证券研究报告 公用事业 行业定期报告 hyzqdatemark 2025 年 12 月 22 日 证券分析师 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 邓思平 SAC：S1350524070003 dengsiping@huayuanstock.com 戴映炘 SAC：S1350524080002 daiyingxin@huayuanstock.com 秦雨茁 qinyuzhuo@huayuanstock.com 投资评级： 看好（维持） 2026 年能源工作会议召开，北美 AI 缺电持续演绎 ——大能源行业 2025 年第 51 周周报（20251221） 投资要点： 电力：2026 年全国能源工作会议召开 多省"十五五"能源建设方向明确 全国能源工作会议召开，2026 年新增新能源装机 2 亿千瓦以上。12 月 15 日，2026 年全国能源工作会议在北京召开。会议肯定了 2025 年的能源保供成绩，预期以火电 为主的调节性电源在"十五五"期间仍将受到重 ...

Investment Rating - The report maintains a "Positive" outlook for the utility sector [4] Core Views - The growth rate of electricity generation is slowing down, while coal prices continue to decline [2] - The utility sector is seen as a defensive asset with low valuations, making it attractive for investment [7] - The report emphasizes the need for further market-oriented pricing reforms to support the integration of renewable energy [7] Summary by Sections Electricity Generation - In November 2025, the electricity generation of large-scale power plants increased by 2.7% year-on-year, but the growth rate decreased by 5.2 percentage points compared to October 2025 [10] - The growth of renewable energy generation significantly improved, with wind power increasing by 22.0% and solar power by 23.4% year-on-year [10] - The report notes that the growth of hydropower decreased but remained high, while thermal power generation turned negative with a decline of 4.2% [10] Coal Prices - Port coal prices have been declining, with the Qinhuangdao port's Q5500 coal price at 703 RMB/ton, down 5.6% week-on-week [16] - The report indicates that high coal inventories and low demand from downstream power plants are contributing to the price drop [7] - The report anticipates that the decline in spot coal prices may gradually narrow due to improved acceptance from power plants [7] Investment Recommendations - The report suggests focusing on utility stocks, particularly in thermal power, hydropower, and nuclear power sectors, highlighting specific companies such as Huadian International and China General Nuclear Power [7] - It recommends investing in high-quality hydropower companies due to their low cost per kilowatt-hour and stable business models [7] - The report also notes the potential for growth in wind and solar sectors under carbon neutrality expectations [7] Market Performance - The utility sector index fell by 0.6%, underperforming the CSI 300 index by 0.3 percentage points [41] - Among sub-sectors, hydropower, thermal power, and wind power saw declines, while solar power showed a slight increase of 0.9% [43]

Core Insights - The Ma Bai Da Mountain Wind Farm in Weining, Bijie City, has recorded the presence of the national second-class protected wild animal, the raccoon dog, through infrared cameras set up by the Guizhou branch of Longyuan Power and the provincial forestry research institute [10] Group 1: Wildlife Monitoring - The presence of the raccoon dog confirms that wild populations still exist in Guizhou, where their numbers have drastically decreased over the past decades [10] - The documentation of the raccoon dog provides valuable data for further monitoring, research, and protection of this species [10] Group 2: Biodiversity at the Wind Farm - The Ma Bai Da Mountain Wind Farm is home to a variety of wildlife, including the colorful white-bellied pheasant, elegant oriental white stork, tiger-patterned dove, red-billed blue magpie, and red-headed long-tailed tit [10] - This diverse array of species contributes to a harmonious ecological environment at the wind farm [10]

Group 1 - The company Longyuan Power announced a cash dividend distribution for the year 2025, with a total share capital of 8,359,816,164 shares [1] - The company will distribute a cash dividend of 1.00 RMB (pre-tax) for every 10 shares held, amounting to a total cash dividend of approximately 835,981,616.40 RMB (pre-tax) [1] - The A-share registration date for shareholders is set for December 26, 2025, and the ex-dividend date is December 29, 2025 [1]

茲 載 列 在 深 圳 證 券 交 易 所 網 站（http://www.szse.cn）刊 登 的 龍 源電力集團股 份有限公司2025年度中期權益分派實施公告，僅 供 參 考。 特 此 公 告。 承董事會命 龍源電力集團股份有限公司 China Longyuan Power Group Corporation Limited* 宮宇飛 董事長 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公告之內 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 不就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致之 任 何 損 失 承 擔 任 何 責 任。 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 中 國 北 京，2025年12月19日 於 本 公 告 日 期，本 公 司 的 執 行 董 事 為 宮 宇 飛 先 生 和 王 利 強 先 生；非 執 行 董 事 為 王 雪 蓮 女 士、張 彤 先 生、王 永 先 生 和 劉 勁 濤 先 生；及 獨 立 非 執 行 董 事 為 魏 明 德 先 生、高 德 步 ...

