Investment Rating - The report suggests focusing on power generation assets in regions with tight supply-demand balance and favorable competition dynamics, particularly recommending companies like Sheneng Co. and Huadian International for thermal power, and Yangtze Power for hydropower [4] Core Viewpoints - The report highlights the recent auction results for renewable energy pricing in Shandong, indicating a total of 94.67 billion kWh of selected projects, with wind power accounting for 59.67 billion kWh and solar power for 12.48 billion kWh [6][32] - It notes that the winning bid price for wind power was 0.319 yuan/kWh, which is an 8.9% discount from the auction ceiling, while solar power had a winning bid of 0.225 yuan/kWh, reflecting a 35.7% discount [6][33] - The report emphasizes the importance of the new market mechanisms being developed for renewable energy, including the support for a spot market for electricity [6][57] Summary by Sections Market Review - The Shanghai Composite Index decreased by 1.86% while the ChiNext Index increased by 2.16% during the week of September 8-12 [12] - The carbon neutrality sector rose by 2.25%, while the coal sector saw a slight decline of 0.11% [12] Industry News - The report discusses the new guidelines for the continuous operation of electricity spot markets, which aim to enhance market competition and system operation [57] - It also mentions the new action plan for large-scale construction of new energy storage, targeting an installed capacity of over 180 million kW by 2027, with direct investments of approximately 250 billion yuan [58] Investment Recommendations - For thermal power, the report recommends focusing on leading companies in regions with tight supply-demand dynamics, such as Anhui Energy and Huadian International [62] - In hydropower, it suggests monitoring Yangtze Power due to stable electricity prices and regional supply-demand tightness [62] - For nuclear power, it highlights China National Nuclear Power as a key player due to expected increases in electricity generation and stable pricing [62] - In the renewable energy sector, it recommends Longyuan Power as a leading wind power operator [63] - The report also suggests focusing on urban comprehensive operation management service providers like Yuhua Tian [63]

Core Viewpoint - The report from Xingzheng International initiates coverage of Longyuan Power (001289)(00916) with an "Overweight" rating, highlighting short-term performance pressure due to fluctuations in green electricity prices, while maintaining optimism about the company's long-term growth potential driven by offshore wind and large-scale projects [1] Group 1: Company Overview - Longyuan Power is positioned as the wind power business integration platform of the State Energy Group, with a total installed capacity of 43.2 GW as of the end of H1 2025, comprising 31.4 GW of wind power and 11.8 GW of solar power [2] - The company has historically maintained a stable return on equity (ROE) in the range of 8-9%, with controllable declines in electricity prices over recent years [2] - The operating profit per kilowatt-hour for wind power has decreased from 0.24 yuan/kWh in 2017 to 0.20 yuan/kWh in 2024, and is expected to drop to 0.19 yuan/kWh in H1 2025 due to unfavorable wind conditions and price pressures [2] Group 2: Market Position and Growth Potential - Longyuan Power holds a leading position in resource allocation with 31.4 GW of controlled wind power capacity, including approximately 2.2 GW from Jiangsu offshore wind and 0.4 GW from Fujian offshore wind, primarily located in resource-rich areas and load centers [3] - The company has a significant pipeline of offshore wind projects exceeding 5 GW, distributed across Jiangsu, Fujian, and Hainan, which is expected to support profit growth as these projects come online [3] Group 3: Pricing and Policy Environment - The average electricity price for wind power has remained relatively stable, decreasing from 0.49 yuan/kWh in 2017 to 0.47 yuan/kWh in 2024, with expectations for improved pricing dynamics following the issuance of policy document 136 [4] - The acceleration of national subsidy recovery for green electricity companies has been observed since July, with the average trading price of green certificates rising by 35.42% month-on-month to 4.61 yuan per certificate in July [4]

