Investment Rating - The report maintains a positive investment rating for the power and utilities sector, with specific recommendations for companies such as Funiu Co., Ltd. and Shenneng Co., Ltd. [3][21] Core Insights - The power sector outperformed the broader market, with the utilities sector index closing at 2382.43 points, up 0.26%, and the electricity sub-sector index at 3173.29 points, down 0.25% [1][9] - The commissioning of the Hami-Chongqing ±800 kV UHVDC project significantly enhances power supply capabilities in Chongqing, providing approximately 36 billion kWh annually, which accounts for about 20% of the city's annual electricity demand [2][24] - The establishment of the world's first offshore wind-powered data center in Shanghai aims to support AI and 5G computing needs while promoting low-carbon energy solutions [2][32] Summary by Sections Weekly Market Review - The electricity sector showed resilience with a slight decline in the electricity sub-sector, while thermal power benefited from falling coal prices, leading to improved performance expectations [1][20] - The report highlights the performance of various electricity sub-sectors, noting a decline in photovoltaic generation by 1.79% and an increase in hydropower generation by 1.03% [1][14] Industry Data Tracking - The report tracks coal prices, which have seen a slight decrease, indicating a favorable environment for thermal power generation [35] - The report also provides insights into the performance of renewable energy sources, with significant growth in wind and solar installations in Xinjiang, which now account for over 54% of the total installed capacity [25][26] Investment Recommendations - The report recommends focusing on companies with stable earnings and growth potential, particularly in thermal power and hydropower sectors, while also highlighting opportunities in renewable energy and data center integration [3][21] - Specific companies recommended include Funiu Co., Ltd., Shenneng Co., Ltd., and China Nuclear Power, with cautious recommendations for China General Nuclear Power [3][22]

Core Viewpoint - Environmental risks are increasingly becoming a significant operational risk for listed companies, impacting both their development and corporate image [6][12]. Summary by Relevant Sections Environmental Penalties - A total of 9 listed companies have recently been exposed to environmental risks, all of which are state-controlled enterprises [7][8]. - The total fines imposed on these companies amount to approximately 118.68 million yuan [2][8]. - Specific penalties include: - Huayin Power was fined about 749,193 yuan for causing damage to forest land [9]. - Longyuan Power was fined 360,000 yuan for commencing operations without project completion verification [12]. Company Specifics - Huayin Power's subsidiary, Lianyuan New Energy, was penalized for actions that led to forest land destruction during solar project construction [9]. - Huaneng International's subsidiary, Qufu Thermal Power, was fined 350,000 yuan for improper wastewater management [9]. - Longyuan Power's subsidiary, Hengcheng Energy, faced penalties for operating wind turbine projects without necessary environmental assessments [12]. Investor Implications - The 9 companies involved have a combined total of 1.1868 million shareholders, indicating potential investment risks due to their environmental issues [8]. - The growing emphasis on ESG (Environmental, Social, and Governance) principles suggests that investors are increasingly focusing on companies' sustainable development capabilities [12].

Group 1 - The core viewpoint of the report is that Citigroup maintains a "Buy" rating for Longyuan Power (00916) with a target price of HKD 7.1 [1] - In May, Longyuan Power's total electricity generation increased by 1.5% year-on-year to 6.68 billion kWh, driven by a significant rise in wind and solar power generation, which grew by 8.7% and 74.8% respectively [1] - The company has zero coal-fired power generation in May, down from 830 million kWh in the same period last year, due to plans to sell all coal-fired power plants in the second half of 2024 [1] Group 2 - For the first five months of the year, total electricity generation decreased by 1.5% year-on-year to 33.87 billion kWh, with wind and solar power generation increasing by 6.4% and 64.4% respectively, but not enough to offset the decline in coal-fired generation [1] - The average utilization hours of wind farms in May decreased by 0.8% year-on-year to 182 hours, and for the first five months, it fell by 2.9% to 958 hours, primarily due to reduced wind speeds and grid restrictions [1] - The regions with the highest growth in wind power output in May were Shanxi (up 64%), Henan (up 50%), and Jiangxi (up 47%), while Fujian and Xinjiang saw declines of 34% and 33% respectively [1] Group 3 - The decline in the monthly bidding market electricity price in Jiangsu province is expected to have a limited impact on Longyuan Power [2] - In June, the bidding market electricity price in Jiangsu fell by 23.7% year-on-year to RMB 312.8 per MWh, with total bidding generation of 4.88 billion kWh, of which wind power accounted for only 0.06 billion kWh or 1.2% [2] - Longyuan Power's wind power output in Jiangsu for 2024 and the first quarter of 2025 is projected to be 8.21 billion kWh and 3.39 billion kWh respectively, representing 9.7% and 11.6% of its total wind power output [2]

