Investment Rating - The report maintains a "Positive" outlook on the utility sector, indicating it is a worthwhile asset for investment [6][3]. Core Insights - The "14th Five-Year Plan" emphasizes specific targets for the energy sector, including a 17% reduction in carbon emissions and a 25% share of non-fossil energy consumption by the end of the plan [6][3]. - The report highlights the ongoing reform of the electricity market, aiming for a unified national electricity market by 2030 and a market-based pricing mechanism for various energy sources [6][3]. - The utility sector has shown a recovery, with the Shenwan Utility Index rising by 3.1%, outperforming the CSI 300 Index by 2.9 percentage points [6][3]. Summary by Sections Investment Recommendations and Targets - The report suggests a positive outlook for the utility sector, driven by the restructuring of international order and the need for further market reforms to accommodate high proportions of renewable energy [6][3]. - Specific recommendations include: - Thermal Power: Expected improvement in dividend capacity and willingness, with suggested stocks including Jiantou Energy, Huadian International, Guodian Power, Huaneng International, and Waneng Power [6][3]. - Gas: Beneficiaries of high global gas prices include upstream gas assets, with related stocks being Shouhua Gas and Xintian Gas [6][3]. - Hydropower: Recommended to invest in quality hydropower assets, with stocks like Yangtze Power and Guotou Power [6][3]. - Nuclear Power: Strong long-term growth potential, with China General Nuclear Power as a related stock [6][3]. - Wind and Solar: Anticipated growth under carbon neutrality expectations, with a focus on leading companies in the sector [6][3]. Industry Dynamics - Electricity prices in Guangdong and Shanxi have seen significant year-on-year declines, with Guangdong's average price down by 13.8% and Shanxi's by 25.0% [9][10]. - Domestic coal prices have decreased, while port inventories have increased, indicating a shift in supply dynamics [13][22]. - International gas prices remain high, influenced by geopolitical tensions, with LNG prices in China rising significantly [25][27]. Market Performance - The utility sector has outperformed the broader market indices, with notable weekly gains across various sub-sectors, particularly wind and solar [38][40]. - Individual stock performances show significant increases for companies like Huadian Energy and Xiexin Energy, while some companies faced declines [44].

Investment Rating - The report maintains a positive investment rating for the clean energy sector, particularly focusing on the growth of installed capacity and the rationalization of electricity pricing mechanisms [2][5][24]. Core Insights - The "14th Five-Year Plan" emphasizes the tenfold increase in non-fossil energy over the next decade, with significant growth expected in clean energy installations. The establishment of a unified national electricity market is anticipated to enhance the flexibility and reliability of various power sources [2][5][9]. - The report highlights the importance of developing green hydrogen and green fuels, which are expected to experience explosive demand, contributing to energy security and the promotion of new energy policies [2][5][9]. - The report outlines specific quantitative targets for energy installations, including 100 million kilowatts of pumped storage, offshore wind, and nuclear power by 2030, laying a solid foundation for achieving carbon peak and non-fossil energy doubling by 2035 [5][19][24]. Summary by Sections Non-fossil Energy Tenfold Increase - The report indicates a shift from energy consumption control to carbon emission control, with a focus on hydrogen and green fuels as emerging energy sources. This transition aims to address challenges in renewable energy consumption and enhance energy security [9][10]. - The "14th Five-Year Plan" sets ambitious targets for renewable energy installations, predicting that by 2035, total installed capacity for non-fossil energy will reach 4.83 billion kilowatts, representing a 105% increase from 2025 [19][24]. National Unified Electricity Market - The report discusses the ongoing efforts to establish a national unified electricity market, with a target to complete this by 2030. The market's design will focus on breaking local protectionism and enhancing competition [24][25][26]. - By 2025, the market share of electricity transactions is expected to reach 64%, with significant growth in both inter-provincial and cross-regional electricity transactions [30][31]. Investment Recommendations and Profit Forecasts - The report suggests focusing on companies in the thermal power sector, such as Huaneng International and Guodian Power, as well as in the hydropower sector, including Yangtze Power and China Power Investment [2][5]. - The report anticipates that the clean energy sector will continue to be the main contributor to new installations, with an average annual increase of 20-30 million kilowatts during the "14th Five-Year Plan" period [19][20].

