来源：新浪证券-红岸工作室 2、龙源电力集团股份有限公司的主营业务是风力、光伏发电。公司的主要产品是电力、热力。 风力、 光伏发电。 3、公司主要从事风电场的设计、开发、建设、管理和运营。 4、公司在新疆的在运风电装机容量为159.08万千瓦。 (免责声明：分析内容来源于互联网，不构成投资建议，请投资者根据不同行情独立判断) 资金分析 今日主力净流入-91.24万，占比0.02%，行业排名40/102，该股当前无连续增减仓现象，主力趋势不明 显；所属行业主力净流入-4.23亿，连续3日被主力资金减仓。 11月19日，龙源电力跌0.35%，成交额4983.61万元，换手率0.06%，总市值1432.04亿元。 异动分析 抽水蓄能+绿色电力+风电+新疆振兴 1、龙源电力与黑龙江省铁力市人民政府签订353万千瓦新能源发电项目合作开发框架协议。根据合作协 议，由龙源电力与新农创投资发展有限公司联合成立龙源盛达合资公司，并与铁力市政府展开合作，共 同开发300万千瓦抽水蓄能项目。 龙源电力所属申万行业为：公用事业-电力-风力发电。所属概念板块包括：DeepSeek概念、大盘、抽水 蓄能、乡村振兴、基金重仓等。 截至9月 ...

Core Insights - The article highlights significant advancements in China's offshore wind power technology, marking a transition from nearshore to deep-sea leadership, driven by the "14th Five-Year Plan" and the establishment of a modern industrial chain alliance for offshore wind power [1][2][4]. Industry Development - The offshore wind power industry is crucial for energy security and optimizing energy structure, serving as a key driver for marine productivity and enhancing international competitiveness [2][3]. - China has the largest installed capacity of offshore wind power globally, with a cumulative capacity of 44.61 million kilowatts by September 2023, accounting for over half of the world's total [4][5]. Technological Advancements - The development of large-capacity offshore wind turbines has progressed from 3 MW to 20 MW, with expectations to reach nearly 50 million kilowatts of cumulative installed capacity by the end of 2025 [5]. - The levelized cost of electricity (LCOE) for offshore wind power in China is projected to decrease to $0.056 per kilowatt-hour by the end of 2024, reflecting a 22% reduction from 2023 and a 72% decrease since 2010 [5]. Collaborative Innovation - The establishment of the offshore wind power modern industrial chain alliance aims to address common challenges such as technological bottlenecks and supply chain risks through collaborative research and standardization [1][7]. - The industry is shifting towards multi-energy integration and collaborative development, with new business models emerging, such as "wind and fish" and "offshore energy islands" [6][7]. Future Projections - By 2030, the total installed capacity of offshore wind power in China is expected to reach 200 million kilowatts, with an estimated total investment of approximately 2.6 trillion yuan, driving a total industrial output value exceeding 15 trillion yuan [6][7]. Challenges and Solutions - The offshore wind power sector faces challenges related to market fluctuations and the need for breakthroughs in key technologies, including large turbine reliability and flexible direct current transmission systems [7][8]. - The "2025 Offshore Wind Power Modern Industrial Chain Collaborative Action Conference" has released a technology breakthrough list focusing on critical areas to enhance the industry's capabilities [7][8].

Core Viewpoint - Longyuan Power's stock experienced a slight decline of 0.12% on November 18, with a trading volume of 48.32 million yuan, indicating a challenging market environment for the company [1] Financing Summary - On November 18, Longyuan Power had a financing buy-in amount of 1.33 million yuan and a financing repayment of 3.82 million yuan, resulting in a net financing outflow of 2.49 million yuan [1] - As of November 18, the total margin balance for Longyuan Power was 63.50 million yuan, with the financing balance at 63.15 million yuan, accounting for 0.07% of the circulating market value, which is below the 20th percentile level over the past year, indicating a low financing level [1] - The company repaid 600 shares of margin loans on November 18, with no shares sold short, resulting in a short balance of 2.04 million shares and a short balance of 350,700 yuan, which is above the 60th percentile level over the past year, indicating a relatively high short position [1] Company Overview - Longyuan Power Group Co., Ltd. was established on January 27, 1993, and listed on January 24, 2022, with its main business involving technical transformation, services, and production maintenance of power systems and electrical equipment [2] - The company's revenue composition is primarily from power products (99.22%), with other income accounting for 0.78% [2] - As of September 30, the number of shareholders was 34,200, a decrease of 16.42% from the previous period, with an average of 0 circulating shares per shareholder [2] Financial Performance - For the period from January to September 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] - 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] Institutional Holdings - As of September 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited as the fifth-largest shareholder with 3.05 million shares, a decrease of 819,900 shares from the previous period [3] - Other notable shareholders include Huatai-PB CSI 300 ETF and E Fund CSI 300 ETF, with slight changes in their holdings compared to the previous period [3]

