Core Viewpoint - The company, Jinneng Holding Shanxi Electric Power Co., Ltd., plans to transfer 51% equity of its wholly-owned subsidiary, Shanxi Tongying Thermal Power Co., Ltd., to Jinneng Holding Jinbei Energy (Shanxi) Co., Ltd. to enhance asset liquidity and financial flexibility [1][3][31]. Group 1: Overview of the Related Transaction - The transaction will be conducted through a non-public agreement transfer [3]. - The transaction has been approved by the company's board of directors and does not constitute a major asset restructuring as per relevant regulations [3][31]. - The related party involved in the transaction, Jinbei Energy, is also a subsidiary under the control of Jinneng Holding Group, establishing a related party relationship [3][4]. Group 2: Details of the Transaction Counterparty - Jinbei Energy was established on October 30, 2023, with a registered capital of 300 million yuan and is focused on developing a comprehensive energy demonstration base in the coal subsidence area of Jinbei [4][5]. - The company is not listed as a dishonest executor [6]. Group 3: Details of the Transaction Target - The target of the transaction is the 51% equity stake in Shanxi Tongying Thermal Power Co., Ltd., which is currently in the construction phase and has not yet commenced production or sales [7][12]. - The financial status of Shanxi Tongying Thermal Power shows total assets of 333,798.67 million yuan and total liabilities of 282,367.05 million yuan as of June 30, 2025 [14][15]. Group 4: Valuation and Pricing of the Transaction - The valuation of the 51% equity stake is set at 26,569.14 million yuan, based on an assessment report from Beijing Zhongqi Hua Asset Appraisal Co., Ltd. [20][22]. - The assessment indicates a net asset value of 52,096.35 million yuan for the company, with a valuation increase of 1.29% for the equity stake being transferred [19][20]. Group 5: Purpose and Impact of the Transaction - The transaction aims to accelerate project construction and improve cash flow for the company, thereby alleviating financial pressure and enhancing asset liquidity [31]. - The transaction is expected to have no adverse effects on the company's ongoing operations, financial condition, or independence [31]. Group 6: Independent Director's Opinion - The independent directors have unanimously agreed that the transaction aligns with the company's operational needs and adheres to principles of fairness and transparency [33].

Core Viewpoint - Longyuan Power (001289)(00916) has successfully completed the issuance of super short-term financing bonds totaling RMB 2 billion, aimed at refinancing existing debt and supplementing working capital [1] Group 1 - The total amount of the super short-term financing bond issuance is RMB 2 billion [1] - The bond has a maturity period of 180 days and a face value of RMB 100 [1] - The coupon rate for the bond is set at 1.56%, with interest starting to accrue from November 20, 2025 [1] Group 2 - The funds raised from this bond issuance are intended for replacing existing interest-bearing debt and enhancing liquidity [1]

Core Viewpoint - Longyuan Power (00916) has successfully completed the issuance of super short-term financing bonds totaling RMB 2 billion, aimed at refinancing existing debt and supplementing working capital [1] Group 1: Financing Details - The total amount of the super short-term financing bonds issued is RMB 2 billion [1] - The bonds have a maturity period of 180 days and a face value of RMB 100 each [1] - The coupon rate for the bonds is set at 1.56%, with interest calculations starting from November 20, 2025 [1] Group 2: Purpose of Fundraising - The funds raised from the bond issuance are intended for replacing existing interest-bearing debt and enhancing liquidity [1]