证券代码：001289 证券简称：龙源电力 公告编号：2025-082 龙源电力集团股份有限公司 2025 年度中期权益分派实施公告 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"）2025年度中 期权益分派方案已经于2025年10月29日召开的2025年第1次临时股东会（以下简 称"股东会"）审议通过，现将2025年度中期权益分派方案事宜公告如下： 及持有首发前限售股的个人和证券投资基金每10股派人民币0.9元；持有首发后限 售股及无限售流通股的个人股息红利税实行差别化税率征收，本公司暂不扣缴个 人所得税，待个人转让股票时，根据其持股期限计算应纳税额 【注】 ；持有首发后 限售股及无限售流通股的证券投资基金所涉红利税，对香港投资者持有基金份额 部分按10%征收，对内地投资者持有基金份额部分实行差别化税率征收。 注：根据先进先出的原则，以投资者证券账户为单位计算持股期限，持股1 个月（含1个月）以内，每10股补缴税款人民币0.2元；持股1个月以上至1年（含1 年）的，每10股补缴税款人民币0.1元；持股超 ...

Core Viewpoint - Longyuan Power Group Co., Ltd. has successfully issued a short-term financing bond to raise funds for operational liquidity and debt repayment [1] Group 1: Stock Performance - As of December 19, 2025, Longyuan Power's stock closed at 6.7 yuan, up 0.9% from the previous trading day [1] - The stock opened at 6.64 yuan, with an intraday high of 6.7 yuan and a low of 6.64 yuan, achieving a trading volume of 1.29 billion yuan [1] - Over the past 52 weeks, the stock reached a high of 8.53 yuan and a low of 5.22 yuan [1] Group 2: Financing Details - The company completed the issuance of short-term financing bonds totaling 2.6 billion yuan on December 17, 2025, with a maturity of 29 days and a coupon rate of 1.65% [1] - Interest on the bonds will start accruing from December 18, 2025 [1] - The bonds were publicly offered with China Minsheng Banking Corp., Ltd. acting as the lead underwriter [1] - The raised funds will be used to supplement daily working capital and repay interest-bearing debts of the issuer and its subsidiaries [1]

Group 1 - The core viewpoint of the news is that Longyuan Power's stock performance and financing activities indicate a mixed outlook, with significant financing buy-ins but declining revenue and profit figures [1][2][3] Group 2 - On December 18, Longyuan Power's stock rose by 0.20%, with a trading volume of 46.93 million yuan. The financing buy-in for the day was 4.585 million yuan, while the financing repayment was 1.9185 million yuan, resulting in a net financing buy-in of 2.6664 million yuan. The total financing and securities balance reached 101 million yuan [1] - The financing balance of Longyuan Power on December 18 accounted for 0.13% of its market capitalization, exceeding the 80th percentile of the past year, indicating a high level of financing activity [1] - In terms of securities lending, there were no shares repaid or sold on December 18, with a remaining short position of 2,900 shares and a securities lending balance of 43,900 yuan, which is below the 10th percentile of the past year, indicating low activity [1] - Longyuan Power, established on January 27, 1993, and listed on January 24, 2022, primarily engages in power system and electrical equipment technology transformation, new energy technology development, and project investment management. Its main business revenue composition is 99.22% from power products and 0.78% from other sources [2] - For the period from January to September 2025, Longyuan Power reported operating revenue of 22.221 billion yuan, a year-on-year decrease of 15.67%, and a net profit attributable to shareholders of 4.393 billion yuan, down 19.76% year-on-year [2] - Since its A-share listing, Longyuan Power has distributed a total of 5.978 billion yuan in dividends, with 4.746 billion yuan distributed in the last three years [3] - As of September 30, 2025, Longyuan Power had 34,200 shareholders, a decrease of 16.42% from the previous period, with an average of 0 circulating shares per shareholder [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 3.0539 million shares, a decrease of 819,900 shares from the previous period, while other ETFs have also seen reductions in their holdings [3]

Group 1 - The core viewpoint of the news highlights the positive performance of wind energy stocks in the Hong Kong market, with notable increases in shares of companies like Dongfang Electric and Goldwind Technology [1] - The National Energy Administration's deputy director, Gui Xiaoyang, stated that China's wind and solar installed capacity needs to grow by approximately 200 million kilowatts annually over the next decade, indicating a sustained high growth rate from an already high base [1] - Citigroup believes that the forecast of over 200 GW in wind and solar installed capacity for next year may be conservative, and anticipates increased capital expenditure on hydropower and nuclear projects during the 14th Five-Year Plan to meet emission reduction targets [1] Group 2 - The stock performance of key companies in the wind energy sector includes Dongfang Electric rising by 4.09%, Goldwind Technology by 1.13%, and other companies like Jingneng Clean Energy, Xintian Green Energy, and Longyuan Power showing modest increases [2] - Citigroup reiterated a "buy" rating for companies including Goldwind Technology, Tongwei Co., Dongfang Electric, and Sungrow Power Supply, indicating strong confidence in their future performance [1]

龙源电力通过发行超短期债券筹资人民币26亿元。 ...