Summary of Key Points Core Viewpoint - Longyuan Power (001289) has experienced a slight decline in stock price, closing at 16.57 yuan as of May 23, 2025, down 0.48% from the previous week, with a total market capitalization of 138.52 billion yuan [1]. Company Announcements - Longyuan Power received a performance compensation payment totaling 89,105,000 yuan from China Energy Group Tianjin Electric Power Co., Ltd. This compensation is based on performance commitments related to asset acquisitions, as approved in the board meeting on March 28, 2025 [1][3]. - On May 22, 2025, Longyuan Power issued its third phase of ultra-short-term financing bonds for 2025, with a total issuance amount of 2.3 billion yuan. The bonds have a maturity of 180 days, with an issuance price of 100 yuan per bond and a coupon rate of 1.54% [1][3].

Core Viewpoint - Longyuan Power Group Co., Ltd. has announced the issuance of its third phase of ultra-short-term financing bonds for 2025, with a total issuance amount of 2.3 billion RMB, aimed at supplementing working capital and repaying interest-bearing debts [1]. Group 1: Financing Details - The company received authorization from its shareholders to issue debt financing instruments up to 80 billion RMB, including various types of bonds such as ultra-short-term financing bonds, short-term financing bonds, and perpetual bonds [1]. - The ultra-short-term financing bond, named "25 Longyuan Power SCP003," has a term of 180 days, with an issuance date of May 22, 2025, and a maturity date of November 18, 2025 [1]. - The bond was issued at a price of 100 RMB per unit, with a coupon rate of 1.54% [1]. Group 2: Underwriting and Publication - The lead underwriter for the bond issuance is China Minsheng Banking Corp., Ltd. [1]. - Relevant documents regarding the bond issuance have been published on the China Money website and the Shanghai Clearing House website [1].

证券代码：001289 证券简称：龙源电力 公告编号：2025-034 龙源电力集团股份有限公司 关于收到业绩补偿款的公告 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"）于近日收到国家能源集团天 津电力有限公司缴纳的业绩补偿款合计人民币8,910.50万元。具体情况如下： 一、业绩补偿情况概述 二、业绩补偿履行情况 截至2025年5月22日，公司已收到业绩补偿款人民币8,910.50万元。华北电力已 遵照协议的约定及时履行了相应义务。 至此，公司与业绩承诺方签署的《业绩补偿协议》中约定的业绩承诺补偿义务 已全部履行完毕。 特此公告。 龙源电力集团股份有限公司 董 事 会 2025年5月23日 公司于2025年3月28日召开第五届董事会2025年第1次会议，会议审议通过了 《关于龙源电力集团股份有限公司收购资产相关标的业绩承诺2024年度实现情况以 及三年业绩承诺实现情况的议案》。根据《业绩补偿协议》中约定的补偿方案，国 家能源集团华北电力有限公司（以下简称"华北电力"）应向公司支付业绩补偿款 8,910.50万元。 ...

证券代码：001289 证券简称：龙源电力 公告编号：2025-034 龙源电力集团股份有限公司 关于收到业绩补偿款的公告 董 事 会 公司于2025年3月28日召开第五届董事会2025年第1次会议，会议审议通过了 《关于龙源电力集团股份有限公司收购资产相关标的业绩承诺2024年度实现情况以 及三年业绩承诺实现情况的议案》。根据《业绩补偿协议》中约定的补偿方案，国 家能源集团华北电力有限公司（以下简称"华北电力"）应向公司支付业绩补偿款 称"天津电力"），故本次补偿由天津电力履行。具体内容详见公司于2025年3月29 日刊登在巨潮资讯网（www.cninfo.com.cn）和在《中国证券报》《证券时报》《证 券日报》《上海证券报》上披露的《龙源电力集团股份有限公司第五届董事会2025 年第1次会议决议公告》（公告编号：2025-012）和《龙源电力集团股份有限公司关 于收购资产相关标的业绩承诺实现情况及业绩补偿方案的公告》（公告编号：2025- 二、业绩补偿履行情况 截至2025年5月22日，公司已收到业绩补偿款人民币8,910.50万元。华北电力已 遵照协议的约定及时履行了相应义务。 至此，公司与业绩承诺方 ...

