公司已于 2025 年 5 月 22 日发行了 2025 年度第三期超短期融资券，所募集 资金拟用于补充日常流动资金及偿还发行人及其子公司有息债务。相关发行情况 如下： | 超短期融资券全称 | 龙源电力集团股份有限公司 | | 2025 | | 年度第三期超短期融资券 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 主承销商 | 中国民生银行股份有限公司 | | | | | | | | 超短期融资券简称 | 龙源电力 25 | SCP003 | 期限 | 天 180 | | | | | 超短期融资券代码 | 012581212 | | 发行日 | 2025 | 年 5 | 月 22 | 日 | | 起息日 | 年 月 2025 5 | 日 22 | 兑付日 | 2025 | 年 11 | 月 | 日 18 | | 计划发行总额 | 23 亿元人民币 | | 实际发行总额 | 23 | 亿元人民币 | | | | 发行价格 | 100 元/张 | | 票面利率 | 1.54% | | | | 1 本 期 发 行 超 短 期 融 资 券 的 相 ...

Investment Rating - The report maintains an "Overweight" rating for the electricity sector [1]. Core Viewpoints - In April, the national electricity consumption increased by 4.7%, with a cumulative growth of 3.1% from January to April [8][14]. - The electricity demand from the first and third industries shows resilience, while the second industry experiences weakness [14]. - The supply side saw a 0.9% year-on-year increase in electricity generation in April, with significant growth in renewable energy sources [30][33]. Summary by Sections Demand Side - From January to April, the total electricity consumption reached 31,566 billion kWh, with April alone accounting for 7,721 billion kWh [8]. - The first industry saw a 10.0% increase in electricity consumption, the second industry grew by 2.3%, and the third industry increased by 6.0% [14][13]. - In April, the first, second, and third industries' electricity consumption growth rates were 13.8%, 3.0%, and 9.0%, respectively, while residential electricity consumption grew by 7.0% [14]. Supply Side - In April, the total electricity generation was 7,111 billion kWh, marking a 0.9% year-on-year increase [30]. - The growth rates for different energy sources in April were as follows: wind power increased by 12.7%, solar power by 16.7%, nuclear power by 12.4%, while hydropower decreased by 6.5% and thermal power fell by 2.3% [33]. Investment Recommendations - The report suggests increasing allocation to the electricity sector due to favorable fundamentals and market catalysts as summer approaches [53]. - For thermal power, the report highlights the potential for improved profitability due to falling coal prices, recommending companies like Huadian International and Huaneng International [55]. - In the green energy sector, the report recommends focusing on wind power operators and undervalued green energy stocks, such as Xintian Green Energy and Longyuan Power [55]. - For hydropower and nuclear power, the report suggests monitoring companies like China National Nuclear Power and China General Nuclear Power [55].

Core Viewpoint - The article highlights the proactive measures taken by Hangzhou Longyuan Power Co., Ltd. to ensure the stable operation of charging stations after the "May Day" holiday, emphasizing the importance of regular inspections and maintenance for providing reliable charging services to electric vehicle owners [1][4]. Group 1: Inspection and Maintenance - The comprehensive inspection of charging stations was conducted to ensure stable operation and reliable charging for vehicle owners [1][4]. - Key focus areas during the inspection included environmental cleanliness, checking for debris around charging stations, and ensuring a tidy charging area [3]. - Detailed checks were performed on charging gun interfaces, including examining for looseness, damage, and oxidation of internal metal contacts [3]. Group 2: Navigation and Safety - The navigation and positioning system of the charging stations was tested to ensure accurate guidance for drivers seeking charging facilities [3]. - Regular inspections are aimed at identifying and eliminating potential safety hazards, thereby creating a safe and convenient charging environment for electric vehicle owners [4]. Group 3: Company Commitment and Future Plans - The inspection work reflects the company's high regard for the operation and management of charging facilities [4]. - The company plans to continue enhancing daily inspections and maintenance of charging stations to improve service quality and support green travel initiatives [4].

