Core Viewpoint - Longyuan Power's stock experienced a slight decline of 0.57% on December 2, with a trading volume of 61.92 million yuan, indicating a challenging market environment for the company [1] Financing Summary - On December 2, Longyuan Power had a financing buy-in amount of 3.84 million yuan and a financing repayment of 3.89 million yuan, resulting in a net financing outflow of 47,000 yuan [1] - The total financing and securities lending balance for Longyuan Power reached 81.25 million yuan as of December 2 [1] - The current financing balance of 80.89 million yuan accounts for 0.10% of the circulating market value, which is above the 50th percentile level over the past year, indicating a relatively high financing level [1] Securities Lending Summary - On December 2, Longyuan Power repaid 100 shares in securities lending and sold 3,700 shares, amounting to a selling value of 58,600 yuan based on the closing price [1] - The remaining securities lending volume is 22,700 shares, with a balance of 359,300 yuan, which exceeds the 70th percentile level over the past year, indicating a high level of securities lending activity [1] Company Overview - Longyuan Power Group Co., Ltd. was established on January 27, 1993, and listed on January 24, 2022, with its main business involving technical transformation, services, and production maintenance related to power systems and electrical equipment [2] - The company's revenue composition is primarily from power products (99.22%), with other income accounting for 0.78% [2] - As of September 30, 2025, Longyuan Power reported a revenue of 22.22 billion yuan, a year-on-year decrease of 15.67%, and a net profit attributable to shareholders of 4.39 billion yuan, down 19.76% year-on-year [2] Dividend Summary - Longyuan Power has distributed a total of 5.98 billion yuan in dividends since its A-share listing, with 4.75 billion yuan distributed over the past three years [3] Institutional Holdings Summary - As of September 30, 2025, the number of shareholders in Longyuan Power decreased by 16.42% to 34,200 [3] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 3.05 million shares, a decrease of 819,900 shares from the previous period [3] - Other notable shareholders include Huatai-PB CSI 300 ETF and E Fund CSI 300 ETF, with slight changes in their holdings [3]

Investment Rating - The report maintains a "Positive" investment outlook for the public utilities and environmental sectors, particularly in the context of recent regulatory changes and market dynamics [1]. Core Insights - The report highlights the regulatory measures in various provinces aimed at standardizing the retail price differences in electricity sales, which is expected to stabilize market expectations and improve the profitability of electricity sales companies [3][7]. - It notes the fluctuating natural gas prices globally, with U.S. prices rising while European prices are declining, indicating a complex supply-demand landscape influenced by geopolitical factors and seasonal demand [12][22]. - The report provides specific investment recommendations across various segments, including hydropower, thermal power, nuclear power, green energy, and gas-related companies, reflecting a diversified approach to capitalize on emerging opportunities [10][37]. Summary by Sections 1. Electricity: Regulation of Retail Price Differences - Guangdong has issued guidelines to regulate the retail price differences, proposing a sharing mechanism for excess profits above a set threshold starting in 2026 [7]. - Several provinces have introduced detailed policies to manage retail price differences, aiming to prevent excessive profits by electricity sales companies and ensure fair pricing for consumers [8][9]. - The report emphasizes the need for a shift from aggressive pricing strategies to a service-oriented business model for electricity sales companies, which could stabilize market expectations [9]. 2. Natural Gas: Global Price Fluctuations - As of November 28, U.S. Henry Hub spot prices reached $4.59/mmBtu, reflecting an 11.13% weekly increase, while European prices, such as TTF, fell by 5.37% to €28.75/MWh [12][13]. - The report notes that U.S. natural gas demand has surged due to cold weather, despite record production levels, leading to a tightening supply-demand balance [16]. - In Northeast Asia, LNG prices have decreased to $10.90/mmBtu, down 6.52% week-on-week, driven by weak demand and high inventory levels [31][34]. 3. Investment Recommendations - Hydropower: Favorable autumn floods are expected to enhance hydropower generation capacity for the winter and spring, with recommendations for major hydropower companies [10]. - Thermal Power: The diversification of revenue sources in thermal power companies is highlighted, with recommendations for integrated coal and power companies [11]. - Nuclear Power: The report suggests focusing on nuclear power companies due to stable cost structures and expected growth from new approvals [11]. - Green Energy: The introduction of new market rules for renewable energy is expected to stabilize returns for green energy operators [11]. - Gas and Environmental Companies: Recommendations include integrated gas trading companies and environmentally focused firms benefiting from regulatory changes [37].

