Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [4][6]. Core Views - The report highlights that coal and electricity prices are declining simultaneously, which is expected to maintain reasonable profitability for thermal power companies. Recommendations include major thermal power enterprises such as Huadian International and Shanghai Electric [3][6]. - Continuous government policies supporting renewable energy development are anticipated to stabilize profitability in the renewable energy sector. Recommended companies include Longyuan Power, Three Gorges Energy, and regional offshore wind power companies like Guangxi Energy and Funiu Co [3][6]. - The growth in installed capacity and power generation is expected to offset the downward pressure on electricity prices, with nuclear power companies like China Nuclear Power and China General Nuclear Power projected to maintain stable profitability [3][6]. - High-dividend hydropower stocks are highlighted for their defensive attributes in a global interest rate decline context, with recommendations for Changjiang Electric Power [3][6]. - The environmental sector, particularly water and waste incineration industries, is entering a mature phase with significant improvements in free cash flow. Recommended companies include China Everbright Environment and Zhongshan Public Utilities [3][6]. Summary by Sections Market Review - The Shanghai Composite Index rose by 0.59%, while the public utility index increased by 1.77%. The environmental index saw a slight increase of 0.04% [12][19]. - In March, the total electricity consumption reached 828.2 billion kWh, marking a year-on-year growth of 4.8% [13][49]. Important Policies and Events - The report notes that in March, the first industry electricity consumption was 10.6 billion kWh (up 9.9%), the second industry was 557.8 billion kWh (up 3.8%), and the third industry was 148.4 billion kWh (up 8.4%) [13][52]. Key Company Profit Forecasts and Investment Ratings - Huadian International, Jin Kai New Energy, Shanghai Electric, Longyuan Power, and others are rated as "Outperform" with specific EPS and PE forecasts provided [6]. Industry Dynamics - The report discusses the decline in the import of mass spectrometers from the US, with a significant drop in both import value and quantity from 2020 to 2024 [15][17]. Sector Performance - The report indicates that the public utility and environmental sectors ranked 7th and 23rd respectively among 31 industry classifications in terms of performance [12][19]. Electricity Industry Data - The report provides detailed statistics on electricity generation, noting a 1.8% year-on-year increase in industrial electricity production in March, with specific growth rates for different energy sources [42][49]. Carbon Market Overview - The report includes insights into the domestic carbon market, highlighting recent price trends and trading volumes [86][87]. Coal Price Trends - The report notes that the price of thermal coal remained stable, with the price at the port reported at 678 RMB/ton [99].

华泰柏瑞沪深300ETF基金经理为柳军。 简历显示，柳军先生:中国国籍。监事,复旦大学财务管理硕士,2000-2001年任上海汽车集团财务有限公 司财务,2001-2004年任华安基金管理有限公司高级基金核算员,2004年7月加入华泰柏瑞基金管理有限公 司,历任基金事务部总监、上证红利ETF基金经理助理。2009年6月起任上证红利交易型开放式指数证券 投资基金的基金经理。2010年10月起担任指数投资部副总监。2011年1月至2020年2月任华泰柏瑞上证中 小盘ETF基金、华泰柏瑞上证中小盘ETF联接基金基金经理。2012年5月起任华泰柏瑞沪深300交易型开 放式指数证券投资基金、华泰柏瑞沪深300交易型开放式指数证券投资基金联接基金的基金经理。2015 年2月起任指数投资部总监。2015年5月至2025年1月任华泰柏瑞中证500交易型开放式指数证券投资基金 及华泰柏瑞中证500交易型开放式指数证券投资基金联接基金的基金经理。2018年3月至2018年11月任华 泰柏瑞锦利灵活配置混合型证券投资基金和华泰柏瑞裕利灵活配置混合型证券投资基金的基金经理。 2018年3月至2018年10月任华泰柏瑞泰利灵活配置混合 ...

序号股票简称PE(TTM)PE(静)市净率总市值(元)52龙源电力21.5821.581.871369.34亿行业平均 19.4020.482.17387.48亿行业中值17.0818.161.54135.22亿1华电辽能-893.591.809.5638.44亿2绿能慧 充-488.19301.749.8852.54亿3深南电A-377.951155.153.3948.04亿4郴电国际-78.14-78.140.7828.35亿5豫能 控股-50.77-50.771.9861.64亿6梅雁吉祥-48.43-58.682.6058.84亿7韶能股份-47.63-24.091.4364.08亿8华银电 力-41.17-38.095.8071.29亿9大连热电-17.83-17.836.4626.02亿10晋控电力-11.63-15.831.4181.54亿11*ST旭 蓝-2.06-4.140.077.29亿 本文源自：金融界 作者：行情君 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。 最新一期业绩显示，2024年年报，公司实现营业收入370.70亿元，同比-2.58%；净利 ...

