来源：新浪证券-红岸工作室 9月26日，龙源电力涨3.26%，成交额1.89亿元。两融数据显示，当日龙源电力获融资买入额1540.13万 元，融资偿还1113.86万元，融资净买入426.27万元。截至9月26日，龙源电力融资融券余额合计6752.15 万元。 融资方面，龙源电力当日融资买入1540.13万元。当前融资余额6720.31万元，占流通市值的0.08%，融 资余额低于近一年20%分位水平，处于低位。 融券方面，龙源电力9月26日融券偿还100.00股，融券卖出2100.00股，按当日收盘价计算，卖出金额 3.65万元；融券余量1.83万股，融券余额31.84万元，低于近一年50%分位水平，处于较低位。 资料显示，龙源电力集团股份有限公司位于北京市西城区阜成门北大街6号(c幢)20层2006室,香港铜锣湾 希慎道33号利园1期19楼1917室，成立日期1993年1月27日，上市日期2022年1月24日，公司主营业务涉 及电力系统及电气设备的技术改造、技术服务和生产维修;与电力相关的新技术、新设备、新材料、新 工艺的研制、开发、生产、成果转让;电站污染物治理;风力发电、节能技术及其他新能源的技术开发、 ...

Investment Rating - The report maintains a "Positive" investment rating for the utility sector [8] Core Insights - The introduction of the "stabilizing electricity prices" policy aims to mitigate "involutionary" competition among power generation companies, which is expected to support electricity price expectations for 2026 and beyond [2][12] - The stable electricity price policy is anticipated to catalyze the revaluation of thermal power assets, as it encourages companies to avoid irrational price competition [12] - The linkage between thermal power prices and hydro/nuclear power prices is expected to strengthen, providing a price anchor for these sectors [12] - The report suggests that the new policy direction will alleviate irrational low-price competition in the renewable energy sector, promoting a shift towards high-quality development [12] Summary by Sections Policy Developments - The State-owned Assets Supervision and Administration Commission (SASAC) has emphasized stabilizing electricity and coal prices to prevent harmful competition, which is crucial for the high-quality development of state-owned enterprises [2][12] Market Dynamics - The report highlights that the capital market has historically viewed the thermal power industry as a "coal processing industry," with profitability primarily driven by the coal-electricity price differential [12] - Concerns over declining long-term electricity prices for 2026 have been a source of anxiety for investors, but the new policy is expected to provide a stable foundation for future negotiations [12] Investment Recommendations - The report recommends focusing on quality thermal power operators such as Huaneng International, Datang Power, and Guodian Power, as well as hydroelectric companies like Yangtze Power and State Power Investment Corporation [12] - In the renewable energy sector, companies like Longyuan Power and China Nuclear Power are highlighted as potential investment opportunities due to their expected growth and stability [12]

Core Viewpoint - Longyuan Power has signed a cooperation framework agreement with the People's Government of Tieli City, Heilongjiang Province, to develop a 3.53 million kilowatt renewable energy generation project, including a 3 million kilowatt pumped storage project [2] Company Overview - Longyuan Power Group Co., Ltd. is primarily engaged in wind and photovoltaic power generation, with its main products being electricity and heat [2] - The company has an operational wind power installed capacity of 1.5908 million kilowatts in Xinjiang [3] - The company was established on January 27, 1993, and listed on January 24, 2022, with its main business involving technology transformation, service, and production maintenance related to power systems and electrical equipment [6] Financial Performance - For the first half of 2025, Longyuan Power reported operating revenue of 15.657 billion yuan, a year-on-year decrease of 17.09%, and a net profit attributable to shareholders of 3.375 billion yuan, down 11.82% year-on-year [7] - 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 [8] Shareholder Structure - As of June 30, 2025, the number of shareholders of Longyuan Power increased by 1.18% to 41,000, with no change in the average circulating shares per person [7] - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, with notable increases in holdings among several institutional investors [9] Market Activity - On September 26, Longyuan Power's stock rose by 3.26%, with a trading volume of 189 million yuan and a turnover rate of 0.22%, bringing the total market capitalization to 145.461 billion yuan [1] - The stock's average trading cost is 16.61 yuan, with recent trading activity indicating a lack of clear trends among major investors [4][5]

Group 1 - Wind power stocks in Hong Kong rose against the market trend, with increases of over 7%, 5%, and nearly 5% among various companies [1] - Morgan Stanley upgraded the rating of the Chinese wind power industry, suggesting that the sector may experience a recovery following efforts to combat internal competition [2] - The report indicates that after a challenging period from 2022 to 2024, the Chinese wind power industry successfully reversed the trend of vicious competition through self-regulation [3] Group 2 - Morgan Stanley forecasts that during the "14th Five-Year Plan" period, the average annual new installed capacity will exceed 110 GW, potentially reaching around 120 GW between 2028 and 2030 [3] - The investment opportunities are particularly favorable for key component suppliers and submarine cable companies within the wind power value chain [2]

Core Viewpoint - Morgan Stanley upgraded the rating of the Chinese wind power industry, suggesting that the sector may experience a recovery following efforts to combat internal competition [1] Group 1: Market Performance - Wind power stocks rose in early trading, with notable increases: Goldwind Technology (002202) up 7.64% to HKD 13.81, Datang New Energy (01798) up 6.11% to HKD 2.78, and China High-Speed Transmission (00658) up 5.45% to HKD 1.74 [1] - Longyuan Power (001289) also saw a rise of 5.56%, reaching HKD 8.17 [1] Group 2: Industry Outlook - Morgan Stanley indicated that after nearly three years of a downturn, the Chinese wind power value chain has successfully achieved self-regulation, reversing the trend of unhealthy competition [1] - The firm expects domestic wind power installation demand to remain resilient, with a positive outlook for key component suppliers and submarine cable companies [1] - The report forecasts that during the 14th Five-Year Plan period, the average annual new installed capacity will exceed 110 GW, potentially reaching around 120 GW during 2028-2030 [1]

