Core Viewpoint - Longyuan Power Group Co., Ltd. is actively involved in the green energy sector, focusing on wind and solar power generation, and is participating in the national carbon market development [2][6]. Group 1: Company Overview - Longyuan Power's main business includes wind and solar power generation, with electricity and heat as its primary products [2]. - The company has been a pioneer in the national carbon market, executing the first carbon trading transaction when the market launched in 2021 [2]. - Longyuan Power has signed a framework agreement with the government of Tieli City, Heilongjiang Province, to develop a 3.53 million kW renewable energy project, including a 3 million kW pumped storage project [2][6]. Group 2: Financial Performance - As of September 30, Longyuan Power reported a revenue of 22.22 billion yuan for the first nine months of 2025, a year-on-year decrease of 15.67% [7]. - The net profit attributable to shareholders for the same period was 4.39 billion yuan, down 19.76% year-on-year [7]. - The company has distributed a total of 6.814 billion yuan in dividends since its A-share listing, with 5.582 billion yuan distributed over the past three years [8]. Group 3: Market Activity - On February 13, Longyuan Power's stock fell by 1.02%, with a trading volume of 72.44 million yuan and a turnover rate of 0.09%, bringing the total market capitalization to 130.16 billion yuan [1]. - The stock has seen a net outflow of 5.46 million yuan from major investors today, with a total of 20.55 billion yuan net outflow in the industry [3][4]. - The average trading cost of the stock is 16.43 yuan, with the current price near a support level of 15.40 yuan [5].

Group 1 - The core viewpoint of the news is that Longyuan Power has shown significant trading activity, with a notable increase in financing buy-ins and a relatively high financing balance compared to its market value [1] - On February 12, Longyuan Power's stock price increased by 1.03%, with a trading volume of 133 million yuan, and a net financing buy of 6.47 million yuan [1] - As of February 12, the total financing and securities lending balance for Longyuan Power was 92.08 million yuan, indicating a high level of financing activity [1] Group 2 - Longyuan Power Group Co., Ltd. was established on January 27, 1993, and listed on January 24, 2022, focusing on power system and electrical equipment technology services, new energy technology development, and project management [2] - For the period from January to September 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] - The company has distributed a total of 6.81 billion yuan in dividends since its A-share listing, with 5.58 billion yuan distributed in the last three years [3] Group 3 - As of September 30, 2025, the number of shareholders in Longyuan Power was 34,200, a decrease of 16.42% from the previous period [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited and various ETFs, with some shareholders reducing their holdings [3] - Notably, the top shareholder, Hong Kong Central Clearing Limited, reduced its holdings by 819,900 shares [3]

国内储能篇：政策催化下独立储能放量，关注"十五五" 电费收支平衡与顶层电价机制 20260212 2026-02-12 摘要 国家出台全国性独立储能容量电价机制，明确了 2026 年后的储能市场 预期，刺激了产业链需求，但各省实施细则和峰谷价差将成为影响储能 收益率的关键因素。 新能源消纳需求巨大，未来五年风光新增装机量预计为 250GW，对应 调节资源缺口约 300-350GW，年均缺口 66-70GW，对应 4 小时储能 系统体量 250-300GWh，预计未来两三年项目投产集中。 电化学储能以锂电池为主，占比超 95%，主要应用于电网侧、电源侧和 用户侧，其中新能源配套和独立储能是主要类型，截至 2025 年三季度 末，全国电化学储存规模达 80GW（189GWh）。 独立储能已成为主要新增类型，占比不断提升，大型化趋势明显，平均 时长 2.3 小时，多数省份最新项目 4 小时系统常见，利用效率方面，独 立储能高于新能源配套，部分地区利用小时数超过 1,000 小时。 独立储能盈利模式由租赁市场转向容量价格+现货套利+辅助服务调频 收益，全国性容量价格政策出台后，峰谷套利仍是主要收入来源，峰谷 差是影响 ...

