证券代码：003816 证券简称：中国广核 公告编号：2025-037 中国广核电力股份有限公司 关于召开 2024 年度股东大会、2025 年第一次 A 股类别股东 大会、2025 年第一次 H 股类别股东大会的提示性公告 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。 中国广核电力股份有限公司（以下简称"本公司"或"公司"）于 2025 年 4 月 11 日发布了《关于召开 2024 年度股东大会、2025 年第一次 A 股类别股东大会、 2025 年第一次 H 股类别股东大会的通知》（公告编号：2025-030）。公司将于 2025 年 5 月 21 日在广东省深圳市深南大道 2002 号中广核大厦南楼举行公司 2024 年度 股东大会、2025 年第一次 A 股类别股东大会、2025 年第一次 H 股类别股东大会（以 下简称"本次股东大会"）。 公司现就本次股东大会相关事项发布提示性公告，提醒公司股东参加本次股东 大会并行使表决权，相关事项如下： 一、召开会议的基本情况 1. 股东大会届次：2024 年度股东大会、2025 年第一次 A 股类别股东大会 ...

Group 1 - The core viewpoint highlights the significant growth and low valuation of the green power ETF, indicating a potential investment opportunity in the renewable energy sector [3] - The green power ETF has seen a trading turnover of 3.91% and a transaction volume of 14.43 million yuan, with an average daily transaction of 24.55 million yuan over the past week [3] - The ETF's scale has increased by 131 million yuan over the past six months, ranking first among comparable funds, while its share count has grown by 10.6 million shares in the last three months, also leading in its category [3] Group 2 - The current price-to-earnings ratio (PE-TTM) of the index tracked by the green power ETF is 18.81, which is in the 15.99% percentile over the past three years, indicating a valuation lower than 84.01% of the historical period [3] - The top ten weighted stocks in the index account for 58.04% of the total, including major companies such as Yangtze Power, China Nuclear Power, and Three Gorges Energy [3] - The recent recognition of China's green certificate by the global renewable energy consumption initiative (RE100) marks a significant advancement in the country's renewable energy transition [3] Group 3 - The value of green electricity and energy storage is expected to be reassessed, with the intrinsic value of renewable energy adjusted for its volatility and enhanced by its green attributes [4] - Investors can access investment opportunities through the corresponding green power ETF linked fund (017057) [4]

Investment Rating - The report maintains a positive outlook on the power and natural gas sectors, indicating a favorable investment environment for renewable energy and gas companies [2][10]. Core Insights - The Shandong provincial government has introduced its first local guidelines for the marketization of renewable energy pricing, which is expected to stabilize returns for existing projects and provide a model for other provinces [5][7]. - Global natural gas prices have seen a slight rebound due to tightening supply and increased demand for LNG exports, with specific price movements noted in various regions [10][19]. - The report highlights the potential for LNG import prices to decrease further in the second half of 2025, benefiting downstream gas companies [11][29]. Summary by Sections 1. Power Sector: Shandong's New Energy Market Guidelines - Shandong's new energy pricing reform outlines that existing projects will participate in market pricing at a rate of 0.3949 yuan per kWh, aligning with the provincial coal benchmark price [5][6]. - The guidelines emphasize strong connectivity with existing policies, ensuring stability for existing projects while introducing competitive elements for new projects [6][7]. - The implementation of these guidelines is expected to serve as a model for other provinces, enhancing the operational efficiency and market strategies of renewable energy companies [7][8]. 2. Natural Gas: Global Demand and Price Rebound - As of May 9, 2025, the Henry Hub spot price in the U.S. was $3.22/mmBtu, reflecting a weekly increase of 3.84%, while European prices also saw a rise due to supply constraints and seasonal demand [10][19]. - The report notes that the overall LNG import cost in China has remained below 4000 yuan per ton, with a significant decrease of 18.4% from the year's peak [11][29]. - The anticipated decline in international oil prices is expected to further lower LNG import prices in China, benefiting city gas companies [11][29]. 3. Weekly Market Review - The public utilities, environmental protection, power equipment, and gas sectors outperformed the Shanghai and Shenzhen 300 index during the review period [35]. 4. Company and Industry Dynamics - Recent developments include the issuance of competitive configuration announcements for renewable energy projects in various provinces, indicating ongoing investment and growth in the sector [44][46]. - The report also highlights significant corporate announcements, including financing and profit distribution plans from key players in the energy sector, reflecting a proactive approach to capital management and shareholder returns [48][49].