Investment Rating - The report maintains an "Outperform" rating for the public utilities and environmental protection sectors [1][5][7]. Core Insights - The 2026 government work report and the "14th Five-Year Plan" outline a push towards a clean, low-carbon, safe, and efficient energy system, aiming for a total energy production capacity of 5.8 billion tons of standard coal by 2026 [1][14]. - The report highlights the importance of integrating renewable energy sources and emphasizes the need for a comprehensive green transition [1][14]. - The eight major computing power hubs are identified as key areas for direct green electricity connections, driven by national policies [2][15]. Summary by Sections Investment Strategy - Coal and electricity prices are expected to decline simultaneously, maintaining reasonable profitability for thermal power companies, with recommendations for Huadian International and Shanghai Electric [3][24]. - Continuous government support for renewable energy is anticipated to stabilize profitability in the sector, recommending leading companies like Longyuan Power and Three Gorges Energy [3][24]. - Nuclear power companies are expected to maintain stable profitability, with recommendations for China National Nuclear Power and China General Nuclear Power [3][24]. - High-dividend hydropower stocks are highlighted for their defensive attributes, recommending Changjiang Power [3][24]. - The report suggests focusing on environmental protection opportunities in water and waste incineration sectors, recommending companies like China Everbright Environment and Shanghai Industrial Holdings [3][25]. Market Performance - The public utilities index increased by 3.42% while the environmental index decreased by 1.41%, with public utilities ranking 3rd among 31 industry sectors [1][26]. - In the electricity sector, thermal power rose by 3.41%, hydropower by 4.73%, and renewable energy by 3.36% [1][27]. Key Company Profit Forecasts - Huadian International (600027.SH) is rated "Outperform" with an expected EPS of 0.46 in 2024 and a PE ratio of 10.6 [7]. - Longyuan Power (001289.SZ) is also rated "Outperform" with an expected EPS of 0.75 in 2024 and a PE ratio of 23.5 [7]. - China Nuclear Power (601985.SH) is rated "Outperform" with an expected EPS of 0.46 in 2024 and a PE ratio of 20.9 [7]. - Changjiang Power (600900.SH) is rated "Outperform" with an expected EPS of 1.33 in 2024 and a PE ratio of 20.5 [7].

Market Overview - Concerns over prolonged conflict in the Middle East have led to a surge in oil prices, with WTI crude surpassing $100 per barrel for the first time since 2022[1] - The US stock market showed mixed results, with the Dow Jones down 0.95% at 47,501.55 points, and the S&P 500 down 1.33% at 6,740.02 points[1] - The Shanghai Composite Index rose by 0.38% to 4,124.19 points, while the Shenzhen Component increased by 0.59%[1] Economic Indicators - The US non-farm payrolls unexpectedly decreased by 92,000 in February, raising concerns about a potential stagflation scenario as the unemployment rate rose to 4.4%[12] - Inflationary pressures are expected to complicate the Federal Reserve's interest rate decisions, with the market anticipating rates to remain unchanged in the upcoming meeting[12] Oil Market Dynamics - The ongoing conflict has disrupted oil trade routes, particularly through the Strait of Hormuz, leading to reduced production from major oil-exporting countries like Iraq and Kuwait[12] - The Trump administration has initiated a $20 billion maritime reinsurance plan to stabilize oil trade in the region amid rising prices[12] Sector Performance - The chemical sector showed strength, contributing to the overall market rebound in A-shares[1] - The Hong Kong market experienced volatility, with the Hang Seng Index closing up 1.72% at 25,757.29 points, driven by gains in technology and healthcare sectors[1] Corporate Developments - Yanzhou Coal Mining Company sold its 100% stake in Inner Mongolia Xintai Coal for RMB 3.05 billion, which is expected to positively impact its profits in 2026[15] - Longyuan Power reported a 0.73% year-on-year increase in power generation for February, with solar power generation up by 20.67%[15]

Investment Rating - The investment rating for the utility sector is "Positive" and maintained [8] Core Insights - The report emphasizes the characteristics and rhythm of the green electricity market during the "policy year," highlighting the three phases of the 2021 green electricity market: pre-meeting, during the meeting, and post-meeting. It suggests that the green electricity sector will continue to be a focal point in the upcoming years, particularly in 2026, with a renewed focus on "green and low-carbon" initiatives [2][11] - The report identifies four key points to watch for the future of the green electricity sector, based on the experiences from 2021, including the impact of policy clarity, the role of leading companies, and the importance of financial reporting periods [11] Summary by Sections Market Performance - The utility sector has shown a significant increase, with a 20.09% rise over the past year, and a 10.52% increase since the beginning of the year [31] - The report notes that the green electricity sector has been influenced by policy expectations and market sentiment, with notable stock performances from companies like Longyuan Power and Xinneng Green Energy [11][37] Policy and Market Dynamics - The report discusses the cyclical nature of the market, particularly how policy announcements during the "Two Sessions" can catalyze market movements. It highlights the importance of policy implementation and the timing of financial disclosures in shaping market trends [11] - The report anticipates that the green electricity sector will be a major theme in 2026, driven by technological advancements and policy support, particularly in the context of carbon neutrality goals [11] Company Recommendations - The report recommends focusing on quality thermal power operators such as Huaneng International, Datang Power, and Guodian Power, as well as hydropower companies like Yangtze Power and State Power Investment Corporation [11][14][15] - It also highlights the potential of renewable energy companies, particularly Longyuan Power and Xinneng Green Energy, which are expected to benefit from favorable policy changes and market conditions [11][17]

