本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 中国广核电力股份有限公司（以下简称"公司"）于2025年8月27日和2025 年10月16日分别召开第四届董事会第十五次会议及2025年第一次临时股东大会， 均审议通过了《关于审议修订<中国广核电力股份有限公司章程>并取消监事会 的议案》，同意对《中国广核电力股份有限公司章程》（以下简称"《公司章程》"） 的修订，并取消监事会，由公司董事会审计与风险管理委员会行使《中华人民共 和国公司法》规定的监事会职权。具体情况详见公司于2025年8月27日及2025年 10月16日登载于巨潮资讯网（http://www.cninfo.com.cn）、《证券时报》《证券 日报》《上海证券报》《中国证券报》的公告（公告编号2025-056、2025-059、 2025-068），生效后的《公司章程》于2025年10月16日登载于巨潮资讯网 （http://www.cninfo.com.cn）。 证券代码：003816 证券简称：中国广核 公告编号：2025-078 债券代码：127110 债券简称：广核转债 中国广核电力股份有限 ...

Investment Rating - The report maintains a positive outlook on the power sector, particularly following the increase in coal power capacity pricing in Yunnan, which is expected to stabilize revenue for coal power companies [6][8]. Core Insights - Yunnan has announced an increase in the coal power capacity price recovery of fixed costs to 100%, effective from 2026, which will enhance the stability of coal power revenues and support the integration of renewable energy sources [6][7]. - The report highlights a significant drop in natural gas prices in the U.S. and Northeast Asia, with the latter reaching a 20-month low, indicating a favorable environment for gas companies [10][24]. - The investment analysis suggests a diversified revenue model for coal power companies, transitioning from reliance on electricity sales to a combination of electricity, capacity, and ancillary service revenues [8]. Summary by Sections 1. Power Sector - Yunnan's new policy sets the coal power capacity price at 330 RMB per kilowatt per year, allowing full recovery of fixed costs, which is expected to improve the profitability of coal power plants [6][7]. - The province's total installed power capacity exceeds 168 million kilowatts, with over 90% being green energy, necessitating coal power for peak load support [7]. - The report recommends several companies, including Guodian Power and Inner Mongolia Huadian, for their integrated coal power operations [8]. 2. Natural Gas Sector - U.S. Henry Hub spot prices fell to $4.07/mmBtu, a decrease of 21.56% week-on-week, while Northeast Asia LNG prices dropped to $10/mmBtu, down 6.19% [10][11]. - The report notes that strong supply and high inventory levels in Northeast Asia are contributing to the price decline, with expectations of further price sensitivity from buyers as prices approach $10/mmBtu [24][26]. - Investment recommendations include companies like Kunlun Energy and New Hope Energy, which are expected to benefit from lower costs and improved margins [31][32]. 3. Market Performance - The report indicates that the power and equipment sectors outperformed the Shanghai Composite Index during the review period, while the gas and environmental sectors lagged [34]. - It provides a detailed valuation table for key utility companies, highlighting their earnings per share (EPS) and price-to-earnings (PE) ratios [46]. 4. Company and Industry Dynamics - Recent government policies emphasize the development of a clean, low-carbon energy system, with a target of 25% non-fossil energy consumption by 2030 [40][41]. - The report discusses the ongoing transition in the energy sector towards market-driven growth, particularly in new energy storage solutions [41].

