Group 1 - The China Securities Index reported a strong increase in the CSI All Share Utilities Index (000995), rising by 1.04% as of April 3, 2025, with significant gains in constituent stocks such as Longyuan Power (001289) up 5.93% and Xingrong Environment (000598) up 4.36% [1] - The Utilities ETF (560190) also rose by 1.04%, with a trading volume of 1.0125 million yuan, leading among similar products, and has rebounded over 4% since the technology sector's decline on March 12, highlighting its defensive attributes [1] - The latest price-to-earnings ratio (PE-TTM) for the Utilities ETF is 15.85, indicating it is at a historical low, being below 84.19% of the time over the past year [1] Group 2 - Shanghai Future Industry Fund announced a strategic investment in China Fusion Energy Co., marking its first direct investment project since its establishment in 2023, injecting significant capital into the controllable nuclear fusion technology sector [2] - Recent reports indicate rapid progress in China's controllable nuclear fusion projects, with significant developments in experimental reactors and environmental assessments for commercial projects expected to accelerate in 2024 [2] - The top ten weighted stocks in the CSI All Share Utilities Index as of March 31, 2025, include major players like China National Nuclear Power (601985) and Huaneng International (600011), collectively accounting for 57.95% of the index [2]

Group 1 - Longyuan Power's stock closed down 3.33% on April 2 [1] - Longyuan Power Group Co., Ltd. was established in 1993 and is based in Beijing, primarily engaged in electricity and heat production and supply [1] - The company has a registered capital of 83,819.63164 million RMB [1] Group 2 - Huatai-PineBridge Fund's Huatai-PineBridge CSI 300 ETF is among Longyuan Power's top ten shareholders, having increased its holdings in the last quarter of the previous year [1] - Year-to-date return for the fund is -1.01%, ranking 2586 out of 3442 in its category [1][2]

