Core Viewpoint - Macquarie expects China General Nuclear Power (01816) to experience a 10% year-on-year decline in net profit for the second quarter, primarily due to a reduction in electricity prices, although this is partially offset by a 4.6% increase in power generation [1] Group 1: Financial Performance - The estimated impact of tax refunds for the period is approximately 200 million RMB, compared to 400 million RMB in the first quarter [1] - The target price has been raised by 45% to HKD 3.7, with the rating upgraded to "outperform" [1] Group 2: Electricity Pricing - Expected electricity price declines in Guangdong and Guangxi for the second quarter are similar to those in the first quarter, with the group's mixed nuclear power grid prices dropping by 24% and 21% year-on-year, respectively, due to a high base [1] - Potential nuclear power price reforms may provide upward price movement; a 1% increase in electricity prices could lead to approximately a 3% increase in group profits [1] Group 3: Uranium Sales - China General Nuclear Mining (01164) has established a new sales framework, with average prices for 2026 and 2027 increased by about 4% [1] - Since sales to the group account for only 20% of annual procurement, the price increase is expected to have a minimal impact on the group's costs, estimated to be less than 0.1% [1]

本文源自：智通财经网 麦格理指出，预期中广核电力二季度纯利将按年跌10%，主要因电价下调，但部分被发电量按年增长 4.6%抵销。期内退税影响估计约2亿元人民币，而首季则为4亿元人民币。该行续指，预期广东及广西 二季度电价跌幅与首季相若，当中集团的混合核电上网电价分别按年跌24%及21%，因基数较高。另 外，潜在的核电电价改革或可令电价有上行空间；该行估算，电价每升1%，集团盈利可增加约3%。 智通财经获悉，中广核电力(01816)涨超3%，截至发稿，涨3.62%，报3.15港元，成交额7986.54万港 元。 申万宏源发布研报称，截至2025年6月，中广核电力管理20台在建机组(包含控股股东委托管理8台机 组)，总容量约24.23GW，较当前31.80GW的在运装机规模约有76%的增量空间。从具体投产节奏来看， 2025-2030年公司将陆续投产1、2、2、1、1、1 台机组。同时两广地区2025 年中长期电价出现较大幅度 下降，长期有望反弹。随着在建核电机组密集投产，公司将迎来新一轮快速成长期。量价无虞，公司盈 利规模将逐步迈上新台阶。 ...

麦格理又提到，同系中广核矿业(01164)与其订立新销售框架，2026及27年平均售价上调约4%。由于销 售予集团的铀仅占年度采购量的20%，该行料此次加价仅令集团成本增加不多于0.1%，影响轻微。 智通财经APP获悉，麦格理发布研报称，预期中广核电力(01816)次季纯利将同比跌10%，主要因电价下 调，但部分被发电量同比增长4.6%抵销。 期内退税影响估计约2亿元人民币，而首季则为4亿元人民 币。基于项目前景更明确及电价风险减低等因素，该行将目标价上调45%至3.7港元，评级升至"跑赢大 市"。 该行指出，预期广东及广西次季电价跌幅与首季相若，当中集团的混合核电上网电价分别同比跌24%及 21%，因基数较高。另外，潜在的核电电价改革或可令电价有上行空间; 该行估算，电价每升1%，集团 盈利可增加约3%。 ...

智通财经APP获悉，中广核电力(01816)涨超3%，截至发稿，涨3.62%，报3.15港元，成交额7986.54万港 元。 申万宏源发布研报称，截至2025年6月，中广核电力管理20台在建机组(包含控股股东委托管理8台机 组)，总容量约24.23GW，较当前31.80GW的在运装机规模约有76%的增量空间。从具体投产节奏来看， 2025-2030年公司将陆续投产1、2、2、1、1、1 台机组。同时两广地区2025 年中长期电价出现较大幅度 下降，长期有望反弹。随着在建核电机组密集投产，公司将迎来新一轮快速成长期。量价无虞，公司盈 利规模将逐步迈上新台阶。 麦格理指出，预期中广核电力二季度纯利将按年跌10%，主要因电价下调，但部分被发电量按年增长 4.6%抵销。期内退税影响估计约2亿元人民币，而首季则为4亿元人民币。该行续指，预期广东及广西 二季度电价跌幅与首季相若，当中集团的混合核电上网电价分别按年跌24%及21%，因基数较高。另 外，潜在的核电电价改革或可令电价有上行空间；该行估算，电价每升1%，集团盈利可增加约3%。 ...