Core Viewpoint - Longyuan Power reported a net profit of 6.345 billion yuan for 2024, reflecting a year-on-year growth of 0.66%, and plans to initiate new renewable energy projects totaling 5.5 million kilowatts in 2025 [1][2][3] Financial Performance - The net profit attributable to shareholders for 2024 was 6.345 billion yuan, with earnings per share increasing by 2.71% to 0.7535 yuan per share [2] - The company issued 25 bonds totaling 51.9 billion yuan in 2024, maintaining a competitive funding cost [7] Capacity Expansion - In 2024, Longyuan Power added 7,480.66 megawatts of controllable installed capacity, including 2,654.38 megawatts from wind and 4,826.28 megawatts from solar [3][6] - The total controllable installed capacity reached 41,143.20 megawatts by the end of 2024 [3] Project Development - The company emphasized project construction management, achieving significant milestones and receiving awards for various projects in 2024 [5][6] - Longyuan Power's wind power average utilization hours in 2024 were 2,190 hours, which is 63 hours higher than the industry average despite a decrease of 156 hours from 2023 [4] Cost Management - The average procurement cost of onshore wind turbines decreased, and the engineering cost of wind power projects fell by 9% year-on-year [10] - The company optimized its financing structure and actively replaced existing loans to reduce funding costs [7] Market Adaptation - Longyuan Power is adapting to the market-oriented reform of renewable energy pricing, which will impact future electricity prices and requires enhanced trading capabilities [8][9] - The company plans to closely monitor national and local policy changes to optimize its renewable energy market strategies [9] Environmental and Resource Management - Longyuan Power has initiated a wind turbine blade recycling project in Liaoning, aiming to process up to a thousand tons annually [12] - The company is also exploring the reuse of waste photovoltaic components and batteries, contributing to a circular economy [12] Shareholder Returns - The company has committed to a cash dividend policy, planning to distribute at least 30% of its net profit to shareholders from 2025 to 2027 [19] - In 2023, the dividend payout ratio was increased from 20% to 30%, with a planned payout of 0.2278 yuan per share for 2024 [19]

Financial Performance - The net profit attributable to shareholders for the year was 63.45 billion RMB, representing a growth of 0.66% compared to 2024 [1] - Earnings per share increased by 2.71% to 0.7535 RMB per share [1] Installed Capacity - In 2024, the company added 7,480.66 MW of new installed capacity, including 2,654.38 MW from wind power and 4,826.28 MW from solar power [1] - As of December 31, 2024, the total installed capacity reached 41,143.20 MW, with wind power accounting for 30,408.77 MW and solar power for 10,698.33 MW [1] Climate Risk Management - The average utilization hours for wind power in 2024 were 2,190 hours, a decrease of 156 hours from 2023, but still 63 hours above the industry average [2] - The company has diversified its project layout across 31 provinces to mitigate climate-related investment risks [2] Engineering and Construction Achievements - In 2024, the company focused on project management and quality control, leading to a 9% decrease in wind power project costs [3][9] - The company received recognition for several projects, including the Tianjin Haijing Salt and Light Complementary Project [3] Financing and Cost Management - The company issued 25 bonds totaling 51.9 billion RMB in 2024, maintaining a competitive funding cost [5] - It actively optimized its financing structure and utilized green finance policies to reduce costs [4] Market and Policy Adaptation - The company is adapting to the market-oriented pricing reforms for renewable energy, which will affect future revenue [6][7] - It plans to enhance its trading capabilities and cost control measures in response to the new pricing mechanisms [7][8] Digital Transformation - The company launched the "Longteng No. 1" smart management platform, enhancing operational efficiency and predictive maintenance capabilities [10] - It aims to leverage digital technologies to improve project management and reduce operational risks [10] Equipment Recycling and Sustainability - The company has initiated a pilot project for recycling wind turbine blades, with an expected processing capacity of 1,000 tons per year [12] - Plans for further research on the recycling of used photovoltaic components and batteries are underway [12] Future Development Directions - The company aims to accelerate the development of large-scale renewable energy bases and offshore projects [14][15] - It has secured development indicators for 14.72 GW, including 6.37 GW from wind and 8.35 GW from solar [16] Green Energy Market Participation - In 2024, the company completed green electricity transactions totaling 6.701 billion kWh, a year-on-year increase of 288.84% [18] - It also traded 10.2354 million green certificates, up 140.83% from the previous year [18] Shareholder Returns - The company plans to maintain a cash dividend ratio of no less than 30% of the annual net profit for 2025-2027 [20] - The dividend for 2024 is set at 0.2278 RMB per share (pre-tax) [20]

中信证券股份有限公司 关于龙源电力集团股份有限公司 2024年度持续督导培训情况的报告 中信证券股份有限公司（以下简称"中信证券" 或"保荐机构"）作为龙源电力集团 股份有限公司（以下简称"龙源电力"、"公司"）的持续督导保荐机构，根据《证券发行 上市保荐业务管理办法》《深圳证券交易所上市公司自律监管指引第13号——保荐业务》 等有关法律、法规和规范性文件的要求对公司董事、监事、高级管理人员和关键岗位人 员等相关人员进行了2024年度持续督导培训。 1 实施本次培训前，保荐机构编制了培训材料，并以课件展示、现场讲解及交流 的形式向参会人员进行了现场培训。公司部分董事、监事、高级管理人员及证券事 务与投资者关系部人员等相关人员参加了本次培训。保荐机构还向公司提供了讲义 课件以供自学。 二、本次培训的主要内容 本次培训重点介绍了上市公司规范运作、主板信息披露和近期监管动态，并结 合相关案例进行讲解。培训过程中，公司参会人员与中信证券授课人员进行了良好 的交流互动。 三、本次培训的效果 本次培训有助于加强参训人员对上市公司规范运作相关监管法规的熟悉和深入 理解，并进一步强化参训人员对于中小投资者权利保障的意识及对相 ...