Core Insights - The total amount of share buybacks by major shareholders in A-shares has exceeded 93 billion yuan as of November 19, 2023, marking a new high for the year [3][4] - A total of over 100 billion shares have been repurchased, the second-highest number since 2021 [4] - The banking sector leads in buyback amounts, with over 10.7 billion yuan, followed by basic chemicals and public utilities [5] Company-Specific Insights - Nanjing Bank has the highest buyback amount exceeding 5.9 billion yuan, with major shareholders including BNP Paribas and Nanjing Gaoke [7] - Salt Lake Co. has seen a buyback amount of over 4.5 billion yuan, primarily from Minmetals Group, with a stock price increase of over 68% this year [7][8] - BYD's buyback, mainly from executives and employee stock plans, totals nearly 3 billion yuan, reflecting confidence in future growth [8] - Longjiang Power has a buyback amount exceeding 2.5 billion yuan, with plans for further buybacks [8] Industry Trends - 13 industries have seen buyback amounts exceeding 3 billion yuan, with banking, basic chemicals, and public utilities at the forefront [5] - The banking sector has consistently high buyback amounts, with over 25 billion yuan in 2023 and 10.2 billion yuan in 2024 [5] - Companies with ongoing buyback plans have seen an average stock price increase of over 15%, outperforming the CSI 300 index [9][10]

毛丽表示，市场预计2025年至2027年"美股科技七雄"的资本支出或会超过过往十年支出累积的总和，每 一次颠覆性的技术革命遵循同样的路径，即从资本支出到基础设施建设，最终带动生产力的提升，这一 轮的AI应用的速度比过往更快，市场集中度更高，依然看好与人工智能相关的优质企业长期增长的动 能。 针对美股市场，毛丽认为，今年四季度开始，美国处在财政政策跟货币政策齐发力的阶段。在宽松的货 币环境跟财政政策的支持下，人工智能迎来快速发展，进一步帮助企业降本增效，同时提升企业盈利， 推动美股长期增长。"从长期角度看，未来会有更多的行业和企业应用AI技术，创造价值，美股企业盈 利或会进一步走阔。科技在盈利方面增长依然引领市场，2026年到2027年，其他低估值的行业盈利方面 或会逐步修复。"毛丽表示。 针对中国市场，毛丽认为，中国市场会遵循美国市场同样的路径，即AI赋能的行业带领中国市场持续 增长，随着人工智能、集成电路、软件国有化，数字基础设施建设等前沿性科技领域放在优先发展的位 置，未来或会有一系列政策支持、资源配置，进一步提升新质生产力，依然看好中国科技方面的表现跟 发展。 21世纪经济报道记者 吴佳楠 深圳报道 1 ...

证券代码： 000027 证券简称：深圳能源 深圳能源集团股份有限公司投资者关系活动记录表 编号：202505 | 投资者关系活动 | □ 特定对象调研 □ 分析师会议 | | --- | --- | | 类别 | □ 媒体采访 □ 业绩说明会 | | | 新闻发布会 路演活动 □ □ | | | 现场参观 □ | | | 年深圳辖区上市公司投资者网上集体接待日） √其他 （2025 | | 参与单位名称及 | 投资者网上提问 | | 人员姓名 | | | 时间 | 2025 年 11 月 20 日 (周四) 下午 14:30~17:00 | | 地点 | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） | | | 采用网络远程的方式召开业绩说明会 | | 上市公司接待人 | 1. 副总裁、董事会秘书 李倬舸 | | 员姓名 | 2. 董事会办公室 章红星 | | | 3. 董事会办公室 瞿铁山 | | | 4. 董事会办公室 王兆一 | | | 5. 董事会办公室 施诗 | | | 投资者提出的问题及公司回复情况 公司就投资者在本次说明会中提出的问题进行了回复： | | | 1 ...

来源：新浪基金∞工作室 11月20日，港红利（520890）收盘涨0.00%，成交额5230.42万元。 港股通红利低波ETF（520890）成立于2024年9月4日，基金全称为华泰柏瑞恒生港股通高股息低波动交 易型开放式指数证券投资基金，基金简称为港红利。该基金管理费率每年0.50%，托管费率每年 0.10%。港股通红利低波ETF（520890）业绩比较基准为恒生港股通高股息低波动指数收益率(使用估值 汇率折算)。 规模方面，截止11月19日，港股通红利低波ETF（520890）最新份额为7200.80万份，最新规模为1.07亿 元。回顾2024年12月31日，港股通红利低波ETF（520890）份额为1.23亿份，规模为1.46亿元。即该基 金今年以来份额减少41.46%，规模减少26.98%。 流动性方面，截止11月20日，港股通红利低波ETF（520890）近20个交易日累计成交金额8.43亿元，日 均成交金额4216.72万元；今年以来，214个交易日，累计成交金额42.23亿元，日均成交金额1973.28万 元。 港股通红利低波ETF（520890）现任基金经理为李茜。李茜自2024年9月4日管理 ...