Investment Rating - The report maintains a "Positive" investment rating for the utility sector [10]. Core Insights - The recent revision of the pricing methods for transmission and distribution aims to enhance the consumption of renewable energy, with a focus on establishing a fair cost-sharing mechanism among grid companies, power generation enterprises, and users [2][6]. - The new regulations are expected to lower transmission and distribution costs, thereby making electricity pricing more reasonable while promoting the utilization of renewable energy [12]. Summary by Sections Pricing Method Revisions - The National Development and Reform Commission has revised four pricing methods related to transmission and distribution, adapting to the new requirements of the power system and focusing on renewable energy consumption [6]. - Key changes include the introduction of a single capacity pricing system for grid companies serving renewable energy projects, enhancing regulatory oversight throughout the process [7]. Cost Monitoring - The new methods provide a more accurate reflection of financing costs for grid companies by establishing a loan interest rate based on the average financing rate of the group [6]. - Changes in cost parameters for materials and management fees aim to ensure that costs do not exceed previously established limits, thus improving the accuracy of cost monitoring [6][7]. Provincial and Cross-Regional Pricing - The revised methods allow for adjustments in the return on equity for provincial grid companies, ensuring a balance between reasonable returns and user affordability [7]. - For cross-regional projects, the report suggests exploring two-part or single capacity transmission pricing, which is expected to facilitate the consumption of renewable energy across provinces [8]. Investment Recommendations - The report recommends focusing on quality thermal power operators such as Huaneng International, Datang Power, and Guodian Power, as well as hydropower companies like Yangtze Power and State Investment Power [12]. - It also highlights opportunities in the renewable energy sector, suggesting investments in companies like Longyuan Power and China Nuclear Power, which are expected to benefit from favorable policy changes and market conditions [12].

Core Viewpoint - Longyuan Power's stock experienced a decline of 0.93% on November 27, with a trading volume of 60.39 million yuan, indicating a challenging market environment for the company [1] Financing Summary - On November 27, Longyuan Power had a financing buy-in amount of 5.13 million yuan and a financing repayment of 3.25 million yuan, resulting in a net financing buy of 1.88 million yuan [1] - As of November 27, the total financing and securities lending balance for Longyuan Power was 75.18 million yuan, with the financing balance at 74.81 million yuan, accounting for 0.09% of the circulating market value, which is below the 40th percentile level over the past year, indicating a low financing position [1] - In terms of securities lending, Longyuan Power repaid 600 shares and sold 2,000 shares on November 27, with a selling amount of 32,100 yuan, while the remaining securities lending volume was 23,500 shares, with a balance of 377,400 yuan, which is above the 80th percentile level over the past year, indicating a high securities lending position [1] Company Overview - Longyuan Power Group Co., Ltd. was established on January 27, 1993, and listed on January 24, 2022, with its main business involving technical transformation, services, and production maintenance of power systems and electrical equipment [2] - The company's revenue composition is primarily from power products (99.22%), with other income accounting for 0.78% [2] - As of September 30, 2025, Longyuan Power reported a revenue of 22.22 billion yuan, a year-on-year decrease of 15.67%, and a net profit attributable to shareholders of 4.39 billion yuan, down 19.76% year-on-year [2] Dividend and Shareholding Summary - Longyuan Power has distributed a total of 5.98 billion yuan in dividends since its A-share listing, with 4.75 billion yuan distributed over the past three years [3] - As of September 30, 2025, the number of shareholders for Longyuan Power was 34,200, a decrease of 16.42% from the previous period [3] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 3.05 million shares, a decrease of 819,900 shares from the previous period, and several ETFs with varying holdings [3]

