证券代码：001289 证券简称：龙源电力 公告编号：2025-044 龙源电力集团股份有限公司 2024 年年度权益分派实施公告 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"或"本公司"）2024年年度 权益分派方案已经于2025年6月17日召开的2024年度股东大会（以下简称"股东 大会"）审议通过，现将2024年年度权益分派方案事宜公告如下： 一、股东大会审议通过权益分派方案情况 1. 2025年6月17日，公司2024年度股东大会审议通过了《2024年度利润分配 方案的议案》：公司以实施分配方案时股权登记日的总股本为基数，以现金形式 派发2024年度末期股息予股权登记日名列公司名册的股东。2024年度现金股息以 人民币计值及宣派，每10股股息为人民币2.278元（税前），共计派发现金红利人 民币1,904,366,122.16元（税前）。其中，A股股本5,041,934,164股，派发A股现金 红利人民币1,148,552,602.56元（税前）。本次权益分配不送红股，不以公积金转 增股本。 2. 自分配方 ...

龙源电力AH溢价达157.64%，位居AH股溢价率第八位。当日收盘，龙源电力A股报16.54元，涨幅 0.18%，H股报7.02港元，上涨1.01%。 资料显示，龙源电力集团股份有限公司成立于1993年,当时隶属国家能源部,后历经电力部、国家电力公 司、中国国电集团公司,现隶属于国家能源集团。2009年,在香港主板成功上市,被誉为"中国新能源第一 股"。2022年正式在A股上市,成为国内首单H股新能源发电央企回归A股、首单五大发电集团新能源企业 登陆A股资本市场、首单同步实施换股吸收合并、资产出售和资产购买项目。龙源电力是中国最早开发 风电的专业化公司,率先开拓了我国海上、低风速、高海拔等风电领域,率先实现我国风电"走出去",不断 引领行业发展和技术进步。自2015年以来,持续保持世界第一大风电运营商地位。 *注：AH股是指同时在A股和港股上市的公司，溢价（A/H）越大，说明H股相比A股越便宜。 本文源自：金融界 作者：行情君 8月7日，上证指数涨0.16%，收报3639.67点，恒生指数涨0.69%，收报25081.63点。 ...

Investment Rating - The report maintains an "Outperform" rating for the industry, indicating expectations for the sector to perform better than the market in the next six months [4][61]. Core Insights - The report highlights that the public utility sector index has decreased by 1.84%, underperforming compared to major indices such as the Shanghai Composite and CSI 300 [2][13]. - Key developments include the release of the "136 Document" in Ningxia, which outlines pricing mechanisms for renewable energy, and adjustments to coal power capacity pricing in Guangdong [3][38]. - The report suggests that the long-term demand for thermal power remains stable, with coal prices expected to stabilize or decline, supporting profit margins for thermal power companies [7]. Summary by Sections Market Performance - The public utility sector index's PE (TTM) is reported at 18.42, down from 18.77 the previous week, while the PB is at 1.51, down from 1.54 [1][22][26]. - The sector's performance ranks 13th among 31 sectors, with specific declines noted in various sub-sectors such as thermal and hydropower [2][13]. Industry Dynamics - Recent regulatory changes in Shandong and Ningxia are expected to impact pricing and market participation for renewable energy projects [3][35][38]. - The report tracks coal prices, noting a slight increase in the price of Shanxi mixed coal to 649 RMB/ton, with other regional prices also rising [3][40]. Key Data Tracking - The report provides data on green certificate trading, with a total of 4.31 and 11.39 thousand transactions for wind and solar power respectively during the week [6][44]. - CEA trading volumes for the week were reported at 31.02, 65.80, 33.33, 66.70, and 52.27 thousand tons, with average prices fluctuating around 71.89 to 74.78 RMB/ton [6][46].

