丨证券研究报告丨 [Table_scodeMsg1] 联合研究丨公司点评丨龙源电力（001289.SZ） [Table_Title] 风况偏弱限制主业经营，业绩增速受限高基数 报告要点 [Table_Summary] 三季度公司风电发电量同比增长 3.32%，增速环比降低 4.7 个百分点；光伏发电量同比增长 88.61%，增速环比提升 4.4 个百分点。若剔除火电剥离影响，三季度营业收入同比增长 5.15%， 新能源业务收入平稳增长。但利用小时数与电价的承压依然对当期业绩产生不利影响，三季度 公司毛利润同比降低 1.51 亿元。去年同期公司因江阴热电转让取得一次性投资收益 5.14 亿元， 受高基数的影响，三季度投资收益贡献同比降低 5.26 亿元。主业经营偏弱叠加去年一次性投资 收益推高业绩基数，三季度公司实现归母净利润 10.18 亿元，同比降低 38.19%。 分析师及联系人 张韦华 邬博华 司旗 宋尚骞 刘亚辉 SAC：S0490517080003 SAC：S0490514040001 SAC：S0490520120001 SAC：S0490520110001 SAC：S0490523080003 ...

Core Viewpoint - The sixth International Forum on New Power Systems and the 21st International Technology Forum of China Southern Power Grid was held, showcasing the achievements and innovations in the construction of new power systems during the 14th Five-Year Plan period [1] Group 1: Achievements in New Power System Construction - China Southern Power Grid has built the world's largest AC-DC interconnected grid, with cumulative electricity transmission exceeding 950 billion kilowatt-hours [1] - The reliability of power supply in the Guangdong-Hong Kong-Macao Greater Bay Area has reached world-class levels [1] - The number of registered market participants in the electricity trading market has surpassed 220,000, accounting for one-fourth of the national total, with over 70% of electricity traded through market mechanisms [1] - The ultra-high voltage transmission technology is internationally leading, with the Kunliulong DC project achieving 19 world-first power technology milestones [1] Group 2: Green Energy Supply and Efficiency - The digitalization efforts have improved the management of renewable energy, with short-term forecasting accuracy for wind and solar power reaching 88% and 93%, respectively [2] - Non-fossil energy generation in five provinces has reached 66% of installed capacity and 56% of total generation, placing it among the leading grids globally [2] - The installed capacity of renewable energy has exceeded 257 million kilowatts, a 3.5-fold increase since 2020 [2] - The capacity for electricity transmission from the west to the east has surpassed 58 million kilowatts, with over 80% of the transmitted electricity being clean energy [2] Group 3: Energy Transition and Consumer Benefits - Since the 14th Five-Year Plan, electricity substitution has exceeded 240 billion kilowatt-hours, with electricity accounting for 34% of total energy consumption, 5 percentage points higher than the national average [3] - Over 100,000 charging piles have been installed across urban and rural areas, achieving full coverage in the Guangdong-Hong Kong-Macao Greater Bay Area [3] - The green electricity trading volume is expected to reach 250 billion kilowatt-hours by 2025, surpassing the total of the previous three years [3] Group 4: Collaborative Development of Power Systems - The new power system construction emphasizes collaboration among generation, grid, load, and storage [4] - The installed capacity of pumped storage and new energy storage has exceeded 10 million kilowatts each, with demand-side response levels reaching 7.6% [5] Group 5: Mechanism Innovation and Market Efficiency - New mechanisms have been established for shared storage leasing and auxiliary services, enhancing resource allocation efficiency [6] - The virtual power plant model in Shenzhen exemplifies the integration of electric vehicles as mobile storage, achieving a controllable load of 1.1 million kilowatts [6] Group 6: Technological Innovation and Digital Transformation - The company has implemented advanced technologies for grid management, achieving significant improvements in operational efficiency and safety [7][8] - The digital grid construction is progressing steadily, with the establishment of an AI alliance and the release of national standards [9] - The integration of digital supply chains is driving the development of new business models within the industry [10] Group 7: Commitment to Sustainable Development - The company expresses its commitment to collaborating with various stakeholders to contribute to global sustainable energy development [11]

