龙源电力公告，2025年8月按合并报表口径完成发电量527.33万兆瓦时，同比增长5.56%，剔除火电影响 同比增长32.97%。风电发电量同比增长22.38%，光伏发电量同比增长74.41%。截至2025年8月31日，累 计完成发电量5125.46万兆瓦时，同比下降0.001%，剔除火电影响同比增长15.53%，其中风电同比增长 7.42%，光伏同比增长77.04%。 ...

来源：新浪基金∞工作室 9月8日，龙源电力涨0.56%，截至发稿，报17.92元/股，成交1.79亿元，换手率0.20%，总市值1498.08亿 元。龙源电力股价已经连续3天上涨，区间累计涨幅7.56%。 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%。 从龙源电力十大流通股东角度 数据显示，华泰柏瑞基金旗下1只基金位居龙源电力十大流通股东。华泰柏瑞沪深300ETF（510300）二 季度增 ...

公开资料显示，龙源电力是中国最早开发风电的专业化公司，自2015年以来，持续保持世界第一大风电 运营商地位。目前，龙源电力已成为一家以开发运营新能源为主的大型综合性发电集团，拥有风电、光 伏、生物质、潮汐、地热和火电等电源项目。业务分布于国内32个省区市以及多个海外市场，为全球能 源绿色低碳发展和可再生能源利用做出积极贡献。 龙源电力（001289）(00916)涨超5%，截至发稿，涨5.95%，报7.84港元，成交额5.23亿港元。 天风证券（601162）研报指出，数据中心作为算力服务的运行载体，电力成本通常占运营总成本的50% 以上。需求和能源矛盾倒逼算力绿色化变革。数据经济时代，算力成为数据中心核心需求，进而带动电 力需求高增，建议关注新能源运营商龙源电力。 ...

智通财经APP获悉，龙源电力(00916)涨超5%，截至发稿，涨5.95%，报7.84港元，成交额5.23亿港元。 公开资料显示，龙源电力是中国最早开发风电的专业化公司，自2015年以来，持续保持世界第一大风电 运营商地位。目前，龙源电力已成为一家以开发运营新能源为主的大型综合性发电集团，拥有风电、光 伏、生物质、潮汐、地热和火电等电源项目。业务分布于国内32个省区市以及多个海外市场，为全球能 源绿色低碳发展和可再生能源利用做出积极贡献。 天风证券研报指出，数据中心作为算力服务的运行载体，电力成本通常占运营总成本的50%以上。需求 和能源矛盾倒逼算力绿色化变革。数据经济时代，算力成为数据中心核心需求，进而带动电力需求高 增，建议关注新能源运营商龙源电力。 ...

来源：新浪基金∞工作室 9月8日，龙源电力涨0.56%，截至发稿，报17.92元/股，成交1.79亿元，换手率0.20%，总市值1498.08亿 元。龙源电力股价已经连续3天上涨，区间累计涨幅7.56%。 格林伯锐灵活配置A（006181）基金经理为宋宾煌、王振林。 从基金十大重仓股角度 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 数据显示，格林基金旗下1只基金重仓龙源电力。格林伯锐灵活配置A（006181）二季度持有股数5000 股，占基金净值比例为0.5%，位居第一大重仓股。根据测算，今日浮盈赚取约500元。连续3天上涨期 间浮盈赚取6300元。 截至发稿，宋宾煌累计任职时间2年354天，现任基金资产总规模2085.43万元，任职期间最佳基金回报 23.63%， 任职期间最差基金回报-23.16%。 王振林累计任职时间2年354天，现任基金资产总规模1777.61万元，任职期间最佳基金回报29.23%， 任 职期间最差基金回报-23.16%。 资料显示，龙源电力集 ...