证券时报记者江聃 作为我国风光资源禀赋最丰富的地区，内蒙古在风光发电产业发展方面已探索出融合生态修复、资源开 发、产业升级的全链条建设路径。近期，证券时报记者跟随国务院国资委新闻中心前往内蒙古鄂尔多斯 市、兴安盟等地，以中广核建设运营的风电光伏项目为样本，探究前述内蒙古新能源产业建设的"三重 奏"。 "锁沙驭风"构筑 生态、经济双屏障 从鄂尔多斯市达拉特旗驱车西行一个多小时，便到达被称为"死亡之海"的库布其沙漠腹地。登上位于项 目中心区域观景平台，电站光伏板以阵列形式覆盖沙丘表面，在阳光下形成蓝色的"能源海洋"。 "死亡之海"化身"能源海洋"，关键是光伏项目群的建成使用。中广核新能源格桑光伏电站负责人樊宝泉 告诉记者，2018年以来，中广核已在此建成了格桑、白鹭、明德、朔方、卓越、锦帆6座光伏电站；发 电的同时，还完成了有效治沙面积达3.4万亩，帮助区域内植被覆盖率从不足15%跃升至65%。 今年气温较往年同期偏低，虽然眼下已是春末夏初，光伏板下的抗旱防沙植物和中草药等经济植物才刚 刚吐出新芽。"这些植物向阳而生，在提高经济效益的同时，又能起到防风固沙和防止光伏支架下沉的 作用。"樊宝泉介绍。 鄂尔多斯市达拉 ...

Investment Rating - The investment rating for CGN Power Co., Ltd is Overweight [6][68]. Core Viewpoints - The approval of 10 new nuclear reactors in China aligns with expectations, supporting the goal of achieving a total nuclear capacity of 150GW by 2035 [3][4]. - CGN Power Co., Ltd owns four of the new reactor units, which will utilize Hualong No. 1 technology with a capacity of approximately 1.2GW each [2][4]. - China's nuclear capacity is projected to reach 110GW by 2030 and 200GW by 2040, making it the world leader in nuclear energy [4]. Summary by Sections Investment Overview - CGN Power Co., Ltd has a market capitalization of approximately RMB 122.42 billion and an enterprise value of RMB 313.49 billion [6]. - The price target for CGN Power is set at HK$2.81, with the current share price at HK$2.45 [6]. Industry Context - The construction of five new nuclear power projects, totaling 10 reactor units, has been approved, which is a slight decrease from the 11 units approved in 2024 [1][2]. - The trend of annual approvals of 8-10 units is expected to continue, facilitating China's nuclear capacity expansion [3]. Financial Metrics - The average daily trading value for CGN Power is approximately HK$228 million [6]. - The company is applying a P/E multiple of 13x on the estimated EPS for 2025, indicating a positive outlook based on accelerating project trends [10][11].