Investment Rating - The report maintains a "Buy" rating for the electricity sector, indicating a positive outlook for investment opportunities in this industry [6]. Core Insights - The China Electricity Council forecasts a 5% growth in electricity consumption for the year, with total installed capacity of wind and solar expected to exceed 1.8 billion kilowatts by 2025. In the first three quarters of 2025, total electricity consumption reached 7.77 trillion kilowatt-hours, a year-on-year increase of 4.6%, with significant contributions from the secondary industry and high-tech equipment manufacturing [1][9]. - The report highlights a decline in holdings of both active and index funds in the electricity and public utilities sector, with active funds holding 0.65% and index funds holding 1.74% of their portfolios by the end of Q3 2025, both showing a decrease compared to previous quarters [1][9]. Summary by Sections Industry Overview - The report indicates that the total installed power generation capacity in China reached 3.72 billion kilowatts by the end of September 2025, reflecting a year-on-year growth of 17.5%. It is projected that the total installed capacity will reach approximately 3.9 billion kilowatts by the end of 2025, representing a 16.5% increase [1][9]. Fund Holdings - Active funds have seen a reduction in their holdings in the electricity sector, with the top five increased holdings being Jiufeng Energy (+0.53%), Jiantou Energy (+0.41%), and others, while the top five decreased holdings include CGN New Energy (-2.74%) and Datang New Energy (-1.61%) [1][9]. - Index funds also reflect a similar trend, with Shanghai Electric (+0.44%) and Shenneng Co. (+0.19%) being the top increased holdings, while Changjiang Electric (-0.58%) and Zheneng Electric (-0.16%) saw the largest decreases [2][10]. Investment Recommendations - The report suggests focusing on the thermal power sector, which is expected to see continued performance improvements, and highlights the importance of energy storage policies and the value of flexible power sources. Recommended stocks include Huaneng International, Huadian International, and others in the thermal power sector [2][6]. - Additionally, the report advises on investing in undervalued green electricity stocks, particularly in Hong Kong and wind power operators, with specific recommendations for Xintian Green Energy and Longyuan Power [2][6].

Core Viewpoint - Huaneng International's stock price has increased significantly, reaching a nearly one-year high, while the company reported mixed financial results for Q3 2025, with a decline in revenue but a substantial increase in net profit [1][2][3]. Financial Performance Summary - For Q3 2025, Huaneng International reported a total revenue of 172.98 billion yuan, a decrease of 6.19% year-on-year, while the net profit attributable to shareholders rose by 42.52% to 14.84 billion yuan [2][3]. - The company's Q3 single-quarter revenue was 60.94 billion yuan, down 7.09% year-on-year, but the net profit for the quarter surged by 88.54% to 5.58 billion yuan [2][3]. - The gross profit margin stood at 19.95%, with a debt ratio of 63.78% and investment income of 1.02 billion yuan [2][3]. Corporate Announcements Summary - The Board of Directors approved the provision for asset impairment of 365 million yuan, reflecting a prudent approach to asset management [4][6]. - Huaneng International plans to engage in daily related transactions with Huaneng Group and Tiancheng Leasing, with expected transaction amounts for 2026 including 2.1 billion yuan for auxiliary equipment procurement and 73.4 billion yuan for fuel and transportation [5]. - The company has completed the issuance of 30 billion yuan in short-term financing bonds with a maturity of 50 days and an interest rate of 1.45% [9]. - Huaneng International has received approval to issue corporate bonds up to 40 billion yuan, with the first phase of 20 billion yuan already issued [8][11].

Core Viewpoint - The company, Sungrow Power Supply Co., Ltd., has reported strong growth in its energy storage business, achieving record net profits in Q3 2023, indicating a robust performance in the renewable energy sector [1][2]. Financial Performance - In Q3 2023, the company achieved revenue of approximately 22.87 billion yuan, a year-on-year increase of 20.83%, and a net profit attributable to shareholders of about 4.15 billion yuan, up 57.04% year-on-year, marking the highest quarterly net profit since its listing [1]. - For the first three quarters of 2023, the company reported revenue of approximately 66.40 billion yuan, a 32.95% increase year-on-year, and a net profit of about 11.88 billion yuan, reflecting a 56.34% year-on-year growth [1]. Market Position and Strategy - The company submitted an H-share listing application to the Hong Kong Stock Exchange on October 5, 2023, with a global market share of 11.9% in energy storage systems projected for 2024 [2]. - The overseas revenue for the first half of 2023 reached 25.4 billion yuan, accounting for 58.4% of total revenue, with a production capacity of 50GW for photovoltaic inverters [2]. - The company aims to achieve a shipment target of 40-50 GWh for energy storage products in 2023, representing a year-on-year increase of 42%-78% compared to 28 GWh in 2024 [2]. Competitive Landscape - In the European energy storage market, the company faces significant competition from Tesla, CATL, and BYD, with Tesla holding a 15% market share and the company at 14%, ranking second [2]. - The company has established long-term strategic partnerships with leading battery manufacturers to ensure stable supply and pricing for its energy storage cells [2]. Future Outlook - The company is expanding into the AIDC power business through a newly established subsidiary, aiming to provide comprehensive green energy solutions as demand for data centers and renewable energy increases [3]. - The stock price of the company has surged by 155.17% since the beginning of Q3 2023, reflecting strong market confidence and positioning within the photovoltaic sector [3].

