格隆汇9月2日丨根据联交所最新权益披露资料显示，2025年8月28日，龙源电力(00916.HK)遭GIC Private Limited在场内以每股均价6.7092港元减持126.5万 股，涉资约848.71万港元。 减持后，GIC Private Limited最新持股数目为264,530,000股，持股比例由8.01%下降至7.97%。 | 股份代號: | 00916 | | --- | --- | | 上市法國名稱: | 龍源電力集團股份有限公司 - H股 | | 日期 (日 / 月 / 年): | 02/08/2025 - 02/09/2025 | | 表格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | | 持有權益的股份數目 佔已發行的 有關事件的日期相 | | | --- | --- | --- | --- | --- | --- | --- | | | 股份數目 | 原因 | | | ( 請參閱上述 * 註 有投票權股 (日 / 月 / 年) 權 | | | | | | | | 份自分比 | | | | | | | | (%) | | | ...

智通财经APP获悉，香港联交所最新资料显示，8月28日，GIC Private Limited减持龙源电力(00916)126.5 万股，每股作价6.7092港元，总金额约为848.71万港元。减持后最新持股数目约为2.65亿股，最新持股 比例为7.97%。 ...

香港联交所最新资料显示，8月28日，GIC Private Limited减持龙源电力（001289）(00916)126.5万股， 每股作价6.7092港元，总金额约为848.71万港元。减持后最新持股数目约为2.65亿股，最新持股比例为 7.97%。 ...

Market Overview - In August, the Shanghai and Shenzhen 300 Index rose by 10.33%, while the public utility index increased by 2.53% and the environmental index by 5.28% [1][22] - The public utility and environmental sectors ranked 25th and 21st respectively among 31 first-level industry classifications [1][22] - The environmental sector saw a 5.28% increase, with sub-sectors such as thermal power up by 4.69% and new energy generation up by 2.26% [1][22] Important Policies and Events - The Central Committee and State Council issued opinions on promoting green and low-carbon transformation, aiming for a nationwide carbon trading market to cover major industrial sectors by 2027 [14][15] - The opinions also emphasize energy conservation and carbon reduction in production, promoting green lifestyles, and enhancing urban ecological environment governance [15][16] Investment Strategy - Public Utilities: - Thermal power profitability is expected to remain reasonable due to synchronized declines in coal and electricity prices, recommending companies like Huadian International and Shanghai Electric [3][21] - Continuous policy support for new energy development is anticipated to stabilize profitability, recommending leading companies such as Longyuan Power and Three Gorges Energy [3][21] - Nuclear power companies are expected to maintain stable profitability, recommending China Nuclear Power and China General Nuclear Power [3][21] - High-dividend hydropower stocks are highlighted for their defensive attributes, recommending Changjiang Power [3][21] - For gas, companies with regional advantages like China Resources Gas are recommended [3][21] - Environmental Sector: - The water and waste incineration sectors are entering maturity, with improved free cash flow, recommending Everbright Environment and Zhongshan Public Utilities [3][21] - The domestic scientific instrument market presents significant opportunities, recommending Focused Photonics [3][21] - The EU's SAF policy is expected to benefit the domestic waste oil recycling industry, recommending Shanggou Environmental Energy [3][21] - The agricultural biomass power generation sector is seeing cost improvements, recommending Changqing Group [3][21] Industry Key Data Overview - In July, the total electricity consumption reached 1,022.6 billion kWh, a year-on-year increase of 8.6% [59] - The cumulative installed capacity of renewable energy reached 1.41 billion kW by the end of 2024, accounting for 42% of total installed capacity [19] - The average utilization hours of power generation equipment decreased by 188 hours compared to the previous year [76]

Core Viewpoint - The report from Guojin Securities highlights the impact of high temperatures on electricity demand and the challenges faced by various sectors in the energy industry, particularly in the context of Q3 performance and the influence of policy changes on renewable energy [1] Group 1: Industry Performance - Thermal power sector shows a positive year-on-year growth in electricity generation due to lower water levels and a low base effect, with a net profit increase of 1.9% in Q2 2025 despite a decline in revenue [1][2] - The renewable energy sector is experiencing pressure on revenue and performance due to unfavorable wind resources, increased curtailment rates, and declining market electricity prices, leading to negative growth in both revenue and net profit in Q2 2025 [2][3] - Hydropower performance varies significantly across regions, with overall water levels being stable to abundant, resulting in a 10.6% year-on-year increase in net profit for the hydropower sector in the first half of 2025 [2][4] Group 2: Key Company Insights - In the thermal power sector, Datang Power achieved a revenue of 26.99 billion yuan in Q2 2025, a decrease of 2.13% year-on-year, while net profit rose by 31.8% [3] - For renewable energy, Three Gorges Energy added 2.181 million kilowatts of new installed capacity in the first half of 2025, with total electricity generation reaching 39.31 billion kilowatt-hours, an increase of 8.9% year-on-year, although the growth rate of electricity generation lagged behind the installed capacity growth [3] - In the nuclear power sector, China General Nuclear Power's electricity generation increased by 6.9% year-on-year in the first half of 2025, but revenue declined by 0.5% due to falling market prices [3]