Group 1 - A new company, Fengkai Longyuan New Energy Co., Ltd., has been established with a registered capital of 179.2 million yuan [1] - The legal representative of the company is Qian Shiqing, and its business scope includes power generation, transmission, and distribution [1] - Longyuan Electric Power holds 100% ownership of the new company [1]

Group 1 - The Shanghai Composite Index rose by 0.96% to close at 3617.6 points, while the Hang Seng Index increased by 0.68% to 24902.53 points [1] - Longyuan Power's A/H share premium reached 156.68%, ranking ninth among A/H shares [1] - Longyuan Power's A-shares closed at 16.5 yuan, with a gain of 0.61%, and H-shares closed at 7.02 HKD, up by 0.57% [1] Group 2 - Longyuan Power Group Co., Ltd. was established in 1993 and has undergone several ownership changes, currently under the State Energy Group [1] - The company successfully listed on the Hong Kong main board in 2009 and was recognized as "China's first new energy stock" [1] - In 2022, Longyuan Power officially listed on the A-share market, marking several firsts in the industry, including being the first H-share new energy power central enterprise to return to A-shares [1] - Longyuan Power is a pioneer in wind power development in China, leading in offshore, low wind speed, and high altitude wind power sectors [1] - Since 2015, Longyuan Power has maintained its position as the world's largest wind power operator [1]

来源：新浪证券-红岸工作室 8月5日，龙源电力涨0.61%，成交额5343.79万元，换手率0.06%，总市值1379.37亿元。 异动分析 抽水蓄能+新疆振兴+绿色电力+风电 1、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。 2、公司在新疆的在运风电装机容量为159.08万千瓦。 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。 (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) 资金分析 今日主力净流入-392.36万，占比0.07%，行业排名63/103，该股当前无连续增减仓现象，主力趋势不明 显；所属行业主力净流入-2.74亿，连续3日被主力资金减仓。 区间今日近3日近5日近10日近20日主力净流入-392.36万-582.80万-418.16万-507.79万-2571.77万 风险提示：市 ...

Investment Rating - The report maintains an "Outperform" rating for the industry, indicating expectations for the industry to perform better than the market in the next six months [4]. Core Insights - The report highlights a turning point in the growth of new energy installations, with a significant increase in installed capacity in the first half of 2025, totaling 293 million kilowatts, a year-on-year increase of 140.5 million kilowatts. Wind and solar power installations saw year-on-year growth of 98.9% and 107.1%, respectively, accounting for 64.4% and 76.6% of the total new installations in 2024 [1][9][10]. - The development of energy storage is becoming clearer, with 2025 identified as a year of value reconstruction for the storage industry, driven by both policy and market changes. The introduction of differentiated capacity pricing mechanisms in Gansu and Guangdong emphasizes the value of regulatory power sources [2][17][18]. Summary by Sections New Energy Installation Growth - The report notes that the new energy installation growth is at a critical juncture, with policies transitioning from reliance on government support to market-driven mechanisms. The "430" and "531" policies are pivotal in this shift, promoting a more mature electricity market and enhancing the capacity for energy consumption [1][13][14]. Energy Storage Development - The energy storage sector is projected to see a significant increase in installed capacity, reaching 73.76 million kilowatts by the end of 2024, a 130% increase from 2023. By mid-2025, this is expected to rise to 94.91 million kilowatts. The average utilization hours for energy storage are also expected to improve significantly, indicating a shift towards market competitiveness [2][20][24]. Regulatory Changes and Market Dynamics - The introduction of capacity pricing mechanisms in Gansu and Guangdong is a key development, allowing coal and gas power plants to have a more significant role in the energy market. This change is expected to enhance the operational flexibility of traditional power sources and support the integration of renewable energy [17][19][18]. - The report emphasizes that the energy sector is moving towards a collaborative model where new energy and regulatory power sources work together to meet the increasing demand for system flexibility as renewable energy penetration rises [25][27].

