公 告 完成發行超短期融資券 本 公 告 乃 由 龍 源 電 力 集 團 股 份 有 限 公 司（「本公司」）根 據《香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則》第13.09條及香港法例第571章《證 券 及 期 貨 條 例》 第XIVA部 項 下 內 幕 消 息 條 文 作 出。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致之 任 何 損 失 承 擔 任 何 責 任。 龍源電力集團股份有限公司 宮宇飛 董事長 中 國 北 京，2025年12月15日 茲提述本公司日期為2025年6月17日關於本公司股東批准發行債務融資 工具的本公司2024年 度 股 東 大 會 投 票 結 果 的 公 告。 本公司已於2025年12月12日 完 成 本 公 司 超 短 期 融 資 券（「本超短期融資券」） 發 行。本 超 短 期 融 資 券 發 行 總 額 為 人 民 幣30億 元，期 限 為240天，單 位 面 值 ...

本 期 发 行 超 短 期 融 资 券 的 相 关 文 件 已 在 中 国 货 币 网 （ http://www.chinamoney.com.cn ） 和 上 海 清 算 所 网 站 （http://www.shclearing.com.cn）上刊登。 关于公司 2025 年第十二期超短期融资券发行的公告 本公司及董事会全体成员保证信息披露内容真实、准确和完整，没有虚假记载、误导 性陈述或者重大遗漏。 龙源电力集团股份有限公司（以下简称"公司"）于 2025 年 6 月 17 日召开 的 2024 年度股东大会审议通过了《关于龙源电力集团股份有限公司在境内申请 注册及发行债务融资工具一般性授权的议案》，批准并同意授权董事会决定及处 理公司以一次性或分期的形式通过中国证监会、深圳证券交易所、国家发展改革 委、中国保险资产管理业协会等机构审批、注册、登记、发行或设立债务融资工 具，新增规模合计不超过人民币 500 亿元（含 500 亿元）；以统一注册或分品种 注册的形式向中国银行间市场交易商协会注册债务融资工具，可采取分期方式发 行，新增规模合计不超过人民币 800 亿元（含 800 亿元）；股东大会同意董事会 ...

证券代码：001289 证券简称：龙源电力 公告编号：2025-079 龙源电力集团股份有限公司 关于完成 2025 年第十一期超短期融资券发行的公告 本公司及董事会全体成员保证信息披露内容真实、准确和完整，没有虚假记载、误导 性陈述或者重大遗漏。 | 超短期融资券全称 | 龙源电力集团股份有限公司 | | | 2025 | | 年度第十一期超短期融资券 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 主承销商 | 中国工商银行股份有限公司 | | | | | | | | | 联席主承销商 | 中国农业银行股份有限公司 | | | | | | | | | 超短期融资券简称 | 25 龙源电力 | | SCP011 | 期限 | 240 | 天 | | | | 超短期融资券代码 | 012583061 | | | 发行日 | 2025 | 年 12 | 月 | 日 12 | | 起息日 | 年 月 2025 | 12 | 日 15 | 兑付日 | 2026 | 年 8 | 月 12 | 日 | | 计划发行总额 | 亿元人民币 30 ...

