Core Points - Longyuan Power announced the transfer of its entire 30% stake in United Power to State Energy Group New Energy for 1 yuan, resulting in Longyuan no longer holding any equity in United Power [1][3] - United Power has been in a long-term loss situation, with a net asset value of -7.137 billion yuan and a net profit of -574 million yuan for the first nine months of 2025 [3] - Longyuan Power has already written down the entire investment loss in 2023, so the 1 yuan transfer is not expected to significantly impact current profits [3] Group 1 - Longyuan Power is simultaneously increasing its investment in offshore wind power by establishing new subsidiaries with State Energy Jiangsu Electric and other partners, contributing a total of 153 million yuan [4][6] - The new subsidiaries will focus on developing and operating several offshore wind projects in Jiangsu, including a 150,000 kW project in Rudong and a 400,000 kW project in Dafeng [6] - The establishment of these subsidiaries is aimed at leveraging local resource advantages and enhancing expertise in the offshore wind sector, which is expected to have a positive long-term impact on the company's operations [6]

来源：新浪证券-红岸工作室 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) 资金分析 今日主力净流入-91.24万，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-4.23亿，连续3日被主力资金减仓。 11月19日，龙源电力跌0.35%，成交额4983.61万元，换手率0.06%，总市值1432.04亿元。 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。 龙源电力所属申万行业为：公用事业-电力-风力发电。所属概念板块包括：DeepSeek概念、大盘、抽水 蓄能、乡村振兴、基金重仓等。 截至9月 ...

Core Viewpoint - Longyuan Power's stock experienced a slight decline of 0.12% on November 18, with a trading volume of 48.32 million yuan, indicating a challenging market environment for the company [1] Financing Summary - On November 18, Longyuan Power had a financing buy-in amount of 1.33 million yuan and a financing repayment of 3.82 million yuan, resulting in a net financing outflow of 2.49 million yuan [1] - As of November 18, the total margin balance for Longyuan Power was 63.50 million yuan, with the financing balance at 63.15 million yuan, accounting for 0.07% of the circulating market value, which is below the 20th percentile level over the past year, indicating a low financing level [1] - The company repaid 600 shares of margin loans on November 18, with no shares sold short, resulting in a short balance of 2.04 million shares and a short balance of 350,700 yuan, which is above the 60th percentile level over the past year, indicating a relatively high short 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, the number of shareholders was 34,200, a decrease of 16.42% from the previous period, with an average of 0 circulating shares per shareholder [2] Financial Performance - For the period from January to September 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] - Since its A-share listing, Longyuan Power has distributed a total of 5.98 billion yuan in dividends, 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 as the fifth-largest shareholder with 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 compared to the previous period [3]

Core Viewpoint - Longyuan Power has signed a framework agreement for a 353 MW renewable energy project with the government of Tieli City, Heilongjiang Province, which includes the development of a 300 MW pumped storage project [2] Company Overview - Longyuan Power Group Co., Ltd. primarily engages in wind and solar power generation, with its main products being electricity and heat [2][3] - The company is involved in the design, development, construction, management, and operation of wind farms [3] - As of now, Longyuan Power has an operational wind power capacity of 1,590,800 kW in Xinjiang [4] - The company was established on January 27, 1993, and listed on January 24, 2022, with its main business activities including technology services, project investment management, and sales of electrical equipment [8] Financial Performance - For the period from January to September 2025, Longyuan Power reported a revenue of 22.221 billion yuan, a year-on-year decrease of 15.67%, and a net profit attributable to shareholders of 4.393 billion yuan, down 19.76% year-on-year [9] - 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 [10] Shareholder and Market Activity - As of September 30, 2025, the number of shareholders for Longyuan Power was 34,200, a decrease of 16.42% from the previous period [9] - The main net inflow of funds today was 2.7499 million yuan, accounting for 0.06% of the total, with the industry ranking at 10 out of 102 [5][6] - The average trading cost of the stock is 16.76 yuan, with the stock price nearing a resistance level of 17.66 yuan [7]

