Core Viewpoint - The company reported a revenue of 8.14 billion yuan for Q1 2025, reflecting a year-on-year growth of 0.92% in continuing operations, while net profit attributable to ordinary shareholders decreased by 21.82% compared to the previous year, primarily due to poor wind resource levels in certain regions [1][2]. Revenue and Profit Analysis - The decline in absolute revenue is attributed to the divestiture of two thermal power companies; however, after adjustments, revenue showed positive growth, with wind and solar power revenues reaching 7.368 billion yuan and 715 million yuan, respectively, reflecting year-on-year changes of -1.89% and +43.09% [2]. - The company's total power generation for Q1 was 20.3 billion kWh, a decrease of 4.42% year-on-year, but an 8.81% increase when excluding the impact of thermal power [2]. - Wind power generation increased by 4.37%, while solar power generation surged by 55.65% [2]. Installed Capacity and Efficiency - As of Q1 2025, the company had a total installed capacity of 41.15 million kW, with wind power capacity at 30.44 million kW (up 10% year-on-year) and solar power capacity at 10.7 million kW (up 65% year-on-year) [2]. - The increase in wind and solar installed capacity outpaced the growth in power generation, primarily due to a decline in wind resource levels in certain large-capacity areas [2]. - The wind power utilization hours for Q1 were 585 hours, a decrease of 55 hours year-on-year; however, adjusting for this, the wind power generation could have reached 19.45 billion kWh, indicating a year-on-year growth of 14.2% [2]. Future Outlook and Market Conditions - The company has transitioned to a pure renewable energy company, having divested all thermal power assets, and is expected to benefit from the injection of approximately 40 GW of unlisted renewable assets from its parent company [2]. - Recent regulatory changes from the National Development and Reform Commission and the National Energy Administration are expected to promote rational development in the renewable energy sector, enhancing market competition and addressing renewable energy consumption issues [2]. Profit Forecast - The company is projected to achieve net profits attributable to shareholders of 6.794 billion yuan, 7.202 billion yuan, and 7.756 billion yuan for the years 2025 to 2027, respectively, with current stock prices corresponding to P/E ratios of 7.5, 7.1, and 6.6 times [2].

广东出台机制电价，东北辅助服务运行愈发完善 2025 年 05 月 18 日 电力及公用事业行业周报(25WK20) ➢ 本周专题：广东省机制电价出炉，保障比例不超过 90%。文件表示，2025 年中期，广东将组织首次竞价交易，范围为 2025 年 6 月 1 日后投产、核准、备 案的新能源项目，参与首次竞价的项目需在 2025 年 12 月 31 日前投产。竞价电 量规模由广东省发改委、能源局确定，并在竞价前公布，申报信息包括机制电量 比例、机制电价等。机制电量比例申报上限与存量项目机制电量比例衔接，不高 于 90%。 东北电力辅助服务规则的升级主要的两方面：1）增设旋转备用交易品种，实现辅 助服务市场"压低谷、顶尖峰"全覆盖。2） 对原有深度调峰补偿机制进行了完 善。《东北电力辅助服务市场运营规则（暂行）》在东北电网经过半年模拟运行， 于 7 月 1 日正式启动试运行并实际结算。4 月 29 日，国家发改委、国家能源局 正式印发《电力辅助服务市场基本规则》，其中明确，经营主体包括发电企业、 售电企业、电力用户和新型经营主体。截至 2024 年，全国已有 16 个省建立调 峰市场、15 个省建立调频市场、6 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's performance has been affected by poor wind conditions, leading to a focus on the construction turning point under comprehensive market entry [5] - The company has transitioned to a pure renewable energy company, with significant potential for future asset injections from its parent group [8] Financial Performance Summary - For Q1 2025, the company achieved revenue of 8.14 billion RMB, a year-on-year increase of 0.92%, while net profit attributable to ordinary shareholders was 1.977 billion RMB, a decrease of 21.82% [8] - The decline in revenue is attributed to the divestment of two thermal power companies, with wind and solar revenue showing a year-on-year change of -1.89% and +43.09%, respectively [8] - The company's installed capacity as of Q1 2025 was 41.15 million kW, with wind power capacity at 30.44 million kW (up 10% year-on-year) and solar capacity at 10.70 million kW (up 65% year-on-year) [8] - The forecasted net profit for 2025-2027 is 6.794 billion, 7.202 billion, and 7.756 billion RMB, respectively, with corresponding P/E ratios of 7.5, 7.1, and 6.6 [7][8]

证券代码：001289 证券简称：龙源电力 公告编号：2025-033 龙源电力集团股份有限公司 关于公司 2025 年度第一期绿色中期票据发行的公告 1 本 期 发 行 中 期 票 据 的 相 关 文 件 已 在 中 国 货 币 网 （ http://www.chinamoney.com.cn ） 和 上 海 清 算 所 网 站 （http://www.shclearing.com.cn）上刊登。 特此公告。 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 ...