Investment Rating - The report maintains a positive outlook on the power sector, particularly following the increase in coal power capacity pricing in Yunnan, which is expected to stabilize revenue for coal power companies [6][8]. Core Insights - Yunnan has announced an increase in the coal power capacity price recovery of fixed costs to 100%, effective from 2026, which will enhance the stability of coal power revenues and support the integration of renewable energy sources [6][7]. - The report highlights a significant drop in natural gas prices in the U.S. and Northeast Asia, with the latter reaching a 20-month low, indicating a favorable environment for gas companies [10][24]. - The investment analysis suggests a diversified revenue model for coal power companies, transitioning from reliance on electricity sales to a combination of electricity, capacity, and ancillary service revenues [8]. Summary by Sections 1. Power Sector - Yunnan's new policy sets the coal power capacity price at 330 RMB per kilowatt per year, allowing full recovery of fixed costs, which is expected to improve the profitability of coal power plants [6][7]. - The province's total installed power capacity exceeds 168 million kilowatts, with over 90% being green energy, necessitating coal power for peak load support [7]. - The report recommends several companies, including Guodian Power and Inner Mongolia Huadian, for their integrated coal power operations [8]. 2. Natural Gas Sector - U.S. Henry Hub spot prices fell to $4.07/mmBtu, a decrease of 21.56% week-on-week, while Northeast Asia LNG prices dropped to $10/mmBtu, down 6.19% [10][11]. - The report notes that strong supply and high inventory levels in Northeast Asia are contributing to the price decline, with expectations of further price sensitivity from buyers as prices approach $10/mmBtu [24][26]. - Investment recommendations include companies like Kunlun Energy and New Hope Energy, which are expected to benefit from lower costs and improved margins [31][32]. 3. Market Performance - The report indicates that the power and equipment sectors outperformed the Shanghai Composite Index during the review period, while the gas and environmental sectors lagged [34]. - It provides a detailed valuation table for key utility companies, highlighting their earnings per share (EPS) and price-to-earnings (PE) ratios [46]. 4. Company and Industry Dynamics - Recent government policies emphasize the development of a clean, low-carbon energy system, with a target of 25% non-fossil energy consumption by 2030 [40][41]. - The report discusses the ongoing transition in the energy sector towards market-driven growth, particularly in new energy storage solutions [41].

Core Viewpoint - Longyuan Power Group Co., Ltd. is actively expanding its renewable energy projects, particularly in wind and solar power, while facing a decline in revenue and profit in recent financial results [2][8]. Company Overview - Longyuan Power's main business includes wind and solar power generation, with electricity and heat as its primary products [2]. - The company is involved in the design, development, construction, management, and operation of wind farms [3]. - As of September 30, the company had 3.42 million shareholders, a decrease of 16.42% from the previous period [8]. Recent Developments - Longyuan Power signed a framework agreement with the People's Government of Tieli City, Heilongjiang Province, to develop a 3.53 million kW renewable energy project, including a 3 million kW pumped storage project [2]. - The company has an operational wind power capacity of 1.5908 million kW in Xinjiang [3]. Financial Performance - For the period from January to September 2025, Longyuan Power reported a revenue of 22.221 billion yuan, a year-on-year decrease of 15.67%, and a net profit attributable to shareholders of 4.393 billion yuan, down 19.76% year-on-year [8]. - Since its A-share listing, the company has distributed a total of 5.978 billion yuan in dividends, with 4.746 billion yuan distributed over the past three years [9]. Shareholder and Institutional Holdings - As of September 30, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited and various ETFs, with some shareholders reducing their holdings [10].

Investment Rating - The report maintains a "Buy" rating for several companies in the power and gas sectors, including China Power Investment Corporation, Inner Mongolia Huadian, and China Resources Power [48]. Core Insights - Yunnan Province has increased the coal power capacity price recovery of fixed costs to 100%, which is expected to stabilize revenue for coal power companies and enhance their role in supporting renewable energy integration [7][8]. - The report highlights a significant drop in natural gas prices, with Northeast Asia LNG prices reaching a 20-month low, driven by strong supply and mild weather conditions [12][26]. - The investment analysis suggests a diversified revenue model for coal power companies, transitioning from reliance on electricity sales to a combination of electricity revenue, capacity income, and ancillary service income [9]. Summary by Sections 1. Power: Yunnan Increases Coal Power Capacity Price - Yunnan has announced a new mechanism for coal power capacity pricing, allowing for full recovery of fixed costs starting in 2026, set at 330 RMB per kilowatt per year [7][8]. - The province's total installed power capacity exceeds 168 million kilowatts, with over 90% from green energy sources, necessitating coal power for peak load support [8]. 2. Gas: Global Gas Price Trends - As of December 12, the Henry Hub spot price in the U.S. was $4.07/mmBtu, down 21.56% week-on-week, while Northeast Asia LNG prices fell to $10/mmBtu, a decrease of 6.19% [12][13]. - The report notes that the overall supply of natural gas remains robust, contributing to lower prices in Northeast Asia [26][28]. 3. Weekly Market Review - The power and power equipment sectors outperformed the CSI 300 index, while the public utility, gas, and environmental protection sectors lagged behind [36]. 4. Company and Industry Dynamics - Recent government meetings and policy announcements emphasize the importance of a clean, low-carbon energy system and the development of a new energy system by 2030 [40][43]. - The report includes updates on major companies, such as China Resources Power and Longyuan Power, highlighting their financial activities and operational performance [44][46].