Core Viewpoint - Longyuan Power, the world's largest wind power operator, announced the transfer of its entire 30% stake in United Power Technology Co., Ltd. to State Energy Group New Energy Co., Ltd. for 1 yuan, aiming to optimize its asset structure and focus on core business development [3][4]. Group 1: Transaction Overview - Longyuan Power will transfer its 30% stake in United Power to State Energy Group New Energy for 1 yuan, with another shareholder, State Energy (Beijing) Electric Technology Co., Ltd., doing the same [7][8]. - United Power has been experiencing long-term losses, with a reported loss of 574 million yuan in the first three quarters of this year and a net asset value of -7.137 billion yuan as of September 2025 [3][4][19]. - Longyuan Power has already written down the entire investment loss for this stake in 2023, resulting in a book value of 0 for the long-term equity investment [3][4]. Group 2: Financial Performance - Longyuan Power reported a revenue of 22.221 billion yuan in the first three quarters of this year, a decrease of 17.29% year-on-year, and a net profit of 4.393 billion yuan, down 21.02% year-on-year [4]. - In the third quarter alone, the net profit dropped by 38.19% compared to the same period last year [4]. Group 3: Company Background - United Power, established in 2007 and headquartered in Beijing, is a well-known wind turbine manufacturer in China, consistently ranking in the top 10 for annual new installations [3][4]. - The company has seen a decline in its ranking and performance over the years, with significant financial struggles leading to its current state of insolvency [3][4][19].

Group 1: Power Industry - The unified electricity market is accelerating construction, promoting high-quality development of renewable energy. The basic rules of the unified electricity market have been established, with a comprehensive coverage of the spot market and a market-driven pricing mechanism for renewable energy [1][24][29] - In the first three quarters of 2025, the national industrial power generation reached 72,557 billion kWh, a year-on-year increase of 1.6%, while the total social electricity consumption was 77,675 billion kWh, up 4.6% [20][22] - The electricity supply-demand situation is overall loose, but the peak load is tight, with the maximum electricity load reaching 1.506 billion kW on July 16, 2025, an increase of 0.55 million kW compared to the previous year [20][22] Group 2: Renewable Energy - The green electricity price has reached a bottoming point, with the core uncertainty regarding electricity prices gradually clarified, indicating that the industry's darkest hour is coming to an end [2][30] - The wind and solar installed capacity exceeded 1.7 billion kW in the first three quarters of 2025, accounting for nearly one-quarter of total social electricity consumption [36][40] - The challenges of renewable energy consumption remain, with increasing abandonment rates for wind and solar energy, indicating a mismatch between renewable energy development and consumption capacity [41][43] Group 3: Thermal Power - The transition of thermal power to a regulating power source is accelerating, with coal prices expected to support long-term contract prices, stabilizing thermal power profitability [2][10] - The capacity price for coal power is expected to increase further in 2026, promoting stable profitability for coal power [2][10] Group 4: Hydropower - Hydropower is experiencing a widening interest margin, with ample cash flow and stable performance supporting high dividends [3][10] - The core growth points for hydropower performance include increased installed capacity, rising electricity prices, and reduced financial costs and depreciation [3][10] Group 5: Nuclear Power - The nuclear power market is facing downward pressure on market prices, but there is a rebound in Guangdong's nuclear power pricing, indicating a strong momentum for new nuclear power development [3][10] - The approval of new nuclear units is regularized, with 10 units approved within the year, indicating a steady growth trajectory for the nuclear power sector [3][10] Group 6: Natural Gas - Domestic natural gas supply and demand are relatively loose, with a decline in apparent consumption by 0.2% year-on-year in the first nine months of 2025 [4][10] - The global natural gas market is entering a supply expansion phase, with overseas gas prices expected to decline [4][10] Group 7: Green Methanol - The promotion of green electricity consumption and the replacement of shipping fuels are expected to open up growth space for green methanol [4][9] - As of August 2025, there are 173 signed/registered green methanol projects in China, with a capacity of 53.46 million tons per year, indicating rapid growth in project numbers and capacity [9][10] Group 8: Environmental Protection - The water and waste incineration industries are entering a mature phase, with significant improvements in free cash flow [9][10] - The domestic waste oil resource utilization industry is expected to benefit from the EU's SAF mandatory blending policy, increasing demand for raw materials [9][10]

