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通告的內 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 不對因本通告全部或任何部分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。 2025年 第 二 次臨時 股東會 通 告 茲通告 龍 源 電 力 集 團 股 份 有 限 公 司（「本公司」）謹 訂 於2025年12月23日（星 期 二）上 午9時 正 於中華人民共和國北京市西城區阜成門北大街6號（c幢） 3層會議室召開本公司2025年 第 二 次臨時 股東會（「臨 時 股東會」），以 審 議 及 批 准 下 列 事 宜： 特別決議案 * 僅供識別 – 1 – 1. 審議及批准關 於 本 公司符合向特定對象發行A股股票條件的議案 2. 審議及批准關 於 本 公司本次向特定對象發行A股股票方案的議案 2.01 發行股票的種類和面值 2.02 發行方式和發行時間 2.03 發行對象和認購方式 2.04 定 價 基 準 日、發 行 價 格 及 定 價 原 則 2.05 發行數量 2.06 限售期 2.07 募集資金總額及 ...

此乃要件 請即處理 2025年度向特定對象發行A股股票及相關事宜 及 2025年第二次臨時股東會通告 閣下如對本通函任何內容或應採取的行動有任何疑問，應諮詢 閣下的股票經紀或其他註冊證券 商、銀行經理、律師、專業會計師或其他專業顧問。 閣下如已售出或轉讓名下的龍源電力集團股份有限公司全部股份，應立即將本通函連同隨附之委 任代表表格送交買主或承讓人，或送交經手買賣或轉讓的銀行、股票經紀或其他代理商，以便轉 交買主或承讓人。 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通函的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本通函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。 本通函僅供參考，並不構成收購、購買或認購本公司證券的邀請或要約，亦非在任何司法管轄區 招攬任何投票權或批准。本通函全部或部分不得在、向或從任何將構成違反其適用法律或法規的 司法管轄區域內發佈、刊發或分發。 本公司謹訂於2025年12月23日（星期二）上午9時正於中華人民共和國北京市西城區阜成門北大街 6號（c幢）3層會議室召開2025年第二次臨時股東會（「臨時股東會」），臨時股東會通告 ...

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通告的內 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 不對因本通告全部或任何部分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。 茲通告 龍 源 電 力 集 團 股 份 有 限 公 司（「本公司」）謹 訂 於2025年12月23日（星 期 二）上 午9時 正 於中華人民共和國北京市西城區阜成門北大街6號（c幢） 3層會議室召開本公司2025年 第 二 次臨時 股東會（「臨 時 股東會」），以 審 議 及 批 准 下 列 事 宜： 特別決議案 2.01 發行股票的種類和面值 2.02 發行方式和發行時間 2025年 第 二 次臨時 股東會 通 告 2.03 發行對象和認購方式 2.04 定 價 基 準 日、發 行 價 格 及 定 價 原 則 2.05 發行數量 2.06 限售期 2.07 募集資金總額及用途 除 另行界定者外，本 通告所用詞彙與本公司日期 為2025年12月3日載有 上述決議案詳情的通函所界定者具有相同涵義。 承董事會命 龍源電力集團股份有限 公 司 ...

2025年度向特定對象發行A股股票及相關事宜 此乃要件 請即處理 閣下如對本通函任何內容或應採取的行動有任何疑問，應諮詢 閣下的股票經紀或其他註冊證券 商、銀行經理、律師、專業會計師或其他專業顧問。 閣下如已售出或轉讓名下的龍源電力集團股份有限公司全部股份，應立即將本通函連同隨附之委 任代表表格送交買主或承讓人，或送交經手買賣或轉讓的銀行、股票經紀或其他代理商，以便轉 交買主或承讓人。 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通函的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本通函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。 本通函僅供參考，並不構成收購、購買或認購本公司證券的邀請或要約，亦非在任何司法管轄區 招攬任何投票權或批准。本通函全部或部分不得在、向或從任何將構成違反其適用法律或法規的 司法管轄區域內發佈、刊發或分發。 及 2025年第二次臨時股東會通告 本公司謹訂於2025年12月23日（星期二）上午9時正於中華人民共和國北京市西城區阜成門北大街 6號（c幢）3層會議室召開2025年第二次臨時股東會（「臨時股東會」），臨時股東會通告 ...

证券代码：001289 证券简称：龙源电力 公告编号：2025-076 龙源电力集团股份有限公司 关于召开 2025 年第 2 次临时股东会的通知 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。 重要内容提示 股东会召开日期：2025 年 12 月 23 日 本次股东会采用的网络投票系统：深圳证券交易所交易系统 根据龙源电力集团股份有限公司（以下简称"公司"或"本公司"）于 2025 年 10 月 29 日召开的第六届董事会 2025 年第 1 次会议决议授权，公司董事长决 定于 2025 年 12 月 23 日召开 2025 年第 2 次临时股东会。现将有关事项通知如下。 一、会议召开情况 1.股东会届次：2025 年第 2 次临时股东会 2.股东会的召集人：公司董事会 3.会议召开的合法、合规性： 本次会议的召开符合有关法律、行政法规、部门规章、规范性文件和《龙源 电力集团股份有限公司章程》（以下简称"公司章程"）的有关规定。 4.会议召开时间： 现场会议召开时间：2025 年 12 月 23 日（星期二）09:00 本次股东会网络投票时间为：2025 年 ...