Core Viewpoint - The concept of "shared energy storage" was first proposed in Qinghai Province in 2018, representing a new commercial model for grid-side energy storage, which is increasingly recognized as a vital approach for renewable energy consumption and stability in the power grid [1][2][4][16]. Industry Overview - "Shared energy storage" refers to independent energy storage stations located at key nodes of the power grid, serving all market participants in the region. These stations are typically built by third-party investors and provide services to other renewable energy plants while participating in electricity trading [1][2]. - In 2023, approximately 54% of new installations in the new energy storage sector were grid-side independent storage, with this market share expected to increase in 2024 [1][16]. Market Status - As of the end of 2024, the cumulative installed capacity of new energy storage projects in China reached 73.76 GW/168 GWh, marking a 130% increase compared to the end of 2023 [7]. - Lithium-ion batteries dominate the market, accounting for 97.1% of the installed capacity, although the share has slightly decreased due to the introduction of several large-scale long-duration storage projects [9]. Policy Environment - The shared energy storage model was first recognized in national policy in 2021, encouraging its development and market participation [11][12]. - Local governments, including those in Guangdong, Qinghai, and Shandong, have implemented supportive policies to promote shared energy storage, with specific requirements for capacity leasing agreements [13][14]. Business Models - Shared energy storage operates through four main business models: leasing storage capacity to renewable energy plants, participating in auxiliary services, engaging in electricity spot market trading for profit, and capacity compensation. Leasing fees are currently the primary revenue source for most independent shared storage stations [20]. Development Trends - Shared energy storage is one of the most active business models in the storage sector, driven by the demand for energy storage and grid stability. The sector is transitioning from pilot projects to large-scale, systematic, and industrialized development [22]. - The integration of AI, big data, and IoT technologies is expected to enhance the intelligence and operational efficiency of shared energy storage stations [22].

Group 1 - Insurance capital is increasing equity investments through various methods such as shareholding and long-term stock investment trials due to low interest rates and supportive policies [1][2] - Analysts expect insurance companies to continue increasing equity investments, which will reduce the impact of stock market fluctuations on current profit statements [1][3] - The focus is shifting towards the CSI A500 index, which emphasizes technology and emerging industry leaders [1][3] Group 2 - Recent actions include China Ping An Life Insurance increasing its stake in China Merchants Bank to 12% and Ruizhong Life Insurance raising its stake in Longyuan Power to 16.04% [2] - The long duration of traditional insurance accounts makes them suitable for investing in low-valuation, stable-growth targets, benefiting from capital gains and high dividends in a low-interest environment [2] - Insurance funds are actively seeking long-term stock investment trials to address asset allocation issues and take advantage of relatively low A-share market valuations [4][5] Group 3 - The introduction of policies has expanded investment space for insurance funds, allowing for a reduction in risk capital requirements for equity assets [3][5] - The long-term stock investment trial allows insurance funds to invest through private equity funds, which can stabilize market value accounting and provide more flexible dividend options [4][5] - Regulatory approval for long-term stock investment trials has reached a total of 222 billion yuan, with significant funds expected to flow into the capital market [5]

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental protection sectors [6][9]. Core Views - The environmental sector's revenue in 2024 is projected to decline by 0.6% to CNY 364.236 billion, with net profit decreasing by 14.7% to CNY 23.058 billion. However, in Q1 2025, the sector is expected to see a revenue increase of 3.5% to CNY 81.243 billion and a net profit growth of 3.8% to CNY 8.232 billion [3][21]. - The report highlights the impact of the new market-oriented pricing reforms for renewable energy in Shandong, aiming for full market integration by the end of 2025 [2][16]. - The report emphasizes the importance of the carbon neutrality context, recommending investments in the new energy industry chain and comprehensive energy management [41][42]. Summary by Sections Market Review - The Shanghai Composite Index rose by 2.00%, while the public utility index increased by 2.22%, and the environmental index rose by 2.93% [1][43]. Important Policies and Events - Shandong's new pricing reform aims for full market integration of wind and solar energy by 2025, with differentiated policies for existing and new projects [2][16]. Financial Overview of the Environmental Sector - In 2024, only the solid waste management and water treatment sectors showed positive growth, while the environmental equipment sector saw a decline of over 30% [3][21]. - The atmospheric governance sector reported a loss increase, while the comprehensive environmental governance sector shifted from profit to loss [21][24]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and regional electricity firms like Shanghai Electric, as well as leading renewable energy firms such as Longyuan Power and Three Gorges Energy [4][41]. - The report suggests focusing on "utility-like investment opportunities" within the environmental sector, recommending companies like China Everbright Environment and Zhongshan Public Utilities [42][41]. Key Company Profit Forecasts and Investment Ratings - Several companies, including Huadian International and Longyuan Power, are rated as "Outperform" with projected earnings per share (EPS) growth for 2025 [9][41].

