中国广核电力股份有限公司 (在中华人民共和国注册成立的股份有限公司) 1 权。 第二章 审计与风险管理委员会组织机构 第三条 审计与风险管理委员会由三名董事组成，独立董事（也即 《香港联合交易所有限公司证券上市规则》定义下的"独立非执行董 事"，下同）应过半数。审计与风险管理委员会设主任一名，由董事 会指定会计专业的独立董事担任，所有委员必须为非执行董事，审计 与风险管理委员会主任为审计与风险管理委员会会议召集人。董事会 成员中的职工代表可以成为审计与风险管理委员会成员。 审计与风险管理委员会的日常办事机构设在公司内部审计部门，负 责承办审计与风险管理委员会的有关具体事务。审计与风险管理委员会 可设咨询委员一名，协助审计与风险管理委员会开展日常具体工作。 董事会审计与风险管理委员会工作规则 (于2025年10月28日经董事会批准生效) 第一章 总则 第一条 为明确中国广核电力股份有限公司（以下简称"公司"） 董事会审计与风险管理委员会（以下简称"审计与风险管理委员会"） 的组成和职责，规范工作程序，根据《中华人民共和国公司法》《深 圳证券交易所股票上市规则》《上市公司治理准则》《上市公司独立 董事管理办法》《 ...

第一章 总 则 中国广核电力股份有限公司 董事会秘书工作规定 第一条 为了促进中国广核电力股份有限公司（以下简称"公司"、"本公司"） 的规范运作，规范董事会秘书的行为，加强对董事会秘书工作的指导，充分发挥董 事会秘书的作用，根据《中华人民共和国公司法》（以下简称《公司法》）、《深圳证 券交易所股票上市规则》（以下简称《上市规则》）、《深圳证券交易所上市公司自律 监管指引第 1 号——主板上市公司规范运作》（以下简称《规范运作指引》）和《中 国广核电力股份有限公司章程》（以下简称《公司章程》），特制定本规定。 第二条 公司设董事会秘书一名。董事会秘书为公司的高级管理人员，对公司 和董事会负责，应当忠实、勤勉地履行职责。 第二章 选 任 第三条 公司董事会应当在公司首次公开发行股票上市后三个月内，或原任董 事会秘书离职后三个月内聘任董事会秘书。 第四条 董事会秘书应当具备以下条件： （一）具备履行职责所必需的财务、管理、法律专业知识； （二）具有良好的职业道德和个人品德； （三）能够提供以下任职能力证明文件之一：董事会秘书资格证书、董事会秘 书培训证明、具备任职能力的其他证明； （四）法律、法规、规范性文件及《 ...

| | | 中国广核电力股份有限公司 关于变更募集资金投资项目实施主体的公告 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、误导性陈述或者重大遗漏。 2025 年 7 月，中国广核电力股份有限公司（以下简称"公司"或"本公司"） 向不特定对象发行 A 股可转换公司债券完成发行，募集资金总额 49 亿元，扣除 发行费用后的净额全部用于"广东陆丰核电站 5、6 号机组项目"（以下简称"募 投项目"）建设，募投项目实施主体为本公司的全资子公司中广核陆丰核电有限 公司（以下简称"陆丰核电"）。基于同一基地内各期核电项目的管理需要，公司 已于 2025 年 10 月新设全资子公司中广核粤东（陆丰）核电有限公司（以下简称 "粤东核电"）,负责广东陆丰核电站 5、6 号机组项目的投资、开发和建设。因 此，公司计划将募投项目实施主体由陆丰核电变更为粤东核电，为保障募投项目 的顺利实施，公司后续将募投项目的相关资产、负债按照账面净值由陆丰核电无 偿划转至粤东核电。 2025 年 10 月 28 日，公司第四届董事会第十六次会议审议通过《关于批准 变更募集资金投资项目实施主体的议案》，同意公司将募投项目 ...

中国广核电力股份有限公司 2025 年第三季度报告 | 证券代码：003816 | 证券简称：中国广核 | 公告编号：2025-071 | | --- | --- | --- | | 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 2025 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1.董事会及董事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个 别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、完 整。 1 释 义 释义项 指 释义内容 董事会 指 本公司董事会 董事 指 本公司董事 本公司、公司、中国广核 指 中国广核电力股份有限公司 本集团 指 中国广核电力股份有限公司及其子公司 中广核 指 中国广核集团有限公司，为本公司的控股股东 中核集团 指 中国核工业集团有限公司，持有本公司已发行股本约 3.32% 恒健投资 指 广东恒健投资控股有限公司，持有本公司已发行股 ...