Core Viewpoint - The report from Xingzheng International initiates coverage on Longyuan Power (00916) with an "Overweight" rating, highlighting short-term performance pressure due to fluctuations in green electricity prices and volumes, while maintaining optimism about the company's long-term growth potential as a leading wind power enterprise benefiting from policy catalysts and market competition advantages [1][2]. Group 1: Financial Performance and Projections - The company is expected to achieve net profits attributable to shareholders of 6.431 billion yuan, 7.220 billion yuan, and 7.934 billion yuan for the years 2025-2027, reflecting year-on-year growth rates of +0.1%, +12.3%, and +9.9% respectively [1]. - The price-to-earnings (PE) ratios corresponding to the closing price on September 9, 2025, are projected to be 9.4x, 8.4x, and 7.6x for the years 2025, 2026, and 2027 [1]. Group 2: Market Position and Resource Management - Longyuan Power, as a leading operator backed by the State Energy Group, has a total installed capacity of 43.2 GW as of the end of H1 2025, comprising 31.4 GW of wind power and 11.8 GW of solar power, having completed the divestment of thermal power assets [2]. - The company has a significant advantage in resource allocation, with its wind power installations located in high-quality resource areas and load centers, achieving utilization hours that exceed the national average by approximately 60-160 hours [3]. Group 3: Pricing and Policy Environment - The company has maintained a relatively stable decline in electricity prices, with wind power revenue per kilowatt-hour decreasing from 0.49 yuan in 2017 to 0.47 yuan in 2024 [4]. - Following the issuance of Document No. 136, the company’s green electricity projects are expected to benefit from higher comprehensive pricing and excess returns due to improved output curves and better alignment with load demands [4].

Core Insights - The article highlights the top and bottom AH premium rates for various stocks, indicating significant disparities in market valuations between H-shares and A-shares [1][2][3] Group 1: Top AH Premium Rates - Northeast Electric (00042) leads with an AH premium rate of 800.00%, followed by Hongye Futures (03678) at 227.63% and Andeli Juice (02218) at 219.28% [1][2] - Other notable mentions include Fudan Zhangjiang (01349) with a premium of 215.70% and Beijing Mechanical & Electrical (00187) at 214.38% [2] Group 2: Bottom AH Premium Rates - CATL (03750) has the lowest AH premium rate at -10.67%, followed by Hengrui Medicine (01276) at -1.72% and Zijin Mining (02899) at 4.00% [1][2] - Additional companies with low premium rates include China Merchants Bank (03968) at 5.29% and Midea Group (00300) at 6.40% [2] Group 3: Top Deviation Values - Zhaoyan New Drug (06127) shows the highest deviation value at 25.76%, followed by Ganfeng Lithium (01772) at 19.31% and Kaisheng New Energy (01108) at 18.78% [1][2] - Other companies with significant deviation values include Dongjiang Environmental (00895) at 16.43% and Tianqi Lithium (09696) at 16.34% [2] Group 4: Bottom Deviation Values - Fosun Pharma (02196) has the lowest deviation value at -21.97%, followed by Longyuan Power (00916) at -20.23% and Longpan Technology (02465) at -17.81% [1][3] - Additional companies with low deviation values include BYD Company (01211) at -15.75% and Jiangxi Copper (00358) at -15.61% [3]

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 9.60 per share, indicating a potential upside of 22% from the current price of HKD 7.87 [1][6][12]. Core Insights - The acceleration of national subsidies for renewable energy in August has exceeded expectations, signaling positive cash flow improvements for the company. The company is expected to benefit significantly from the recovery of outstanding subsidies, which amount to over RMB 30 billion [3][9]. - The company has committed to a dividend payout ratio of at least 30% of net profit attributable to shareholders for the years 2025-2027, with an initial interim dividend of HKD 0.1 per share planned for 2025, reflecting a strong focus on shareholder returns [4][10]. - The company achieved a total power generation of 5,273,319 MWh in August 2025, a year-on-year increase of 5.56%, with wind and solar power generation growing by 22.38% and 74.41%, respectively. The target for new installed capacity in 2025 remains at 5 GW, which is expected to support stable performance growth [5][11]. Financial Summary - For FY2025, the company is projected to generate revenue of RMB 32,526 million, a 3.7% increase from the previous year, with net profit attributable to shareholders expected to reach RMB 6,622 million, reflecting a growth of 3.8% [7][15]. - The earnings per share (EPS) for FY2025 is estimated at RMB 0.79, with a price-to-earnings (P/E) ratio of 9.1 based on the current share price [7][15]. - The company plans to maintain a dividend of RMB 0.238 per share for FY2025, resulting in a dividend yield of 3.31% at the current price [7][15].

