每经AI快讯，龙源电力（SZ 001289，收盘价：17.26元）11月14日晚间发布公告称，公司第六届2025年 第2次董事会会议于2025年11月14日以电话会议方式召开。会议审议了《关于设立如东龙源新能源有限 公司的议案》等文件。 （记者 王瀚黎） 2025年1至6月份，龙源电力的营业收入构成为：电力行业占比99.22%，其他占比0.78%。 截至发稿，龙源电力市值为1443亿元。 每经头条（nbdtoutiao）——展望"十五五"|专访财科院院长杨志勇：遏制地方政府新增隐性债务，债务 信息要透明，尽可能降低利息成本 ...

证券代码：001289 证券简称：龙源电力 公告编号：2025-070 龙源电力集团股份有限公司 关于设立如东龙源新能源有限公司等三家控股子公司 暨关联交易的公告 1 | 控股子公司 | 股东名称 | 认缴出资金额 | 出资比例 | | --- | --- | --- | --- | | | | （万元） | （%） | | 射阳龙源新能源有限 公司 | 龙源电力集团股份有限公司 | 3,100 | 31% | | | 雄亚（维尔京）有限公司 | 2,000 | 20% | | | 国家能源集团江苏电力有限公司 | 2,900 | 29% | | | 江苏悦达投资股份有限公司 | 1,000 | 10% | | | 江苏长风海洋装备制造有限公司 | 900 | 9% | | | 远景能源有限公司 | 100 | 1% | 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。 一、关联交易概述 （一）关联交易的基本情况 龙源电力集团股份有限公司（以下简称"本公司"或"龙源电力"）及本公司 全资子公司雄亚（维尔京）有限公司（以下简称"雄亚公司"）拟与国家能源集 团江苏电 ...

证券代码：001289 证券简称：龙源电力 公告编号： 2025-071 龙源电力集团股份有限公司 关于转让联营企业股权及放弃优先受让权暨关联交易的公告 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。 一、关联交易概述 （一）关联交易基本情况 龙源电力集团股份有限公司（以下简称"公司"或"本公司"）现持有国电联 合动力技术有限公司（以下简称"联合动力"或"标的公司"）30%的股权，联合 动力为本公司的联营企业。由于联合动力长期亏损，本公司已于2023年对其全部投 资损失进行了减记。经本公司董事会审议通过，同意本公司通过非公开协议转让 方式，以1元的价格将持有联合动力的全部30%股权转让给国家能源集团新能源有 限责任公司（以下简称"国能新能源"）。 此外，联合动力其他股东国能（北京）电气技术有限公司（以下简称"国能电 气"）拟同时以1元的价格将其持有联合动力的全部30%股权转让给国能新能源， 本公司同意对该等股权转让放弃优先受让权。 （二）关联关系概述 截至本公告披露日，国能新能源、国能电气均为本公司控股股东国家能源投资 集团有限责任公司（以下简称"国家能源集团 ...

证券代码：001289 证券简称：龙源电力 公告编号：2025-069 龙源电力集团股份有限公司 第六届董事会 2025 年第 2 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"）第六届 董事会 2025 年第 2 次会议（以下简称"本次会议"）已于 2025 年 11 月 3 日 以电子邮件等方式通知全体董事。本次会议于 2025 年 11 月 14 日以电话会议 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》（以下简称"《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 表决结果：7 票同意、0 票反对、0 票弃权。 本次会议经审议，形成决议如下： 1.审议通过《关于设立如东龙源新能源有限公司的议案》 董事会同意公司与全资子公司雄亚（维尔京）有限公司（以下简称"雄亚"） 及国家能源 ...

龙源电力集团股份有限公司 第六届董事会 2025 年第 2 次 独立董事专门会议决议 会议认为，本次设立射阳龙源新能源有限公司有利于公 司大力发展主责主业，进一步拓展海上风电市场，投资协议 条款公允，不会对公司财务和经营产生不利影响，不存在损 害公司及股东特别是中小股东利益的情况。同意将此议案提 交董事会审议。 一、会议召开情况 龙源电力集团股份有限公司（以下简称"公司"）第六 届董事会 2025 年第 2 次独立董事专门会议（以下简称"会议" 或"本次会议"）于 2025 年 11 月 14 日在北京召开。会议 应出席独立董事为 3 人，实际出席 3 人，会议由魏明德先生 主持，会议的召集和召开符合《龙源电力集团股份有限公司 章程》及《独立董事工作制度》的有关规定。 二、会议审议情况 会议审议了 4 项议案。经表决，形成如下决议： 1. 审议通过《关于设立如东龙源新能源有限公司的议 案》 会议认为，本次设立如东龙源新能源有限公司有利于公 司大力发展主责主业，进一步拓展海上风电市场，投资协议 条款公允，不会对公司财务和经营产生不利影响，不存在损 害公司及股东特别是中小股东利益的情况。同意将此议案提 交董事会审 ...