Investment Rating - The report maintains an "Overweight" rating for the utility sector [1] Core Insights - The construction of a new energy system is accelerating, with a focus on achieving carbon peak and promoting a green lifestyle [4] - In the first nine months of 2025, total electricity consumption increased by 4.6% year-on-year, totaling 77,675 billion kWh [4] - The electricity spot market is rapidly starting continuous settlement trials, with several provinces transitioning to formal operations [4] Summary by Sections 1. Industry Overview - The report highlights the importance of accelerating the construction of a new energy system as outlined in the recent Communist Party meeting [4] 2. Electricity Consumption - Total electricity consumption for January to September 2025 reached 77,675 billion kWh, reflecting a year-on-year growth of 4.6% [15] - Breakdown of consumption growth: - Primary industry: +10.2% - Secondary industry: +3.4% - Tertiary industry: +7.5% - Urban and rural residential consumption: +5.6% [4][15] 3. Power Generation - Cumulative power generation for January to September 2025 was 72,600 billion kWh, with a year-on-year increase of 1.6% [22] - Specific generation changes: - Thermal power: -1.2% - Hydropower: -1.1% - Nuclear power: +9.2% - Wind power: +10.1% - Solar power: +24.2% [22] 4. Electricity Prices - The average electricity purchase price in June 2025 was 389 RMB/MWh, down 1% year-on-year and 1.3% month-on-month [38] 5. Coal Prices - As of October 24, 2025, the price of thermal coal at Qinhuangdao port was 770 RMB/ton, up 9.07% year-on-year and increased by 22 RMB/ton week-on-week [45] 6. Hydropower Conditions - As of October 24, 2025, the water level at the Three Gorges Reservoir was 175 meters, with inflow and outflow rates increasing by 92% and 70% year-on-year, respectively [54] 7. Investment Recommendations - Focus on investment opportunities in hydropower and thermal power during peak summer demand [4] - Recommended companies include: - Thermal Power: JianTou Energy, Huadian International, Huaneng International, Guodian Power, Sheneng Shares, and Waneng Power [4] - Hydropower: Yangtze Power [4] - Nuclear Power: China National Nuclear Power and China General Nuclear Power [4] - Green Energy: Longi Green Energy and others [4]

Core Viewpoint - The Hong Kong nuclear power sector is experiencing a significant rise, with multiple companies showing substantial stock price increases [1] Company Performance - Harbin Electric has seen its stock price increase by over 13% [1] - Dongfang Electric's stock price has risen by more than 9% [1] - Shanghai Electric and China National Nuclear Power have both increased by over 5% [1] - China National Nuclear International and China General Nuclear Power are also following the upward trend [1]

Group 1 - UBS expresses increased optimism regarding China's electricity market demand, forecasting an 8% growth from 2028 to 2030, which is double the previous estimate [1] - The firm identifies structural drivers such as AI data centers, exports, and electrification, with their impact expected to exceed earlier predictions [1] - Adjustments reflect enhanced confidence in the construction of AI data centers, accelerated growth in electricity exports, and rapid electrification, benefiting capital expenditures in power equipment and grids starting next year [1] Group 2 - UBS raises its earnings forecasts for relevant stocks by 2% to 18% for the years 2023 to 2027 [1] - The investment ratings for Daikin Heavy Industries and China General Nuclear Power (01816.HK) are upgraded to "Buy," with a preference for stocks trading at a projected P/E ratio of 15.6 times in 2026, below the historical average of 22 times and the global industry average of 50 times [1] - Preferred stocks include Harbin Electric (1133.HK) and China General Nuclear Power (1816.HK), along with interest in Dongfang Electric (1072.HK), Siyuan Electric, Yingliu Electromechanical, Goldwind (2208.HK), and Daikin Heavy Industries [1]