Industry Rating - The report maintains an "Outperform" rating for the public utility sector [1] Core Insights - The data center industry in China is expected to reach a market size of 304.8 billion yuan and over 10 million standard racks by 2024, both achieving a year-on-year growth of over 20% [2][25] - The emergence of AI technologies, particularly large models, is driving significant demand for computing power, which is expected to enhance the growth of data centers [3][65] - The increasing electricity demand from data centers is projected to lead to a transformation towards greener computing solutions [4][111] Summary by Sections 1. Progress of China's Data Center Industry - The development of China's data center industry has evolved through four stages, with computing power becoming the driving force in the digital economy since 2020 [9][18] - The market is characterized by a significant regional distribution, with the "East Data West Computing" initiative promoting a balanced development across eight hubs and ten clusters [32][38] 2. AI's Impact on Data Center Demand - The launch of DeepSeek in January 2025 is expected to significantly increase the rack utilization rate in third-party data centers [3][79] - The average rack utilization rate in China was 56.4% by the end of 2023, indicating a mismatch between supply and demand [56] - The global demand for computing power is projected to grow at a rate exceeding 50% annually, with AI applications driving this growth [65][71] 3. Electricity Demand and Green Transformation - Data centers' electricity costs typically account for over 50% of their total operating costs, with some internet clients seeing this figure rise to 70-80% [95] - The International Energy Agency (IEA) predicts that global data center electricity consumption will double from 415 TWh in 2024 to approximately 945 TWh by 2030, with a compound annual growth rate of about 15% [101] - By 2030, China's data center electricity demand is expected to reach between 300 billion and 700 billion kWh, representing 2.3% to 5.3% of the total electricity consumption [108][109]

Core Viewpoint - The China Three Gorges Corporation has initiated the first charging experiment for its integrated photovoltaic and all-vanadium flow battery energy storage project in Xinjiang, marking it as the largest all-vanadium flow energy storage project in China [1]. Group 1: Project Overview - The project features a capacity of 1 million kilowatts of photovoltaic energy and 200,000 kilowatts/1 million kilowatt-hours of all-vanadium flow energy storage [1]. - The charging experiment aims to activate the all-vanadium flow electrolyte, enabling energy storage and release capabilities [1]. - The energy storage station consists of 80 storage units, with the initial experiment conducted on one unit, showing normal operational parameters [1]. Group 2: Technology and Advantages - The all-vanadium flow battery utilizes a "liquid storage" mode, storing energy in liquid tanks and cycling vanadium ion solutions through the battery stack to achieve energy storage and release [2]. - This technology offers three core advantages: 1. Extremely long cycle life, with up to 16,000 cycles, significantly surpassing lithium batteries' 2,000-3,000 cycles, and a stable lifespan exceeding 20 years [3]. 2. High safety due to the non-flammable and non-explosive nature of the electrolyte [4]. 3. Long-duration energy storage capability, addressing the intermittent nature of renewable energy sources like wind and solar, thus stabilizing power supply [4]. Group 3: Implications for Energy Transition - The all-vanadium flow battery's characteristics support large-scale integration of renewable energy into the grid, transforming renewable energy from a "volatile power source" to a "stable power source" [4]. - This technology is crucial for achieving China's dual carbon goals and transitioning to a clean, low-carbon energy structure [4].

Core Viewpoint - The E Fund Hong Kong Stock Connect Dividend Mixed A Fund (005583) reported a profit of 231 million yuan for the first half of 2025, with a net value growth rate of 10.82% and a fund size of 2.656 billion yuan as of the end of June 2025 [2][33]. Fund Performance - As of September 5, the fund's unit net value was 0.872 yuan, with a three-month net value growth rate of 14.38%, a six-month growth rate of 19.92%, a one-year growth rate of 43.07%, and a three-year growth rate of 17.40% [2][6][28]. - The fund's three-year Sharpe ratio was 0.0855, ranking 372 out of 875 comparable funds [26]. - The fund's maximum drawdown over the past three years was 33.73%, with the largest single-quarter drawdown occurring in Q1 2022 at 29.54% [28]. Market Analysis - The fund manager noted several changes in the Hong Kong stock market compared to last year, including the underperformance of high-dividend indices relative to broad indices, significant internal differentiation within high-dividend indices, and a slowdown in incremental capital inflow after a rapid increase in Q1 [2][3]. - The fund manager expressed a relatively positive outlook on underperforming sectors such as utilities, which have lower valuations and are in a capital expenditure downcycle, potentially improving shareholder returns [3]. Valuation Metrics - As of June 30, 2025, the fund's weighted average price-to-earnings (P/E) ratio was approximately 9.63 times, compared to the industry average of 15.75 times. The weighted average price-to-book (P/B) ratio was about 0.31 times, while the industry average was 2.52 times [11]. - The weighted average price-to-sales (P/S) ratio was approximately 0.28 times, with the industry average at 2.16 times, indicating that the fund's valuations are significantly lower than the industry averages [11]. Fund Holdings - As of June 30, 2025, the fund had a total of 38,800 holders, with a total of 3.406 billion shares held. Institutional investors accounted for 70.43% of the holdings, while individual investors made up 29.57% [37]. - The fund's top ten holdings included Longyuan Power, China Mobile, Sinopec Engineering, Sinochem Fertilizer, Beijing Enterprises Water Group, Mengniu Dairy, Xinhua Wenhui, Sinopec Kantons, Datang Renewable, and Sichuan Chengyu Expressway [42].