Investment Rating - The report maintains a "Buy" rating for several companies in the power and gas sectors, including China Power Investment Corporation, Inner Mongolia Huadian, and China Resources Power [48]. Core Insights - Yunnan Province has increased the coal power capacity price recovery of fixed costs to 100%, which is expected to stabilize revenue for coal power companies and enhance their role in supporting renewable energy integration [7][8]. - The report highlights a significant drop in natural gas prices, with Northeast Asia LNG prices reaching a 20-month low, driven by strong supply and mild weather conditions [12][26]. - The investment analysis suggests a diversified revenue model for coal power companies, transitioning from reliance on electricity sales to a combination of electricity revenue, capacity income, and ancillary service income [9]. Summary by Sections 1. Power: Yunnan Increases Coal Power Capacity Price - Yunnan has announced a new mechanism for coal power capacity pricing, allowing for full recovery of fixed costs starting in 2026, set at 330 RMB per kilowatt per year [7][8]. - The province's total installed power capacity exceeds 168 million kilowatts, with over 90% from green energy sources, necessitating coal power for peak load support [8]. 2. Gas: Global Gas Price Trends - As of December 12, the Henry Hub spot price in the U.S. was $4.07/mmBtu, down 21.56% week-on-week, while Northeast Asia LNG prices fell to $10/mmBtu, a decrease of 6.19% [12][13]. - The report notes that the overall supply of natural gas remains robust, contributing to lower prices in Northeast Asia [26][28]. 3. Weekly Market Review - The power and power equipment sectors outperformed the CSI 300 index, while the public utility, gas, and environmental protection sectors lagged behind [36]. 4. Company and Industry Dynamics - Recent government meetings and policy announcements emphasize the importance of a clean, low-carbon energy system and the development of a new energy system by 2030 [40][43]. - The report includes updates on major companies, such as China Resources Power and Longyuan Power, highlighting their financial activities and operational performance [44][46].

Core Insights - The article highlights the top short-selling stocks in the market, indicating significant investor sentiment and potential market movements [1][2]. Short-Selling Ratios - Anta Sports (82020) has the highest short-selling ratio at 100.00%, followed by China Mobile (80941) at 86.71% and BYD Company (81211) at 82.34% [1][2]. - Other notable companies with high short-selling ratios include China Resources Beer (80291) at 74.99% and JD.com (89618) at 71.60% [2]. Short-Selling Amounts - Xiaomi Group (01810) leads in short-selling amount with 2.798 billion, followed by Tencent Holdings (00700) at 1.686 billion and Ping An Insurance (02318) at 1.465 billion [1][2]. - Alibaba (09988) and Meituan (03690) also feature prominently with short-selling amounts of 1.424 billion and 1.253 billion respectively [2]. Deviation Values - China Sanjiang Chemical (02198) has the highest deviation value at 41.73%, indicating a significant difference from its average short-selling ratio over the past 30 days [1][2]. - Other companies with high deviation values include Television Broadcasts (00511) at 38.56% and China Mobile (80941) at 38.41% [2].

Core Insights - The Duhuang Multi-Energy Complementary Demonstration Base in Qinghai Province aims to establish a leading clean energy demonstration benchmark in Northwest China, focusing on "innovation demonstration + industrial application" as its dual driving force [1] Group 1: Resource Development and Energy Supply - The base plans to achieve a total installed capacity of over 6 million kilowatts by the end of 2025, including 5.07 million kilowatts of photovoltaic, 670,000 kilowatts of wind power, 310,000 kilowatts of solar thermal, 582,500 kilowatts of energy storage, and 3 megawatts of hydrogen energy [1] - The base is implementing a multi-energy complementary structure to enhance the stability and reliability of the power supply, addressing the challenge of renewable energy's intermittent nature [1] Group 2: Technological Innovation - The base focuses on collaborative innovation in high-altitude environments, achieving breakthroughs in key technologies such as solar thermal power generation and wind power adaptation [2] - Significant advancements include a solar thermal conversion efficiency of 48% and a concentration accuracy of 99.5%, with the establishment of a solar thermal power generation technology R&D center [2] Group 3: Industrial Collaboration and Economic Benefits - The base is developing a complete clean energy equipment manufacturing system, integrating manufacturing, system integration, and operation services [2] - It aims to create a closed-loop industry for "green electricity - green hydrogen - green ammonia," with a target of achieving over 80% green electricity usage in key industrial parks [2] Group 4: Infrastructure and Support - The base's power grid support capacity is being significantly enhanced, with the completion of the Tuo Su 750 kV substation expansion expected within the year [3] - The base is also focusing on optimizing the grid structure to facilitate both local consumption and cross-province electricity delivery [3] Group 5: Future Development Goals - The Duhuang Multi-Energy Complementary Demonstration Base will continue to focus on technological innovation, industrial upgrading, and demonstration promotion to contribute to carbon neutrality goals and provide a replicable model for energy transition in high-altitude regions [3]