Summary of Key Points from Conference Call Industry Overview - **Electronic Fabric Market**: The electronic fabric market is experiencing a supply-demand imbalance due to a shortage of weaving machines, leading to price increases for LCT and second-generation fabrics expected in 2025-2026. Ordinary electronic fabrics also face supply constraints, with a projected shortage lasting until 2027, potentially driving prices significantly higher. China National Glass's market value could reach 140 billion [2][4]. - **Consumer Building Materials**: The consumer building materials sector has seen a decline since 2021, but leading companies like Oriental Yuhong and Sankeshu have significantly increased their market share, indicating a potential turning point. With supportive real estate policies, it is recommended to increase allocations to quality leading companies such as Sankeshu, Henkel Group, Yuhong, and Tubao [2][4]. - **Electricity Market Reform**: The reform in the electricity market is promoting green electricity consumption, with the State Council emphasizing the green certificate system. High-energy-consuming industries may face mandatory assessments of green certificate ratios. Clean energy operators like Longyuan Power and New天绿色能源 are worth monitoring [2][6]. - **Global Metal Resource Pricing**: The pricing model for global metal resources has shifted from a just-in-time supply chain to a stockpiling approach, leading to a tighter supply of strategic metals and increased price volatility. Copper inventories are moving from Asia to North America, complicating price stability due to geopolitical tensions [2][7]. Core Insights and Arguments - **Supply Situation in 2026**: The supply situation in the building materials industry, particularly in electronic fabrics and consumer building materials, is expected to be tight. The electronic fabric sector, especially AI electronic fabrics, is facing significant shortages due to machine supply constraints. Even with new capacities from China National Glass and Jianfa, the existing gap is unlikely to be filled [3][4]. - **Chemical Industry Pricing Logic**: Future price increases in the chemical industry are expected to be driven by changes in competitive dynamics and carbon emission restrictions. Products in the textile chain, such as nylon and organic silicon, are likely to see price increases through self-regulation [3][17]. - **Coal Industry Trends**: After four years of decline, the coal industry is expected to see a supply contraction due to policy shifts towards price stabilization and external factors like the U.S. coal revival plan. Companies with stable earnings, such as Yancoal and Power Development, are recommended for investment [3][25]. Additional Important Insights - **Investment Strategies in Power Sources**: Different power sources exhibit significant differences in stability and cleanliness, which will influence future investment strategies. The emphasis on green energy and carbon reduction will be crucial [5][6]. - **Impact of U.S. Midterm Elections**: The U.S. midterm elections are expected to significantly impact economic data, which in turn will affect metal prices. Key economic indicators will be closely monitored during this period [12]. - **Challenges for China's Export and Domestic Demand**: In 2026, China's export and domestic demand chains may face challenges due to rising raw material prices and currency appreciation, potentially leading to a shift back to domestic demand chains [13]. - **Future of the Dye Industry**: The dye industry is seeing a shift towards self-regulation among leading companies to avoid destructive competition, with expectations of price increases continuing into peak seasons [18]. - **PVC Industry Changes**: Recent price increases in the PVC market are attributed to the cancellation of export tax rebates, with long-term supply constraints expected due to environmental regulations [20][21]. - **Outlook for Refrigerants and Potash Fertilizers**: The refrigerant market is expected to see price increases due to seasonal demand, while potash fertilizers are projected to remain stable with growth potential [22]. - **Opportunities in Petrochemical and Oil & Gas Sectors**: The petrochemical sector is poised for growth due to reduced competition and favorable market conditions, while the oil and gas sector is expected to benefit from rising oil prices [23][24]. - **Coal Supply and Price Expectations**: Domestic coal supply is expected to decrease in 2026, leading to potential price increases due to reduced imports from Indonesia and domestic production cuts [26][27]. - **Geopolitical Impact on Oil Transportation**: U.S. geopolitical actions may boost oil transportation demand, particularly in light of sanctions against countries like Venezuela and Iran [16]. - **Investment Recommendations**: Companies with stable earnings and growth potential in the coal sector are recommended for investment, particularly those with reasonable valuations at higher price levels [30].

Core Viewpoint - Longyuan Power Group Co., Ltd. is actively involved in the green energy sector, focusing on wind and solar power generation, and is participating in the national carbon market development [2]. Company Overview - Longyuan Power's main business includes wind and solar power generation, with electricity and heat as its primary products [2]. - The company was established on January 27, 1993, and was listed on January 24, 2022. It is headquartered in Beijing, China [6]. - The company's revenue composition is 99.22% from electricity products and 0.78% from other sources [6]. Recent Developments - Longyuan Power signed a framework agreement with the People's Government of Tieli City, Heilongjiang Province, to develop a 3.53 million kW renewable energy project, including a 3 million kW pumped storage project [2]. - The company played a significant role in the launch of the national carbon emissions trading market in 2021, executing the first transaction [2]. Financial Performance - 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 [7]. - The company has distributed a total of 6.814 billion yuan in dividends since its A-share listing, with 5.582 billion yuan distributed over the past three years [8]. Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 16.42% to 34,200, with an average of 0 circulating shares per person [7]. - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, with some shareholders reducing their holdings [8].

