Investment Rating - The report maintains a positive outlook on the power and gas sectors, recommending various companies within these industries for investment [5][14]. Core Insights - The report highlights the competitive results of the electricity pricing mechanism in Shandong, indicating that wind power is favored over solar power, with wind power pricing at 0.319 CNY/kWh and solar at 0.225 CNY/kWh [9][10]. - A new pricing mechanism for nearby consumption of renewable energy has been established, clarifying economic responsibilities and allowing renewable projects to pay for supply reliability [12][13]. - Global gas prices are showing mixed trends, with European and Asian prices rising while U.S. prices are declining, reflecting varying supply and demand dynamics [15][20]. Summary by Sections 1. Electricity: Shandong Pricing Mechanism and New Renewable Energy Policies - Shandong's first competitive pricing results show wind power projects with a total capacity of 3.5911 GW and a mechanism electricity price of 0.319 CNY/kWh, while solar projects have a capacity of 1.265 GW and a price of 0.225 CNY/kWh [9][11]. - The new pricing mechanism for nearby consumption aims to enhance the utilization of renewable energy and reduce the pressure on the power system [12][13]. 2. Gas: Global Price Variations - As of September 12, U.S. Henry Hub spot prices are at $2.94/mmBtu, down 3.61% week-on-week, while European TTF prices are at €32.00/MWh, up 1.27% [15][16]. - The report notes that U.S. gas production remains high despite a slight decline, while European prices are influenced by supply constraints and increased heating demand due to cooler temperatures [15][20]. 3. Weekly Market Review - The gas sector outperformed the Shanghai and Shenzhen 300 index, while the public utilities, power, and environmental sectors underperformed [36]. 4. Company and Industry Dynamics - Recent announcements include the implementation of market-oriented pricing reforms for renewable energy in Jiangxi province, effective from October 2025 [40]. - The report also discusses various company announcements, including operational updates and financial instruments [43]. 5. Key Company Valuation Tables - The report provides valuation metrics for key companies in the public utility sector, highlighting buy and hold recommendations for several firms based on their earnings and price-to-earnings ratios [45][46].

Group 1: National Policy and Company Strategy - The national government supports the safe and orderly development of nuclear power, with plans to advance major projects such as coastal nuclear power by March 13, 2025 [2] - The company is actively preparing for project approvals, aiming to meet the necessary conditions for more nuclear power projects [2] Group 2: Market Performance and Financial Metrics - In the first half of 2025, the average market price of electricity decreased compared to the same period last year, primarily due to declines in the Guangdong and Guangxi regions [2] - The company experienced a reduction in maintenance days, totaling approximately 414 days, which is a decrease of 109 days year-on-year, attributed to different maintenance types and the application of new technologies [2] - The company achieved a VAT refund of approximately 500 million yuan in the first half of 2025, which represents a decline compared to the previous year [2] Group 3: Financial Health and Taxation - As of June 30, 2025, the company's debt-to-asset ratio was 60.2%, an increase of 0.9 percentage points from the beginning of the year, with expectations of further increases as construction projects progress [3] - The increase in income tax expenses in the first half of 2025 was due to the expiration of tax incentives for certain units and adjustments in VAT refund tax management, which will have a relatively small impact moving forward [3]

Core Viewpoint - China General Nuclear Power Corporation (CGN) is focused on ensuring the safe and stable operation of its existing nuclear power units and the high-quality construction of its ongoing projects, contributing to the new energy system in China [1] Financial Performance - In the first half of 2025, the company achieved an on-grid electricity generation of 113.60 billion kilowatt-hours [1] - The company reported a revenue of RMB 39.167 billion [1] - The net profit attributable to the parent company was RMB 5.952 billion [1] Business Focus - The company does not currently engage in smart grid business as a nuclear power enterprise [1] - CGN emphasizes its commitment to the safety and stability of its operational units and the quality of its construction projects [1]

Core Viewpoint - Recently, China General Nuclear Power Corporation (CGN) established a new company, Chuxiong Gas Power Generation Co., Ltd., which focuses on energy production and innovative energy technologies [1] Group 1 - Chuxiong Gas Power Generation Co., Ltd. has been registered with a legal representative named Pu Zhiyong [1] - The company's business scope includes heat production and supply, research and development of emerging energy technologies, biomass fuel processing, and sales of biomass molded fuels [1] - The company is wholly owned by CGN Wind Power Co., Ltd. [1]