Group 1 - The latest stock price of Longyuan Power is 16.40 yuan, with an increase of 0.03 yuan compared to the previous trading day. The trading volume is 37,748 hands, and the total transaction amount reaches 0.62 billion yuan, with a total market capitalization of 137.01 billion yuan [1] - Longyuan Power is a leading renewable energy generation company in China, involved in power generation, transmission, and distribution. The company continues to expand its business footprint [1] - Longyuan Power's wholly-owned subsidiary, Fengkai Longyuan New Energy Co., Ltd., has been established in Fengkai, Guangdong, with Qian Shiqing as the legal representative. The main business includes power generation, transmission, and distribution [1] Group 2 - On August 4, the net inflow of main funds was 3.1612 million yuan, with a cumulative net inflow of 467,500 yuan over the past five days [2]

Market Overview - In July, the Shanghai and Shenzhen 300 Index increased by 3.54%, while the public utility index decreased by 0.77% and the environmental index increased by 2.10%. The relative returns for public utilities and environmental sectors were -4.32% and -1.94%, respectively [1][15][23]. - Among the sub-sectors, the environmental sector rose by 1.60%, with thermal power increasing by 1.21%, hydropower decreasing by 4.35%, and new energy generation rising by 0.80% [1][15][24]. Important Policies and Events - The Guangdong Provincial Development and Reform Commission announced adjustments to the capacity pricing for coal and gas power plants, effective from January 1, 2026, with coal power set at 165 yuan per kilowatt per year and gas power varying from 165 to 396 yuan depending on the type of gas used [2][16][17]. - The Ningxia Hui Autonomous Region proposed a market-oriented reform plan for new energy pricing, setting a benchmark price for coal-fired power at 0.2595 yuan per kilowatt-hour [2][17]. Sector Research - The National Development and Reform Commission and the National Energy Administration issued guidelines to improve the pricing mechanism for domestic natural gas pipeline transportation, aiming for a unified pricing model and a permitted return rate of approximately 5.7%, down from 8% [3][18][20]. - This new regulation is expected to lower transportation costs for natural gas, benefiting urban gas companies [3][20]. Investment Strategy - Public Utilities: Recommendations include large thermal power companies like Huadian International and Shanghai Electric, as coal and electricity prices are expected to decline [4][21]. - New Energy: Continued government support for new energy development is anticipated to stabilize profitability, with recommendations for leading companies such as Longyuan Power and Three Gorges Energy [4][21]. - Nuclear Power: Expected stable profitability due to growth in installed capacity and generation, with recommendations for China Nuclear Power and China General Nuclear Power [4][21]. - Hydropower: High-dividend hydropower stocks are highlighted for their defensive attributes, with Longjiang Power recommended [4][21]. - Gas: Recommendations include China Resources Gas and Jiufeng Energy, which have strong pricing power and strategic advantages [4][21]. Sector Performance - In July, the public utility sector ranked 30th among 31 sectors, while the environmental sector ranked 22nd [1][15][23]. - The performance of various sub-sectors showed mixed results, with water utilities and gas sectors generally performing better than thermal and hydropower sectors [1][15][24]. Key Company Earnings Forecasts - Huadian International (600027.SH): EPS forecast for 2024A at 0.46 yuan, PE ratio at 11.5 [9]. - Longyuan Power (001289.SZ): EPS forecast for 2024A at 0.75 yuan, PE ratio at 21.8 [9]. - China Nuclear Power (601985.SH): EPS forecast for 2024A at 0.46 yuan, PE ratio at 19.9 [9]. - Longjiang Power (600900.SH): EPS forecast for 2024A at 1.33 yuan, PE ratio at 21.0 [9].

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 龍源電力集團股份有限公司（於中華人民共和國註冊成立的股份有限公司） 呈交日期: 2025年8月4日 I. 法定/註冊股本變動 | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 001289 | 說明 | A股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 5,041,934,164 | RMB | | 1 RMB | | 5,041,934,164 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 5,041,934,164 | RMB | | 1 RMB | | 5,041,934,164 ...