Investment Rating - The report maintains a "Positive" outlook for the utility sector [8] Core Insights - The report emphasizes the need for price reform in public utilities and highlights the synergy between computing power and electricity to support the development of the AI industry [8] - The government work report reiterates the importance of advancing the construction of a unified national market and gradually promoting price reforms in public utilities and public services [8] - The utility sector is expected to benefit from the revaluation of physical assets amid macroeconomic changes, with the Shenyuan Utility Index rising by 3.4% during the week, outperforming the CSI 300 Index by 4.5 percentage points [8][48] Summary by Sections Industry Overview - The report discusses the anticipated stable growth in electricity demand and the gradual increase in the installed capacity of renewable energy sources [8] - It notes that the price of natural gas has surged due to geopolitical tensions, which may lead to higher domestic gas prices than previously expected [8] Investment Recommendations - The report recommends investing in the utility sector, highlighting the following: - The trend of low interest rates and policy encouragement for long-term capital investment [8] - The necessity for further market-oriented price reforms to support the complex new power system construction [8] - Specific stock recommendations include: - Thermal Power: JianTou Energy, Huadian International, Guodian Power, Huaneng International, and WanNeng Power [8] - Gas: Shouhua Gas and Xinneng Gas [8] - Hydropower: Yangtze Power, Guotou Power, Guigang Power, and ChuanTou Energy [8] - Nuclear Power: China General Nuclear Power [8] - Wind and Solar: Longyuan Power [8] Market Dynamics - The report tracks recent trends in electricity prices, noting a decline in spot electricity prices in Guangdong and Shanxi [11][13] - It highlights the fluctuations in coal prices, with a slight decrease in port coal prices and an increase in port inventories [16][26] - The report also notes significant increases in natural gas prices, both domestically and internationally, due to supply chain disruptions [35][37]

Investment Rating - The report maintains a "Positive" outlook for the utility sector [8] Core Views - The report emphasizes the need for price reform in public utilities and highlights the synergy between computing power and electricity to support the development of the AI industry [8] - The construction of a nationwide unified electricity market system is seen as an inevitable direction for China's electricity market reform, with various power sources expected to benefit from this development [8] - The report notes a significant increase in natural gas prices due to geopolitical tensions, which may lead to higher domestic upstream gas source asset values [8] - The utility sector has shown a rebound since the Spring Festival, with the Shenyin Wanguo Utility Index rising by 3.4%, outperforming the CSI 300 Index by 4.5 percentage points [8] Summary by Sections Investment Recommendations and Targets - The report recommends a positive investment stance on the utility sector, citing low interest rates and policy encouragement for long-term capital investment as key factors [8] - Specific stock recommendations include: - Thermal Power: Jiantou Energy (000600, Buy), Huadian International (600027, Buy), Guodian Power (600795, Buy), Huaneng International (600011, Buy), and Waneng Power (000543, Buy) [8] - Gas: Shouhua Gas (300483, Not Rated), Xintian Gas (603393, Not Rated) [8] - Hydropower: Yangtze Power (600900, Not Rated), Guotou Power (600886, Not Rated), and others [8] - Nuclear Power: China General Nuclear Power (003816, Not Rated) [8] - Wind and Solar: Longyuan Power (001289, Not Rated) [8] Industry Dynamics Tracking - Electricity prices in Guangdong and Shanxi have seen a year-on-year decline, with Guangdong's average clearing price at 312 RMB/MWh, down 12.6% [11] - Domestic and international natural gas prices have surged, with the Dutch TTF gas price increasing by 67.0% week-on-week [35] - Coal prices have shown mixed trends, with Qinhuangdao's Q5500 coal price at 743 RMB/ton, down 1.1% week-on-week [16] - The report notes a rise in coal inventories at ports, with Qinhuangdao's coal inventory increasing by 12.3% week-on-week [26] Market Performance - The utility sector has outperformed the broader market, with the Shenyin Wanguo Utility Index rising 3.4% compared to declines in the CSI 300 and Wind All A indices [48] - Sub-sector performance highlights include hydropower leading with a 4.7% increase, followed by thermal power at 3.4% [50]

