Investment Rating - The report maintains a "Buy" rating for Guodian Power and a "Hold" rating for Longyuan Power and Chuanwei Energy, with expected EPS for 2025E at 0.42, 0.79, and 1.05 respectively [1][6]. Core Views - The report highlights a 4.4% year-on-year increase in national electricity consumption in May 2025, with total consumption reaching 809.6 billion kWh [3][33]. - The report notes that the public utility sector index has seen a slight increase of 0.09% during the week of June 23-29, 2025, ranking 28th among 31 sectors [2][9]. - The report emphasizes the importance of new energy policies, which are expected to stabilize expected returns and improve existing projects, while also increasing the scale of new projects [6][38]. Summary by Sections Market Performance - The public utility sector index PE (TTM) is at 17.04, slightly down from 17.09 the previous week, and down from 18.16 a year ago [1][20]. - The sector's PB remains stable at 1.71, unchanged from the previous week and down from 1.89 a year ago [1][23]. - The report indicates that the sector's performance is lagging behind major indices, with a 1.82 percentage point deficit compared to the Shanghai Composite Index [2][9]. Industry Dynamics - The National Energy Administration reported a total installed power generation capacity of 3.61 billion kW by the end of May 2025, marking an 18.8% year-on-year increase [33][34]. - The report details that the average utilization hours for power generation equipment have decreased by 132 hours compared to the previous year [34]. - New pricing mechanisms for electricity in Xinjiang and Inner Mongolia are introduced, with competitive bidding ranges set for new projects [35][38]. Key Data Tracking - As of June 30, 2025, the price of Shanxi mixed coal (5500) is reported at 615 RMB/ton, with a week-on-week change of 0.82% [40]. - The report tracks green certificate trading, with a total of 88.16 and 82.35 thousand transactions for wind and solar power respectively during the week of June 23-29, 2025 [41][44]. - The report also notes the CEA trading volumes for the week, with a total of 138.6 thousand tons traded on June 27, 2025, at an average price of 74.96 RMB/ton [46][48].

Group 1 - The core viewpoint of the articles highlights the performance and valuation of Longyuan Power, which closed at 16.48 yuan, up 1.85%, with a rolling PE ratio of 23.73, marking a new low in 17 days, and a total market capitalization of 137.77 billion yuan [1] - Longyuan Power's industry average PE ratio is 23.18, with a median of 19.90, placing the company at the 51st position in the industry ranking [1] - As of the first quarter of 2025, 15 institutions hold shares in Longyuan Power, including 10 funds, 4 others, and 1 trust, with a total holding of 4,923.13 million shares valued at 81.77 billion yuan [1] Group 2 - Longyuan Power's main business focuses on wind and solar power generation, with primary products being electricity and heat [1] - The latest performance report for the first quarter of 2025 shows that the company achieved an operating revenue of 8.14 billion yuan, a year-on-year decrease of 19.00%, and a net profit of 1.90 billion yuan, down 22.07%, with a gross profit margin of 42.61% [1] - The PE (TTM) for Longyuan Power is 23.73, while the industry average is 23.18, and the industry median is 19.90 [2]

证券代码：001289 证券简称：龙源电力 公告编号：2025-041 龙源电力集团股份有限公司 关于公司 2025 年第四期超短期融资券发行的公告 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 2025 年 6 月 17 日召开 的 2024 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 理公司以一次性或分期的形式通过中国证监会、深圳证券交易所、国家发展改革 委、中国保险资产管理业协会等机构审批、注册、登记、发行或设立债务融资工 具，新增规模合计不超过人民币 500 亿元（含 500 亿元）；以统一注册或分品种 注册的形式向中国银行间市场交易商协会注册债务融资工具，可采取分期方式发 行，新增规模合计不超过人民币 800 亿元（含 800 亿元）；股东大会同意董事会 在授权范围内转授权公司管理层处理相关事宜。 公司已于 2025 年 6 月 26 日发行了 2025 年度第四期超短期融资券，所募集 资金拟用于置换存量有息债 ...