证券代码：001289 证券简称：龙源电力 公告编号：2025-075 | 超短期融资券全称 | 龙源电力集团股份有限公司 | | 2025 | | 年度第十期超短期融资券 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 主承销商 | | | 上海浦东发展银行股份有限公司、中国民生银行股份有限公司 | | | | | | | 超短期融资券简称 | 25 龙源电力 | SCP010 | 期限 | 57 天 | | | | | | 超短期融资券代码 | 012582898 | | 发行日 | 2025 | 年 | 11 月 | 26 | 日 | | 起息日 | 年 月 2025 11 | 日 27 | 兑付日 | 2026 | 年 1 | 月 | 日 23 | | | 计划发行总额 | 亿元人民币 20 | | 实际发行总额 | 20 | 亿元人民币 | | | | | 发行价格 | 100 元/张 | | 票面利率 | 1.61% | | | | | 1 本 期 发 行 超 短 期 融 资 券 的 相 关 文 件 已 在 中 国 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致之 任 何 損 失 承 擔 任 何 責 任。 公 告 本公告並不構成或組成認購或購買任何本公司短期融資券或其他證券 的 要 約、邀 請 或 招 攬 或 促 使 上 述 事 宜 的 要 約，而 分 發 本 公 告 亦 非 為 邀 請 作 出 任 何 有 關 本 公 司 任 何 證 券 的 要 約。 承董事會命 龍源電力集團股份有限公司 宮宇飛 董事長 完成發行超短期融資券 本 公 告 乃 由 龍 源 電 力 集 團 股 份 有 限 公 司（「本公司」）根 據《香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則》第13.09條及香港法例第571章《證 券 及 期 貨 條 例》 第XIVA部 項 下 內 幕 消 息 條 文 作 出。 茲提述本公司日期為2025年6月17日關於本公司股東批准發行債務融資 工具的本公司2024年 度 股 東 大 會 投 票 結 果 的 公 告 ...

Core Viewpoint - Longyuan Power's stock experienced a slight increase of 0.25% on November 26, with a trading volume of 61.95 million yuan, indicating a stable market interest in the company [1] Financing Summary - On November 26, Longyuan Power had a financing buy-in amount of 3.58 million yuan and a financing repayment of 2.04 million yuan, resulting in a net financing buy of 1.55 million yuan [1] - As of November 26, the total financing and securities lending balance for Longyuan Power was 73.28 million yuan, with the financing balance at 72.93 million yuan, accounting for 0.09% of the circulating market value, which is below the 40th percentile level over the past year, indicating a low financing level [1] - The company repaid 300 shares of securities lending and sold 3,700 shares on the same day, with a selling amount of 60,000 yuan, while the securities lending balance was 358,200 yuan, exceeding the 70th percentile level over the past year, indicating a high level of securities lending [1] Company Overview - Longyuan Power Group Co., Ltd. was established on January 27, 1993, and listed on January 24, 2022, with its main business involving technical transformation, services, and production maintenance of power systems and electrical equipment [2] - The company's revenue composition shows that 99.22% comes from power products, while other income accounts for 0.78% [2] - As of September 30, the number of shareholders was 34,200, a decrease of 16.42% from the previous period, with an average of 0 circulating shares per person [2] Financial Performance - For the period from January to September 2025, Longyuan Power reported an operating income of 22.22 billion yuan, a year-on-year decrease of 15.67%, and a net profit attributable to shareholders of 4.39 billion yuan, down 19.76% year-on-year [2] Dividend Information - Longyuan Power has distributed a total of 5.98 billion yuan in dividends since its A-share listing, with 4.75 billion yuan distributed over the past three years [3] Institutional Holdings - As of September 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited, which held 3.05 million shares, a decrease of 819,900 shares from the previous period [3] - Other notable shareholders include Huatai-PB CSI 300 ETF, E Fund CSI 300 ETF, and Huaxia CSI 300 ETF, with varying changes in their holdings [3]