Core Viewpoint - Longyuan Power's stock experienced a slight decline of 0.57% on December 2, with a trading volume of 61.92 million yuan, indicating a challenging market environment for the company [1] Financing Summary - On December 2, Longyuan Power had a financing buy-in amount of 3.84 million yuan and a financing repayment of 3.89 million yuan, resulting in a net financing outflow of 47,000 yuan [1] - The total financing and securities lending balance for Longyuan Power reached 81.25 million yuan as of December 2 [1] - The current financing balance of 80.89 million yuan accounts for 0.10% of the circulating market value, which is above the 50th percentile level over the past year, indicating a relatively high financing level [1] Securities Lending Summary - On December 2, Longyuan Power repaid 100 shares in securities lending and sold 3,700 shares, amounting to a selling value of 58,600 yuan based on the closing price [1] - The remaining securities lending volume is 22,700 shares, with a balance of 359,300 yuan, which exceeds the 70th percentile level over the past year, indicating a high level of securities lending activity [1] Company Overview - Longyuan Power Group Co., Ltd. was established on January 27, 1993, and listed on January 24, 2022, with its main business involving technical transformation, services, and production maintenance related to power systems and electrical equipment [2] - The company's revenue composition is primarily from power products (99.22%), with other income accounting for 0.78% [2] - As of September 30, 2025, Longyuan Power reported a revenue of 22.22 billion yuan, a year-on-year decrease of 15.67%, and a net profit attributable to shareholders of 4.39 billion yuan, down 19.76% year-on-year [2] Dividend Summary - Longyuan Power has distributed a total of 5.98 billion yuan in dividends since its A-share listing, with 4.75 billion yuan distributed over the past three years [3] Institutional Holdings Summary - As of September 30, 2025, the number of shareholders in Longyuan Power decreased by 16.42% to 34,200 [3] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 3.05 million shares, a decrease of 819,900 shares from the previous period [3] - Other notable shareholders include Huatai-PB CSI 300 ETF and E Fund CSI 300 ETF, with slight changes in their holdings [3]

Investment Rating - The report maintains a "Positive" investment outlook for the public utilities and environmental sectors, particularly in the context of recent regulatory changes and market dynamics [1]. Core Insights - The report highlights the regulatory measures in various provinces aimed at standardizing the retail price differences in electricity sales, which is expected to stabilize market expectations and improve the profitability of electricity sales companies [3][7]. - It notes the fluctuating natural gas prices globally, with U.S. prices rising while European prices are declining, indicating a complex supply-demand landscape influenced by geopolitical factors and seasonal demand [12][22]. - The report provides specific investment recommendations across various segments, including hydropower, thermal power, nuclear power, green energy, and gas-related companies, reflecting a diversified approach to capitalize on emerging opportunities [10][37]. Summary by Sections 1. Electricity: Regulation of Retail Price Differences - Guangdong has issued guidelines to regulate the retail price differences, proposing a sharing mechanism for excess profits above a set threshold starting in 2026 [7]. - Several provinces have introduced detailed policies to manage retail price differences, aiming to prevent excessive profits by electricity sales companies and ensure fair pricing for consumers [8][9]. - The report emphasizes the need for a shift from aggressive pricing strategies to a service-oriented business model for electricity sales companies, which could stabilize market expectations [9]. 2. Natural Gas: Global Price Fluctuations - As of November 28, U.S. Henry Hub spot prices reached $4.59/mmBtu, reflecting an 11.13% weekly increase, while European prices, such as TTF, fell by 5.37% to €28.75/MWh [12][13]. - The report notes that U.S. natural gas demand has surged due to cold weather, despite record production levels, leading to a tightening supply-demand balance [16]. - In Northeast Asia, LNG prices have decreased to $10.90/mmBtu, down 6.52% week-on-week, driven by weak demand and high inventory levels [31][34]. 3. Investment Recommendations - Hydropower: Favorable autumn floods are expected to enhance hydropower generation capacity for the winter and spring, with recommendations for major hydropower companies [10]. - Thermal Power: The diversification of revenue sources in thermal power companies is highlighted, with recommendations for integrated coal and power companies [11]. - Nuclear Power: The report suggests focusing on nuclear power companies due to stable cost structures and expected growth from new approvals [11]. - Green Energy: The introduction of new market rules for renewable energy is expected to stabilize returns for green energy operators [11]. - Gas and Environmental Companies: Recommendations include integrated gas trading companies and environmentally focused firms benefiting from regulatory changes [37].