Investment Rating - The report maintains a recommendation for companies such as Funiu Co., Ltd. and Shenneng Co., Ltd. while cautiously recommending China General Nuclear Power and Anhui Energy [4][21]. Core Viewpoints - In May, the total electricity consumption reached 809.6 billion kWh, showing a year-on-year growth of 4.4%. The first industry saw an increase of 8.4%, the second industry 2.1%, the third industry 9.4%, and urban and rural residents' consumption 9.6% [2][22]. - The report highlights that coal prices are expected to remain low, benefiting thermal power generation, which is anticipated to improve performance in Q2. Companies are actively investing in wind power and cogeneration assets for long-term growth potential [4][19]. Summary by Sections Weekly Market Review - The electricity sector underperformed the broader market, with the public utility sector closing at 2355.40 points, down 1.13%, and the electricity sub-sector at 3131.64 points, down 1.31% [1][8]. - Among the electricity sub-sectors, photovoltaic generation fell by 1.57%, wind power by 1.28%, while thermal services rose by 2.08% [1][13]. Industry Data Tracking - The average price of thermal coal in the Bohai Rim region was 663.00 RMB/ton, with no change week-on-week [48]. - The report notes that the electricity market is experiencing a decline in coal and gas prices, with the average transaction price for coal in Guangdong dropping by 28.43% [69]. Investment Recommendations - The report recommends focusing on companies with stable performance and growth potential, particularly in thermal power and hydropower sectors, such as Changjiang Electric Power and Sichuan Investment Energy [4][20]. - It also suggests monitoring companies involved in asset restructuring and mergers, as these are expected to gain traction this year [20].

证券代码：001289 证券简称：龙源电力 公告编号：2025-039 龙源电力集团股份有限公司 2024 年度股东大会、2025 年第 1 次 A 股类别股东大会及 2025 年第 1 次 H 股类别股东大会决议公告 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"或"本公司"）已于 2025 年 6 月 17 日召开 2024 年度股东大会、2025 年第 1 次 A 股类别股东大会及 2025 年第 1 次 H 股类别股东大会（以下简称"本次股东大会"或"本次会议"）， 有关本次股东大会的决议及表决情况如下： 一、特别提示 1．本次股东大会无其他新增议案，无变更、否决议案的情况。 2．本次股东大会不涉及变更以往股东大会已通过的决议。 二、会议召开情况 1 1. 会议召开方式：现场及网络投票相结合 2. 会议召开时间： （1）现场会议时间：2025 年 6 月 17 日（星期二） （2）网络投票时间：2025 年 6 月 17 日（星期二） 其中，通过深圳证券交易所交易系统进行的网络投票的具体时间为：2025 年 ...

北京市朝阳区建国路 79 号华贸中心 2 号写字楼 28 层(邮编 100025) 电话：86-10- 6440 2232 传真：86-10-6440 2915 网址：www.zhonglunwende.com 一、关于本次股东大会的召集、召开程序 （一）本次股东大会的召集 北京市中伦文德律师事务所 关于龙源电力集团股份有限公司 2024 年度股东大会和 2025 年第 1 次 A 股类别 股东大会的法律意见书 【2025】1 号 致：龙源电力集团股份有限公司 北京市中伦文德律师事务所（以下简称"本所"）接受龙源电力集团股份有限 公司（以下简称"龙源电力"或"公司"）委托，委派本所律师列席了公司于 2025 年 6 月 17 日召开的 2024 年度股东大会、2025 年第 1 次 A 股类别股东大会及 2025 年第 1 次 H 股类别股东大会（以下简称"本次股东大会"），并根据《中华人民共 和国公司法》（以下简称"《公司法》"）《中华人民共和国证券法》（以下简称 "《证券法》"）《上市公司股东大会规则》（以下简称"《股东大会规则》"） 等中国现行法律、法规、规范性文件（以下简称"现行法律、法规"，为本法律 ...