来源：新浪证券-红岸工作室 资金分析 今日主力净流入-84.32万，占比0.02%，行业排名40/102，该股当前无连续增减仓现象，主力趋势不明 显；所属行业主力净流入-16.92亿，连续3日被主力资金减仓。 11月14日，龙源电力跌1.09%，成交额6157.49万元，换手率0.07%，总市值1442.90亿元。 异动分析 抽水蓄能+绿色电力+风电+新疆振兴 1、龙源电力与黑龙江省铁力市人民政府签订353万千瓦新能源发电项目合作开发框架协议。根据合作协 议，由龙源电力与新农创投资发展有限公司联合成立龙源盛达合资公司，并与铁力市政府展开合作，共 同开发300万千瓦抽水蓄能项目。 2、龙源电力集团股份有限公司的主营业务是风力、光伏发电。公司的主要产品是电力、热力。 风力、 光伏发电。 3、公司主要从事风电场的设计、开发、建设、管理和运营。 4、公司在新疆的在运风电装机容量为159.08万千瓦。 (免责声明：分析内容来源于互联网，不构成投资建议，请投资者根据不同行情独立判断) 截至9月30日，龙源电力股东户数3.42万，较上期减少16.42%；人均流通股0股，较上期增加0.00%。 2025年1月-9月，龙源电力 ...

Core Viewpoint - Longyuan Power's stock experienced a slight decline of 0.40% on November 13, with a trading volume of 85.26 million yuan, indicating a low financing balance relative to its market value [1] Financing Summary - On November 13, Longyuan Power had a financing buy amount of 839.99 million yuan and a financing repayment of 730.26 million yuan, resulting in a net financing purchase of 109.72 million yuan [1] - The total financing and securities balance for Longyuan Power as of November 13 was 66.90 million yuan, with the financing balance at 66.52 million yuan, accounting for 0.08% of the circulating market value, which is below the 30th percentile level over the past year [1] Securities Lending Summary - On November 13, Longyuan Power repaid 400 shares in securities lending and sold 100 shares, with the selling amount calculated at 1,745.00 yuan based on the closing price [1] - The remaining amount of securities lent was 21,700 shares, with a balance of 378,700 yuan, which is above the 80th 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 related to power systems and electrical equipment [2] - As of September 30, the company reported a total of 34,200 shareholders, a decrease of 16.42% from the previous period, with an average of 0 circulating shares per shareholder [2] - For the period from January to September 2025, Longyuan Power achieved 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 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, Hong Kong Central Clearing Limited was the fifth-largest circulating shareholder with 3.05 million shares, a decrease of 819,900 shares from the previous period [3] - Huatai-PB CSI 300 ETF and E Fund CSI 300 ETF were among the top ten circulating shareholders, with holdings remaining stable or decreasing slightly compared to the previous period [3]

Core Insights - The global offshore wind foundation market is experiencing robust growth, with a projected market size of 31.9 billion yuan in 2024 and an expected increase to 42.4 billion yuan in 2025 [1][8] - The monopile foundation segment dominates the market, accounting for 81.19% of the total market size in 2024 and is expected to decrease to 71.70% by 2025 [1][8] - China's offshore wind power industry is poised for explosive growth, with an anticipated new installed capacity of 5.62 GW in 2024 and 7.7 GW in 2025 [6][9] Offshore Wind Foundation Industry Definition and Classification - Offshore wind foundations are critical structures that support wind turbines and connect to the tower, categorized into monopile, jacket, suction bucket, and floating foundations [2][4] - Monopile foundations are the most widely used and hold a significant market share in the offshore wind sector [10] Industry Development Environment - Subsidy Policies - China's offshore wind power has entered a crucial development phase, with various provinces setting ambitious installation targets for the 14th Five-Year Plan, totaling 57.99 GW [4][6] Current Industry Status - The global offshore wind foundation market is driven by energy transition and carbon neutrality goals, with a new installed capacity of 8 GW in 2024 and an expected 16.3 GW in 2025 [6][8] - In China, the offshore wind foundation market is projected to reach 8.9 billion yuan in 2024 and 11.8 billion yuan in 2025 [9][10] Industry Value Chain - The upstream of the offshore wind foundation industry includes raw materials like steel, flanges, and cables, while the midstream focuses on design, manufacturing, and installation [10] - The downstream involves operation and maintenance services for offshore wind farms, catering to developers and operators [10] Competitive Landscape - Major companies in the offshore wind foundation sector include Jiangsu Haili Wind Power Equipment Technology Co., Ltd., Dajin Heavy Industry Co., Ltd., and Tiensun Wind Power [10][11] - Haili Wind Power is a leading player in the domestic market, focusing on monopile and tower production [11][12] - Dajin Heavy Industry has a significant market presence in Europe, with a market share increase from 18.5% in 2024 to 29.1% in the first half of 2025 [12] Industry Development Trends - The offshore wind foundation maintenance is transitioning from experience-driven to data-driven and intelligent approaches, enhancing operational efficiency and safety [14] - Future developments will focus on smart, unmanned, and sustainable solutions as nearshore resources become saturated [14]