证券之星消息，11月20日电力板块较上一交易日下跌0.25%，*ST聆达领跌。当日上证指数报收于 3931.05，下跌0.4%。深证成指报收于12980.82，下跌0.76%。电力板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002893 | 京能熱力 | 13.02 | 5.51% | 64.83万 | | 8.56亿 | | 605028 | 世茂能源 | 32.98 | 4.90% | 8.42万 | | 2.67亿 | | 600226 | 亨通股份 | 4.43 | 3.99% | 97.00万 | | 4.35亿 | | 600167 | 联美控股 | 65"6 | 3.56% | 67.55万 | | 6.41亿 | | 605580 | 恒盛能源 | 40.25 | 2.50% | 5.66万 | | 2.27亿 | | 600509 | 天富能源 | 8.58 | 1.66% | 62.60万 | | 5.46亿 | | 001210 | ...

Core Viewpoint - Longyuan Power (00916.HK) maintains a "Buy" rating despite a year-on-year decline in net profit due to high base effects from last year's asset disposals and fluctuations in green electricity prices, while revenue increased in Q3 2025 [1] Financial Performance - Q3 2025 revenue increased year-on-year, but net profit attributable to shareholders decreased due to high base effects from last year's thermal power asset disposals [1] - Operating cash flow significantly improved by 53.33% driven by accelerated recovery of national subsidies [1] - Wind power generation showed steady growth, while solar power generation saw a remarkable year-on-year increase [1] Market Position and Ratings - As of November 20, 2025, Longyuan Power's stock closed at HKD 6.99, with a trading volume of 12.49 million shares and a turnover of HKD 87.46 million [1] - The stock has received "Buy" ratings from six investment banks in the past 90 days, with an average target price of HKD 9.43 [1] - Longyuan Power's market capitalization is HKD 23.258 billion, ranking 7th in the power industry [1][2] Key Financial Metrics - Return on Equity (ROE): 8.08%, compared to the industry average of 0.1% [2] - Market capitalization: HKD 23.258 billion, above the industry average of HKD 18.23 billion [2] - Revenue: HKD 28.143 billion, slightly below the industry average of HKD 29.099 billion [2] - Net profit margin: 26.66%, higher than the industry average of 25.47% [2] - Debt ratio: 67.27%, compared to the industry average of 61.72% [2]

Core Viewpoint - The Yunnan Provincial Development and Reform Commission has approved the construction of four 500 kV power transmission and transformation projects to enhance the main grid and accelerate the development of a new power system, supporting a high proportion of renewable energy integration [1] Summary by Sections Project Details - The four projects include: 1. The construction of the 500 kV Changxin power transmission and transformation project in Yunlong County, Dali Prefecture, which will meet the renewable energy transmission needs of northern Dali and the Nujiang Lushui area, while enhancing the transmission capacity of hydropower stations in the upper reaches of the Lancang River [1] 2. The establishment of the 500 kV Jiangcheng power transmission and transformation project in Jiangcheng County, Pu'er City, which will strengthen the connection between the southwestern Yunnan power grid and the main grid, promoting renewable energy development and cross-border electricity interconnection in southwestern Yunnan [1] 3. The expansion of the 500 kV Dehong substation in Yingjiang County, Dehong Prefecture, which will increase the clean energy transmission capacity by over 800,000 kW [1] 4. The expansion of the 500 kV Gengma substation in Gengma County, Lincang City, which will enhance the regional clean energy transmission capacity by over 1,300,000 kW [1] Investment and Capacity Enhancement - The total investment for these four projects exceeds 3.18 billion yuan, and upon completion, they will enhance the province's renewable energy carrying capacity by over 7 million kW, ensuring the transmission needs of large hydropower projects and strongly supporting the construction of a new power system and green low-carbon development in the province [1]