Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental protection sectors [5][7]. Core Views - The report highlights that coal and electricity prices are declining simultaneously, which is expected to maintain reasonable profitability for thermal power [22]. - Continuous government policies supporting renewable energy development are anticipated to lead to gradually stable profitability in renewable energy generation [22]. - The report emphasizes the importance of the new retail pricing mechanism in Sichuan's electricity market, which is expected to enhance the integration of commercial storage resources by virtual power plants [18][20]. Summary by Sections Market Review - The Shanghai Composite Index fell by 3.77%, while the public utility index dropped by 4.33% and the environmental index decreased by 6.02% [15][25]. - Within the electricity sector, thermal power declined by 4.68%, hydropower by 1.44%, and renewable energy generation by 5.67% [15][26]. Important Events - The Ministry of Finance has allocated the first batch of ecological and environmental protection funds for 2026, totaling 40 billion yuan for integrated protection projects, 153 billion yuan for ecological restoration of abandoned mines, and 136 billion yuan for marine ecological protection projects [16][17]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and Shanghai Electric, as well as leading renewable energy firms such as Longyuan Power and Three Gorges Energy [3][22]. - The report suggests focusing on water and waste incineration sectors, which are entering maturity with improved free cash flow, and highlights investment opportunities in companies like China Everbright Environment and Zhongshan Public Utilities [23]. - The report also points out the potential in the domestic waste oil recycling industry due to the EU's SAF blending policy, recommending companies like Shangaohuaneng [23]. Key Company Earnings Forecasts - The report provides earnings forecasts for various companies, indicating a positive outlook for those in the public utility and environmental sectors [8].

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental protection sectors [5][7]. Core Views - The report highlights that coal and electricity prices are declining simultaneously, which is expected to maintain reasonable profitability for thermal power companies. Recommendations include major thermal power enterprises such as Huadian International and Shanghai Electric, which has relatively stable regional electricity prices [22]. - Continuous government policies supporting renewable energy development are anticipated to lead to gradually stable profitability in renewable energy generation. Recommended companies include leading national renewable energy firms Longyuan Power and Three Gorges Energy, as well as regional offshore wind power companies [22]. - The report suggests that the growth in installed capacity and electricity generation will offset the downward pressure on electricity prices, with nuclear power companies expected to maintain stable profitability. Recommended companies include China National Nuclear Power and China General Nuclear Power [22]. - The report emphasizes the defensive attributes of hydropower stocks in a global interest rate decline environment, recommending Longjiang Power, which combines stability and growth [22]. - The report identifies investment opportunities in the environmental sector, particularly in water and waste incineration industries, which are entering a mature phase with improved free cash flow [23]. Summary by Sections Market Review - The Shanghai Composite Index fell by 3.77%, with the public utility index down 4.33% and the environmental index down 6.02%. The relative performance of public utilities and environmental sectors ranked 10th and 23rd among 31 first-level industry classifications [15][25]. Important Events - The Ministry of Finance has allocated the first batch of ecological and environmental protection funds for 2026, totaling 40 billion yuan for integrated protection and restoration projects, 153 billion yuan for ecological restoration of abandoned mines, and 136 billion yuan for marine ecological protection projects [16]. Investment Strategy - The report recommends various companies across different sectors, including: - Thermal Power: Huadian International and Shanghai Electric - Renewable Energy: Longyuan Power, Three Gorges Energy, and regional offshore wind companies - Nuclear Power: China National Nuclear Power and China General Nuclear Power - Hydropower: Longjiang Power - Environmental: Guangda Environment and Zhongshan Public Utilities, focusing on mature sectors with improved cash flow [3][22][23]. Key Company Earnings Forecasts - The report provides earnings forecasts and investment ratings for several companies, all rated as "Outperform," including Huadian International, Longyuan Power, and Guangda Environment, among others [7][8].

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]

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]

Group 1 - The company announced the resignation of Vice President Wang Qi due to work changes, effective upon receipt of his resignation report on November 21, 2025 [1][4] - Wang Qi will not hold any positions in the company or its subsidiaries after his resignation [4] - The board expressed gratitude for Wang Qi's diligent work and contributions during his tenure [4][5]

Core Insights - A new company, Rudong Longyuan New Energy Co., Ltd., has been established with a registered capital of 100 million yuan, focusing on wind power and solar energy services [1] Company Overview - The company’s business scope includes wind power generation technology services, solar power generation technology services, electrical equipment repair, offshore wind power system research and development, and energy storage technology services [1] - Shareholding structure reveals that the company is jointly owned by Longyuan Power (001289), State Energy Group Jiangsu Electric Power Co., Ltd., Far East Cable Co., Ltd. (a subsidiary of Far East Holdings), and Dongfang Electric Corporation (600875) through its subsidiary Dongfang Electric Wind Power Co., Ltd. [1]