Group 1: Power Sector - The unified electricity market is accelerating construction, promoting high-quality development of renewable energy. The basic rules of the unified electricity market have been established, with a comprehensive coverage of the spot market and a market-driven pricing mechanism for renewable energy [1][24][29] - In the thermal power sector, the transition to a regulatory power source is accelerating, with rising coal prices expected to support long-term contract prices. The profitability of thermal power is anticipated to stabilize due to increased capacity prices and auxiliary service revenues [2][10] - The hydropower sector is experiencing widening interest margins, with strong cash flow and stable performance supporting high dividends. The integration of wind, solar, and storage development is a core growth point for hydropower performance [3][10] Group 2: Renewable Energy - The green electricity sector is showing signs of recovery as the negative impact of electricity prices diminishes. The dual-track pricing mechanism provides a basic income guarantee for renewable energy projects, indicating a shift from policy-driven to market-driven growth [2][10] - The wind and solar power installed capacity is expected to increase significantly, with an average annual increase of 20 million kilowatts over the next decade. By 2035, the total installed capacity of wind and solar power is projected to reach six times that of 2020 [36][40] Group 3: Natural Gas and Green Methanol - The domestic natural gas supply is expected to remain relatively loose, with a decline in apparent consumption in early 2025. The global natural gas market is entering a supply expansion phase, which may lead to a downward trend in overseas gas prices [4][10] - Green methanol is anticipated to grow due to the promotion of green electricity consumption and its potential as a shipping fuel alternative. The domestic green methanol projects have rapidly increased, with a total capacity of 53.46 million tons per year [9][10] Group 4: Environmental Sector - The water and waste incineration industries are entering a mature phase, with significant improvements in free cash flow. The decline in risk-free returns is leading to a shift in investor expectations and risk preferences, highlighting investment opportunities in the environmental sector [9][10] - The Chinese scientific instrument market is projected to exceed $9 billion, with substantial room for domestic substitution. Companies in the environmental monitoring instrument sector are expected to benefit from this trend [9][10]

Group 1: Power Industry - The unified electricity market is accelerating construction, promoting high-quality development of renewable energy. The basic rules of the unified electricity market have been established, with a focus on market-driven pricing for renewable energy [1][24][29] - In the first three quarters of 2025, the wind power sector's revenue decreased by 2.80% year-on-year, while the solar power sector's revenue dropped by 14.01%, indicating pressure on the performance of the renewable energy sector due to consumption and pricing issues [30][31] - The total installed capacity of wind and solar power reached 582 GW and 1127 GW respectively by September 2025, accounting for 46% of the total installed capacity, with a significant contribution to non-fossil energy consumption [36][40] Group 2: Thermal Power - The transition of thermal power to a regulatory power source is accelerating, with coal prices expected to support long-term contract prices, stabilizing profitability for coal-fired power plants [2] - The capacity price for coal-fired power is anticipated to increase further in 2026, promoting stable profitability for coal power [2][10] Group 3: Hydropower - Hydropower is experiencing improved cost-effectiveness due to abundant cash flow and stable performance, with high dividends becoming more attractive in a declining interest rate environment [3] - The core growth points for hydropower include increased installed capacity, rising electricity prices, and reduced financial costs and depreciation [3] Group 4: Nuclear Power - The nuclear power sector is facing pressure from declining market prices, but there is a rebound in electricity prices in Guangdong, and new nuclear power developments are gaining momentum [3][10] - The approval of new nuclear units is becoming more regular, with 10 units approved in 2025, indicating a positive outlook for the sector [3] Group 5: Natural Gas - Domestic natural gas supply is expected to remain relatively loose, with a decline in apparent consumption by 0.2% year-on-year in the first nine months of 2025 [4] - The global natural gas market is entering a supply expansion phase, which may lead to a downward trend in overseas gas prices [4] Group 6: Green Methanol - The promotion of green electricity consumption and the replacement of shipping fuels are expected to open up growth opportunities for green methanol [9] - As of August 2025, there are 173 signed/registered green methanol projects in China, with a total capacity of 53.46 million tons per year, indicating rapid growth in the sector [9][10] Group 7: Environmental Protection - The water and waste incineration sectors are entering a mature phase, with significant improvements in free cash flow, suggesting investment opportunities in the environmental protection sector [10] - The domestic market for scientific instruments exceeds $9 billion, with substantial potential for domestic substitution, particularly benefiting companies in environmental monitoring instruments [10]