丨证券研究报告丨 行业研究丨行业周报丨公用事业 [Table_Title] 国际认可加速绿证消费扩容，价改推进重视绿电 长期价值 报告要点 [Table_Summary] 国际绿色电力消费倡议组织（RE100）宣布无条件认可中国绿证，明确企业使用中国绿证不需 要再提供额外证明。标志着我国绿证体系的制度完善与国际互认取得里程碑式突破，助推我国 绿证需求侧加速扩容。长期低位运行的市场需求和绿证价格将得到显著催化，为新能源项目实 现合理收益提供重要支撑。在新能源价格改革持续持续推进的背景下，我们认为各省配套细则 也将承接 136 号文保护存量项目、稳定增量项目收益预期的原则，有助于长远角度新能源发电 的合理健康发展，同时随着绿电消费的加速扩容，绿电公司有望迎来价值重估。 分析师及联系人 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Author] SFC：BQT627 SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SAC：S0490523080003 张韦华 司旗 宋尚骞 刘亚辉 [T ...

Summary of Key Points Core Viewpoint - Longyuan Power Group Co., Ltd. successfully issued its first green medium-term note for 2025, raising a total of 1.5 billion RMB with a coupon rate of 1.89% and a maturity of 5 years [1][3]. Trading Information - On May 16, Longyuan Power's stock closed at 16.65 RMB, down 1.48%, with a turnover rate of 0.11% and a trading volume of 54,900 shares, resulting in a transaction amount of 91.88 million RMB [1]. - The capital flow on the same day indicated a net outflow of 18.468 million RMB from institutional investors, while retail investors saw a net inflow of 17.0966 million RMB [1][3]. Company Announcement - The company announced the approval of a general authorization for the issuance of debt financing instruments at the 2023 annual shareholders' meeting held on June 6, 2024, allowing for the registration and issuance of up to 80 billion RMB in debt financing tools in the interbank market [1]. - The details of the issued medium-term note include: - Issuer: Longyuan Power - Issuance date: May 14, 2025 - Interest start date: May 15, 2025 - Maturity date: May 15, 2030 - Total issuance amount: 1.5 billion RMB - Issuance price: 100 RMB per note - Lead underwriter: Agricultural Bank of China, with joint lead underwriters including Industrial and Commercial Bank of China, Bank of China, Industrial Bank, and Jiangsu Bank [1].

Core Viewpoint - The company reported a revenue of 8.14 billion yuan for Q1 2025, reflecting a year-on-year growth of 0.92% in continuing operations, while net profit attributable to ordinary shareholders decreased by 21.82% compared to the previous year, primarily due to poor wind resource levels in certain regions [1][2]. Revenue and Profit Analysis - The decline in absolute revenue is attributed to the divestiture of two thermal power companies; however, after adjustments, revenue showed positive growth, with wind and solar power revenues reaching 7.368 billion yuan and 715 million yuan, respectively, reflecting year-on-year changes of -1.89% and +43.09% [2]. - The company's total power generation for Q1 was 20.3 billion kWh, a decrease of 4.42% year-on-year, but an 8.81% increase when excluding the impact of thermal power [2]. - Wind power generation increased by 4.37%, while solar power generation surged by 55.65% [2]. Installed Capacity and Efficiency - As of Q1 2025, the company had a total installed capacity of 41.15 million kW, with wind power capacity at 30.44 million kW (up 10% year-on-year) and solar power capacity at 10.7 million kW (up 65% year-on-year) [2]. - The increase in wind and solar installed capacity outpaced the growth in power generation, primarily due to a decline in wind resource levels in certain large-capacity areas [2]. - The wind power utilization hours for Q1 were 585 hours, a decrease of 55 hours year-on-year; however, adjusting for this, the wind power generation could have reached 19.45 billion kWh, indicating a year-on-year growth of 14.2% [2]. Future Outlook and Market Conditions - The company has transitioned to a pure renewable energy company, having divested all thermal power assets, and is expected to benefit from the injection of approximately 40 GW of unlisted renewable assets from its parent company [2]. - Recent regulatory changes from the National Development and Reform Commission and the National Energy Administration are expected to promote rational development in the renewable energy sector, enhancing market competition and addressing renewable energy consumption issues [2]. Profit Forecast - The company is projected to achieve net profits attributable to shareholders of 6.794 billion yuan, 7.202 billion yuan, and 7.756 billion yuan for the years 2025 to 2027, respectively, with current stock prices corresponding to P/E ratios of 7.5, 7.1, and 6.6 times [2].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's performance has been affected by poor wind conditions, leading to a focus on the construction turning point under comprehensive market entry [5] - The company has transitioned to a pure renewable energy company, with significant potential for future asset injections from its parent group [8] Financial Performance Summary - For Q1 2025, the company achieved revenue of 8.14 billion RMB, a year-on-year increase of 0.92%, while net profit attributable to ordinary shareholders was 1.977 billion RMB, a decrease of 21.82% [8] - The decline in revenue is attributed to the divestment of two thermal power companies, with wind and solar revenue showing a year-on-year change of -1.89% and +43.09%, respectively [8] - The company's installed capacity as of Q1 2025 was 41.15 million kW, with wind power capacity at 30.44 million kW (up 10% year-on-year) and solar capacity at 10.70 million kW (up 65% year-on-year) [8] - The forecasted net profit for 2025-2027 is 6.794 billion, 7.202 billion, and 7.756 billion RMB, respectively, with corresponding P/E ratios of 7.5, 7.1, and 6.6 [7][8]