公司已于 2025 年 5 月 22 日发行了 2025 年度第三期超短期融资券，所募集 资金拟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： | 超短期融资券全称 | 龙源电力集团股份有限公司 | | 2025 | | 年度第三期超短期融资券 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 主承销商 | 中国民生银行股份有限公司 | | | | | | | | 超短期融资券简称 | 龙源电力 25 | SCP003 | 期限 | 天 180 | | | | | 超短期融资券代码 | 012581212 | | 发行日 | 2025 | 年 5 | 月 22 | 日 | | 起息日 | 年 月 2025 5 | 日 22 | 兑付日 | 2025 | 年 11 | 月 | 日 18 | | 计划发行总额 | 23 亿元人民币 | | 实际发行总额 | 23 | 亿元人民币 | | | | 发行价格 | 100 元/张 | | 票面利率 | 1.54% | | | | 1 本 期 发 行 超 短 期 融 资 券 的 相 ...

Investment Rating - The report maintains an "Overweight" rating for the electricity sector [1]. Core Viewpoints - In April, the national electricity consumption increased by 4.7%, with a cumulative growth of 3.1% from January to April [8][14]. - The electricity demand from the first and third industries shows resilience, while the second industry experiences weakness [14]. - The supply side saw a 0.9% year-on-year increase in electricity generation in April, with significant growth in renewable energy sources [30][33]. Summary by Sections Demand Side - From January to April, the total electricity consumption reached 31,566 billion kWh, with April alone accounting for 7,721 billion kWh [8]. - The first industry saw a 10.0% increase in electricity consumption, the second industry grew by 2.3%, and the third industry increased by 6.0% [14][13]. - In April, the first, second, and third industries' electricity consumption growth rates were 13.8%, 3.0%, and 9.0%, respectively, while residential electricity consumption grew by 7.0% [14]. Supply Side - In April, the total electricity generation was 7,111 billion kWh, marking a 0.9% year-on-year increase [30]. - The growth rates for different energy sources in April were as follows: wind power increased by 12.7%, solar power by 16.7%, nuclear power by 12.4%, while hydropower decreased by 6.5% and thermal power fell by 2.3% [33]. Investment Recommendations - The report suggests increasing allocation to the electricity sector due to favorable fundamentals and market catalysts as summer approaches [53]. - For thermal power, the report highlights the potential for improved profitability due to falling coal prices, recommending companies like Huadian International and Huaneng International [55]. - In the green energy sector, the report recommends focusing on wind power operators and undervalued green energy stocks, such as Xintian Green Energy and Longyuan Power [55]. - For hydropower and nuclear power, the report suggests monitoring companies like China National Nuclear Power and China General Nuclear Power [55].

Investment Rating - The report maintains an "Outperform" rating for the public utilities and environmental sectors [4][18]. Core Views - The report highlights the introduction of detailed rules in Guangdong and Shandong provinces regarding the sustainable development pricing settlement mechanism for new energy projects, marking a significant step towards market-driven reforms in the new energy sector [2][15]. - It emphasizes that coal and electricity prices are declining simultaneously, which is expected to maintain reasonable profitability for thermal power companies [18]. - The report suggests that the continuous support from national policies for new energy development will lead to gradually stable profitability for new energy generation [18]. - It notes that the growth in installed capacity and generation will help offset the downward pressure on electricity prices, predicting stable profitability for nuclear power companies [18]. Summary by Sections Market Review - The Shanghai Composite Index rose by 1.12%, while the public utilities index increased by 0.08%. The environmental index remained unchanged, with relative weekly returns of -1.04% and -1.12% respectively [1][21]. - Among the sub-sectors, thermal power decreased by 0.89%, hydropower increased by 0.87%, and new energy generation rose by 0.08% [1][21]. Important Policies and Events - Guangdong's electricity trading center issued draft rules for the sustainable development pricing settlement mechanism for new energy projects, with the first competitive trading scheduled for mid-2025 [2][14]. - The rules stipulate that projects must be approved and operational by December 31, 2025, to participate in the first auction [2][14]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and Shanghai Electric, as well as leading new energy firms such as Longyuan Power and Three Gorges Energy [18]. - The report also suggests investing in nuclear power operators like China Nuclear Power and China General Nuclear Power, and highlights the defensive attributes of hydropower stocks amid a global interest rate decline [18][19]. Key Company Earnings Forecasts and Investment Ratings - The report provides a detailed table of investment ratings for various companies, all rated as "Outperform," including Huadian International, Longyuan Power, and China Nuclear Power, with projected earnings per share (EPS) growth for 2024 and 2025 [7][18].

