（文章来源：证券日报） 证券日报网讯 2月27日，长源电力在互动平台回答投资者提问时表示，公司电价水平受市场供需形势变 化影响，2026年1月，公司水电和光伏价格同比上升，火电和风电价格同比略有下降。 ...

证券日报网讯2月24日，长源电力（000966）在互动平台回答投资者提问时表示，截至2026年2月13日， 公司股东总人数为96899户。 ...

Core Viewpoint - The company Longyuan Power (000966.SZ) is expected to report a loss for 2025, despite strong performance in January's power generation and ongoing investment in renewable energy projects, amid increasing volatility in main capital and changing industry policy environment [1]. Financial Performance - The company forecasts a net profit loss attributable to shareholders of between 65 million to 97 million yuan for 2025, representing a year-on-year decline of 109.09% to 113.56%, primarily due to decreases in both power generation and electricity selling prices [2]. Operational Status - In January 2026, the company achieved a power generation of 3.971 billion kWh, a year-on-year increase of 37.81%, with thermal and hydro power generation rising by 41.13% and 133.37% respectively, while renewable energy generation decreased by 12.73%, potentially impacting short-term market sentiment [3]. Project Development - In January 2026, the company announced plans to invest 572 million yuan in a 100MW wind power project, with an expected internal rate of return of 7.33%, aimed at accelerating its green transition, which may support long-term performance post-project launch [4]. Capital Situation - Recent capital flows have shown divergence, with a net outflow of 18.556 million yuan on February 13, 2026, leading to a 2.17% drop in stock price, while a net inflow of 13.5188 million yuan on February 6 resulted in a 2.02% increase, reflecting market speculation on transformation expectations [5]. Industry Policy and Environment - The thermal power industry in 2026 faces trends of bottoming electricity volume and prices, alongside rising capacity prices, with deepening electricity market reforms potentially affecting the company's profit stability. Attention is needed on the long-term driving effect of "dual carbon" policies on renewable energy consumption [6].

Group 1 - The core point of the article is that Changyuan Power reported a total of 95,931 shareholders as of February 10, 2026 [2]

Core Insights - The company, Changyuan Electric Power, reported a significant increase in electricity generation for January 2026, achieving a total of 3.971 billion kilowatt-hours, which represents a year-on-year growth of 37.81% [2] Group 1 - The company disclosed its electricity generation performance for January 2026 on February 11, 2026 [2] - The total electricity generation for January 2026 was 3.971 billion kilowatt-hours [2] - The year-on-year growth rate of electricity generation was 37.81% [2]

Core Viewpoint - The company, as a key energy enterprise in Hubei controlled by the State Energy Group, is focusing on green and low-carbon transformation during the 14th Five-Year Plan period, with significant investments in new energy capacity [1] Group 1: Business Overview - The company’s main operations include the production and sale of electricity and heat, covering coal, hydro, wind, solar, biomass power generation, and electricity sales [1] - During the 14th Five-Year Plan, the company has added over 2.4 million kilowatts of new energy capacity, continuously optimizing its power generation structure [1] Group 2: Future Strategy - The company aims to integrate into the new energy system and new power system construction, focusing on upgrading traditional industries and developing new industries with quality and scale [1] - Plans include reasonable implementation of coal power unit upgrades, prioritizing wind power development, selectively developing solar power, and exploring new energy storage solutions [1] - The company is committed to consolidating and expanding comprehensive energy services, fostering new productive forces, enhancing core competitiveness, and promoting sustainable high-quality development [1]