Core Insights - The report provides a comprehensive analysis of the Chinese electricity market from 2026 to 2032, focusing on industry trends, market dynamics, and investment opportunities [2][3][11]. Chapter Summaries Chapter 1: Overview of the Electricity Industry - Defines the electricity industry and its classifications, including regulatory frameworks and data sources used in the report [2][3]. Chapter 2: Global Electricity Industry Development - Analyzes the political and legal environment, historical development, market conditions, and competitive landscape of the global electricity sector [3][4]. - Discusses market size and forecasts, highlighting consumption and supply dynamics [3][4]. Chapter 3: Current State of the Chinese Electricity Industry - Examines technological advancements, historical development, and import/export conditions of the Chinese electricity sector [4][5]. - Analyzes market participants, supply and demand conditions, and identifies market pain points [4][5]. Chapter 4: Market Competition and Investment in China - Details the competitive landscape, including major players and their strategic positioning within the market [5][6]. - Discusses investment trends, mergers, and acquisitions in the electricity sector [5][6]. Chapter 5: Industry Chain and Supporting Layout - Provides an overview of the electricity industry chain, including resource distribution and supply conditions for various energy sources [6][7]. - Analyzes the market for upstream generation, transmission, and distribution equipment [6][7]. Chapter 6: Development of Sub-markets - Reviews the current state of various sub-markets, including thermal, hydro, wind, solar, nuclear, and biomass power generation [7][8]. Chapter 7: Regional Market Development - Analyzes the development patterns of the electricity market in key regions, focusing on generation and consumption metrics [8][9]. Chapter 8: Case Studies of Global and Chinese Enterprises - Compares the strategic positioning and operational performance of major electricity companies in China and globally [9][10]. Chapter 9: Environmental Insights and SWOT Analysis - Evaluates the economic, social, and policy environments affecting the electricity industry in China, along with a SWOT analysis [11][12]. Chapter 10: Market Prospects and Trends - Assesses the potential for growth in the Chinese electricity market and forecasts future trends [11][12]. Chapter 11: Investment Strategies and Recommendations - Discusses barriers to entry and exit, investment risks, opportunities, and strategic recommendations for investors in the electricity sector [11][12].

Core Insights - The Central State-Owned Enterprises Modern Energy Index has seen a strong increase of 1.70%, with notable gains from stocks such as China Xidian up 6.61% and Shanghai Electric up 6.40% [3] - The National Development and Reform Commission has released a plan aiming for a new energy storage capacity of over 180 million kilowatts by 2027, enhancing project economics through supportive policies [5] - The demand for energy storage is expected to maintain a high growth rate, with projections indicating a 30%-40% increase in global energy storage installations over the next two years [4] Group 1: Market Performance - The Central State-Owned Enterprises Modern Energy ETF (561790) has increased by 1.63%, marking a three-day consecutive rise, with a latest price of 1.25 yuan [3] - The ETF has seen a weekly cumulative increase of 2.85% as of October 24, 2025, ranking in the top third among comparable funds [3] - The ETF's trading volume reached 416.82 million yuan with a turnover rate of 9.1% [3] Group 2: Policy and Economic Outlook - The new energy storage plan outlines a target of 180 million kilowatts by 2027, with supportive measures from provinces like Henan to enhance project viability [5] - The energy storage market is experiencing robust demand, driven by new pricing policies and increased investment from social capital [4] - The lithium battery demand is projected to exceed 2700 GWh next year, with a year-on-year growth rate of over 30% [4] Group 3: Industry Composition - The top ten weighted stocks in the Central State-Owned Enterprises Modern Energy Index account for 47.72% of the index, including major players like Yangtze Power and China Nuclear Power [6] - The Central State-Owned Enterprises Modern Energy ETF closely tracks the index, which includes 50 listed companies involved in green energy and fossil energy sectors [5]

Group 1 - The core viewpoint of the articles highlights a significant increase in nuclear power stocks in Hong Kong, driven by positive forecasts for global nuclear power generation in 2024, which is expected to reach a nearly ten-year high [1] - The National Energy Administration's Director of Nuclear Power, Zeng Yachuan, stated that multiple international authoritative organizations have raised their nuclear energy development expectations for four consecutive years, predicting that by 2050, global nuclear power installed capacity will exceed 900 million kilowatts, achieving a doubling growth [1] - China, as one of the few countries with a complete nuclear power industrial system, plays an indispensable role in this growth, currently operating 59 nuclear power units with a total installed capacity of 62.48 million kilowatts, and has 53 units approved for construction with a capacity of 62.93 million kilowatts, bringing the total installed capacity to over 125 million kilowatts, maintaining the world's leading position [1] Group 2 - The stock performance of major nuclear power companies in Hong Kong shows notable increases, with China General Nuclear Power Group rising by 4% to 3.180, China General Nuclear New Energy up by 3.5% to 2.930, China National Nuclear Corporation increasing by 2.11% to 5.820, and China General Nuclear Mining slightly up by 0.28% to 3.590 [2]