Investment Rating - The report maintains a "Positive" investment rating for the utility sector [4] Core Views - Electricity consumption growth remains high, but there are signs of pressure on long-term contract electricity prices due to falling coal prices and high inventory levels [7] - The utility sector is viewed as a defensive asset, with low-priced utility assets worth attention [7] - The report suggests that the electricity market will gradually allow for better pricing of electricity attributes to support the complex new power system [7] Summary by Sections Electricity Consumption - In November 2025, total electricity consumption increased by 6.2% year-on-year, a recovery from October's 4.2 percentage point decline, with a cumulative growth of 1.0% for January to November 2025 [10] - The growth rates for different sectors in November 2025 were: primary industry +7.9%, secondary industry +4.4%, tertiary industry +10.3%, and residential consumption +9.8% [10] - The report anticipates that December 2025 will see electricity consumption growth maintain around 5-6% due to ongoing growth in sectors like charging services and information technology [10] Electricity Prices - From December 19 to December 26, 2025, the average clearing price in Guangdong's electricity market was 308 RMB/MWh, up by 3.9% year-on-year [21] - In contrast, Shanxi's average market price dropped to 179 RMB/MWh, down 54.9% year-on-year [21] Coal Prices - Port coal prices continue to decline, with the Qinhuangdao Q5500 coal price at 672 RMB/ton, down 4.4% week-on-week [24] - The report notes a divergence in pit coal prices, with Shanxi's Q5500 coal price stable at 550 RMB/ton, while Inner Mongolia's price fell by 1.7% [24] Hydrology - The Three Gorges Reservoir's water level was 171 meters, with a year-on-year increase of 3.1 meters, while inflow rates decreased by 13.7% year-on-year [31] Market Performance - The utility sector index rose by 0.8% but underperformed compared to the Shanghai and Shenzhen 300 index, which increased by 1.9% [40] - Among sub-sectors, gas showed the highest weekly increase at +2.6%, while hydropower decreased by 0.8% [42] Investment Recommendations - The report recommends focusing on utility stocks, particularly in thermal power, hydropower, and nuclear power, citing improved business models and growth potential [7]

Core Viewpoint - Longyuan Power Group Co., Ltd. is actively expanding its renewable energy projects, particularly in wind and solar power, while facing a decline in revenue and profit in recent financial results [2][7]. 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 signed a framework agreement with the People's Government of Tieli City, Heilongjiang Province, to develop a 3.53 million kilowatt new energy power generation project [2]. - Longyuan Power operates a total installed wind power capacity of 1.5908 million kilowatts in Xinjiang [3]. Financial Performance - 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 [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]. Market Activity - On December 26, Longyuan Power's stock price fell by 0.13%, with a trading volume of 55.3084 million yuan and a turnover rate of 0.07%, resulting in a total market capitalization of 127.822 billion yuan [1]. - The main capital flow showed a net outflow of 2.5958 million yuan for the day, with a ranking of 54 out of 102 in the industry [4]. Technical Analysis - The average trading cost of Longyuan Power's shares is 16.66 yuan, with the stock price approaching a support level of 14.97 yuan [5].

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 a low short-selling balance [1][2]. Group 2 - On December 25, Longyuan Power's stock rose by 0.33%, with a trading volume of 42.42 million yuan. The financing buy-in amounted to 6.34 million yuan, while the financing repayment was 3.80 million yuan, resulting in a net financing buy-in of 2.54 million yuan [1]. - As of December 25, the total balance of margin trading for Longyuan Power was 101 million yuan, which represents 0.13% of its market capitalization and is above the 80th percentile of the past year, indicating a high level of financing [1]. - In terms of short selling, on December 25, Longyuan Power had no shares repaid but sold 5,600 shares, amounting to 85,700 yuan at the closing price. The short selling balance was 12,250 yuan, which is below the 10th percentile of the past year, indicating a low level of short selling [1]. Group 3 - Longyuan Power Group Co., Ltd. was established on January 27, 1993, and listed on January 24, 2022. Its main business includes technical transformation, services, and production maintenance related to power systems and electrical equipment [2]. - 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%, and a net profit attributable to shareholders of 4.39 billion yuan, down 19.76% year-on-year [2]. Group 4 - Since its A-share listing, Longyuan Power has distributed a total of 6.81 billion yuan in dividends, 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. The average circulating shares per person remained at 0 shares [2][3]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited held 3.05 million shares, a decrease of 819,900 shares from the previous period [3].

Group 1 - The National Development and Reform Commission will hold a press conference on the National Venture Capital Guidance Fund on December 26 at 10:30 AM [2] - The National Health Commission will hold a press conference in the afternoon to discuss eight key initiatives for public service [3] - A total of 12 companies will have their restricted shares unlocked today, with a combined unlock volume of 10.462 billion shares, amounting to a market value of 22.042 billion yuan [3] Group 2 - Among the companies with significant unlock volumes, HNA Holding, Hanma Technology, and Hainan Haiyao lead with unlock shares of 9.973 billion, 235 million, and 131 million respectively [3] - The companies with the highest unlock market values are HNA Holding (17.552 billion yuan), Hanma Technology (1.436 billion yuan), and Shanwaishan (1.293 billion yuan) [3] - Sixteen companies disclosed stock repurchase progress, with five companies announcing new repurchase plans and two companies having their plans approved by shareholders [3][4] Group 3 - Five companies disclosed progress on private placements, with one company announcing a new private placement plan and three plans approved by shareholders [5] - Eight A-shares will undergo equity registration today, with five companies planning to distribute dividends [6] - The companies with the highest dividend payouts are Citic Publishing (1.60 yuan per 10 shares), Yanjing Beer (1.00 yuan), and Longyuan Power (1.00 yuan) [6]