中国国际金融股份有限公司关于 龙源电力集团股份有限公司 换股吸收合并 内蒙古平庄能源股份有限公司 及重大资产出售及支付现金购买资产暨关联交易持续督导 三、保荐工作概述 （一）尽职推荐阶段 保荐人按照法律、法规和中国证监会的规定，对公司进行尽职调查，组织编 制申请文件并出具推荐文件；提交推荐文件后，主动配合中国证监会的审核，组 织公司及其它中介机构对中国证监会的意见进行答复，按照中国证监会的要求对 涉及本次证券发行上市的特定事项进行尽职调查或核查，并与中国证监会进行专 业沟通。取得发行批复文件后，按照深圳证券交易所上市规则的要求提交推荐股 票上市所要求的相关文件，并报中国证监会备案。 保荐总结报告书 | 公司名称 | 龙源电力集团股份有限公司 | | --- | --- | | 证券代码 | 001289.SZ | | 总股本 | 股 8,359,816,164 | | 注册地址 | 北京市西城区阜成门北大街 层 室 6 号（c 幢）20 2006 | | 办公地址 | 北京市西城区阜成门北大街 层 室 6 号（c 幢）20 2006 | | 法定代表人 | 宫宇飞 | | | 许可项目：发电业务、输电业务、供 ...

本次培训有助于加强参训人员对上市公司规范运作相关监管法规的熟悉和深入 理解，并进一步强化参训人员对于中小投资者权利保障的意识及对相关规定的理解。 本次培训取得了良好的效果，达到了预期的目标。 中国国际金融股份有限公司 关于龙源电力集团股份有限公司 2024年度持续督导培训情况的报告 中国国际金融股份有限公司（以下简称"中金公司" 或"保荐机构"）作为龙源电力 集团股份有限公司（以下简称"龙源电力"、"公司"）的持续督导保荐机构，根据《证券 发行上市保荐业务管理办法》《深圳证券交易所上市公司自律监管指引第13号——保荐 业务》等有关法律、法规和规范性文件的要求对公司董事、监事、高级管理人员和关键 岗位人员等相关人员进行了2024年度持续督导培训。 一、本次培训的基本情况 实施本次培训前，保荐机构编制了培训材料，并以课件展示、现场讲解及交流 的形式向参会人员进行了现场培训。公司部分董事、监事、高级管理人员及证券事 务与投资者关系部人员等相关人员参加了本次培训。保荐机构还向公司提供了讲义 课件以供自学。 二、本次培训的主要内容 本次培训重点介绍了上市公司规范运作、主板信息披露和近期监管动态，并结 合相关案例进行讲解 ...

一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 无 | | 2．督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不 | | | 限于防止关联方占用公司资源的制度、募集资金管 | 是 | | 理制度、内控制度、内部审计制度、关联交易制 度） （2）公司是否有效执行相关规章制度 | 是，根据2024年度内部控制评价报告、2024年 度内部控制审计报告，发行人有效执行了相关 规章制度 | | 3.募集资金监督情况 （1）查询公司募集资金专户次数 （2）公司募集资金项目进展是否与信息披露文件 一致 | 不适用 不适用 | 1 中国国际金融股份有限公司 关于龙源电力集团股份有限公司 2024年度持续督导报告书 | 保荐人名称：中国国际金融股份有限公司 | 被保荐公司简称：龙源电力 | | --- | --- | | 保荐代表人姓名：李中生 | 联系电话：010-65051166 | | 保荐代表人姓名：程然 | ...

中信证券股份有限公司 关于龙源电力集团股份有限公司 2024 年现场检查报告 | 保荐人名称：中信证券股份有限公司 被保荐公司简称：龙源电力 | | | | | --- | --- | --- | --- | | 保荐代表人姓名：李宁 联系电话：010-60836989 | | | | | 保荐代表人姓名：康昊昱 联系电话：010-60838376 | | | | | 现场检查人员姓名：李宁 | | | | | 现场检查对应期间：2024 年 1 月-2024 年 12 月 | | | | | 现场检查时间：2024 年 12 月 3 日、2025 年 3 月 28 日 | | | | | 一、现场检查事项 现场检查意见 | | | | | （一）公司治理 | 是 | 否 | 不适 用 | | 现场检查手段：查阅公司章程、公司治理的相关规章制度、三会会议资料及信息 | | | | | 披露文件 | | | | | 1.公司章程和公司治理制度是否完备、合规 | √ | | | | 2.公司章程和三会规则是否得到有效执行 | √ | | | | 3.三会会议记录是否完整，时间、地点、出席人员及会议 | √ | | ...