Core Viewpoint - The De Aar Wind Power Project, a significant achievement of China-South Africa cooperation under the Belt and Road Initiative, has positively impacted local employment and living standards while contributing to clean energy transformation in South Africa [2][3]. Investment and Project Overview - The De Aar Wind Power Project was completed in 2017 by China National Energy Group Longyuan Power South Africa Company, with a total investment of approximately 2.5 billion RMB [2]. - The project has a total installed capacity of 244.5 MW, making it the largest operational wind power project in South Africa [2]. - It generates approximately 770 million kWh of clean electricity annually, benefiting around 300,000 households in South Africa [2]. Local Employment and Skills Development - The project has trained over 110 local youth in renewable energy technology, with more than 80% of current employees being local, many in key positions [4]. - The initiative has created a "learning-practice-employment" pathway for local youth, enhancing their job prospects in the emerging renewable energy sector [4]. Community Support and Social Impact - The company invests over 4.5 million ZAR annually in scholarship programs, having supported 390 students to date [4]. - A mobile medical unit, funded with nearly 4 million ZAR, provides medical services to approximately 9,000 local residents each year, benefiting over 50,000 individuals by September 2025 [5]. - Local government officials express hope for continued collaboration with Chinese enterprises to further improve the region's economy and living conditions [5].

Core Viewpoint - Longyuan Power has signed a framework agreement for a 353 MW renewable energy project with the government of Tieli City, Heilongjiang Province, which includes the development of a 300 MW pumped storage project [2] Company Overview - Longyuan Power Group Co., Ltd. primarily engages in wind and solar power generation, with its main products being electricity and heat [2][3] - The company is involved in the design, development, construction, management, and operation of wind farms [3] - As of now, Longyuan Power has an operational wind power capacity of 1,590,800 kW in Xinjiang [4] - The company was established on January 27, 1993, and listed on January 24, 2022, with its main business activities including technology services, project investment management, and sales of electrical equipment [8] 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 [9] - The company has distributed a total of 5.978 billion yuan in dividends since its A-share listing, with 4.746 billion yuan distributed over the past three years [10] Shareholder and Market Activity - As of September 30, 2025, the number of shareholders for Longyuan Power was 34,200, a decrease of 16.42% from the previous period [9] - The main net inflow of funds today was 2.7499 million yuan, accounting for 0.06% of the total, with the industry ranking at 10 out of 102 [5][6] - The average trading cost of the stock is 16.76 yuan, with the stock price nearing a resistance level of 17.66 yuan [7]

Core Viewpoint - Longyuan Power, the world's largest wind power operator, announced the transfer of its entire 30% stake in United Power Technology Co., Ltd. to State Energy Group New Energy Co., Ltd. for 1 yuan, aiming to optimize its asset structure and focus on core business development [3][4]. Group 1: Transaction Overview - Longyuan Power will transfer its 30% stake in United Power to State Energy Group New Energy for 1 yuan, with another shareholder, State Energy (Beijing) Electric Technology Co., Ltd., doing the same [7][8]. - United Power has been experiencing long-term losses, with a reported loss of 574 million yuan in the first three quarters of this year and a net asset value of -7.137 billion yuan as of September 2025 [3][4][19]. - Longyuan Power has already written down the entire investment loss for this stake in 2023, resulting in a book value of 0 for the long-term equity investment [3][4]. Group 2: Financial Performance - Longyuan Power reported a revenue of 22.221 billion yuan in the first three quarters of this year, a decrease of 17.29% year-on-year, and a net profit of 4.393 billion yuan, down 21.02% year-on-year [4]. - In the third quarter alone, the net profit dropped by 38.19% compared to the same period last year [4]. Group 3: Company Background - United Power, established in 2007 and headquartered in Beijing, is a well-known wind turbine manufacturer in China, consistently ranking in the top 10 for annual new installations [3][4]. - The company has seen a decline in its ranking and performance over the years, with significant financial struggles leading to its current state of insolvency [3][4][19].

Investment Rating - The report maintains a "Positive" outlook on the public utilities and environmental protection sectors [3] Core Insights - The report highlights a significant increase in electricity production in October, with total generation reaching 800.2 billion kWh, a year-on-year growth of 7.9% [4][11] - Hydropower and thermal power contributed the most to the increase in electricity generation, while wind power saw a decline of 11.9% compared to the previous year [4][10] - Natural gas prices showed mixed trends globally, with stable prices in Asia and fluctuations in Europe and North America [22][40] Summary by Sections 1. Electricity Production - In October, thermal power generation was 513.8 billion kWh, up 7.3% year-on-year, while hydropower generation reached 135.1 billion kWh, up 28.2% [4][11] - The total increase in electricity generation for October was approximately 58.6 billion kWh, with thermal power contributing 35 billion kWh and hydropower contributing 29.7 billion kWh [10][11] - The Three Gorges Reservoir achieved its water storage target of 175 meters, supporting future hydropower generation [10] 2. Natural Gas Market - As of November 14, the Henry Hub spot price in the U.S. was $3.49/mmBtu, a weekly decrease of 7.32% [22] - The TTF spot price in Europe was €30.80/MWh, showing a slight weekly change of 0.81% [22] - Northeast Asia's LNG spot price remained stable at $11.10/mmBtu, with domestic supply being sufficient [22][40] 3. Investment Recommendations - For hydropower, the report recommends companies like Guotou Power, Chuan Investment Energy, and Huaneng Hydropower due to favorable autumn water conditions [20] - In the green energy sector, companies such as Xintian Green Energy and Longyuan Power are suggested for their stable returns and high utilization hours [20] - For nuclear power, the report highlights China Nuclear Power and China General Nuclear Power as key players due to ongoing approvals for new units [20] - In the thermal power sector, companies like Guodian Power and Inner Mongolia Huadian are recommended due to decreasing fuel costs [20] - The report also suggests focusing on integrated natural gas companies like Kunlun Energy and New Hope Energy for their potential recovery in profitability [42][43]

