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。 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。 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2026年1月26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20億 元，期 限 為267天，單 位 面 值為人民幣100元，票 面 利 率 為1.55%。利 息 自2026年1月27日 起 ...

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。 承董事會命 龍源電力集團股份有限公司 宮宇飛 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2026年1月26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20億 元，期 限 為267天，單 位 面 值為人民幣100元，票 面 利 率 為1 ...

证券代码：001289 证券简称：龙源电力 公告编号：2026-005 龙源电力集团股份有限公司 关于完成 2026 年第三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。 | 发行价格 | | | | 100 | 元/张 | | | | | 票面利率 | | | 1.55% | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 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. ...

证券代码：001289 证券简称：龙源电力 公告编号：2026-006 龙源电力集团股份有限公司 关于完成 2026 年第四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 在授权范围内转授权公司管理层处理相关事宜。 公司已于 2026 年 1 月 26 日发行 2026 年度第四期超短期融资券，所募集资 金将用于补充日常流动资金 ...

1月26日，A股三大指数集体高开。截至发稿，三大指数飘绿。 盘面上，贵金属、光伏设备、有色金属、小金属、风电设备、HIT电池概念等板块开盘活跃；房地产服 务、航天航空、家用轻工、船舶制造、酿酒、半导体等板块开盘走低。 港股方面，恒生指数和恒生科技指数飘绿。截至发稿，泡泡玛特涨超2%，中国海洋石油涨近3%。中芯 国际跌逾2%，小米集团跌近2%，美团、阿里巴巴等微跌。 贵金属板块走强 贵金属板块开盘领涨，中国黄金（600916）涨停，较为少见地走出2连板，湖南黄金、福达合金、豫光金 铅一字涨停，四川黄金、恒邦股份、晓程科技、湖南白银等涨幅居前。 现货黄金延续涨势，截至发稿，报5080.60美元/盎司，创历史新高，涨幅近2%。现货白银报108美元/盎 司，日内涨幅近5%。 港股黄金概念也走强，截至发稿，老铺黄金涨近8%，灵宝黄金、赤峰黄金、紫金黄金国际、山东黄金涨 幅居前。 据报道，在SKP迎春活动首日，北京、西安、成都、武汉SKP的老铺黄金门店排队盛况超过去年。1月24 日上午，记者在北京SKP现场了解到，在1月23日晚间就有数十人开始彻夜排队；到1月24日10点北京 SKP营业时间开始，商场已停止发放老铺黄金的 ...

Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating a favorable investment environment for renewable energy and gas companies [2][3]. Core Insights - The report highlights a slight increase in overall power generation in 2025, primarily driven by wind and solar energy contributions, while traditional coal power generation shows a decline [8][9]. - The extreme cold weather in the U.S. has led to a significant spike in natural gas prices due to increased demand and supply constraints [18][22]. - The report suggests various investment opportunities across different segments of the energy sector, including coal power, hydropower, nuclear power, renewable energy, and gas companies [18][43]. Summary by Sections 1. Power Generation - In December 2025, total power generation was 858.6 billion kWh, a year-on-year increase of 0.1%. Coal power generation decreased by 3.2%, while renewable sources like wind and solar saw significant growth [10][11]. - For the entire year of 2025, total power generation reached 9715.9 billion kWh, up 2.2% from the previous year, with coal power down by 1.0% and solar power up by 24.4% [15][19]. 2. Natural Gas - As of January 23, 2026, the Henry Hub spot price surged to $30.72/mmBtu, reflecting a week-on-week increase of 903.53%. European gas prices also rose significantly due to low inventory levels and increased demand [20][28]. - The report notes that the extreme cold weather has tightened supply and demand dynamics, leading to higher global gas prices, particularly in Europe and Northeast Asia [22][37]. 3. Investment Recommendations - For coal power, companies like Guodian Power and Inner Mongolia Huadian are recommended due to their integrated coal and power operations [18]. - Hydropower companies such as Yangtze Power and State Power Investment Corporation are favored due to favorable conditions for energy storage and reduced capital expenditures [19]. - Nuclear power companies like China National Nuclear Power and China General Nuclear Power are highlighted for their stable cost structures and growth potential [18]. - Renewable energy operators such as Xinte Energy and Longyuan Power are recommended as new market rules enhance the stability of returns [18]. - Gas companies like Kunlun Energy and New Hope Liuhe are suggested for their potential recovery in profitability due to cost reductions and improved pricing mechanisms [43].