Group 1 - Baichuan Co., Ltd. announced a recent price increase for some of its main products due to market supply and demand factors, but the sustainability of this price fluctuation remains uncertain, making it difficult to predict the impact on the company's performance [1] - Jincheng Co., Ltd. plans to increase its acquisition of CMH Company by an additional 42.50% stake, which will give it a total ownership of 97.5% and ultimate control over CMH [2] - Xinhang New Materials intends to raise no more than 1 billion yuan through a private placement of A-shares, with the funds allocated for projects including high-performance resin production and a composite materials innovation center [3] Group 2 - SMIC reported a sales revenue of $2.489 billion for Q4 2025, a 4.5% increase quarter-on-quarter, with an annual revenue of $9.327 billion, reflecting a 16.2% year-on-year growth [4] - China Railway Construction recently won 10 major projects, each valued over 1.5 billion yuan, totaling 45.142 billion yuan, which represents 4.23% of the company's audited revenue for 2024 [5] - Shenzhen Airport recorded a passenger throughput of 5.8795 million in January 2026, a year-on-year increase of 2.84% [6] Group 3 - China State Construction reported a new contract total of 399.5 billion yuan in January 2026, marking a 1.8% year-on-year increase [7] - Jindi Group's sales amount in January 2026 decreased by 45.78% year-on-year, with a signed area of 78,000 square meters [8] - Changyuan Power achieved a power generation of 3.971 billion kWh in January 2026, a year-on-year increase of 37.81% [9] Group 4 - Senyuan Electric is expected to win a project from the Southern Power Grid valued at 272 million yuan [10] - Chengyi Pharmaceutical's products are set to be selected for the national centralized procurement of expiring varieties [12] - Xinwufeng reported a 10.71% year-on-year decrease in pig sales volume in January 2026 [13] Group 5 - Shengnong Development's sales revenue in January 2026 increased by 40.48% year-on-year, with chicken sales volume rising by 42.79% [14] - Minglida announced the termination of its investment in a key component manufacturing project due to global economic uncertainties [15] - CITIC Securities reported that its subsidiary, Huaxia Fund, achieved a net profit of 2.396 billion yuan in 2025 [16] Group 6 - Pianzaihuang completed the first subject enrollment for its Phase II clinical trial of PZH2107 [17] - Xinzhou Bang reported a 16.56% year-on-year increase in net profit for 2025 [18] - Ankai Bus produced 761 vehicles in January 2026, a year-on-year increase of 35.65% [19] Group 7 - Weilan Bio plans to acquire a 50% stake in Aidimeng Weilan for 47 million yuan [20] - Ningbo Gaofa intends to establish a wholly-owned subsidiary with an investment of no more than 100 million yuan [21] - Shanghai Airport signed a leasing contract worth approximately 585 million yuan with the Shanghai Airport Group [22] Group 8 - Fosun Pharma's subsidiary received acceptance for a drug registration application [23] - Jindai Home's subsidiary invested in acquiring shares in a North American market company [24] - Huatong Co. reported a 1.45% year-on-year decrease in pig sales revenue in January 2026 [25] Group 9 - Yunnan Energy Investment's Nanchong Wind Power Project has been approved with a total installed capacity of 62,500 kW [28] - Youyan Silicon reported a 10.14% year-on-year decrease in net profit for 2025 [29] - Jinpu Titanium announced a temporary shutdown of its Nanjing Titanium White production due to reduced demand [30] Group 10 - Yipin Hong completed the sale of its stake in Arthrosi for a total of $9.5 billion in upfront payments [31] - Liande Co. stated that its gas turbine business currently has limited supply, with minimal impact on overall performance [32] - Tiens Wind Power signed new contracts worth 870 million yuan in the offshore engineering sector [33] Group 11 - Daqin Railway reported a freight volume of 31.28 million tons in January 2026, a year-on-year increase of 5% [34] - ST Mingcheng successfully dismissed all claims from Beijing Fusheng in a recent court ruling [35] - Zhiyang Innovation is planning to acquire control of Lingming Photon and will continue its stock suspension for up to five trading days [36][37] Group 12 - Fulai New Materials accelerated the commercialization of flexible sensors, preparing for mass production of its third-generation electronic skin products [38] - Minhe Co. reported a 36.89% year-on-year decrease in sales of broiler chicks in January 2026 [39] - Ruiang Gene received government subsidies totaling 2 million yuan [40] Group 13 - Huiyu Pharmaceutical's shareholder was forced to reduce holdings by 0.307% due to a court order [41] - Fuyuan Pharmaceutical's subsidiary obtained a drug registration certificate for a new oral solution [42] - Xuantai Pharmaceutical's product is set to be selected for national procurement [43] Group 14 - Chunqiu Electronics completed the cancellation of 9.1369 million repurchased shares [44] - Jinguang Electric won a bid worth approximately 28.8691 million yuan [45] - Hongda Co. plans to invest approximately 71.43 million yuan in a 110kV power transmission project [46] Group 15 - Nanchao Foods reported a 1.99% year-on-year decrease in revenue for January 2026 [47] - Shisheng Intelligent plans to repurchase shares worth between 17.5 million and 35 million yuan [48]

Core Viewpoint - Changyuan Power (000966.SZ) reported a significant increase in electricity generation for January 2026, with a total of 3.971 billion kilowatt-hours, representing a year-on-year growth of 37.81% [1] Group 1: Generation Breakdown - Thermal power generation increased by 41.13% year-on-year [1] - Hydropower generation saw a substantial rise of 133.37% year-on-year [1] - New energy generation experienced a decline of 12.73% year-on-year [1]

2026 年 1 月，公司完成发电量 39.71 亿千瓦时，同比增长 37.81%。其中火电发 电量同比增长 41.13%，水电发电量同比增长 133.37%，新能源发电量同比降低 12.73%。具体数据情况见下表： 公司 2026 年 1 月发电量完成情况表 上述发电量数据系公司初步统计结果，公司发电量数据在月度之间可能存在较 大差异，其影响因素包括但不限于天气变化、来水情况、季节因素、装机容量变动、 设备检修等。数据可能与定期报告披露的数据有差异，提醒投资者不宜以此数据简 单推算公司经营业绩，谨慎决策，注意投资风险。 特此公告。 国家能源集团长源电力股份有限公司董事会 2026 年 2 月 11 日 单位：亿千瓦时 项目 当月发电量 同比变动 本年累计发电量 同比变动 一、火电 37.14 41.13% 37.14 41.13% 二、水电 0.62 133.37% 0.62 133.37% 三、新能源 1.95 -12.73% 1.95 -12.73% 其中：风电 0.3 -35.14% 0.3 -35.14% 光伏 1.65 -6.92% 1.65 -6.92% 合计 39.71 37.81% 39.7 ...

Core Viewpoint - The company reported a significant increase in total electricity generation for January 2026, with a total of 3.971 billion kilowatt-hours, marking a year-on-year growth of 37.81% [1] Generation Breakdown - Thermal power generation reached 3.714 billion kilowatt-hours, reflecting a year-on-year increase of 41.13% [1] - Hydropower generation amounted to 0.062 billion kilowatt-hours, showing a substantial year-on-year growth of 133.37% [1] - Renewable energy generation was recorded at 1.95 billion kilowatt-hours, which represents a year-on-year decrease of 12.73% [1]