挖掘海上风电巨大潜力，是落实新能源战略的重要抓手，也是推动产业向新向智的重要赛道。截至 今年9月底，我国海上风电累计装机容量达4461万千瓦。我国海上风电累计装机容量已连续四年位居全 球第一。 面向"十五五"，我国海上风电将步入发展的快车道，向深远海拓展是大势所趋，但也面临着产业链 韧性有待提高、关键部件技术仍需升级等难点。全链协同、技术攻关、融合创新是政策指向，也是业界 共识。 加快向深远海拓展 冬日暖阳下，2177公里海岸线蜿蜒曲折，超1300万千瓦海上风电项目建设正酣，辽宁这个"新中国 工业摇篮"正在"向海图强"中展现出新的"风光"。 放眼全国，山东昌邑、江苏如东、福建漳浦、广东阳江……更多的"蓝色增长极"崛起。我国海上风 电新增装机容量已连续七年全球第一，构建起覆盖设计、制造、施工、运维的全产业链体系，风电机组 产能占全球市场份额的60%。 "海上风电产业链条长、覆盖范围广、带动能力强，是推动海洋经济崛起，支撑海洋强国建设的重 要战略支点。"中国工程院院士汤广福说。 迈向"十五五"，新的蓝图已然浮现。日前在2025北京风能展上发布的《风能北京宣言2.0》提 出，"十五五"期间，我国海上风电年新增装机1 ...

Core Viewpoint - Longyuan Power Group Co., Ltd. announced the transfer of its entire 30% stake in United Power to State Energy Group New Energy Co., Ltd. for 1 yuan due to United Power's long-term losses, with the company's net assets reported at -7.137 billion yuan as of September 2025 [1][6][40]. Group 1: Announcement Details - Longyuan Power has recorded a complete impairment of its investment in United Power in 2023 due to ongoing losses [1]. - The transfer of shares will be executed through a non-public agreement, with both Longyuan Power and another shareholder, Guoneng (Beijing) Electric Technology Co., Ltd., each transferring 30% of their stakes for 1 yuan [1][5]. - The board of directors approved the transfer unanimously, with no objections or abstentions [7][8]. Group 2: Financial Performance of United Power - As of September 2025, United Power reported net assets of -7.137 billion yuan and a net profit of -574 million yuan for the first nine months of 2025 [1][23]. - The company's total assets were reported at 85.958 billion yuan, with total liabilities of 157.329 billion yuan as of September 2025 [23]. Group 3: Related Party Transactions - Both State Energy Group New Energy and Guoneng Electric are controlled by the same parent company, State Energy Investment Group, making this transaction a related party transaction [6]. - The total amount of related party transactions between Longyuan Power and State Energy Group from January 1 to October 31, 2025, was 2.564 billion yuan [41]. Group 4: Transaction Purpose and Impact - The purpose of the transaction is to divest from United Power, which will no longer be part of Longyuan Power's consolidated financial statements post-transaction [40]. - The transfer price of 1 yuan is expected to have no significant impact on the company's current profits, as the book value of the long-term equity investment in United Power was recorded as zero [40].

Core Viewpoint - Longyuan Power (00916.HK) has signed investment agreements to establish three new subsidiaries in collaboration with State Power Investment Corporation Jiangsu Electric Power and other parties, with a total investment of RMB 153 million [1] Group 1: Investment Details - The total investment for the new subsidiaries, Rudong Longyuan, Yancheng Dafeng Longyuan, and Shuyang Longyuan, amounts to RMB 153 million [1] - The funding for this investment will come from the company's own resources, ensuring no adverse impact on the company's financials or operations [1] Group 2: Strategic Objectives - The establishment of these subsidiaries aligns with the company's operational development needs and aims to leverage local resource advantages from State Power Jiangsu Electric Power and other stakeholders [1] - The collaboration is intended to enhance the company's expertise in offshore wind power, facilitating the joint development, construction, and operation of several offshore wind projects in Jiangsu [1] Group 3: Future Impact - The newly established subsidiaries are currently in the planning stage and are not expected to have a significant short-term impact on the company's operations [1] - In the long term, these subsidiaries are anticipated to positively influence the company's operational development [1]