证券代码：001289 证券简称：龙源电力 公告编号：2025-041 龙源电力集团股份有限公司 关于公司 2025 年第四期超短期融资券发行的公告 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 2025 年 6 月 17 日召开 的 2024 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 理公司以一次性或分期的形式通过中国证监会、深圳证券交易所、国家发展改革 委、中国保险资产管理业协会等机构审批、注册、登记、发行或设立债务融资工 具，新增规模合计不超过人民币 500 亿元（含 500 亿元）；以统一注册或分品种 注册的形式向中国银行间市场交易商协会注册债务融资工具，可采取分期方式发 行，新增规模合计不超过人民币 800 亿元（含 800 亿元）；股东大会同意董事会 在授权范围内转授权公司管理层处理相关事宜。 公司已于 2025 年 6 月 26 日发行了 2025 年度第四期超短期融资券，所募集 资金拟用于置换存量有息债 ...

Investment Rating - The report rates the industry as "Outperform" [1] Core Insights - The power sector is experiencing low attention, with thermal power growth turning positive in May, indicating a potential for long-term opportunities [1][4] - The report highlights that the thermal power sector is expected to maintain high growth rates despite low valuations, suggesting that it remains promising even if short-term declines occur due to coal price rebounds [4] Summary by Sections Industry Overview - The power sector has seen adjustments recently, with specific companies showing varied performance: Huaneng Power International +1.1%, Huadian Power International -2.9%, China Yangtze Power -0.7%, and China Longyuan Power Group H -0.9% during the week of June 16-20 [4] - The electricity price in Jiangsu for June was set at 313 RMB/MWh, reflecting a year-over-year decrease of 23.7% [4] Power Generation Data - In May, the national industrial power generation was 737.8 billion kWh, a year-over-year increase of 0.5%, while the social electricity consumption grew by 4.4% [5] - The year-over-year changes for different power sources in May were as follows: thermal power +1.2%, hydropower -14.3%, nuclear power +6.7%, wind power +11.0%, and photovoltaic +7.3% [5] Emergency Dispatch Pricing - The emergency dispatch pricing structure allocates 80% of net income to users in the exporting province and 20% to power plants, with losses borne entirely by users in the importing province [6] Regional Developments - The Xinjiang Tianshan Gobi wind and solar base, with a total capacity of 14.2 million kW, is expected to transmit 36 billion kWh annually to Chongqing, meeting nearly a quarter of its electricity demand [7] - Shandong province is promoting electric vehicle storage solutions to manage peak demand, with recent pilot programs showing significant participation and energy discharge [8]

Investment Rating - The report maintains a recommendation for companies such as Funiu Co., Ltd. and Shenneng Co., Ltd. while cautiously recommending China General Nuclear Power and Anhui Energy [4][21]. Core Viewpoints - In May, the total electricity consumption reached 809.6 billion kWh, showing a year-on-year growth of 4.4%. The first industry saw an increase of 8.4%, the second industry 2.1%, the third industry 9.4%, and urban and rural residents' consumption 9.6% [2][22]. - The report highlights that coal prices are expected to remain low, benefiting thermal power generation, which is anticipated to improve performance in Q2. Companies are actively investing in wind power and cogeneration assets for long-term growth potential [4][19]. Summary by Sections Weekly Market Review - The electricity sector underperformed the broader market, with the public utility sector closing at 2355.40 points, down 1.13%, and the electricity sub-sector at 3131.64 points, down 1.31% [1][8]. - Among the electricity sub-sectors, photovoltaic generation fell by 1.57%, wind power by 1.28%, while thermal services rose by 2.08% [1][13]. Industry Data Tracking - The average price of thermal coal in the Bohai Rim region was 663.00 RMB/ton, with no change week-on-week [48]. - The report notes that the electricity market is experiencing a decline in coal and gas prices, with the average transaction price for coal in Guangdong dropping by 28.43% [69]. Investment Recommendations - The report recommends focusing on companies with stable performance and growth potential, particularly in thermal power and hydropower sectors, such as Changjiang Electric Power and Sichuan Investment Energy [4][20]. - It also suggests monitoring companies involved in asset restructuring and mergers, as these are expected to gain traction this year [20].