Investment Rating - The report maintains a "Positive" investment rating for the green electricity sector [8]. Core Insights - The acceleration of subsidy recovery signals a significant improvement in the financial health of renewable energy operators, enhancing cash flow and potentially allowing for the reversal of previously recognized receivable impairments [2][10]. - The green certificate market is experiencing a recovery, with prices increasing due to improved supply-demand dynamics, which is expected to restore the narrative around the green electricity sector [2][10]. Summary by Sections Subsidy Recovery - In August, several companies received substantial subsidy payments, indicating a faster recovery process for industry-wide subsidies. For instance, Solar Energy, Jinko Technology, and Longyang Energy received subsidies of 1.68 billion, 939 million, and 633 million RMB respectively, accounting for 74.6%, 78.3%, and 74.5% of their annual recovery totals [10]. - The cumulative subsidy recovery from January to August for these companies increased by 258.6%, 340.5%, and 272.0% year-on-year, with total amounts far exceeding the entire recovery for 2024 [10]. Green Certificate Market - The green certificate trading volume reached 68.21 million in July, with a year-on-year increase of 126.08% for the first seven months of 2025. The average price of green certificates rose to 4.61 RMB per unit, a 35.42% increase from the previous month [10]. - The price of green certificates for 2025 has reached 6.88 RMB per unit, reflecting a 6.17% increase, which translates to a compensation of 0.007 RMB per kilowatt-hour for renewable energy generation [10]. Investment Recommendations - The report suggests focusing on quality coal-fired power operators such as Huaneng International, Datang Power, and Guodian Power, as well as hydropower companies like Yangtze Power and State Power Investment Corporation [10]. - For the renewable energy sector, it recommends companies like Longyuan Power, China Nuclear Power, and Zhongmin Energy, highlighting their potential for growth amid favorable policy changes [10].

Core Viewpoint - The power sector is experiencing a significant rise in stock prices, driven by a record-breaking electricity consumption in July and favorable conditions for thermal power companies [1] Group 1: Stock Performance - Longyuan Power (001289)(00916) increased by 6% to HKD 7.42 [1] - China Power (02380) rose by 3.65% to HKD 3.41 [1] - Huaneng International (600011)(00902) gained 2.79% to HKD 5.89 [1] - China Resources Power (00836) climbed 2.51% to HKD 18.78 [1] Group 2: Electricity Consumption - In July, the total electricity consumption in China reached 1.02 trillion kWh, marking the first time it surpassed 1 trillion kWh in a month [1] Group 3: Industry Insights - Dongguan Securities reported that the rapid development of renewable energy is squeezing the market share of thermal power, leading to a year-on-year decline in revenue for several thermal power companies [1] - Despite the decline in revenue, companies like Huaneng International and Huadian International (600027) achieved year-on-year growth in net profit due to falling fuel prices [1] - Average coal prices have decreased year-on-year, which is beneficial for the profitability of thermal power companies [1] Group 4: Future Outlook - Bank of America noted that the performance of Chinese power stocks in the first half of the year largely met expectations [1] - Guosheng Securities projected that the overall performance of the power sector will align with expectations, with thermal power seeing revenue decline but profit increase, while hydropower remains stable and green energy faces pressure [1] - The current electricity prices are expected to bottom out and rebound, with demand recovery anticipated to boost electricity consumption and continued decline in fuel costs [1]