新型电力系统首批试点启动，甘肃新能源装机突破 2025 年 06 月 08 日 ➢ 本周（20250601-20250605）电力板块行情：本周电力板块走势劣于大 盘。截至 2025 年 06 月 06 日，本周公用事业板块收于 2376.19 点，下跌 3.21 点，跌幅 0.14%；电力子板块收于 3165.47 点，下跌 10.64 点，跌幅 0.34%， 劣于沪深 300 本周走势。公用事业（电力）板块走势变化幅度在申万 31 个一 级板块中排第 26 位。从电力子板块来看：本周光伏发电上涨 1.39%，风力发电 上涨 0.14%，热力服务上涨 2.11%，火力发电下跌 0.57%，水力发电下跌 1.85%， 电能综合服务上涨 0.70%。 ➢ 本周专题：甘肃新能源装机突破 7000 万千瓦，新能源主体地位进一步巩 固。截至 2025 年 5 月底，甘肃新能源累计装机容量达到 7062.46 万千瓦，同 比增长 25.25%，占全省电力总装机比重超过 65%。其中风电装机容量为 3494.57 万千瓦，同比增长 21.76%；太阳能装机容量为 3536.89 万千瓦，同 比增长 28.89%，风光装机 ...

Investment Rating - The report maintains a "Recommended" rating for several companies including China Nuclear Power, Funiu Co., and Huaneng Water Power, while providing a "Cautious Recommendation" for others like China General Nuclear Power and Longyuan Power [21][19]. Core Insights - The new energy installed capacity in Gansu has surpassed 70 million kilowatts, solidifying its dominant position in the province's energy mix, with a year-on-year growth of 25.25% [2][26]. - The National Energy Administration has initiated the first batch of pilot projects for the new power system, focusing on seven key areas including grid technology and virtual power plants [3][37]. - The report suggests that with the onset of the peak electricity consumption season in June and low coal prices, the performance of thermal power companies is expected to improve [3][19]. Summary by Sections Weekly Market Review - The electricity sector underperformed compared to the broader market, with the public utility sector index closing at 2376.19 points, down 0.14%, and the electricity sub-sector at 3165.47 points, down 0.34% [1][7]. - Among the electricity sub-sectors, photovoltaic power increased by 1.39%, while thermal and hydropower decreased by 0.57% and 1.85% respectively [13][19]. Gansu New Energy Capacity - As of the end of May 2025, Gansu's cumulative installed capacity reached 70.6246 million kilowatts, with wind and solar power each contributing over 32% to the total installed capacity [2][26]. - Gansu aims to reach 80 million kilowatts of installed renewable energy capacity by the end of 2025, with a target of 160 million kilowatts by 2030 [2][26]. National Energy Administration Initiatives - The pilot projects will explore new technologies and models for the new power system, focusing on areas such as intelligent microgrids and high-proportion renewable energy delivery [3][37]. - The report emphasizes the importance of these initiatives in enhancing the stability and efficiency of the power supply [3][37]. Investment Recommendations - The report highlights specific companies to watch, including Huadian International, Jingtou Energy, and Funiu Co. for thermal power, and Changjiang Electric Power and Chuan Investment Energy for hydropower [3][19]. - It also notes the potential for growth in companies involved in green electricity projects, particularly those benefiting from the implementation of the 136 document [3][19].

证券代码：001289 证券简称：龙源电力 公告编号：2025-038 | | 2025 年 5 月 | 2024 年 5 月 | 5 月同比 | 2025 年 | 2024 年 | 年累计发 电量 | | --- | --- | --- | --- | --- | --- | --- | | 业务板块及地区分布 | 发电量 | 发电量 | 变化率 | 累计发电量 | 累计发电量 | 同比变化 | | | （兆瓦时） | （兆瓦时） | （%） | （兆瓦时） | （兆瓦时） | 率 | | | | | | | | （%） | | 云南 | 284,031 | 198,631 | 42.99 | 1,817,922 | 1,888,624 | -3.74 | | 安徽 | 198,839 | 144,727 | 37.39 | 907,861 | 744,346 | 21.97 | | 山东 | 197,866 | 143,746 | 37.65 | 781,950 | 732,421 | 6.76 | | 天津 | 115,898 | 118,143 | -1.90 | 606,750 | 504,380 ...