Core Viewpoint - China General Nuclear Power Corporation (CGN) appointed Mr. Pang Songtao as the new president, effective from December 11, 2025, until December 31, 2027, following the resignation of Mr. Gao Ligang due to retirement [1][3]. Group 1: Appointment of President - The board of directors approved the appointment of Mr. Pang Songtao as president during the 17th meeting of the fourth board of directors held on December 11, 2025 [3]. - Mr. Pang's term as president will last until December 31, 2027 [3]. Group 2: Resignation of Previous President - Mr. Gao Ligang submitted his resignation due to reaching retirement age, effective immediately upon delivery of his resignation report to the board [1][3]. - Following his resignation, Mr. Gao will no longer hold any position within the company [1]. Group 3: Background of New President - Mr. Pang Songtao, born in 1971, has over 30 years of experience in the nuclear power industry and has held various significant positions within CGN [7]. - His previous roles include serving as the deputy general manager of CGN Nuclear Power Operations Division and as the general manager of CGN Research Institute [7].

Core Points - China General Nuclear Power Corporation (CGN) appointed Mr. Pang Songtao as the new president, effective from December 11, 2025, until December 31, 2027, following the retirement of Mr. Gao Ligang due to age [1][5][7] - Mr. Gao Ligang submitted his resignation as a director and president, which took effect immediately upon delivery of his resignation report to the board [5][6] - Mr. Pang Songtao has over 30 years of experience in the nuclear power industry, having held various leadership positions within CGN and its subsidiaries [2][7] Group 1: Retirement of the Previous President - Mr. Gao Ligang's resignation was due to reaching retirement age, and he will no longer hold any position within the company after his resignation [5][6] - His departure will not affect the board's compliance with the minimum member requirements as per Chinese company law [5] Group 2: Appointment of the New President - The board approved the appointment of Mr. Pang Songtao as president after a nomination process, with his term set until the end of 2027 [1][7] - Mr. Pang's extensive background in the nuclear sector includes roles such as Vice General Manager of CGN Nuclear Power Operations and General Manager of CGN Research Institute [2][7]

Group 1 - The board of directors of China General Nuclear Power Corporation (CGN) held its 17th meeting of the fourth session on December 11, 2025, with all 8 directors present, complying with legal and regulatory requirements [2][3][4] - The board approved the appointment of Mr. Pang Songtao as the new president of the company, with a unanimous vote of 8 in favor and no opposition [5][6] - The board also approved the revision of the 2025 annual salary plan for senior management, with 7 votes in favor and 1 abstention due to a conflict of interest from Mr. Pang [7][8] Group 2 - Mr. Gao Ligang, the former president and director, submitted his resignation due to retirement, effective immediately upon delivery of his resignation report [14] - The company expressed gratitude for Mr. Gao's contributions during his tenure and confirmed that his resignation would not affect the board's composition or the company's operations [14] - Mr. Pang Songtao's term as president will last until December 31, 2027, and he has over 30 years of experience in the nuclear power industry [15][17]

证券代码：003816 证券简称：中国广核 债券代码：127110 债券简称：广核转债 中国广核电力股份有限公司 向不特定对象发行 A 股可转换公司债券 第二次临时受托管理事务报告 （2025 年度） 债券受托管理人 二〇二五年十二月 重要声明 本报告依据《公司债券发行与交易管理办法》《中国广核电力股份有限公司 （作为发行人）与华泰联合证券有限责任公司（作为受托管理人）关于向不特定 对象发行 A 股可转换公司债券项目之债券受托管理协议》（以下简称"《受托管 理协议》"）《中国广核电力股份有限公司向不特定对象发行 A 股可转换公司债券 并在主板上市募集说明书》（以下简称"《募集说明书》"）等相关规定，由本期债 券受托管理人华泰联合证券有限责任公司（以下简称"华泰联合证券"）编制。 华泰联合证券对本报告中所包含的从上述文件中引述内容和信息未进行独立验 证，也不就该等引述内容和信息的真实性、准确性和完整性做出任何保证或承担 任何责任。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为华泰联合证券所作的 承诺或声明。在任何情况下，投资者依据本报告 ...

证券日报网讯 12月11日晚间，中国广核发布公告称，董事会同意聘任董事庞松涛先生为公司总裁。 （文章来源：证券日报） ...