Investment Rating - The report maintains a "Positive" investment rating for the utility sector [10]. Core Insights - The recent revision of the pricing methods for transmission and distribution aims to enhance the consumption of renewable energy, with a focus on establishing a fair cost-sharing mechanism among grid companies, power generation enterprises, and users [2][6]. - The new regulations are expected to lower transmission and distribution costs, thereby making electricity pricing more reasonable while promoting the utilization of renewable energy [12]. Summary by Sections Pricing Method Revisions - The National Development and Reform Commission has revised four pricing methods related to transmission and distribution, adapting to the new requirements of the power system and focusing on renewable energy consumption [6]. - Key changes include the introduction of a single capacity pricing system for grid companies serving renewable energy projects, enhancing regulatory oversight throughout the process [7]. Cost Monitoring - The new methods provide a more accurate reflection of financing costs for grid companies by establishing a loan interest rate based on the average financing rate of the group [6]. - Changes in cost parameters for materials and management fees aim to ensure that costs do not exceed previously established limits, thus improving the accuracy of cost monitoring [6][7]. Provincial and Cross-Regional Pricing - The revised methods allow for adjustments in the return on equity for provincial grid companies, ensuring a balance between reasonable returns and user affordability [7]. - For cross-regional projects, the report suggests exploring two-part or single capacity transmission pricing, which is expected to facilitate the consumption of renewable energy across provinces [8]. Investment 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 Investment Power [12]. - It also highlights opportunities in the renewable energy sector, suggesting investments in companies like Longyuan Power and China Nuclear Power, which are expected to benefit from favorable policy changes and market conditions [12].

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][6][8]. Core Views - The report highlights a 7.9% year-on-year increase in national electricity market trading volume from January to October 2025, with significant growth in green electricity trading [2][15]. - The controlled nuclear fusion industry is experiencing accelerated capital expenditure, with a notable increase in project bidding activity [3][17]. - The report emphasizes the importance of policies supporting renewable energy development, predicting stable profitability for new energy generation [4][22]. Summary by Sections Market Review - The Shanghai Composite Index rose by 1.64%, while the public utility and environmental indices increased by 0.89% and 1.59%, respectively [1][14]. - Within the electricity sector, thermal power increased by 1.60%, while hydropower and new energy generation saw smaller gains [1][24]. Important Events - In October 2025, the national electricity market trading volume reached 563.8 billion kWh, marking a 15.6% increase year-on-year [2][15]. - The cumulative trading volume for the first ten months of 2025 was 5,492 billion kWh, accounting for 63.7% of total electricity consumption, up 1.5 percentage points from the previous year [2][15]. Specialized Research - The report details 35 public bidding projects in the controlled nuclear fusion sector from October to November 2025, with a total estimated contract value of 2.6 billion yuan [3][17]. - The bidding activity has significantly accelerated compared to previous months, indicating a growing interest and investment in this area [3][17]. 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 [4][22]. - The report also suggests focusing on water and waste incineration sectors, which are entering a mature phase with improved cash flow [4][22]. Key Company Earnings Forecasts - The report provides earnings forecasts and investment ratings for various companies, all maintaining an "Outperform" rating, including Huadian International, Longyuan Power, and China Nuclear Power [8][22].

Investment Rating - The report maintains an "Overweight" rating for the industry [4] Core Views - The National Development and Reform Commission has introduced new pricing regulations for power transmission and distribution, which will promote the development of green electricity. The new regulations focus on local consumption and cross-province transmission, facilitating the utilization of renewable energy and enhancing the efficiency of power grid companies [2][13] - The exploration of a two-part or capacity-based pricing system for cross-province and cross-region projects will stabilize the revenue from clean energy transmission and improve the utilization rate of high-voltage channels [3][14] - Multiple provinces are rolling out market-oriented trading plans for 2026, which will accelerate the transformation of the electricity market by mandating a high proportion of long-term contracts and ensuring that coal-fired power trading prices fluctuate within a specified range [8][10] Summary by Sections Industry Overview - The report highlights the positive impact of new transmission and distribution pricing regulations on renewable energy consumption and the introduction of market-oriented trading plans for 2026 [2][8] Market Performance - The Shanghai Composite Index closed at 3,888.6 points, up 1.4%, while the CSI 300 Index rose 1.64% to 4,526.66 points. The CITIC Power and Utilities Index increased by 0.88%, underperforming the CSI 300 by 0.76 percentage points [63][64] Key Investment Opportunities - The report recommends focusing on flexible resources such as thermal power and investment opportunities in energy storage and virtual power plants. Specific stocks highlighted include Huaneng International, Huadian International, and China Nuclear Power [8][9]