证券代码： 001289 证券简称：龙源电力 龙源电力集团股份有限公司投资者关系活动记录表 编号：2025-02 | | 特定对象调研 分析师会议 | | | | | |  | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 投资者关系 | 媒体采访 业绩说明会 | | | | | |  | | | | | | | 活动类别 | 新闻发布会 路演活动 | | | | | |  | | | | | | | | 现场参观 | | | | | | | | | | | | | | 其他 （请文字说明其他活动内容） | | | | | | | | | | | | | | 中信证券、汇丰银行、花旗银行、摩根士丹利、中金、摩根大通、 德银、国泰海通、长江证券、美银证券、华泰证券、大和证券、华 | | | | | | | | | | | | | 参与单位名称 | 源证券、国信证券、交银国际等多家机构 | | | | | | | | | | | | | 时间 | 2025 03 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：300105 证券简称：龙源技术 公告编号：临2025-032 烟台龙源电力技术股份有限公司关于公司2020年限制性股票激励计划第三个解除限售期解除限售股份上 市流通的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 特别提示： 1、烟台龙源电力技术股份有限公司（以下简称"公司"）2020年限制性股票激励计划（以下简称"本次激 励计划"）第三个解除限售期解除限售条件已经成就。本次可解除限售的激励对象人数：64名。本次可 解除限售的限制性股票数量：259.8420万股，占公司当前总股本51,581.4420万股的0.5038%。 2、本次解除限售股份的上市流通日为2025年5月30日。 公司于2025年4月24日召开了第六届董事会第八次会议、第六届监事会第八次会议，审议通过《关于公 司2020年限制性股票激励计划第三个解除限售期解除限售条件成就的议案》，本次激励计划第三个解除 限售期解除限售条件已经成就。公司已按照《烟台龙源电力技术股份有限公司2020年限制性股票激励计 划（草案）》（以下简称 ...

金融界5月27日消息，龙源电力发布公告，将于2025年6月17日召开年度股东大会，网络投票同日进行。 股权登记日为6月11日，当日收市后持有龙源电力股票的投资者可以参与投票。 会议地点：北京市西城区阜成门北大街6号(c幢)3层会议室。 作者：公告君 本次股东大会共计审计15项议案，具体如下： 2、《关于龙源电力集团股份有限公司2024年度董事会工作报告的议案》 3、《关于龙源电力集团股份有限公司2024年度监事会工作报告的议案》 4、《关于龙源电力集团股份有限公司2024年度经审计财务报表和决算报告的议案》 5、《关于龙源电力集团股份有限公司2024年度利润分配方案的议案》 6、《关于龙源电力集团股份有限公司2025年度预算安排报告的议案》 7、《关于龙源电力集团股份有限公司2025年度董事及监事薪酬方案的议案》 8、《关于龙源电力集团股份有限公司续聘2025年度境内审计会计师事务所的议案》 9、《关于龙源电力集团股份有限公司续聘2025年度境外审计会计师事务所的议案》 10、《关于龙源电力集团股份有限公司为控股子公司提供财务资助的议案》 11、《关于龙源电力集团股份有限公司在境内申请注册及发行债务融资工具一 ...

证券代码：001289 证券简称：龙源电力 公告编号：2025-037 龙源电力集团股份有限公司 关于完成 2025 年度第六期中期票据发行的公告 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。 龙源电力集团股份有限公司（以下简称"公司"）于 2024 年 6 月 6 日召开 的 2023 年度股东大会审议通过了《关于龙源电力集团股份有限公司在境内申请 注册及发行债务融资工具一般性授权的议案》，批准并同意授权董事会决定及处 理公司以统一注册或分品种注册的形式在中国银行间市场交易商协会注册、发行 不超过人民币 800 亿元（含 800 亿元）的债务融资工具的相关事宜，类型包括但 不限于超短期融资券、短期融资券、中期票据（含中长期含权票据）、永续票据、 定向债务融资工具、资产支持票据、项目收益票据、权益出资型票据等在内的债 务融资工具；并同意董事会转授权公司经理层处理上述相关事宜。 公司已于 2025 年 5 月 26 日发行 2025 年度第六期中期票据，所募集资金将 用于补充日常流动资金及偿还发行人及其子公司有息债务。相关发行情况如下： 中期票据全称 龙源电力 ...