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、 项目投资管理;进出口业务;电气设备的租赁;与主营业务相关的咨询服务;承办展览会、展销会;机电产 品、化工原料及制品(危险化学品除外)、建筑材料、五金交电、日用百货、汽车配件、电力系统专用车 辆的销售;出租写字间。主营业务收入构成为：电力产品99.22%，其他收入0.78%。 截至6月30日，龙源电力股东户数4.10万，较上期增加1.18%；人均流通股0股，较上期增加0.00%。2025 年1月-6月，龙源电力实现营业收入156.57亿元，同比减少17.09%；归母净利润33.75亿元，同比减少 11.82%。 分红方面，龙源电力A股上市后累计派现59.78亿元。近三年，累计派现47.46亿元。 机构持仓方面，截止 ...

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、 项目投资管理;进出口业务;电气设备的租赁;与主营业务相关的咨询服务;承办展览会、展销会;机电产 品、化工原料及制品(危险化学品除外)、建筑材料、五金交电、日用百货、汽车配件、电力系统专用车 辆的销售;出租写字间。主营业务收入构成为：电力产品99.22%，其他收入0.78%。 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：绿色电力、碳中和、储能、 光伏玻璃、风能等。 来源：新浪证券-红岸工作室 9月9日，龙源电力盘中上涨2.01%，截至09:38，报18.28元/股，成交2792.12万元，换手率0.03%，总市 值1528.17亿元。 资金流向方面，主力资金净流入45.33万元，大单买入27 ...

Core Viewpoint - Longyuan Power announced a significant increase in power generation for the year 2025, indicating strong growth in renewable energy sectors, particularly wind and solar power [1] Group 1: Power Generation Performance - The company expects to achieve a total power generation of 5,273,319 MWh by August 2025, representing a year-on-year growth of 5.56% compared to the same period in 2024 [1] - Excluding the impact of hydropower, the year-on-year growth is even more pronounced at 32.97% [1] Group 2: Renewable Energy Growth - Wind power generation for the month showed a year-on-year increase of 22.38% [1] - Solar power generation experienced a remarkable year-on-year growth of 74.41% [1]

Core Viewpoint - Longyuan Power (001289) announced a projected power generation of 5,273,319 MWh by August 2025, representing a year-on-year growth of 5.56% compared to the same period in 2024, with a 32.97% increase when excluding the impact of thermal power [1] Group 1 - The company's wind power generation increased by 22.38% year-on-year this month [1] - The company's solar power generation saw a significant year-on-year increase of 74.41% this month [1]

Group 1 - Longyuan Power has seen a stock price increase of 7.56% over the last three days, currently trading at 17.92 CNY per share with a market capitalization of 149.808 billion CNY [1] - The company specializes in power system and electrical equipment technology transformation, technical services, and production maintenance, with 99.22% of its revenue coming from power products [1] - Longyuan Power was established on January 27, 1993, and was listed on January 24, 2022 [1] Group 2 - The fund "Jiaoyin National Enterprise Reform Flexible Allocation Mixed A" has increased its holdings in Longyuan Power by 1.12 million shares, now holding a total of 3.83 million shares, representing 0.05% of the circulating shares [2] - The fund has achieved a year-to-date return of 9.32% and a one-year return of 31.41%, ranking 5742 out of 8248 and 4528 out of 8051 respectively [2] - The fund manager, Shen Nan, has a tenure of over 10 years, with the best fund return during this period being 116.32% [3] Group 3 - Longyuan Power is the eighth largest holding in the "Jiaoyin National Enterprise Reform Flexible Allocation Mixed A" fund, accounting for 2.85% of the fund's net value [4] - The fund has realized a floating profit of approximately 482.58 thousand CNY during the recent three-day stock price increase [4]