证券代码：001289 证券简称：龙源电力 公告编号：2025-039 龙源电力集团股份有限公司 2024 年度股东大会、2025 年第 1 次 A 股类别股东大会及 2025 年第 1 次 H 股类别股东大会决议公告 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"或"本公司"）已于 2025 年 6 月 17 日召开 2024 年度股东大会、2025 年第 1 次 A 股类别股东大会及 2025 年第 1 次 H 股类别股东大会（以下简称"本次股东大会"或"本次会议"）， 有关本次股东大会的决议及表决情况如下： 一、特别提示 1．本次股东大会无其他新增议案，无变更、否决议案的情况。 2．本次股东大会不涉及变更以往股东大会已通过的决议。 二、会议召开情况 1 1. 会议召开方式：现场及网络投票相结合 2. 会议召开时间： （1）现场会议时间：2025 年 6 月 17 日（星期二） （2）网络投票时间：2025 年 6 月 17 日（星期二） 其中，通过深圳证券交易所交易系统进行的网络投票的具体时间为：2025 年 ...

北京市朝阳区建国路 79 号华贸中心 2 号写字楼 28 层(邮编 100025) 电话：86-10- 6440 2232 传真：86-10-6440 2915 网址：www.zhonglunwende.com 一、关于本次股东大会的召集、召开程序 （一）本次股东大会的召集 北京市中伦文德律师事务所 关于龙源电力集团股份有限公司 2024 年度股东大会和 2025 年第 1 次 A 股类别 股东大会的法律意见书 【2025】1 号 致：龙源电力集团股份有限公司 北京市中伦文德律师事务所（以下简称"本所"）接受龙源电力集团股份有限 公司（以下简称"龙源电力"或"公司"）委托，委派本所律师列席了公司于 2025 年 6 月 17 日召开的 2024 年度股东大会、2025 年第 1 次 A 股类别股东大会及 2025 年第 1 次 H 股类别股东大会（以下简称"本次股东大会"），并根据《中华人民共 和国公司法》（以下简称"《公司法》"）《中华人民共和国证券法》（以下简称 "《证券法》"）《上市公司股东大会规则》（以下简称"《股东大会规则》"） 等中国现行法律、法规、规范性文件（以下简称"现行法律、法规"，为本法律 ...

证券代码：001289 证券简称：龙源电力 公告编号：2025-040 龙源电力集团股份有限公司 第五届董事会 2025 年第 3 次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、误 导性陈述或者重大遗漏。 一、董事会会议召开情况 龙源电力集团股份有限公司（以下简称"公司"或"龙源电力"）第五届 董事会 2025 年第 3 次会议（以下简称"本次会议"）已于 2025 年 6 月 6 日以 电子邮件等方式通知全体董事。本次会议于 2025 年 6 月 17 日以现场方式召开， 会议应出席董事 9 人，实际出席 9 人。本次会议由董事长宫宇飞先生主持，公 司监事、高管人员列席会议。本次会议的召开符合《中华人民共和国公司法》 《龙源电力集团股份有限公司章程》《龙源电力集团股份有限公司董事会议事 规则》的规定。 二、董事会会议审议情况 本次会议经审议，形成决议如下： 1.审议通过《关于龙源电力集团股份有限公司广西和山东区域子公司吸收 合并的议案》 董事会同意公司广西和山东区域全资子公司吸收合并方案，广西区域由公 司所属全资子公司河池市晶能光伏发电有限公司（以下简称"河池晶能" ...

北京市朝阳区建国路 79 号华贸中心 2 号写字楼 28 层(邮编 100025) 网址：www.zhonglunwende.com 电话：86-10- 6440 2232 传真：86-10-6440 2915 北京市中伦文德律师事务所 关于龙源电力集团股份有限公司 股东大会的法律意见书 【2025】1 号 致：龙源电力集团股份有限公司 北京市中伦文德律师事务所（以下简称"本所"）接受龙源电力集团股份有限 公司（以下简称"龙源电力"或"公司"）委托，委派本所律师列席了公司于 2025 年 6 月 17 日召开的 2024 年度股东大会、2025 年第 1 次 A 股类别股东大会及 2025 年第 1 次 H 股类别股东大会（以下简称"本次股东大会"），并根据《中华人民共 和国公司法》（以下简称"《公司法》"）《中华人民共和国证券法》（以下简称 "《证券法》"）《上市公司股东大会规则》（以下简称"《股东大会规则》"） 等中国现行法律、法规、规范性文件（以下简称"现行法律、法规"，为本法律意 见书之目的，"现行法律、法规"不包括香港特别行政区、澳门特别行政区及台湾 地区的法律、法规）和《龙源电力集团股份有限公司章 ...