Core Viewpoint - Eight A-shares are undergoing equity registration today, with five companies planning to distribute dividends and three companies planning to increase their share capital [1] Dividend Distribution - Five companies have their equity registration date on December 26, with the largest dividends being distributed by CITIC Publishing, Yanjing Beer, and Longyuan Power, which will pay 1.60 yuan, 1.00 yuan, and 1.00 yuan per 10 shares respectively [1] Capital Increase - Three companies are increasing their share capital, with *ST Lingda, *ST Meigu, and *ST Zhang having the highest capital increase ratios, distributing 15 shares, 13.4278 shares, and 10 shares for every 10 shares held respectively [1] Upcoming Dividend Proposals - Three companies have announced upcoming dividend proposals, with Jinling Sports, Zijin Bank, and Founder Securities planning to distribute dividends of 1.0 yuan, 0.5 yuan, and 0.1 yuan per 10 shares respectively [1]

Group 1 - Longyuan Power's stock price remained unchanged at 0.00% on December 24, with a trading volume of 46.87 million yuan [1] - The financing data for Longyuan Power on the same day showed a financing purchase amount of 3.41 million yuan and a financing repayment of 5.90 million yuan, resulting in a net financing outflow of 2.49 million yuan [1] - As of December 24, the total balance of margin trading for Longyuan Power was 98.10 million yuan, with the financing balance accounting for 0.13% 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] - 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%, 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, 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 held 3.05 million shares, a decrease of 819,900 shares from the previous period [3] - The top ten circulating shareholders saw changes, with some ETFs exiting the list, indicating a shift in institutional holdings [3]

Core Viewpoint - Longyuan Power Group Co., Ltd. is actively expanding its renewable energy projects, particularly in wind and solar power generation, while facing a decline in revenue and profit in recent financial results [2][7]. 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 signed a framework agreement with the People's Government of Tieli City, Heilongjiang Province, to develop a 3.53 million kilowatt new energy power generation project [2]. - Longyuan Power's operational wind power capacity in Xinjiang is 1.5908 million kilowatts [3]. Financial Performance - 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 [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 and Market Activity - As of September 30, 2025, the number of shareholders for Longyuan Power was 34,200, a decrease of 16.42% from the previous period [7]. - The stock has seen a net outflow of 599,900 yuan today, with a total market capitalization of 127.571 billion yuan [1][4]. Technical Analysis - The average trading cost of Longyuan Power's shares is 16.66 yuan, with the current stock price near a support level of 14.97 yuan [5].

Summary of Key Points Core Viewpoint The announcement details the renewal of the Financial Services Agreement between Longyuan Power Group Co., Ltd. and State Energy Group Finance Co., Ltd., which will provide various financial services to Longyuan Power from January 1, 2026, to December 31, 2028. This agreement is expected to enhance financial management and reduce financing costs for the company. Group 1: Overview of Related Transactions - Longyuan Power has renewed the Financial Services Agreement with State Energy Group Finance, which includes services such as direct loans, bill acceptance, and financial guarantees [2][3]. - The agreement is effective from January 1, 2026, to December 31, 2028, and is classified as a related party transaction due to the controlling relationship between the two entities [3][4]. Group 2: Board Approval Process - The board of directors approved the renewal of the Financial Services Agreement during a meeting held on December 23, 2025, with specific directors abstaining from the vote due to their related party status [4][5]. - The transaction does not require shareholder approval and is not classified as a major asset restructuring [4][5]. Group 3: Previous Transaction Execution - The previous agreement, effective from January 1, 2025, to December 31, 2025, had a transaction limit and actual amounts provided by State Energy Group Finance to Longyuan Power and its subsidiaries [5][6]. Group 4: Financial Data of State Energy Group Finance - State Energy Group Finance, established in 2000, has a registered capital of 175 billion RMB and primarily serves the members of the State Energy Group [6][7]. - The company has not been listed as a dishonest executor, indicating good creditworthiness and capability to provide financial services [7]. Group 5: Main Content of the Agreement - The services provided under the agreement include comprehensive credit limits for various types of loans, internal fund transfers, and financial consulting services [9][10]. - The agreement stipulates that the financial services will be provided at rates not exceeding those offered by major commercial banks [12][13]. Group 6: Purpose and Impact of the Agreement - The renewal of the agreement aims to maintain continuity in financial services, optimize financial management, and reduce financing costs for Longyuan Power [15][16]. - The agreement is expected to enhance the efficiency of fund management and reduce transaction times between Longyuan Power and its subsidiaries [17][18]. Group 7: Risk Control Measures - Longyuan Power will implement strict risk control measures, including monitoring daily deposit limits and ensuring compliance with regulatory requirements [20][21]. - The company will regularly assess the financial status of State Energy Group Finance to mitigate potential risks [23][24]. Group 8: Related Transactions with State Energy Group - From January 1 to November 30, 2025, Longyuan Power engaged in related transactions totaling 2.851 billion RMB with State Energy Group and its subsidiaries [26][65].

证券日报网讯 12月23日，龙源电力发布公告称，公司第六届董事会2025年第3次会议于12月23日召开， 审议通过《关于龙源电力集团股份有限公司调整2025年综合计划的议案》等。 （文章来源：证券日报） ...

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 中 倫 律 師 事務所關於龍源電力集團股份有限公司2025年第二次臨時股東會的法 律 意 見 書、龍 源電力集團股份有限公司 第六屆董事會2025年 第3次會議 決議公告以及龍源電力集團股份有限公司第六屆董事會2025年 第3次 獨 立董事專門會議決議，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。 * 僅供識別 北京市中伦律师事务所 关于龙源电力集团股份有限公司 2025 年第二次临时股东会的 法律意见 ...