2026 年 2 月 12 日 行业研究 电改"4 号文"：全国统一电力市场顶层文件 ——碳中和领域动态跟踪（一百七十三） 要点 从"5 号文"到"4 号文"，电力市场化持续推进。2002 年"5 号文"确定电改 雏形，提出 1）厂网分开重组国有电力资产，2）竞价上网实行电价新机制，开 启电力市场化改革。2015 年"9 号文"进一步加快上网电价市场化的步伐，明 确 1）输配电价改革，2）电力市场建设，3）电力交易结构，4）有序放开发用 电计划，5）售电侧改革等方向。此次《国务院办公厅关于完善全国统一电力市 场体系的实施意见》（"4 号文"）继"9 号文"之后电力体制改革的又一里程 碑式顶层设计，确定 1）推进全国统一电力市场：2030 年基本建成统一市场， 除保障性用户外全主体入市，市场化电量占比 70%左右；2035 年全面建成，反 映电能量、调节、环境、容量的多维价值。2）推动电力资源在全国范围内优化 配置：打通国网、南网经营区间交易通道，跨经营区常态化交易；从经营主体分 别进行跨省跨区和省内交易，过渡到经营主体只需一次性提出量价需求、电力市 场即可在全国范围内分解匹配供需的联合交易模式。3）健全电力市 ...

Core Viewpoint - Longyuan Power plans to raise up to RMB 5 billion through a private placement of A-shares to invest in two wind power and energy storage projects located in Hainan and Ningxia [1][9]. Group 1: Hainan Project - The Hainan Dongfang CZ8 site will feature a 500 MW offshore wind power project with an investment of RMB 5.167 billion, including a 200 MWh energy storage system costing RMB 121.36 million, which is 2.35% of the total investment [3][11]. - The project will consist of 22 wind turbines of 10 MW each and 20 turbines of 14 MW each, with a total expected annual electricity generation of 154,859 million kWh over a 25-year operational period [4][12]. - The financial internal rate of return (IRR) for the project is estimated at 8.01%, with a payback period of 14.3 years, indicating a favorable economic outlook [4][13]. Group 2: Ningxia Project - The Ningxia "Ningxiang DC" supporting new energy base will have a capacity of 1,000 MW, with a total investment of RMB 4.272 billion, including RMB 128 million for energy storage, which is 3% of the total investment [5][15]. - The project will install 140 wind turbines of 7.15 MW each, with an expected annual electricity generation of 203,181 million kWh over a 20-year operational period, considering a 10% curtailment rate [6][16]. - The financial IRR for this project is projected at 6.23%, with a payback period of 13.6 years, also suggesting a positive economic outlook [6][17].

Group 1 - Longyuan Power experienced a decline of 0.26% on February 10, with a transaction amount of 51.13 million yuan [1] - The financing data on the same day showed a financing purchase amount of 2.53 million yuan and a financing repayment of 6.46 million yuan, resulting in a net financing buy of -3.93 million yuan [1] - As of February 10, the total balance of margin trading for Longyuan Power was 81.26 million yuan, with the financing balance accounting for 0.10% of the circulating market value, indicating a high level compared to the past year [1] Group 2 - 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 shows that 99.22% comes from power products, while other income accounts for 0.78% [2] - For the period from January to September 2025, Longyuan Power reported an operating income 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] Group 3 - Longyuan Power has distributed a total of 6.81 billion yuan in dividends since its A-share listing, with 5.58 billion yuan distributed over the past three years [3] - As of September 30, 2025, the number of shareholders for Longyuan Power was 34,200, a decrease of 16.42% from the previous period [3] - The top ten circulating shareholders include Hong Kong Central Clearing Limited and various ETFs, with some shareholders reducing their holdings compared to the previous period [3]

Group 1 - The company, Longyuan Power Group Co., Ltd., has received an inquiry letter from the Shenzhen Stock Exchange regarding its application for a specific issuance of A-shares [1] - The company has provided detailed responses to the questions raised in the inquiry letter and updated the relevant application documents [1] - The issuance of shares is subject to approval from the Shenzhen Stock Exchange and registration consent from the China Securities Regulatory Commission, with uncertainties regarding the approval timeline [2] Group 2 - The company emphasizes its commitment to accurate and complete information disclosure, ensuring no false records or misleading statements [1] - The board of directors has confirmed the authenticity of the disclosed information in the announcement [1] - The announcement was made on February 10, 2026 [3]

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。 茲 載 列 在 深 圳 證 券 交 易 所 網 站（http://www.szse.cn）刊 登 的《北京市嘉源律 師事務所關於龍源電力集團股份有限公司向特定對象發行A股股票的 補充法律意見書（一）》，僅 供 參 考。 中 國 北 京，2026年2月10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 ...