Group 1 - The core viewpoint of the articles highlights the performance and market position of Longyuan Power, noting its stock price increase and market capitalization [1][2] - As of December 10, Longyuan Power's closing price was 15.62 yuan, with a PE ratio of 25.23, and a total market value of 130.58 billion yuan [1] - The average PE ratio for the power industry is 26.06, with a median of 21.40, positioning Longyuan Power at the 52nd rank within the industry [1][2] Group 2 - Longyuan Power experienced a net inflow of 2.84 million yuan in principal funds on December 10, with a total inflow of 3.96 million yuan over the past five days [1] - The company's main business includes wind and solar power generation, with primary products being electricity, heat, and coal [1] - For the third quarter of 2025, Longyuan Power reported a revenue of 22.22 billion yuan, a year-on-year decrease of 17.29%, and a net profit of 4.39 billion yuan, down 21.02%, with a gross margin of 39.11% [1]

融资方面，龙源电力当日融资买入892.67万元。当前融资余额8703.41万元，占流通市值的0.11%，融资 余额超过近一年50%分位水平，处于较高位。 融券方面，龙源电力12月9日融券偿还1400.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00 元；融券余量1.58万股，融券余额24.43万元，低于近一年20%分位水平，处于低位。 资料显示，龙源电力集团股份有限公司位于北京市西城区阜成门北大街6号(c幢)20层2006室,香港铜锣湾 希慎道33号利园1期19楼1917室，成立日期1993年1月27日，上市日期2022年1月24日，公司主营业务涉 及电力系统及电气设备的技术改造、技术服务和生产维修;与电力相关的新技术、新设备、新材料、新 工艺的研制、开发、生产、成果转让;电站污染物治理;风力发电、节能技术及其他新能源的技术开发、 项目投资管理;进出口业务;电气设备的租赁;与主营业务相关的咨询服务;承办展览会、展销会;机电产 品、化工原料及制品(危险化学品除外)、建筑材料、五金交电、日用百货、汽车配件、电力系统专用车 辆的销售;出租写字间。主营业务收入构成为：电力产品99.22%，其他收入0.7 ...

12月9日，龙源电力举办学习贯彻党的二十届四中全会精神专题宣讲会，公司党委书记、董事长宫宇飞通过"现场+视频"方式面向系统全体干部职工授课， 切实把思想和行动统一到党中央决策部署上来，确保全会精神在公司落地见效。公司纪委书记、党委委员潘敏主持，领导班子成员杨文静、丁䴖参加学 习。 宫宇飞强调，临近年底，各项工作已进入收官冲击阶段，要聚焦三方面狠抓落实。一是筑牢安全稳定防线。各单位要压实安全责任，落实施工监管措施， 坚决杜绝安全事故发生；高度重视中央环保督察工作，从政治高度做好问题汇报与整改；重点关注六类舆情风险，强化监测预警与排查处置。二是全力完 成年度任务。各单位要锚定全年运营建设任务，保持攻坚态势不松懈，对需公司协调的困难及时上报，确保年度目标圆满完成；高标准筹备党建考核，党 建工作部牵头做好材料梳理、亮点提炼、访谈筹备等工作，各基层单位协同落实迎检要求，全力保障考核取得优异成绩。三是系统谋划明年工作。各区 域、各板块要紧扣集团公司及公司"十五五"规划，靶向破解发展难题，统筹推进干部队伍建设与创新工作布局，形成完整工作方案，助力公司绿色发展与 行业引领。 宫宇飞紧扣党的二十届四中全会核心要义，立足新能源央 ...

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][4][8]. Core Views - The report highlights the ongoing development of the Guangdong electricity market for 2026, with a total market scale of approximately 680 billion kilowatt-hours and an annual trading cap of 420 billion kilowatt-hours [2][15]. - The report discusses the approval of a significant asset swap by Electric Power Investment Corporation, which involves the acquisition of 100% equity in Electric Power Nuclear and the issuance of shares to raise funds for nuclear power projects [3][21][22]. - The report emphasizes the importance of carbon neutrality, recommending investments in the new energy industry chain and integrated energy management [24]. Summary by Sections Market Review - The Shanghai Composite Index rose by 1.28%, while the public utility index increased by 0.12%, and the environmental index fell by 0.15% [1][14]. - Within the electricity sector, thermal power decreased by 0.20%, hydropower increased by 0.66%, and new energy generation rose by 1.09% [1][27]. Important Events - The Guangdong electricity market for 2026 is set to have a trading scale of about 680 billion kilowatt-hours, with specific allocations for nuclear power units [2][15]. - The asset swap by Electric Power Investment Corporation has been approved, with a transaction value of 55.39 billion yuan for the acquisition of Electric Power Nuclear [3][21]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and regional power companies with stable pricing like Shanghai Electric [4][24]. - The report suggests investing in leading new energy companies such as Longyuan Power and Three Gorges Energy, as well as high-dividend hydropower stocks like Yangtze Power [4][24]. Key Company Earnings Forecasts - Huadian International is rated "Outperform" with an expected EPS of 0.49 yuan for 2024 and 0.62 yuan for 2025 [8]. - Electric Power Investment Corporation is also rated "Outperform," with an expected EPS of 0.19 yuan for 2024 and 0.26 yuan for 2025 [8]. Environmental Sector Insights - The report notes that the waste incineration industry is maturing, with improved free cash flow, and suggests focusing on "utility-like investment opportunities" in the environmental sector [25]. - Recommendations include companies like China Science Instruments and Shandong High Energy Resources, which are expected to benefit from upcoming EU policies [25].