Core Viewpoint - The article highlights the proactive measures taken by Hangzhou Longyuan Power Co., Ltd. to ensure the stable operation of charging stations after the "May Day" holiday, emphasizing the importance of regular inspections and maintenance for providing reliable charging services to electric vehicle owners [1][4]. Group 1: Inspection and Maintenance - The comprehensive inspection of charging stations was conducted to ensure stable operation and reliable charging for vehicle owners [1][4]. - Key focus areas during the inspection included environmental cleanliness, checking for debris around charging stations, and ensuring a tidy charging area [3]. - Detailed checks were performed on charging gun interfaces, including examining for looseness, damage, and oxidation of internal metal contacts [3]. Group 2: Navigation and Safety - The navigation and positioning system of the charging stations was tested to ensure accurate guidance for drivers seeking charging facilities [3]. - Regular inspections are aimed at identifying and eliminating potential safety hazards, thereby creating a safe and convenient charging environment for electric vehicle owners [4]. Group 3: Company Commitment and Future Plans - The inspection work reflects the company's high regard for the operation and management of charging facilities [4]. - The company plans to continue enhancing daily inspections and maintenance of charging stations to improve service quality and support green travel initiatives [4].

丨证券研究报告丨 行业研究丨行业周报丨公用事业 [Table_Title] 国际认可加速绿证消费扩容，价改推进重视绿电 长期价值 报告要点 [Table_Summary] 国际绿色电力消费倡议组织（RE100）宣布无条件认可中国绿证，明确企业使用中国绿证不需 要再提供额外证明。标志着我国绿证体系的制度完善与国际互认取得里程碑式突破，助推我国 绿证需求侧加速扩容。长期低位运行的市场需求和绿证价格将得到显著催化，为新能源项目实 现合理收益提供重要支撑。在新能源价格改革持续持续推进的背景下，我们认为各省配套细则 也将承接 136 号文保护存量项目、稳定增量项目收益预期的原则，有助于长远角度新能源发电 的合理健康发展，同时随着绿电消费的加速扩容，绿电公司有望迎来价值重估。 分析师及联系人 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Author] SFC：BQT627 SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SAC：S0490523080003 张韦华 司旗 宋尚骞 刘亚辉 [T ...

Summary of Key Points Core Viewpoint - Longyuan Power Group Co., Ltd. successfully issued its first green medium-term note for 2025, raising a total of 1.5 billion RMB with a coupon rate of 1.89% and a maturity of 5 years [1][3]. Trading Information - On May 16, Longyuan Power's stock closed at 16.65 RMB, down 1.48%, with a turnover rate of 0.11% and a trading volume of 54,900 shares, resulting in a transaction amount of 91.88 million RMB [1]. - The capital flow on the same day indicated a net outflow of 18.468 million RMB from institutional investors, while retail investors saw a net inflow of 17.0966 million RMB [1][3]. Company Announcement - The company announced the approval of a general authorization for the issuance of debt financing instruments at the 2023 annual shareholders' meeting held on June 6, 2024, allowing for the registration and issuance of up to 80 billion RMB in debt financing tools in the interbank market [1]. - The details of the issued medium-term note include: - Issuer: Longyuan Power - Issuance date: May 14, 2025 - Interest start date: May 15, 2025 - Maturity date: May 15, 2030 - Total issuance amount: 1.5 billion RMB - Issuance price: 100 RMB per note - Lead underwriter: Agricultural Bank of China, with joint lead underwriters including Industrial and Commercial Bank of China, Bank of China, Industrial Bank, and Jiangsu Bank [1].