Group 1 - Longyuan Power (001289) had a financing buy-in of 3.5839 million yuan and a financing repayment of 2.038 million yuan on November 26, resulting in a net financing buy of 1.5459 million yuan, with a financing balance of 72.9263 million yuan [1] - Over the past three trading days, Longyuan Power has seen a cumulative net buy of 5.7657 million yuan, with 12 out of the last 20 trading days showing net financing buy activity [1] - The financing balance on November 26 represented 0.09% of the circulating market value [2] Group 2 - On the same day, the company experienced a short selling of 3,700 shares, with a net short sell of 3,400 shares, leading to a remaining short balance of 22,100 shares [2] - In the last 20 trading days, there were 11 days with net short selling activity [2][3] Group 3 - The total margin financing and securities lending balance reached 73.2846 million yuan, reflecting an increase of 2.23% from the previous day [4] - The margin balance increased by 1.6017 million yuan on November 26, with a total of 7.16828 million yuan on November 25 [4]

Group 1 - Several key enterprises, including Guoxin Holdings, Longyuan Power, and Weiyi Chuang, have recently invested over 6 billion yuan in the Expo area, injecting strong momentum into the region's high-quality economic development [1] - Guoxin Holdings (Shanghai) Co., Ltd. completed a capital increase of 1.5 billion yuan, enhancing its registered capital and focusing on asset management, industrial investment, and investment consulting to support national strategies and regional economic development [3] - Longyuan Power Group (Shanghai) Co., Ltd. completed a capital increase of 1.23 billion yuan, significantly improving its capital operation efficiency and financing capabilities for renewable energy projects, with a controlled installed capacity exceeding 43 million kilowatts [3] Group 2 - The Expo area has become one of the core regions in Shanghai with the highest concentration of central enterprises, gathering 32 central enterprise groups and over 130 affiliated companies, including three headquarters of first-level central enterprises [4] - This area has attracted 55 regional headquarters of multinational companies, 33 Fortune Global 500 companies, and 26 international economic organizations, creating a collaborative industrial ecosystem [4] - In 2023, the Expo area has seen a total investment of over 16 billion yuan in projects that have commenced, indicating a positive trend in project implementation and resource aggregation [4]

Core Viewpoint - Longyuan Power has signed a framework agreement for a 3.53 million kW renewable energy project with the government of Tieli City, Heilongjiang Province, indicating a strategic move towards expanding its capacity in pumped storage and renewable energy generation [2] Company Overview - Longyuan Power Group Co., Ltd. is primarily engaged in wind and solar power generation, with its main products being electricity and heat [2] - The company focuses on the design, development, construction, management, and operation of wind farms [2] - As of September 30, 2025, Longyuan Power reported a total operating revenue of 22.22 billion yuan, a year-on-year decrease of 15.67%, and a net profit attributable to shareholders of 4.39 billion yuan, down 19.76% year-on-year [6] Financial Performance - 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 [7] - As of September 30, 2025, the number of shareholders decreased by 16.42% to 34,200, with an average of 0 circulating shares per person [6] Market Activity - On November 26, Longyuan Power's stock rose by 0.25%, with a trading volume of 61.95 million yuan and a turnover rate of 0.08%, bringing the total market capitalization to 135.51 billion yuan [1] - The main net inflow of funds today was 1.17 million yuan, accounting for 0.02% of the total, with the industry ranking at 22 out of 102 [3] Technical Analysis - The average trading cost of Longyuan Power's shares is 16.75 yuan, with recent reductions in shareholding but at a slowing rate; the current stock price is between resistance at 16.30 yuan and support at 16.12 yuan, suggesting potential for range trading [4]