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The transition towards cleaner electricity generation is accelerating, highlighting the value of sector dividends [1] - The overall electricity consumption in 2025 is projected to grow by 5.0%, with significant contributions from the tertiary sector and urban-rural residents [3][15] - The generation capacity is shifting towards wind and solar, with these sources contributing 90.1% of the total generation increase in 2025 [3][15] - The annual long-term electricity prices are stabilizing, with expectations for improved pricing dynamics in 2026 [3][15] - Investment opportunities are emerging in thermal and hydropower sectors, emphasizing the defensive attributes of the sector [3][15] Summary by Sections Electricity Consumption - In 2025, total electricity consumption is expected to reach 10.37 trillion kWh, reflecting a year-on-year increase of 5.0% [15] - The contribution from the tertiary sector and urban-rural residents is projected to rise, accounting for 50.2% of the total increase in electricity consumption by 2025 [3][15] - The growth rates for different sectors in 2025 are as follows: primary industry +9.9%, secondary industry +3.7%, tertiary industry +8.2%, and urban-rural residents +6.3% [15][27] Generation Capacity - The total installed capacity of wind and solar is expected to increase by 360 GW, while the share of thermal power is projected to decrease to 40% [3][15] - In 2025, the generation increase from wind and solar is expected to dominate, with a significant contribution to the overall power generation structure [3][15] Electricity Pricing - The report indicates a downward trend in electricity prices in several provinces, with expectations for stabilization as the market matures [3][15] - The market share of electricity traded through market mechanisms is projected to reach 64.0% in 2025, with a notable increase in green electricity transactions [3][15] Investment Opportunities - The report highlights several companies with strong dividend yields and market management strategies, including Huaneng International Power and Huadian International Power [3][15] - There are also opportunities in hydropower, particularly for companies like Yangtze Power and Guigang Power, which are expected to see profit growth in the coming quarters [3][15]

Core Viewpoint - The "National Smart Ocean Big Data and Artificial Intelligence Application Innovation Competition (2025)" was successfully held in Hainan, where Longyuan Power's engineering technology company won the second prize (first place in the intelligent equipment group) for its "National Energy Marine Survey No. 1" comprehensive intelligent unmanned detection platform for offshore renewable energy stations [1][3]. Group 1 - The platform innovatively combines "unmanned surface vessels + underwater robots" for unmanned offshore operations [3][5]. - The average fault location time for submarine cables has been significantly reduced from 22 days to 2-3 days, achieving a 90% reduction in fault location cycle [3][5]. - The accuracy of underwater equipment routing and fault detection has improved to ±0.1 meters [3][5]. Group 2 - The platform has been certified by the China Electromechanical Engineering Society, with its overall technology reaching an internationally leading level [3][5]. - It enables full lifecycle management of offshore wind power assets and supports the development of deep-sea resources, guiding the direction of industry development [3][5]. - Longyuan Power plans to enhance its capabilities in acquiring, processing, and applying marine data elements, achieving comprehensive situational awareness and intelligent task scheduling to support the rapid development of offshore wind power [3][5].

Group 1 - The core viewpoint of the news is that Longyuan Power's subsidiary has received approval for a 50MW wind power project, indicating progress in renewable energy investments [1] - The total investment for the approved project is 277 million yuan, showcasing significant financial commitment to green energy initiatives [1] - The "A-share Green Report" project aims to enhance transparency in environmental information of listed companies, utilizing authoritative environmental regulatory data from various regions [1] Group 2 - The project monitors environmental performance of listed companies and their subsidiaries, providing professional data analysis and insights [1] - The latest issue of the A-share Green Weekly Report highlighted that six listed companies have recently exposed environmental risks [2]

Investment Rating - The report maintains a positive outlook on the power and gas sectors, recommending various companies within these industries for investment opportunities [1]. Core Insights - The report highlights that China's total electricity consumption is projected to exceed 10 trillion kWh in 2025, reaching 10.4 trillion kWh, with a year-on-year growth of 5% [7][8]. - The growth in electricity consumption is driven primarily by the secondary and tertiary industries, which together contribute nearly 80% of the total increase in electricity demand [8]. - The report notes significant growth in electricity consumption from high-end manufacturing, digital economy, and new infrastructure projects, such as charging stations and 5G base stations, which are expected to see growth rates exceeding 30% [8]. Summary by Sections 1. Electricity Sector - In 2025, the total electricity consumption is expected to reach 10.4 trillion kWh, with a 5% year-on-year increase. The first, second, and third industries, along with urban and rural residential electricity consumption, are projected to grow by 9.9%, 3.7%, 8.2%, and 6.3% respectively [7][9]. - The second industry remains the largest consumer of electricity, contributing 48% to the growth, while the third industry contributes 31% [9][13]. - The report recommends investments in coal-fired power companies like Guodian Power and Inner Mongolia Huadian, as well as large hydropower companies such as Yangtze Power and State Power Investment [15][16]. 2. Gas Sector - The report indicates that colder temperatures are expected to increase heating demand, leading to a rebound in gas prices across Europe and Asia. As of January 16, the Henry Hub spot price was $3.06/mmBtu, with a weekly increase of 6.77% [17][24]. - The report highlights that European gas prices have surged due to low inventory levels and increased heating demand, with the TTF spot price reaching €38.10/MWh, up 31.38% week-on-week [17][24]. - Recommendations include investing in integrated gas companies like Kunlun Energy and New Hope Energy, as well as gas trading companies like New Hope and New Energy [38]. 3. Market Performance - The report notes that the public utility, power, and environmental sectors outperformed the Shanghai and Shenzhen 300 index during the week of January 12 to January 16, 2026 [40]. 4. Company and Industry Dynamics - Recent initiatives in various provinces aim to enhance green energy and environmental standards, including the establishment of green mining standards in Guangxi and guidelines for industrial microgrid construction [46][47]. - The report also mentions significant corporate announcements, including mergers and acquisitions in the energy sector, which may impact market dynamics [50].