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental protection sectors [5][8]. Core Insights - The upcoming deliberation of the Ecological Environment Code is expected to enhance the legal framework for pollution prevention, ecological protection, and green low-carbon development [15]. - The integration of computing power and electricity is highlighted as a significant trend, with public utilities being well-positioned to leverage AI and other new productivity developments [16]. - The report emphasizes the importance of the renewable energy sector and comprehensive energy management in the context of carbon neutrality [20]. Market Performance - The Shanghai and Shenzhen 300 Index increased by 0.09%, while the public utility index rose by 4.54% and the environmental index by 7.73% [14][22]. - Within the electricity sector, coal-fired power increased by 7.57%, while renewable energy generation saw a rise of 7.33% [23]. Key Company Recommendations Public Utilities - Recommended companies include: - Huadian International (华电国际) and Shanghai Electric (上海电力) for coal-fired power [20]. - Longyuan Power (龙源电力) and Three Gorges Energy (三峡能源) for renewable energy [20]. - China Nuclear Power (中国核电) and China General Nuclear Power (中国广核) for nuclear power [20]. - Changjiang Power (长江电力) for hydropower [20]. - Jiufeng Energy (九丰能源) for gas [20]. - Xizi Clean Energy (西子洁能) for clean energy equipment manufacturing [20]. Environmental Protection - Recommended companies include: - Everbright Environment (光大环境) and Shanghai Industrial Holdings (上海实业控股) for water and waste incineration [21]. - Juguang Technology (聚光科技) and Wanyi Technology (皖仪科技) for scientific instruments [21]. - Shangaohuaneng (山高环能) for waste oil recycling [21]. Industry Dynamics - The report notes that the water and waste incineration sectors are entering a mature phase, with significant improvements in free cash flow [21]. - The domestic scientific instrument market is projected to have substantial room for domestic substitution, with a market size exceeding 90 billion USD [21]. Important Events - The report highlights the upcoming National People's Congress, where multiple legal drafts, including the Ecological Environment Code, will be reviewed [15]. - The State-owned Assets Supervision and Administration Commission emphasized the need for central enterprises to enhance investment in computing power and promote the synergy between computing and electricity [16]. Industry Data Overview - The report provides insights into the electricity generation and consumption trends, indicating a year-on-year increase in total electricity consumption of 5.0% for 2025 [52]. - The total installed capacity of electricity generation reached 3.89 billion kilowatts by the end of 2025, marking a year-on-year growth of 16.1% [68].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 公 告 二零二六年二月發電量 本公告乃根據香港聯合交易所有限公司證券上市規則第13.09條及香港 法例第571章《證 券 及 期 貨 條 例》第XIVA部 項 下 內 幕 消 息 條 文 作 出。 | | 2026年2月 | 2025年2月 | 2月 | 2026年 | 2025年 | 年累計 發電量同 | | --- | --- | --- | --- | --- | --- | --- | | 業務板塊及地區分佈 | 發電量 | 發電量 | 同比變化率 | 累計發電量 | 累計發電量 | 比變化率 | | | （兆 瓦 時） | （兆 瓦 時） | （%） | （兆 瓦 時） | （兆 瓦 時） | （%） | | 風電業務 | 5,412,292 | 5,530,299 | -2.13 | 11,523,306 | 11,182, ...

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"本公司"）2026 年 2 月按合并报 表口径完成发电量 6,372,929 兆瓦时，较 2025 年同期同比增长 0.73%。本月风电 发电量同比下降 2.13%，太阳能发电量同比增长 20.67%。 截至 2026 年 2 月 28 日，本公司 2026 年累计完成发电量 13,535,661 兆瓦时， 较 2025 年同期同比增长 6.42%，其中风电同比增长 3.04%，太阳能发电同比增 长 31.06%。 1 证券代码：001289 证券简称：龙源电力 公告编号：2026-009 龙源电力集团股份有限公司 2026年2月发电量数据公告 业务板块及地区分布 2026 年 2 月 发电量 （兆瓦时） 2025 年 2 月 发电量 （兆瓦时） 2 月同比 变化率 （%） 2026 年 累计发电量 （兆瓦时） 2025 年 累计发电量 （兆瓦时） 年累计发 电量 同比变化 率 （%） 风电业务 5,412,292 5,530,299 -2.13 11,523,306 11,1 ...