Investment Rating - The report maintains a strong rating for the power sector and recommends specific companies within the sector [4][7][11]. Core Insights - The first central document in the carbon market sector has been issued, marking a new journey in carbon market construction, with significant implications for green investment and industry growth [3][17][18]. - The report emphasizes the importance of promoting high-quality urban development, particularly in the water and solid waste management sectors, which are expected to benefit from new policies [4][21]. Summary by Sections Market Review - From August 25 to August 29, the electricity sector fell by 0.40%, the environmental sector by 1.47%, the gas sector by 1.65%, and the water sector by 2.15%, while the CSI 300 index rose by 2.71% [11][12]. Carbon Market Development - The central government's recent document outlines plans to accelerate the construction of a national carbon market, aiming for comprehensive coverage of major industrial sectors by 2027 and a robust voluntary reduction market [3][17][18]. - As of July 2025, the national carbon emissions trading market has seen a cumulative transaction volume of 681 million tons and a transaction value of 46.784 billion yuan, indicating a growing influence of carbon pricing [3][18]. Urban Development Initiatives - The recent policy encourages green low-carbon transformation in urban development, promoting energy efficiency and waste management [4][21]. - The report identifies opportunities in waste-to-energy applications, industrial wastewater treatment, and the recycling of construction waste, which are expected to enhance profitability for related companies [4][21]. Investment Recommendations - The report recommends specific companies within various sectors: - For the power sector, it suggests Jiangsu Guoxin and cautiously recommends Sheneng Co. and Zhejiang Energy [4]. - In the nuclear power sector, it cautiously recommends China National Nuclear Power and China General Nuclear Power [4]. - For green energy, it suggests focusing on Three Gorges Energy and Jiangsu New Energy [4]. - In the water sector, it recommends Changjiang Electric Power and cautiously suggests Huaneng Hydropower [4]. - In the environmental sector, it recommends Yongxing Co. and Xuedilong, while suggesting attention to Huaguang Huaneng and China Tianying [4].

Investment Rating - The report maintains a "Buy" rating for Longyuan Power, expecting a stock price increase of 5% to 15% relative to the industry index over the next six months [5]. Core Views - The company's revenue decline is primarily due to the divestment of its thermal power business, while revenue from new energy generation continues to grow [2][4]. - The successful commissioning of the "Ningdian into Hunan" green electricity transmission channel and the ongoing development of large-scale projects are expected to contribute positively to the company's performance [3][4]. - The company is projected to achieve revenues of 35.036 billion, 37.624 billion, and 40.117 billion yuan from 2025 to 2027, with net profits of 6.401 billion, 7.051 billion, and 7.608 billion yuan respectively [4]. Financial Summary - For 2025, the company is expected to report a revenue of 35.036 billion yuan, a decrease of 5.5% year-on-year, and a net profit of 6.401 billion yuan, reflecting a growth of 0.9% year-on-year [4]. - The company's return on equity (ROE) is projected to be 8.5% in 2025, with earnings per share (EPS) expected to reach 0.77 yuan [4]. - The price-to-earnings (P/E) ratio is forecasted to decrease from 22.1 in 2023 to 21.8 in 2025, indicating a more attractive valuation over time [4].

Group 1 - The establishment of Yichun Yuanzhou Longyuan New Energy Co., Ltd. has been reported, with a registered capital of 10 million yuan [1] - The company is involved in various energy-related activities, including power generation, transmission, and distribution, as well as wind and solar power technology services [1] - The ownership structure reveals that the company is jointly held by Longyuan Power (001289) and its wholly-owned subsidiary Jiangxi Longyuan New Energy Co., Ltd., along with Xiongyuan (Virgin) Limited [1]

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, with a significant focus on its renewable energy capacity growth and operational performance [1][2][3] Financial Performance - The company achieved operating revenue of 15.657 billion yuan, a year-on-year decrease of 18.6%, and a net profit attributable to shareholders of 3.519 billion yuan, down 14.4% [1] - The company plans to distribute a cash dividend of 0.1 yuan per share, totaling approximately 836 million yuan before tax [1] Operational Highlights - In the first half of 2025, the company added 2.1 GW of new renewable energy capacity, bringing its total controlled capacity to 43.2 GW, which includes 31.4 GW of wind power and 11.8 GW of solar power [1] - The company signed new development agreements totaling 1.24 GW, with 1.04 GW in wind power and 0.2 GW in energy storage [1] Generation and Revenue Insights - The company completed a total electricity generation of 39.652 billion kWh, with wind power generation at 33.503 billion kWh (up 6.07% year-on-year) and solar power generation at 6.147 billion kWh (up 71.37% year-on-year) [2] - The average on-grid electricity price for wind power was 422 yuan/MWh, a decrease of 16 yuan/MWh year-on-year, while the average price for solar power was 273 yuan/MWh, down 5 yuan/MWh [2] Cost and Profit Analysis - Operating expenses for the first half of the year were 9.567 billion yuan, an increase of 10.8% year-on-year, primarily due to depreciation and amortization from new projects and increased employee costs [3] - The operating profit from continuing operations was 6.730 billion yuan, a decline of 6.2% year-on-year, with wind power segment profit at 6.213 billion yuan (down 10.5%) and solar power segment profit at 0.550 billion yuan (up 51.1%) [3] Profit Forecast and Valuation - The profit forecast for 2025-2027 has been adjusted, with expected net profits of 6.9 billion, 7.2 billion, and 7.6 billion yuan respectively, corresponding to P/E ratios of 7.6, 7.2, and 6.9 [3]

来源：新浪证券-红岸工作室 8月26日，龙源电力涨0.06%，成交额9307.46万元，换手率0.11%，总市值1414.48亿元。 异动分析 新疆振兴+抽水蓄能+绿色电力+风电 1、公司在新疆的在运风电装机容量为159.08万千瓦。 2、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。 3、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。 4、公司主要从事风电场的设计、开发、建设、管理和运营。 主力持仓 主力没有控盘，筹码分布非常分散，主力成交额2737.90万，占总成交额的5.32%。 技术面：筹码平均交易成本为16.51元 (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) 公司简介 该股筹码平均交易成本为16.51元，近期该股获筹码青睐，且集中度渐增；目前股价靠近支撑位16.89， 注意支撑位处反弹，若跌破支撑位则可能会开启一波下跌行情。 资金分析 今日主 ...