energy sector declined, with the profit increases for Xintian Green Energy and Jinko Technology attributed to unexpected cost reductions and improved investment returns [2]. - The decline in profitability for new energy companies is mainly due to reduced utilization hours and falling electricity prices, with wind power generation dropping by 12.1% for Longyuan Power and 21.3% for Xintian Green Energy in October [2]. - Despite the profit declines, the operating cash flow for green energy companies improved significantly due to a substantial increase in subsidy payments received [2]. Group 2: Thermal and Hydropower Performance - Mainstream thermal power operators saw a notable increase in profits in the first three quarters, benefiting from a decrease in coal prices, with the average spot price of Qinhuangdao down by 191 yuan/ton [3]. - Although thermal power operators face revenue pressure due to declining electricity volume and prices, the reduction in coal prices and other costs has contributed to profit growth [3][4]. - Hydropower performance varied due to water supply conditions, with overall profits remaining stable, similar to thermal power, as financial cost reductions continued to enhance profits [4]. Group 3: Nuclear Power Performance - In Q3 2025, nuclear power companies experienced a decline in net profits, with China Nuclear Power's profits dropping significantly due to the drag from its new energy segment [5]. - The decline in electricity prices is a common challenge for nuclear power companies, with China Guangdong Nuclear Power managing to offset some impacts through cost reductions and increased other income [5]. - Recommendations include focusing on quality hydropower companies and undervalued wind power firms, as well as strong leaders capable of navigating through cycles [5].

Core Viewpoint - The 2025 Offshore Wind Power Modern Industrial Chain Collaborative Action Conference was held in Dalian, focusing on high-quality development of China's offshore wind power industry chain [1] Group 1: Conference Highlights - The conference was co-hosted by China Three Gorges Corporation, China Industrial Economic Federation, and Dalian Municipal Government [1] - The theme of the conference was "Sailing in Blue Oceans, Empowering Integration, and Building a New Chapter for High-Quality Development of China's Offshore Wind Power Industry Chain" [1] - The Offshore Wind Power Modern Industrial Chain Alliance was announced, aiming to address common challenges such as technical bottlenecks and supply chain risks through joint research and standard formulation [1] Group 2: Strategic Collaborations - Dalian City and China Three Gorges Corporation signed a strategic cooperation agreement [1] - A total of 26 enterprises and research institutions, including China Three Gorges Research Institute, China Three Gorges Energy, Dalian University of Technology, and Dongfang Electric, signed cooperation agreements regarding the offshore wind power modern industrial chain [1] - China Three Gorges Corporation also signed cooperation agreements with 18 specialized enterprises in the industry chain [1] Group 3: Industry Development Strategy - In recent years, China Three Gorges Corporation has implemented a leading strategy in offshore wind power, focusing on scale development to enhance industry leadership, technological breakthroughs to boost innovation, and integrated development to increase industry driving force [1] - The corporation aims to lead and drive upstream and downstream enterprises to build new mechanisms, establish new foundations, share new achievements, create new ecosystems, and seek new development [1]

Major Events - LeShuShi (02698) received a subscription rate of 1813.77 times for its public offering in Hong Kong, with an expected listing date of November 10 [1] - Zhongwei New Materials (02579) is in the process of an IPO from November 7 to November 12, with an expected listing on November 17 [1] - Baili Tianheng (02615) is also conducting an IPO from November 7 to November 12, with a listing expected on November 17 [1] - Haohai Biological Technology (06826) plans to acquire the remaining 20% stake in Shenzhen New Industry Ophthalmic Technology Co., Ltd. for 74 million yuan [1] - Weili Zhibo-B (09887) has been included in the MSCI Global Small Cap Index [1] - Heng Rui Medicine (01276) has received clinical trial approval notifications for HRS-2430 injection and SHR-4610 injection [1] Financial Data - Fuzhikang Group (02038) anticipates a year-on-year revenue growth of approximately 15% and significant improvement in financial performance [1] - Boya Interactive (00434) expects a year-on-year increase of approximately 105% to 115% in profit attributable to owners for the first nine months [1] - Longfor Group (00960) reported a total contract sales amount of 55.75 billion yuan for the first ten months [1] - Longyuan Power (00916) completed a total power generation of 62.1519 million megawatt-hours in the first ten months, representing a year-on-year decrease of 0.94% [1]

Core Points - The company reported a total power generation of 5,605,173 MWh in October 2025, representing a year-on-year decrease of 4.95% compared to October 2024 [1] - Wind power generation decreased by 12.14% year-on-year, while solar power generation increased by 52.86% in October 2025 [1] - Cumulatively, the company achieved a total power generation of 62,151,880 MWh from January to October 2025, which is a 0.94% decrease compared to the same period in 2024. Excluding the impact of thermal power, there was an 11.82% year-on-year increase, with wind power up by 3.44% and solar power up by 75.45% [1] Monthly Power Generation Details - The company no longer holds thermal power generation capacity since October 2024 [1] - The reported figures are rounded, which may lead to discrepancies in totals due to integer adjustments [1]