Core Viewpoint - The article highlights the robust development of the electricity supply system in Shaanxi, emphasizing the successful integration of renewable energy sources and the construction of high-capacity transmission infrastructure to meet increasing electricity demand [3][4][9]. Group 1: Electricity Demand and Supply - In the first three quarters, Shaanxi's power grid recorded a maximum load of 44.91 million kilowatts, with total load and daily electricity consumption hitting new highs three times [2]. - Eight cities in Shaanxi, including Xi'an and Baoji, collectively saw their grid load and daily electricity consumption reach new peaks 47 times [2]. Group 2: Infrastructure Development - The Shaanxi power sector has been actively constructing over 20 new 750 kV projects to enhance the backbone grid, which has increased the overall power supply capacity by 562.24 million kilowatts [5]. - The Shaanxi to Guanzhong 750 kV third channel transmission project will boost transmission capacity from 6.1 million kilowatts to over 10 million kilowatts, replacing 7 million tons of coal annually and reducing CO2 emissions by 14 million tons [4]. Group 3: Renewable Energy Integration - Shaanxi's renewable energy generation capacity has been growing at an annual rate of 23% since the 14th Five-Year Plan, with the aim of having renewable energy account for 50% of total installed capacity by the end of the plan [9]. - The region has seen significant advancements in wind and solar energy, with projects like the 275 wind turbines in Dingbian County generating 8.653 billion kilowatt-hours, representing a substantial portion of the local power supply [8]. Group 4: Virtual Power Plants - The emergence of virtual power plants is transforming electricity users from mere consumers to active participants in energy production and consumption, enhancing grid stability and efficiency [11]. - Shaanxi's virtual power plant initiative has successfully reduced peak load by 1,000 kilowatts during high-demand periods, showcasing the potential of digital coordination in energy management [12]. Group 5: Market Dynamics - The integration of virtual power plants into the electricity market is expected to reduce investment costs in power generation and grid infrastructure while increasing revenue opportunities for businesses and residents [12]. - The ongoing development of high-voltage transmission lines and renewable energy projects is expected to stimulate economic growth and support the transition to a low-carbon energy system in Shaanxi [12].

丨证券研究报告丨 [Table_scodeMsg1] 联合研究丨公司点评丨龙净环保（600388.SH） [Table_Title] 拟向紫金定增募资 20 亿元，紫金持股比例或将 提升至 33.76% 报告要点 [Table_Summary] 2025 年 10 月 24 日，龙净环保发布《2025 年度向特定对象发行 A 股股票预案》，拟向紫金矿 业募集不超过 20 亿元（含），募集净额拟全部用于补充流动资金，发行后紫金矿业持股比例或 将增至 33.76%，向紫金增发利于龙净发展长逻辑。Q2 起公司进入绿电业绩加速兑现期，当前 储能销售良好，烟气订单规模稳定，并积极布局新方向钠离子电池。看好公司长期发展。 分析师及联系人 [Table_Author] 徐科 王筱茜 叶之楠 盛意 SAC：S0490517090001 SAC：S0490519080004 SAC：S0490520090003 SAC：S0490525070006 SFC：BUV415 SFC：BWM115 请阅读最后评级说明和重要声明 1 [Table_scodeMsg2] 龙净环保（600388.SH） cjzqdt11111 [Tabl ...