| 证券代码：001289 证券简称：龙源电力 | | | | | 公告编号：2025-039 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 龙源电力集团股份有限公司 | | | | | | | | | | | 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"或"本公司"）已于 | | | | | 2025 | | | | | | 年 6 月 日召开 2024 年度股东大会、2025 年第 | 17 | 1 次 A | | | 股类别股东大会及 | | 2025 | | | | 1 年第 次 | H | 股类别股东大会（以下简称"本次股东大会"或"本次会议"）， | | | | | | | | | 有关本次股东大会的决议及表决情况如下： | | | | | | | | | | | 一、特别提示 | | | | | | | | | | ...

Investment Rating - The report maintains a "Positive" investment rating for the public utility sector in Hong Kong [7]. Core Insights - The significant decline in Hong Kong HIBOR since May has created a favorable environment for investment in the public utility sector, particularly in electricity, which is seen as a defensive asset amid external market volatility [10][11]. - The report highlights that the electricity sector is experiencing a dual benefit from both external market conditions and internal performance improvements, with a notable decrease in coal prices and an increase in renewable energy generation [10][11]. Summary by Sections Market Overview - Since May, the Hong Kong banking sector has seen a 285% increase in interbank liquidity, with HIBOR dropping by 337 basis points, marking the largest monthly decline since 2002. As of June 13, the 1-month HIBOR stabilized around 0.60%, maintaining a near three-year low [10][11]. - The Hang Seng Index rose by 8.02% from May 1 to June 13, outperforming the Shanghai Composite Index, which only increased by 2.48% during the same period [10][11]. Performance of the Electricity Sector - The report notes that the electricity sector is uniquely positioned to benefit from both defensive and offensive strategies, with improved profitability expected due to lower coal prices and stable electricity prices. For instance, the Q5500 coal price at Qinhuangdao port fell to 635.64 CNY/ton, a year-on-year decrease of 212.81 CNY/ton [10][11]. - Renewable energy generation is also on the rise, with wind power generation growth rates improving significantly in recent months, indicating a robust recovery in the sector [10][11]. Investment Recommendations - The report suggests that the "carbon neutrality" initiative and ongoing electricity market reforms will lead to a comprehensive reassessment of the intrinsic value of electricity operators throughout the 14th Five-Year Plan period. Key companies to watch include Huadian International, China Resources Power, and Huaneng International, among others [10][11]. - The report emphasizes the potential for long-term growth in the renewable energy sector, recommending investments in companies like Longyuan Power and China Nuclear Power, which are expected to benefit from favorable policy changes and market conditions [10][11].

Investment Rating - The report maintains a positive investment rating for the power and utilities sector, with specific recommendations for companies such as Funiu Co., Ltd. and Shenneng Co., Ltd. [3][21] Core Insights - The power sector outperformed the broader market, with the utilities sector index closing at 2382.43 points, up 0.26%, and the electricity sub-sector index at 3173.29 points, down 0.25% [1][9] - The commissioning of the Hami-Chongqing ±800 kV UHVDC project significantly enhances power supply capabilities in Chongqing, providing approximately 36 billion kWh annually, which accounts for about 20% of the city's annual electricity demand [2][24] - The establishment of the world's first offshore wind-powered data center in Shanghai aims to support AI and 5G computing needs while promoting low-carbon energy solutions [2][32] Summary by Sections Weekly Market Review - The electricity sector showed resilience with a slight decline in the electricity sub-sector, while thermal power benefited from falling coal prices, leading to improved performance expectations [1][20] - The report highlights the performance of various electricity sub-sectors, noting a decline in photovoltaic generation by 1.79% and an increase in hydropower generation by 1.03% [1][14] Industry Data Tracking - The report tracks coal prices, which have seen a slight decrease, indicating a favorable environment for thermal power generation [35] - The report also provides insights into the performance of renewable energy sources, with significant growth in wind and solar installations in Xinjiang, which now account for over 54% of the total installed capacity [25][26] Investment Recommendations - The report recommends focusing on companies with stable earnings and growth potential, particularly in thermal power and hydropower sectors, while also highlighting opportunities in renewable energy and data center integration [3][21] - Specific companies recommended include Funiu Co., Ltd., Shenneng Co., Ltd., and China Nuclear Power, with cautious recommendations for China General Nuclear Power [3][22]