Investment Rating - The report maintains a "Buy" rating for the public utility sector [5] Core Views - The report emphasizes the importance of green electricity consumption and solid waste management in the context of the "dual carbon" goals set for 2026, suggesting a focus on the green electricity sector for potential valuation recovery [4][8] - The report highlights the ongoing decline in electricity prices and the need for adjustments in the installation rhythm of new green electricity projects based on regional supply and demand [4][3] - The report suggests that the electricity market reform is progressing, with a focus on expanding the electricity spot market and auxiliary services, while also noting the transformation of thermal power's functional positioning [4] Summary by Sections Market Review - The SW public utility sector experienced a slight decline of 0.09% this week, ranking 11th among 31 SW sectors, while the Shanghai Composite Index fell by 0.34% [23] - Among sub-sectors, thermal power increased by 0.22%, while hydropower decreased by 0.26% [23] - The top five performing stocks in the public utility sector this week were: Jiaze New Energy (+9.71%), Yinxing Energy (+8.58%), Zhongtai Co. (+7.79%), Xichang Power (+5.38%), and Chenzhou International (+4.14%) [29] Price Updates - The report notes a significant drop in thermal coal prices, with Qinhuangdao port's 5500 kcal thermal coal price decreasing by 39 CNY/ton this week [2][9] - The average settlement price for electricity in Guangdong was reported at 292.88 CNY/MWh, down from 354.64 CNY/MWh the previous week [10] Key Events - Various provinces have begun releasing results for the "136" document's incremental project bidding, with significant volumes of green electricity being auctioned at varying prices [3][7] - The Central Economic Work Conference reiterated the commitment to the "dual carbon" goals, emphasizing the need for a comprehensive green transition and the expansion of green electricity applications [8]

Core Viewpoint - The article discusses the significance of the "Notice on Optimizing Market Quotation for Centralized Renewable Energy Power Generation Enterprises (Trial)" issued by the National Energy Administration, emphasizing its role in addressing market challenges and promoting high-quality energy development during the ongoing energy transition [1]. Group 1: Market Order and Fair Competition - The efficient operation of the electricity market relies on a fair and orderly competitive environment, which is increasingly challenged as renewable energy transitions from policy support to market dominance [2]. - The policy establishes a market order prevention system to address issues like collusion and price manipulation, ensuring compliance with the Anti-Monopoly Law of the People's Republic of China [2]. - It sets clear boundaries for centralized pricing, allowing only enterprises within the same group and province to participate, thus preventing the formation of price alliances across different groups [2]. Group 2: Price Order and Transparency - The policy introduces a dual mechanism of "warning + transparency" to regulate pricing, requiring trading institutions to establish price warning intervals to monitor abnormal pricing behaviors [3]. - It mandates full transparency in the quotation process, addressing information asymmetry and ensuring that pricing reflects fair, legal, and honest principles [3]. - This combination of technical controls and procedural norms aims to stabilize market prices, ensuring they accurately reflect costs and supply-demand relationships [3]. Group 3: Efficiency and Process Optimization - The growth of the renewable energy sector necessitates an efficient trading mechanism, as centralized renewable enterprises often face challenges due to their small scale and dispersed nature [4]. - The policy allows multiple entities within the same group to aggregate for centralized pricing, optimizing processes and reducing transaction costs while enhancing market efficiency [4]. - This reform approach respects the operational characteristics of renewable energy enterprises and aligns with the goal of optimizing resource allocation in the unified national electricity market [4]. Group 4: Technological Empowerment and Digital Regulation - The shift to digital regulation is essential as the variety and frequency of electricity trading increase, necessitating a more precise and real-time regulatory approach [6]. - The policy emphasizes the development of a digital regulatory platform to monitor centralized pricing behaviors, enabling real-time tracking and analysis of trading anomalies [6]. - This technological empowerment enhances regulatory efficiency and reduces costs, allowing for comprehensive lifecycle management of market behaviors [6]. Group 5: Modernization of Governance - The implementation of digital regulation reflects a modernization of governance capabilities in the electricity market, facilitating precise control over provincial transactions and laying the groundwork for regional and national market coordination [7]. - The article highlights the three-dimensional institutional innovations of the policy, which create a supportive system for the entry of renewable energy into the market, addressing current market challenges and contributing to the construction of a new power system [7][8].