Core Viewpoint - Morgan Stanley upgraded the rating of China's wind power industry, suggesting that the sector may experience a recovery following efforts to combat internal competition [1] Group 1: Market Performance - Wind power stocks rose in early trading, with Goldwind Technology (02208) up 7.64% at HKD 13.81, Datang New Energy (01798) up 6.11% at HKD 2.78, China High-Speed Transmission (00658) up 5.45% at HKD 1.74, and Longyuan Power (00916) up 5.56% at HKD 8.17 [1] Group 2: Industry Outlook - After nearly three years of a downturn, the Chinese wind power value chain has successfully achieved self-regulation, reversing the trend of unhealthy competition [1] - Morgan Stanley expects domestic wind power installation demand to remain resilient, with key component suppliers and submarine cable companies presenting investment opportunities [1] - The report indicates that during the 14th Five-Year Plan period, the average annual new installed capacity will exceed 110 GW, potentially reaching around 120 GW during 2028-2030 [1]

Core Viewpoint - The Hong Kong stock market for wind power concepts is experiencing a significant upward trend, with several companies showing notable gains [1] Company Performance - Ruifeng New Energy has seen an increase of over 6% [1] - Other companies such as Goldwind Technology, Dongfang Electric, China High-Speed Transmission, and Longyuan Power are also experiencing gains [1]

Group 1 - The core viewpoint of the news highlights the continued rise of wind power stocks in the Hong Kong market, driven by positive electricity consumption data and supportive government policies for the energy sector [1] - On September 23, the National Energy Administration reported that electricity consumption in August exceeded 1 trillion kilowatt-hours for the second consecutive month, reaching 10154 billion kilowatt-hours, marking a 5.0% year-on-year increase [1] - The joint release of guidelines by four government departments emphasizes the need for high-quality development in the energy equipment industry, promoting self-sufficiency, high-end, intelligent, and green development [1] Group 2 - Specific stock performance includes: Ruifeng New Energy up nearly 7% to 0.800, China High-Speed Transmission up 6% to 1.750, Goldwind Technology up over 4% to 13.370, and Dongfang Electric up 4% to 16.350 [2] - Other notable increases include Longyuan Power up 2.5% to 7.930, Datang New Energy up nearly 2% to 2.670, and minor gains for Xintian Green Energy and Jingneng Clean Energy [2] - The market analysis suggests that the recent policy signals will inject strong momentum into the environmental and low-carbon development of the electricity industry, benefiting solar, wind, and other new energy equipment companies [1]

Group 1 - Wind power stocks in Hong Kong continue to rise, with notable increases in shares such as Ruifeng New Energy up nearly 7%, China High-Speed Transmission up 6%, and Goldwind Technology and Dongfang Electric both up over 4% [1] - The National Energy Administration reported that total electricity consumption in August surpassed 1 trillion kilowatt-hours, reaching 10154 billion kilowatt-hours, marking a 5.0% year-on-year increase [1] - This marks the first time in China that electricity consumption has exceeded 1 trillion kilowatt-hours for two consecutive months, and it is also a global first [1] Group 2 - A joint guideline was released by the National Energy Administration, Ministry of Industry and Information Technology, State-owned Assets Supervision and Administration Commission, and State Administration for Market Regulation, emphasizing the need for high-quality development in the energy equipment sector [1] - The guideline aims to promote the self-controllability, high-end, intelligent, and green development of the energy equipment industry chain, supporting the construction of a new energy system [1] - Market analysis suggests that this policy signal injects strong momentum into the environmental and low-carbon development of the electricity industry, benefiting new energy equipment companies such as solar and wind power [1]

Company Overview - Longyuan Power Group Co., Ltd. is located in Beijing and was established on January 27, 1993, with its listing date on January 24, 2022 [2] - The company's main business includes technical transformation, services, and maintenance of power systems and electrical equipment, as well as the development and production of new technologies, equipment, and materials related to electricity [2] - The revenue composition of Longyuan Power is 99.22% from power products and 0.78% from other sources [2] Financial Performance - As of June 30, 2025, Longyuan Power reported a total revenue of 15.657 billion yuan, a year-on-year decrease of 17.09%, and a net profit attributable to shareholders of 3.375 billion yuan, down 11.82% year-on-year [3] - The company has distributed a total of 5.978 billion yuan in dividends since its A-share listing, with 4.746 billion yuan distributed in the last three years [4] Stock Market Activity - On September 26, Longyuan Power's stock price increased by 2.20%, reaching 17.22 yuan per share, with a trading volume of 26.6774 million yuan and a turnover rate of 0.03% [1] - The stock has seen an 11.23% increase year-to-date, with a 2.50% rise over the last five trading days, a 3.30% increase over the last 20 days, and a 4.60% rise over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent occurrence on April 8 [1] Shareholder Information - As of June 30, 2025, Longyuan Power had 41,000 shareholders, an increase of 1.18% from the previous period [3] - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, with notable increases in holdings among several institutional investors [4]