Core Viewpoint - Longyuan Power Group Co., Ltd. announced the transfer of its entire 30% stake in United Power to State Energy Group New Energy Co., Ltd. for 1 yuan due to United Power's long-term losses, with the company's net assets reported at -7.137 billion yuan as of September 2025 [1][6][40]. Group 1: Announcement Details - Longyuan Power has recorded a complete impairment of its investment in United Power in 2023 due to ongoing losses [1]. - The transfer of shares will be executed through a non-public agreement, with both Longyuan Power and another shareholder, Guoneng (Beijing) Electric Technology Co., Ltd., each transferring 30% of their stakes for 1 yuan [1][5]. - The board of directors approved the transfer unanimously, with no objections or abstentions [7][8]. Group 2: Financial Performance of United Power - As of September 2025, United Power reported net assets of -7.137 billion yuan and a net profit of -574 million yuan for the first nine months of 2025 [1][23]. - The company's total assets were reported at 85.958 billion yuan, with total liabilities of 157.329 billion yuan as of September 2025 [23]. Group 3: Related Party Transactions - Both State Energy Group New Energy and Guoneng Electric are controlled by the same parent company, State Energy Investment Group, making this transaction a related party transaction [6]. - The total amount of related party transactions between Longyuan Power and State Energy Group from January 1 to October 31, 2025, was 2.564 billion yuan [41]. Group 4: Transaction Purpose and Impact - The purpose of the transaction is to divest from United Power, which will no longer be part of Longyuan Power's consolidated financial statements post-transaction [40]. - The transfer price of 1 yuan is expected to have no significant impact on the company's current profits, as the book value of the long-term equity investment in United Power was recorded as zero [40].

Core Viewpoint - Longyuan Power (00916.HK) has signed investment agreements to establish three new subsidiaries in collaboration with State Power Investment Corporation Jiangsu Electric Power and other parties, with a total investment of RMB 153 million [1] Group 1: Investment Details - The total investment for the new subsidiaries, Rudong Longyuan, Yancheng Dafeng Longyuan, and Shuyang Longyuan, amounts to RMB 153 million [1] - The funding for this investment will come from the company's own resources, ensuring no adverse impact on the company's financials or operations [1] Group 2: Strategic Objectives - The establishment of these subsidiaries aligns with the company's operational development needs and aims to leverage local resource advantages from State Power Jiangsu Electric Power and other stakeholders [1] - The collaboration is intended to enhance the company's expertise in offshore wind power, facilitating the joint development, construction, and operation of several offshore wind projects in Jiangsu [1] Group 3: Future Impact - The newly established subsidiaries are currently in the planning stage and are not expected to have a significant short-term impact on the company's operations [1] - In the long term, these subsidiaries are anticipated to positively influence the company's operational development [1]