Investment Rating - The report maintains an "Outperform" rating for the power and utilities sector, indicating a positive outlook for the industry [4]. Core Insights - The implementation details for the green certificate issuance have been released, which is expected to positively impact the renewable energy sector [31]. - The overall market performance of the utilities sector has been weak, with the industry index declining by 0.73% during the week of March 24-30, 2025, underperforming compared to major indices [2][10]. - The report highlights specific stocks with investment ratings, including "Buy" for Guodian Power and "Overweight" for Longyuan Power, among others [1]. Market Performance Summary - The Shenyin Wanguo Utilities Industry Index PE (TTM) is at 16.44x, down from 16.61x the previous week, and significantly lower than 19.85x in the same period last year [2][22]. - The PB ratio for the utilities sector is currently 1.72x, slightly down from 1.73x last week and lower than 1.82x a year ago [2][25]. - The sector's performance ranks 11th among 31 major industries, with specific sub-sectors showing varied performance, such as thermal power down by 0.94% and hydropower up by 1.35% [10][16]. Stock Performance Summary - The top five performing stocks for the week include ST Lingda (+11.87%), Meinuo Energy (+4.46%), and Chuan Investment Energy (+4%) [3][28]. - Conversely, the worst performers include ST Xulan (-22.39%) and Guang'an Aizhong (-16.72%) [3][28]. Industry Dynamics - The National Energy Administration has initiated a consultation on the implementation details for the issuance of renewable energy green certificates, which will standardize the management of green certificates for various renewable energy projects [31]. - The administration is also focusing on enhancing the integration of renewable energy consumption and the construction of external transmission channels to ensure energy security [32][33]. Key Data Tracking - As of March 28, 2025, the price of Shanxi mixed coal (5500) is 667 RMB/ton, reflecting a week-on-week decrease of 0.89% [38]. - The trading volume for green certificates from March 24 to March 30 totaled 96.10 and 111.15 million for wind and solar power, respectively [41].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company's revenue for 2024 is projected to be CNY 37.07 billion, a decrease of 2.58% year-on-year, while the net profit attributable to shareholders is expected to be CNY 6.345 billion, an increase of 0.66% [5][8]. - The company benefits from a 3.76% year-on-year increase in renewable energy generation due to continuous expansion in installed capacity, despite a decrease in average on-grid prices for solar power [2][11]. - The company has reported a significant reduction in operating costs, down 19.02% year-on-year, which has positively impacted the gross margin, increasing it by 1.19 percentage points to 37.55% [11]. Summary by Sections Revenue and Profitability - In 2024, the company's renewable energy revenue is expected to reach CNY 31.37 billion, reflecting a 6.89% increase year-on-year, while total revenue is projected to decline due to the divestment of thermal power assets [2][11]. - The company recorded an investment income of CNY 912 million, an increase of CNY 892 million year-on-year, contributing to stable performance [11]. Installed Capacity and Generation - The company added 2.6544 million kW of wind power and 4.8263 million kW of solar power in 2024, with total installed capacity reaching 41.1432 million kW by year-end [11]. - Despite a decrease in wind utilization hours by 156 hours year-on-year, the total renewable energy generation reached 68.383 billion kWh, with solar generation increasing by 72.73% [11]. Cost Management - The company’s operating costs for 2024 are expected to be CNY 23.149 billion, significantly lower than the revenue decline, leading to improved profitability metrics [11]. - The company has made provisions for asset impairment totaling CNY 1.109 billion, which has limited overall profit growth but is less than in the previous year [11]. Future Outlook - The company plans to develop 14.72 GW of new projects in 2024, with a steady expansion of installed capacity expected to support continued growth [11]. - Earnings per share (EPS) forecasts for 2025-2027 are projected at CNY 0.88, CNY 0.96, and CNY 1.07, respectively, with corresponding price-to-earnings (PE) ratios of 17.87, 16.35, and 14.62 [11].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][19][23] Core Views - The company experienced a slight increase in net profit despite a decrease in revenue, attributed to the disposal of thermal power assets and an increase in investment income [1][7] - The company is expanding its renewable energy capacity, with significant growth in both wind and solar power installations, which is expected to drive future performance [2][18] - The company has announced an increase in its dividend payout ratio, committing to distribute at least 30% of its net profit to shareholders from 2025 to 2027 [3][19] Financial Performance Summary - In 2024, the company reported revenue of 370.70 billion yuan, a decrease of 2.58% year-on-year, while net profit was 63.45 billion yuan, an increase of 0.66% [1][7] - The company’s operating income is projected to slightly recover in 2025, with estimates of 372.85 billion yuan, followed by further growth in subsequent years [4][21] - The company’s net profit is expected to grow to 71.4 billion yuan in 2025, reflecting a year-on-year increase of 12.5% [3][19] Renewable Energy Capacity Expansion - The company added 7.48 million kilowatts of renewable energy capacity in 2024, with wind power accounting for 2.65 million kilowatts and solar power for 4.83 million kilowatts [2][18] - As of 2024, the total controllable installed capacity reached 41.14 million kilowatts, with plans to further increase this capacity by 5.5 million kilowatts in 2025 [2][18] Dividend Policy - The company plans to distribute a dividend of 0.2278 yuan per share in 2024, with a total cash dividend amounting to 19.04 billion yuan, maintaining a payout ratio of 30% [3][19]

截至2025年3月31日11:19，中证全指公用事业指数(000995)上涨0.48%，成分股龙源电力上涨5.86%，大唐发电、华电国际、申能股份、国电电力等个股跟 涨。公用事业ETF(159301)跟随涨势，最新价报0.9元，盘中成交额已达230.79万元，暂居可比ETF首位，换手率3.66%。规模方面，公用事业ETF近1月规模 增长299.65万元，新增规模位居可比基金首位。 从估值层面来看，公用事业ETF跟踪的中证全指公用事业指数最新市盈率（PE-TTM）仅15.67倍，处于近1年5.14%的分位，即估值低于近1年94.86%以上的 时间，处于历史低位。 广发证券发布研报称，公用事业板块企稳与催化信号同步显现，煤价超预期下跌及水电蓄能释放推动火电、水电业绩预期反转，叠加高股息策略和市值管理 方案密集落地，板块配置价值凸显。 公用事业ETF（159301）紧密跟踪中证全指公用事业指数，选取50只涉及电力、环保、储能等领域的股票作为指数样本，按申万三级行业来看，前四大行业 分别为水力发电、火力发电、核力发电和风力发电，合计权重近78%，具备高分红与稳健成长属性，是较为典型的红利成长资产。 | 股票代码 | ...