中广核电力(01816)涨超3%，截至发稿，涨3.62%，报3.15港元，成交额7986.54万港元。 麦格理指出，预期中广核电力二季度纯利将按年跌10%，主要因电价下调，但部分被发电量按年增长 4.6%抵销。期内退税影响估计约2亿元人民币，而首季则为4亿元人民币。该行续指，预期广东及广西 二季度电价跌幅与首季相若，当中集团的混合核电上网电价分别按年跌24%及21%，因基数较高。另 外，潜在的核电电价改革或可令电价有上行空间；该行估算，电价每升1%，集团盈利可增加约3%。 申万宏源发布研报称，截至2025年6月，中广核电力管理20台在建机组(包含控股股东委托管理8台机 组)，总容量约24.23GW，较当前31.80GW的在运装机规模约有76%的增量空间。从具体投产节奏来看， 2025-2030年公司将陆续投产1、2、2、1、1、1台机组。同时两广地区2025年中长期电价出现较大幅度 下降，长期有望反弹。随着在建核电机组密集投产，公司将迎来新一轮快速成长期。量价无虞，公司盈 利规模将逐步迈上新台阶。 ...

Group 1 - The company, China General Nuclear Power Corporation (CGN), has stated that it did not participate in the investment and construction of the Shandong Haiyang Nuclear Power Project [1] - The approved nuclear power projects located in Shandong Province for the company are the Zhaoyuan Unit 1 and Unit 2 projects [1]

Core Viewpoint - China General Nuclear Power Corporation (CGN) has confirmed that it did not participate in the investment and construction of the Shandong Haiyang Nuclear Power Project, while it is involved in the approved nuclear power projects in Shandong Province, specifically the Zhaoyuan Unit 1 and Unit 2 projects [1] Summary by Category - **Company Involvement** - CGN has clarified its non-involvement in the Shandong Haiyang Nuclear Power Project [1] - The company is engaged in the Zhaoyuan Unit 1 and Unit 2 projects, which have received approval in Shandong Province [1]

Core Viewpoint - The Hong Kong power sector experienced a collective surge, driven by record electricity demand and positive market sentiment towards the sector [1] Group 1: Market Performance - Power stocks such as Huadian International Power rose over 5%, while Huaneng International Power, Datang Power, and China Resources Power increased by 2% [1] - Datang New Energy saw a rise of 1.7%, with other companies like CGN Power and China Power also following suit [1] Group 2: Electricity Demand - The State Grid reported that electricity load hit a historical high for two consecutive days, with a single-day load increase exceeding 70 million kilowatts, reaching a maximum load of 1.229 billion kilowatts, a 4.1% increase from last year's peak [1] - Regions such as Chongqing, Shaanxi, and Henan experienced significant increases in air conditioning load due to high temperatures, prompting local power departments to enhance inter-provincial transmission and energy storage applications to ensure reliable power supply [1] Group 3: Analyst Insights - Guosheng Securities released a report suggesting that the combination of peak summer demand and performance catalysts, along with low costs, supports the fundamentals of the power sector, recommending an increase in allocation to this sector [1] - CITIC Construction believes that AI will significantly drive global electricity demand growth, predicting that electricity consumption by global data centers will more than double by 2030 [1] - Recent increases in capital expenditure expectations from overseas companies indicate sustained high investment in the AI sector [1]

格隆汇8月7日丨根据联交所最新权益披露资料显示，2025年8月5日，中广核电力(01816.HK)获中信证券资产管理有限公司在场内以每股均价3.005港元增持 1641.5万股，涉资约4932.71万港元。 | 表格序號 | 大股東/董事/最高行政人員名稱作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | | 持有權益的股份數目 佔已發行的 有關事件的日期 | | --- | --- | --- | --- | --- | --- | | | 股份數目 | | | | （ 請参関上述 * 註 | | | | | | | 份自分比 | | | | | | | ( % ) | | CS20250806E00012 | 中信证券资产管理有限公司 | 1101(L) | 16,415,000(L | HKD 3.0050 | 1,229,634,000(L) 11.01(L)05/08/2025 | 增持后，中信证券资产管理有限公司最新持股数目为1,229,634,000股，持股比例由10.87%上升至11.01%。 | 股份代號: | 01816 | | --- | --- | | 上市法國名稱: | 中 ...

Group 1 - CITIC Securities Asset Management Company increased its stake in China General Nuclear Power (01816) by 16.415 million shares at a price of HKD 3.0050 per share, totaling approximately HKD 49.3271 million [1] - After the increase, the total number of shares held by CITIC Securities is approximately 1.229634 billion shares, representing a holding percentage of 11.01% [1]