【财华社讯】龙源电力(00916.HK)公布，集团2025年11月按合并报表口径完成发电量6,944,492兆瓦时， 同比增长14.34%。风电发电量同比增长10.79%，光伏发电量同比增长43.06%。 本文源自：财华网 截至2025年11月30日，公司2025年累计完成发电量69,096,371兆瓦时，同比增长0.41%，剔除火电影响 同比增长12.07%，其中风电同比增长4.17%，光伏同比增长72.42%。 ...

Core Insights - The floating wind power hydrogen production platform developed by Dongfang Electric has received the Approval in Principle (AIP) from China Classification Society (CCS), marking it as the world's first certified floating wind power hydrogen production platform [1] Group 1: Industry Development - As of September 2025, China's offshore wind power cumulative installed capacity is expected to reach 44.61 million kilowatts, with an additional 3.5 million kilowatts added, maintaining the global leading position for five consecutive years [2] - The development of deep-sea wind power is seen as having significant potential due to more stable wind speeds and higher wind energy density compared to nearshore resources [2] - Recent technological advancements include the integration of the world's largest 26 MW offshore wind turbine and the demonstration of the first 16 MW floating offshore wind power system [2] Group 2: Policy Support - The Ministry of Natural Resources has issued guidelines encouraging the construction of offshore wind power in already developed marine areas, such as oil and gas development zones [3] - The "Wind Energy Beijing Declaration 2.0" aims for an annual increase of no less than 12 million kilowatts in wind power installations during the 14th Five-Year Plan, with offshore wind power accounting for at least 1.5 million kilowatts [3] - Local governments are establishing specialized offshore wind power industrial parks, covering the entire industry chain from turbine manufacturing to supporting equipment [3] Group 3: Corporate Strategies - Companies in the offshore wind power sector are actively positioning themselves to capitalize on the opportunities presented by deep-sea wind power, with investments in various segments such as floating wind equipment and dynamic cables [4] - Longyuan Power has launched an offshore wind power comprehensive detection platform, which has been successfully applied in several offshore projects [4] - Yunda Energy has established offshore wind power assembly bases in Dalian and Wenzhou, focusing on both nearshore and deep-sea projects [4] Group 4: Equipment and Technology - Jiangsu Runbang Heavy Industry is constructing a manufacturing base to expand its business in marine engineering and related equipment [5] - Companies are encouraged to focus on key areas such as 20 MW turbine components and dynamic cables, while also exploring the integration of offshore wind power with hydrogen production and energy storage [6] - The shift towards deep-sea wind power is expected to lower the cost of electricity generation, enhancing competitiveness with traditional energy sources [6]

龙源电力（001289）(00916)公布，近日，公司收到控股股东国家能源集团转发的国务院国有资产监督 管理委员会《国务院国资委关于龙源电力集团股份有限公司非公开发行A股股份有关事项的批复》(国 资产权[2025]510号)，国务院国资委已原则同意公司非公开发行A股股份的总体方案。 ...

智通财经APP讯，龙源电力(00916)公布，近日，公司收到控股股东国家能源集团转发的国务院国有资产 监督管理委员会《国务院国资委关于龙源电力集团股份有限公司非公开发行A股股份有关事项的批复》 (国资产权[2025]510号)，国务院国资委已原则同意公司非公开发行A股股份的总体方案。 ...

Core Viewpoint - Longyuan Power (00916.HK) has received preliminary approval from the State-owned Assets Supervision and Administration Commission of the State Council (SASAC) for its non-public issuance of A-shares [1] Group 1: Company Announcement - The company announced that it has received a notice from its controlling shareholder, the State Energy Group, regarding the SASAC's approval of the overall plan for the non-public issuance of A-shares [1] - The issuance plan requires approval from the company's shareholders' meeting, review by the Shenzhen Stock Exchange, and registration approval from the China Securities Regulatory Commission before implementation [1] - The company will fulfill its information disclosure obligations in a timely manner based on the progress of this matter [1]

龙源电力（001289）(00916)公布，该集团2025年11月按合并报表口径完成发电量6,944,492兆瓦时，较 2024年同期同比增长14.34%。本月风电发电量同比增长10.79%，光伏发电量同比增长43.06%。 截至2025年11月30日，该公司2025年累计完成发电量69,096,371兆瓦时，较2024年同期同比增长 0.41%，剔除火电影响同比增长12.07%，其中风电同比增长4.17%，光伏同比增长72.42%。 ...