截至2025年3月31日 11:04，国证绿色电力指数上涨0.65%，成分股江苏新能上涨6.12%，龙源电力上涨5.99%，晓程科技上涨4.97%，明星电力上涨3.14%，大 唐发电上涨2.81%。绿色电力ETF(159625)上涨0.36%，盘中成交额已达1083.40万元。 场外投资者可通过对应的绿色电力ETF联接基金（017057）把握投资机会。 以上内容与数据，与界面有连云频道立场无关，不构成投资建议。据此操作，风险自担。 规模方面，绿色电力ETF最新规模达3.30亿元，创近1年新高。份额方面，绿色电力ETF最新份额达2.99亿份，创近1年新高。从资金净流入方面来看，绿色 电力ETF近9天获得连续资金净流入，最高单日获得1555.77万元净流入，合计"吸金"5507.36万元。 从估值层面来看，绿色电力ETF跟踪的国证绿色电力指数最新市盈率（PE-TTM）仅17.34倍，处于近1年0.4%的分位，即估值低于近1年99.6%以上的时间， 处于历史低位。 数据显示，截至2025年2月28日，国证绿色电力指数前十大权重股分别为长江电力、中国核电、三峡能源、国投电力、川投能源、中国广核、华能国际、国 电电力、 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][7]. Core Insights - The report highlights that the wind power sector's performance is under pressure due to unfavorable wind conditions, while electricity prices have increased year-on-year [4][7]. - The company's revenue for 2024 is projected to be 37,070 million yuan, reflecting a year-on-year decrease of 2.6%, while net profit is expected to be 6,345 million yuan, showing a slight increase of 0.7% [5][10]. - The report anticipates a recovery in performance from 2025 onwards, with projected net profits of 6,813 million yuan in 2025, 7,308 million yuan in 2026, and 7,855 million yuan in 2027, indicating a growth trend [5][10]. Financial Performance and Forecast - The company's operating revenue is forecasted to decline slightly in 2024 to 37,070 million yuan, followed by a gradual increase to 41,009 million yuan by 2027 [5][10]. - The net profit margin is expected to remain stable, with a net profit margin of 17.1% in 2024, increasing to 19.2% by 2027 [10]. - The report projects earnings per share (EPS) to be 0.76 yuan in 2024, increasing to 0.94 yuan by 2027, reflecting a positive growth trajectory [5][10]. Market Comparison and Valuation - The report compares the company's valuation with peers, suggesting a price-to-earnings (PE) ratio of 20-22 times for 2025, which translates to a reasonable value range of 16.4 to 18.04 yuan per share [7][10]. - The average PE ratio for comparable companies in 2025 is estimated at 13 times, indicating that the company is positioned for a premium valuation due to its leadership in green energy and expectations of asset injections [8][10].

Core Viewpoint - Longyuan Power (001289) has experienced a slight decline in stock price, closing at 15.7 yuan, down 0.95% from the previous week, with a total market capitalization of 131.249 billion yuan, ranking 5th in the power sector and 97th among all A-shares [1] Company Announcements - Longyuan Power has completed the issuance of its fourth phase of medium-term notes for 2025, with a total issuance amount of 1.2 billion yuan, down from the planned 1.8 billion yuan [1] - The medium-term notes, named 25 Longyuan Power MTN004, have a two-year term, with an issuance date of March 25, 2025, and an interest start date of March 26, 2025, maturing on March 26, 2027 [1] - The notes were issued at a price of 100 yuan per note, with a coupon rate of 1.90%, and the main underwriter was Industrial Bank Co., Ltd., with several joint lead underwriters [1]

Group 1 - The company reported a revenue of RMB 37.07 billion for the year ending December 31, 2024, a decrease of 2.6% year-on-year [1] - Shareholder profit reached RMB 6.425 billion, reflecting a slight increase of 0.2% year-on-year, with earnings per share at RMB 0.763 [1] - The company proposed a final dividend of RMB 0.2278 per share [1] Group 2 - In 2024, the company added a new installed capacity of 7,480.66 MW in renewable energy, including 2,654.38 MW from wind power and 4,826.28 MW from solar power [2] - The company reduced its thermal power installed capacity by 1,875.00 MW and solar power capacity by 56.13 MW due to the exclusion of certain subsidiaries from the consolidated financial statements [2] - As of December 31, 2024, the total installed capacity reached 41,143.20 MW, comprising 30,408.77 MW from wind power, 10,698.33 MW from solar power, and 36.10 MW from other renewable sources [2]