Core Insights - China General Nuclear Power Corporation (CGN) is projected to generate 1,543.7 GWh of electricity by August 2025 [1] Group 1 - The company is focusing on increasing its electricity generation capacity [1]

Core Viewpoint - China General Nuclear Power Corporation (CGN Power) has received approval from the interbank market association to register and issue various debt financing instruments, enhancing its financial flexibility and funding options for future projects [1] Group 1: Debt Financing Tools - The company has obtained a registration notice from the interbank market association, allowing it to issue debt financing tools for a period of two years from the date of the notice [1] - The registered debt financing tools include short-term financing bonds, medium-term notes, asset-backed notes, green debt financing tools, and targeted debt financing tools [1] - The company will determine the lead underwriter, product type, issuance scale, and duration for each issuance [1]

Core Viewpoint - China General Nuclear Power Corporation (CGN) has announced the approval of its application to register and issue multi-variety debt financing instruments in the interbank market, allowing for flexible financing options over the next two years [1] Group 1: Debt Financing Tools - The company will be able to issue various types of debt financing tools including super short-term financing bonds, short-term financing bonds, medium-term notes, asset-backed notes, green debt financing tools, and targeted debt financing tools during the registration period [1] - The registration of the debt financing tools is valid for two years from the date of the acceptance notice issued by the trading association [1] - Each issuance will require the determination of key elements such as the lead underwriter, type of product, issuance scale, and duration [1]

Core Viewpoint - China General Nuclear Power Corporation (CGN Power, 01816.HK) has received approval from the National Association of Financial Market Institutional Investors (NAFMII) to register and issue multi-variety debt financing instruments in the interbank market, allowing for flexible financing options over the next two years [1] Group 1: Debt Financing Registration - The company has obtained a registration notice from NAFMII, allowing it to issue debt financing tools [1] - The registration is valid for two years from the date of the notice [1] - The company can issue various products including super short-term financing bonds, short-term financing bonds, medium-term notes, asset-backed notes, green debt financing tools, and targeted debt financing tools during the registration period [1] Group 2: Issuance Details - Each issuance will require the determination of the lead underwriter, product type, issuance scale, and duration [1]

CGN Power Co., Ltd.* 中國廣核電力股份有限公司 （在中華人民共和國註冊成立的股份有限公司） （股份代號：1816） 海外監管公告 本公告由中國廣核電力股份有限公司（「本公司」）根據香港聯合交易所有限公司證 券上市規則第13.10B條作出。 以下為本公司於深圳證券交易所網站發佈之《中國廣核電力股份有限公司關於公 司銀行間多品種債務融資工具(TDFI)獲准註冊的公告》，僅供參閱。 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的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 中国广核电力股份有限公司 承董事會命 中國廣核電力股份有限公司 尹恩剛 財務總監、聯席公司秘書及董事會秘書 中國，2025年9月10日 於本公告日期，本公司董事會成員包括執行董事為高立剛先生；非執行董事為 楊長利先生、李歷女士、龐松濤先生、馮堅先生及劉煥冰先生；獨立非執行董事 為王鳴峰先生、李馥友先生及徐華女士。 * 僅供識別 | | | 关于公司银行间多品种债务融资工具（TDFI）获准注册的 公告 公司及董事 ...

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的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 CGN Power Co., Ltd.* 中國廣核電力股份有限公司 （在中華人民共和國註冊成立的股份有限公司） （股份代號：1816） 中國，2025年9月10日 於本公告日期，本公司董事會成員包括執行董事為高立剛先生；非執行董事為楊 長利先生、李歷女士、龐松濤先生、馮堅先生及劉煥冰先生；獨立非執行董事為 王鳴峰先生、李馥友先生及徐華女士。 海外監管公告 本公告由中國廣核電力股份有限公司（「本公司」）根據香港聯合交易所有限公司證 券上市規則第13.10B條作出。 以下為本公司於中國銀行間市場交易商協會非金融企業債務融資工具註冊信息系 統（或稱「孔雀開屏系統」）刊登的本公司2025-2027年度債務融資工具之法律意見 書，本公司2025年一季度及二季度合併及母公司財務報表、2024年度經審計合併 及母公司財務報表、2023年度經審計合併及母公司財務報表、2022年度經審計合 併及母公司財務報表，本公司關於 ...