本文源自：市场资讯 作者：情报员 天眼查工商信息显示，近日，龙源电力集团股份有限公司出资5000万元成立重庆万州万象龙源新能源有 限公司，持股100%，所属行业为电力、热力生产和供应业。 资料显示，重庆万州万象龙源新能源有限公司成立于2025年12月10日，法定代表人为张波，注册资本 5000万人民币，公司位于重庆市，许可项目：发电业务、输电业务、供（配）电业务。（依法须经批准 的项目，经相关部门批准后方可开展经营活动，具体经营项目以相关部门批准文件或许可证件为准） 节能管理服务、工程管理服务、技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广、储 能技术服务、物联网技术服务、业务培训（不含教育培训、职业技能培训等需取得许可的培训）。（除 依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

Group 1: New Energy Capacity and Generation - As of September 30, 2025, the company's total installed capacity reached 43,417.39 MW, including 31,543.47 MW from wind power and 11,867.82 MW from solar power [2] - In the first nine months of 2025, the company added 2,274.19 MW of new energy capacity, comprising 1,134.70 MW from wind and 1,169.49 MW from solar [2] - By November 30, 2025, the cumulative electricity generation was 690.96 billion kWh, a year-on-year increase of 0.41%, with wind power generation up by 4.17% and solar power generation up by 72.42% [3] Group 2: Subsidy Recovery and Financial Performance - The company recovered subsidies totaling 9.25 billion yuan in the first three quarters of 2025, marking a 168% increase compared to the same period last year [3] - Efficient recovery of subsidy funds has optimized the company's cash flow structure and provided financial support for large-scale development under the "dual carbon" goals [3] Group 3: Offshore Wind Projects - The company has 2.6 million kW of offshore wind capacity in operation and has secured development indicators for a total of 4.64 million kW of offshore wind projects [3] - The Hainan Dongfang 500,000 kW offshore wind project commenced construction in October 2025, expected to generate approximately 1.6 billion kWh of clean electricity annually [3] Group 4: Major Project Developments - The Ningxia Tengger "Shagou Desert" renewable energy base has completed the full capacity grid connection of the first phase 1 million kW solar project, with an expected annual generation of 5.78 billion kWh [4] - The Ningxia-Hunan ±800 kV UHVDC project has been officially put into operation, enhancing the power delivery capacity from Ningxia and optimizing the utilization of renewable energy [5] Group 5: Strategic Development Plans - The company's "14th Five-Year" plan aims to establish itself as a world-class leader in new energy technology, focusing on scale growth and quality improvement [6] - Key areas of development include the "Shagou Desert" base, offshore wind, and deep-sea projects, alongside technological innovation and digital transformation [6]