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 7.18 HKD based on an 8x PE for the year 2025 [4]. Core Insights - The company is the world's largest wind power operator, backed by the State Energy Group, and is undergoing a transformation towards clean energy, with a target of adding approximately 30GW of new energy capacity [2][39]. - The company has a strong advantage in wind power asset quality, which is expected to stand out in the new market environment following the introduction of comprehensive marketization policies for renewable energy [3][64]. - The company has a robust pipeline of projects, with 14.7GW of development indicators secured for 2024 and a focus on upgrading older wind farms to enhance efficiency [2][35]. Summary by Sections 1. Industry Leadership and Development - The company is a pioneer in wind power development in China, maintaining its position as the largest wind power operator globally since 2015, with a total installed capacity of 41.1GW as of the end of 2024 [18][39]. - The company has divested its thermal power assets, enhancing its green energy profile and focusing on renewable energy [19]. 2. Growth Drivers - The company has added approximately 17GW of new energy capacity from 2021 to 2024, with a goal of 5GW in 2025, leveraging its strong financing capabilities and project resource acquisition [2][39]. - The company is actively engaging in technology upgrades and new constructions to drive growth, with a significant number of projects in high-quality resource areas [2][35]. 3. Market Environment and Asset Quality - The introduction of the "136 Document" marks a new phase of marketization for renewable energy, with wind power expected to perform better than solar due to its non-simultaneous output characteristics [3][44]. - The company’s wind power assets have shown higher average utilization hours compared to local averages, primarily due to its early development of high-quality wind resources and a significant proportion of subsidized projects [3][64]. 4. Financial Projections and Valuation - The company’s projected EPS for 2025, 2026, and 2027 are 0.83, 0.90, and 0.98 RMB respectively, with corresponding PE ratios of 7, 7, and 6 [4][8]. - The report anticipates a slight decline in average on-grid electricity prices for wind power projects from 2025 to 2027, with expected changes of -1.3%, -1.2%, and -1.7% year-on-year [3][60].

证券代码：001289 证券简称：龙源电力 公告编号：2025-033 龙源电力集团股份有限公司 关于公司 2025 年度第一期绿色中期票据发行的公告 1 本 期 发 行 中 期 票 据 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.cn）上刊登。 特此公告。 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 2024 年 6 月 6 日召开 的 2023 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 理公司以统一注册或分品种注册的形式在中国银行间市场交易商协会注册、发行 不超过人民币 800 亿元（含 800 亿元）的债务融资工具的相关事宜，类型包括但 不限于超短期融资券、短期融资券、中期票据（含中长期含权票据）、永续票据、 定向债务融资工具、资产支持票据、项目收益票据、权 ...

Group 1 - Insurance capital is increasing equity investments through various methods such as shareholding and long-term stock investment trials due to low interest rates and supportive policies [1][2] - Analysts expect insurance companies to continue increasing equity investments, which will reduce the impact of stock market fluctuations on current profit statements [1][3] - The focus is shifting towards the CSI A500 index, which emphasizes technology and emerging industry leaders [1][3] Group 2 - Recent actions include China Ping An Life Insurance increasing its stake in China Merchants Bank to 12% and Ruizhong Life Insurance raising its stake in Longyuan Power to 16.04% [2] - The long duration of traditional insurance accounts makes them suitable for investing in low-valuation, stable-growth targets, benefiting from capital gains and high dividends in a low-interest environment [2] - Insurance funds are actively seeking long-term stock investment trials to address asset allocation issues and take advantage of relatively low A-share market valuations [4][5] Group 3 - The introduction of policies has expanded investment space for insurance funds, allowing for a reduction in risk capital requirements for equity assets [3][5] - The long-term stock investment trial allows insurance funds to invest through private equity funds, which can stabilize market value accounting and provide more flexible dividend options [4][5] - Regulatory approval for long-term stock investment trials has reached a total of 222 billion yuan, with significant funds expected to flow into the capital market [5]