Investment Rating - The report maintains a "Recommended" rating for companies such as China Nuclear Power, Funiu Co., and Huaneng Hydropower, while giving a "Cautious Recommendation" to companies like China General Nuclear Power and Longyuan Power [23][3]. Core Insights - The electricity sector outperformed the market this week, with the public utility sector rising by 2.22% and the electricity sub-sector by 2.21%, both exceeding the Shanghai and Shenzhen 300 index [1][7]. - Shandong Province has established a mechanism electricity price that aligns with the benchmark price for coal-fired power, which is expected to stabilize investment returns for renewable energy projects [2][24]. - The report highlights the significant drop in coal prices, which has led to steady growth in thermal power performance in Q1, with expectations for continued improvement as the peak electricity consumption season approaches [3][20]. Summary by Sections Weekly Market Review - The public utility sector index closed at 2,377.21 points, up 51.64 points, while the electricity sub-sector closed at 3,171.91 points, up 68.52 points [1][7]. - The sub-sectors showed varied performance, with solar power up 4.01%, thermal power up 4.00%, and wind power up 1.78% [12][19]. Special Topic - Shandong's new pricing mechanism for renewable energy projects is set at 0.3949 yuan per kWh, matching the coal-fired benchmark price, which is expected to mitigate revenue volatility for existing projects [2][24]. - The competitive bidding for new renewable projects starting from June 1, 2025, will determine the mechanism price, enhancing investment predictability [2][24]. Investment Recommendations - The report suggests focusing on companies with strong growth potential in the thermal and hydropower sectors, particularly Funiu Co., Gansu Energy, and Huaneng International [3][20]. - It also emphasizes the stability of large hydropower companies in a declining interest rate environment, recommending companies like Yangtze Power and Chuanwei Energy [3][20]. Key Company Earnings Forecasts - The report provides earnings per share (EPS) forecasts for several companies, with China Nuclear Power expected to have an EPS of 0.46 yuan in 2024, while Funiu Co. is projected at 1.07 yuan [23][3].

Investment Rating - The investment rating for the public utility sector is "Positive" and is maintained [8]. Core Insights - The new public offering regulations are expected to drive capital inflows into the long-underweighted public utility sector, which has a current allocation of only 0.94% in actively managed public funds, significantly lower than the weights in the CSI 300 and CSI A500 indices [2][10]. - The sector's earnings have shown signs of recovery, with expectations for continued performance improvement in the second quarter and throughout the year [2][10]. Summary by Sections Public Offering Regulations - The implementation of new public offering regulations is likely to provide marginal support for the public utility sector, which has been significantly underweighted in fund allocations. The sector's weight in the CSI 300 index is 3.53%, while the allocation in actively managed funds is only 0.94%, indicating a shortfall of 2.59 percentage points compared to the index [2][10]. Earnings Recovery - The public utility sector's earnings recovery has been validated by first-quarter performance, with expectations for continued improvement. Specific insights include: - Coal prices have decreased, alleviating pressure on thermal power generation, which is expected to enhance earnings in the second quarter [10]. - Hydropower assets are becoming increasingly attractive due to declining interest rates, with companies like Yangtze Power showing a high dividend yield compared to government bond yields [10]. - Nuclear power is anticipated to recover as new units come online, mitigating previous earnings pressures [10]. - Green energy companies are expected to benefit from policy support and asset value reassessment [10]. Investment Recommendations - The report suggests focusing on quality thermal power operators such as Huadian International, China Resources Power, and Huaneng International, as well as hydropower leaders like Yangtze Power and Guotou Power. In the renewable energy sector, companies like Longyuan Power and China Nuclear Power are highlighted as potential investment opportunities [10][13][15].

2025年4月发电量数据公告 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"本公司"）2025 年 4 月按合并报 表口径完成发电量 6,906,425 兆瓦时，较 2024 年同期同比增长 4.85%；剔除火电 影响同比增长 17.35%，本月风电发电量同比增长 10.52%，光伏发电量同比增长 76.55%。 证券代码：001289 证券简称：龙源电力 公告编号：2025-032 龙源电力集团股份有限公司 2. 本公告中提供的数字经过整数调整，因此若总计数字与所列各项之和出现尾数差异，皆 因整数调整所致。 以上发电量数据来自本公司内部统计。数据在月度之间可能存在较大差异， 其影响因素包括但不限于天气变化、设备检修、季节性因素和安全检查等。数据 可能与相关期间定期报告披露的数据有差异。投资者应注意不恰当信赖或使用以 上信息可能造成投资风险。 2 龙源电力集团股份有限公司 董 事 会 2025 年 5 月 9 日 3 截至 2025 年 4 月 30 日，本公司 2025 年累计完成发电量 27,192,529 兆瓦时， ...