Industry Developments - The National Energy Administration has issued opinions to promote high-quality development of coal washing and selection, aiming for improved coal selection facilities and increased raw coal selection rates by the end of the 14th Five-Year Plan [2] - The world's largest clean energy corridor, consisting of six hydropower stations along the Yangtze River, has surpassed a cumulative power generation of 4 trillion kilowatt-hours, with a significant contribution to grid stability during peak electricity demand [2] - The Jiangsu Provincial Development and Reform Commission has released an implementation plan for market-oriented pricing reforms in renewable energy, effective from January 1, 2026, which will require all renewable energy projects to enter the electricity market [3] Company News - The Erzhou Huahu Airport has utilized over 81 million kilowatt-hours of green energy since its operation, significantly reducing coal consumption and carbon emissions, showcasing its leadership in green energy usage [4] - Shandong Weiqiao Group has connected to the national grid, ending its previous isolated operation and establishing a new model for integrating self-supplied power plants with public green electricity consumption [6] - The National Energy Group's Dadu River Shaping First Hydropower Station has officially commenced operations, marking a significant milestone in Sichuan Province's key construction projects during the 14th Five-Year Plan [8]

Summary of Longyuan Power Conference Call Company Overview - Longyuan Power is a subsidiary of China Energy Group, focusing on wind power, with a wind power installed capacity ratio of 73% and solar power at 27% [2][5][9] - The company has maintained a long-term Return on Equity (ROE) of 8%-9% since 2011, but has faced pressure on electricity prices and competition from thermal power, leading to a decline in revenue per kilowatt-hour [2][5] Industry Context and Valuation - The renewable energy industry is experiencing favorable policies, with a notable increase in new installed capacity since July 2025 [3] - Longyuan Power's price-to-book (PB) ratio has fluctuated significantly, dropping from 2.34 in September 2021 to a historical low of 0.52 in February 2024, and currently recovering to 0.85 [3][7] - The company is expected to benefit from industry valuation recovery due to its first-mover advantage and competitive pricing post the implementation of Document 136 [3][7] Financial Performance - As of mid-2025, Longyuan Power's accounts receivable stood at 49.5 billion yuan, accounting for 56% of net assets, with annual state subsidies expected to be between 12-13 billion yuan [4][11] - The price of green certificates has rebounded to 5.7 yuan per certificate, a 23% year-on-year increase, with trading volumes for green certificates and green electricity rising by 100%-200% [4][13] Asset and Project Pipeline - Longyuan Power's current operational capacity includes 31.4 GW of wind power and 11.8 GW of solar power, with plans to add 5 GW of new capacity in 2025 [8][9] - Future growth is anticipated from the injection of 4 GW of green power projects from the parent group, upgrades of old equipment, and a strong pipeline of offshore wind and large-scale projects [2][8] Market Dynamics - The marketization of electricity pricing has led to wind power prices being higher than solar power prices, benefiting Longyuan Power as a major wind power competitor [10] - The company has a competitive edge due to its internal synergies and the alignment of its renewable energy projects with its thermal power operations [10] Future Profitability and Projections - Longyuan Power's projected net profits for 2025-2027 are 2.43 billion yuan, 7.22 billion yuan, and 7.93 billion yuan, reflecting growth rates of 0%, 12%, and 10% respectively [14] - Despite short-term performance pressures, the overall trend for the company is positive, with expectations for gradual recovery in the green energy sector [14]

Investment Rating - The investment rating for Longking Environmental (龙净环保) is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 7.858 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 18.09%. The net profit attributable to shareholders was 780 million yuan, up 20.53% year-on-year [8] - The green electricity and energy storage segments have made significant contributions to the company's performance, with the green electricity business contributing nearly 170 million yuan in net profit [8] - The company has a robust order backlog of 19.7 billion yuan, with new contracts signed for environmental equipment engineering increasing by 1.1% year-on-year [8] - The company is strategically expanding into the mining equipment sector and has made investments in special robots for energy applications [8] Financial Summary - Total revenue forecast for 2023A is 10.973 billion yuan, with a projected increase to 12.097 billion yuan in 2025E, reflecting a growth rate of 20.74% [1] - The net profit attributable to shareholders is expected to rise from 508.97 million yuan in 2023A to 1.23175 billion yuan in 2025E, indicating a growth of 48.33% [1] - The earnings per share (EPS) is projected to increase from 0.40 yuan in 2023A to 0.97 yuan in 2025E [1] - The price-to-earnings (P/E) ratio is forecasted to decrease from 37.70 in 2023A to 15.58 in 2025E [1]