证券代码：001289 证券简称：龙源电力 公告编号：2025-040 龙源电力集团股份有限公司 第五届董事会 2025 年第 3 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"）第五届 董事会 2025 年第 3 次会议（以下简称"本次会议"）已于 2025 年 6 月 6 日以 电子邮件等方式通知全体董事。本次会议于 2025 年 6 月 17 日以现场方式召开， 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 司监事、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》《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 本次会议经审议，形成决议如下： 1.审议通过《关于龙源电力集团股份有限公司广西和山东区域子公司吸收 合并的议案》 董事会同意公司广西和山东区域全资子公司吸收合并方案，广西区域由公 司所属全资子公司河池市晶能光伏发电有限公司（以下简称"河池晶能" ...

北京市朝阳区建国路 79 号华贸中心 2 号写字楼 28 层(邮编 100025) 网址：www.zhonglunwende.com 电话：86-10- 6440 2232 传真：86-10-6440 2915 北京市中伦文德律师事务所 关于龙源电力集团股份有限公司 股东大会的法律意见书 【2025】1 号 致：龙源电力集团股份有限公司 北京市中伦文德律师事务所（以下简称"本所"）接受龙源电力集团股份有限 公司（以下简称"龙源电力"或"公司"）委托，委派本所律师列席了公司于 2025 年 6 月 17 日召开的 2024 年度股东大会、2025 年第 1 次 A 股类别股东大会及 2025 年第 1 次 H 股类别股东大会（以下简称"本次股东大会"），并根据《中华人民共 和国公司法》（以下简称"《公司法》"）《中华人民共和国证券法》（以下简称 "《证券法》"）《上市公司股东大会规则》（以下简称"《股东大会规则》"） 等中国现行法律、法规、规范性文件（以下简称"现行法律、法规"，为本法律意 见书之目的，"现行法律、法规"不包括香港特别行政区、澳门特别行政区及台湾 地区的法律、法规）和《龙源电力集团股份有限公司章 ...

| 证券代码：001289 证券简称：龙源电力 | | | | | 公告编号：2025-039 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 龙源电力集团股份有限公司 | | | | | | | | | | | 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"或"本公司"）已于 | | | | | 2025 | | | | | | 年 6 月 日召开 2024 年度股东大会、2025 年第 | 17 | 1 次 A | | | 股类别股东大会及 | | 2025 | | | | 1 年第 次 | H | 股类别股东大会（以下简称"本次股东大会"或"本次会议"）， | | | | | | | | | 有关本次股东大会的决议及表决情况如下： | | | | | | | | | | | 一、特别提示 | | | | | | | | | | ...

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][5][7]. Core Views - The report highlights the ongoing pilot projects for hydrogen energy initiated by the National Energy Administration, focusing on large-scale hydrogen production integrated with renewable energy sources [2][14]. - The waste incineration industry is entering a mature phase, with a significant increase in cash flow for listed companies, indicating a positive trend in financial health [15][22]. - The report emphasizes the importance of carbon neutrality, recommending investments in the new energy industry chain and comprehensive energy management [25][26]. Summary by Sections Market Review - The Shanghai Composite Index fell by 0.25%, while the public utility index rose by 0.26%, and the environmental index dropped by 1.19% [1][13]. - Among the 31 primary industry sectors, public utilities and environmental sectors ranked 10th and 22nd in terms of performance [1][27]. Important Events - The National Energy Administration has launched pilot projects in the hydrogen energy sector, focusing on large-scale hydrogen production in areas rich in wind, solar, hydro, nuclear, and biomass resources [2][14]. Specialized Research - The report analyzes the free cash flow of 15 major A-share listed companies in the waste incineration sector, noting that many have achieved positive cash flow by 2024 [15][22]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and regional power companies like Shanghai Electric due to stable profitability [3][25]. - The report suggests investing in leading new energy companies such as Longyuan Power and Three Gorges Energy, as well as high-dividend hydroelectric stocks like Yangtze Power [3][25]. - In the environmental sector, it recommends companies like China Science Instruments and Shandong High Energy Environmental for their growth potential [26]. Company Profit Forecasts and Investment Ratings - A detailed table lists various companies with their investment ratings, market capitalization, earnings per share (EPS), and price-to-earnings (PE) ratios, indicating a generally positive outlook for the sector [7][23].