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][6][9]. Core Views - The report highlights the introduction of the "Ecological Environment Monitoring Regulations," which will enhance the automation, digitalization, and intelligence of ecological monitoring systems starting January 1, 2026 [1][15]. - The public utility and environmental sectors have seen a decrease in fund holdings, with a total market value of 49.695 billion yuan, down 29.64% from the previous quarter [2][17]. - The report emphasizes investment opportunities in the renewable energy sector and comprehensive energy management, particularly in the context of carbon neutrality [11][27]. Summary by Sections Market Review - The Shanghai Composite Index rose by 0.82%, while the public utility index increased by 2.42% and the environmental index by 2.71%, with respective relative returns of 1.60% and 1.89% [1][14][29]. - Within the electricity sector, coal-fired power increased by 2.09%, hydropower by 2.00%, and renewable energy generation by 3.08% [1][30]. Important Events - The State Council announced the "Ecological Environment Monitoring Regulations," aimed at establishing a modern ecological monitoring system [1][15]. - A significant achievement in nuclear fuel conversion was reported, marking a milestone in the use of thorium-based molten salt reactors [16]. Investment Strategy - Recommendations include major coal-fired power companies like Huadian International and regional power companies with stable pricing like Shanghai Electric [3][27]. - The report suggests investing in leading renewable energy firms such as Longyuan Power and Three Gorges Energy, as well as companies involved in offshore wind energy [3][27]. - Nuclear power companies like China Nuclear Power and China General Nuclear Power are expected to maintain stable profitability [3][27]. - High-dividend hydropower stocks like Yangtze Power are highlighted for their defensive attributes in a declining interest rate environment [3][27]. - In the environmental sector, companies like China Science Instruments and Shandong High Energy are recommended due to their growth potential [27]. Key Company Earnings Forecasts and Investment Ratings - Huadian International (600027.SH) is rated "Outperform" with an expected EPS of 0.49 yuan for 2024 and a PE ratio of 10.3 [5][9]. - Longyuan Power (001289.SZ) is also rated "Outperform" with an expected EPS of 0.76 yuan for 2024 and a PE ratio of 22.9 [9]. - Other recommended companies include Guangxi Energy, Funiu Co., and Zhongmin Energy, all rated "Outperform" [9][27].

Core Insights - The company reported a revenue of 22.221 billion yuan for the first three quarters of 2025, a year-on-year decrease of 17.29% [1] - The net profit attributable to shareholders was 4.393 billion yuan, down 21.02% year-on-year, with a basic EPS of 0.5255 yuan per share, a decline of 20.34% [1] - The average ROE was 5.88%, a decrease of 1.76 percentage points year-on-year [1] Revenue and Profit Analysis - The decline in revenue and profit is primarily due to the exclusion of thermal power revenue, which accounted for 5.7 billion yuan in 2024, representing 15.4% of total revenue [1] - The decrease in wind power prices due to increased parity wind projects and expanded market trading also contributed to the revenue drop [1] - The average utilization hours for wind power decreased by 95 hours to 1511 hours compared to the same period last year [1] Cash Flow and Subsidies - The significant increase in renewable energy subsidies received in the first three quarters led to a 53.33% year-on-year growth in operating cash flow, providing strong cash flow support for the main business [1] New Energy Capacity and Generation - The company added 2.2742 million kilowatts of new energy capacity in the first three quarters, with wind and solar power contributing 1.1347 million and 1.1695 million kilowatts, respectively [2] - Total electricity generation was 56.547 billion kilowatt-hours, a slight decrease of 0.53% year-on-year, but a 13.81% increase when excluding thermal power [2] - Wind power generation reached 46.188 billion kilowatt-hours, up 5.3% year-on-year, while solar power generation surged by 78.0% to 10.354 billion kilowatt-hours [2] Quarterly Performance - In Q3, the company generated 16.894 billion kilowatt-hours, a year-on-year increase of 0.77% but a quarter-on-quarter decrease of 12.8% [2] - Wind power generation in Q3 was 12.685 billion kilowatt-hours, reflecting a year-on-year increase of 3.33% but a quarter-on-quarter decrease of 19.3% [2] - Solar power generation in Q3 saw a remarkable year-on-year increase of 88.57% to 4.208 billion kilowatt-hours, with a quarter-on-quarter increase of 15.6% [2] Investment Outlook - Despite short-term impacts from the divestment of thermal power, the core business in new energy is showing strong growth [3] - Continued progress in installed capacity and expectations of resource injection from the group are expected to drive long-term development [3] - Projected revenues for 2025-2027 are 35.511 billion, 36.77 billion, and 38.722 billion yuan, with net profits of 6.329 billion, 6.853 billion, and 7.461 billion yuan, respectively [3]