Investment Rating - Maintain "Buy" rating for the industry [10] Core Viewpoints - The report highlights a mixed performance across various sectors within the public utility and environmental protection industry, with coal prices declining and water supply improving, reshaping the defensive value of water and coal [3] - The overall electricity consumption growth slowed down due to a warm winter and high base effects from the previous year, impacting thermal power generation negatively [4][29] - The renewable energy sector faces profit pressure due to declining utilization rates and electricity prices, despite significant installed capacity growth [4][52] - Hydropower benefits from improved water supply and reservoir management, leading to increased revenue and profit in early 2025 [5][7] - The environmental sector shows stable performance in water and solid waste operations, with a recovery in water profitability in early 2025 [5][6] Summary by Sections 1. Overview of 2024 Reports and 2025 Q1 - The electricity industry saw a 6.7% growth in consumption in 2024, driven by structural optimization and rising demand for new energy sources [16] - The environmental sector experienced a revenue decline of 2.7% and a net profit drop of 31% in 2024, with operational efficiency improvements in existing assets [16] 2. Sector Performance from 2024 to Q1 2025 2.1 Thermal Power - Thermal power generation faced pressure from electricity prices and demand, but benefited from lower coal prices, leading to a net profit increase of 6.5% in Q1 2025 [4][36][37] 2.2 Renewable Energy - The renewable energy sector's profit was under pressure due to declining utilization rates and electricity prices, despite a 15.7% increase in wind power generation in 2024 [4][52] 2.3 Hydropower - Hydropower generation increased by 11.7% in 2024, with a significant profit increase in Q1 2025 due to improved water supply [5][7] 2.4 Environmental Protection - The environmental sector showed stable performance in water and solid waste operations, with a recovery in profitability in early 2025 [5][6] 3. Key Companies in the Sector - Focus on leading companies in thermal power, hydropower, and nuclear power, such as Huadian International, Yangtze Power, and China Nuclear Power, respectively [8]

Group 1 - The total installed power generation capacity in the country reached 3.43 billion kilowatts, with a year-on-year increase of 14.6% [1] - By March 2025, the total electricity consumption was 828.2 billion kilowatt-hours, reflecting a year-on-year growth of 4.8% [1] - The Central Committee and the State Council issued opinions on improving the pricing governance mechanism, emphasizing the establishment of pricing policies to promote green and low-carbon transitions [1] Group 2 - According to a report by Galaxy Securities, the energy consumption target assessment for the end of the 14th Five-Year Plan is expected to catalyze the demand for green electricity, with clearer future revenue expectations following the establishment of a sustainable pricing settlement mechanism for renewable energy [1] - The recent sharp decline in coal prices is expected to reverse the market's pessimistic outlook on thermal power for 2025, suggesting a focus on companies with significant market coal exposure and smaller reductions in annual long-term contract electricity prices [1] - In a declining interest rate cycle, hydropower and nuclear power, which have strong dividend attributes, possess long-term investment value, with nuclear power also having high growth potential [1] Group 3 - A report from Guotai Junan indicates that the electricity price for thermal power is better in the northern regions, where the proportion of renewable energy is high, and the scarcity of thermal power is evident [2] - The annual long-term contract electricity price in the southern regions has decreased this year, putting pressure on thermal power plants, which are shifting focus from quantity to price and efficiency [2] - There is a strong possibility of witnessing two historical firsts: an increase in spot electricity prices in 2025 and an increase in annual long-term contracts in 2026 [2] Group 4 - Related Hong Kong-listed companies in the power and electricity grid sector include Huadian International (600027), Huaneng International (600011), China Power International Development (02380), China Resources Power (00836), Datang Power (601991), and CGN Power (01816) [3]

Group 1 - The approval of 10 new nuclear power units reflects China's support and confidence in the nuclear power sector, indicating a growing importance of nuclear energy in the country's energy structure [1][2] - The new projects, which include five nuclear power projects with a total of 10 units, are expected to drive over 200 billion yuan in investments, showcasing the potential for industry growth [2][4] - China has maintained a consistent approval pace for nuclear power projects, approving 10 or more units annually for four consecutive years, which is expected to have a strong positive impact on the national economy [4] Group 2 - China's nuclear power capacity and generation continue to grow, with the country holding the largest operational and under-construction nuclear power capacity globally, totaling 60.96 million kilowatts [3] - The global natural uranium supply is facing a significant gap, with 2022 production at 49,355 tons and demand at 65,651 tons, indicating a long-term upward trend in uranium prices due to increasing demand from the nuclear sector [5]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 3.30, indicating a potential upside of 31.5% from the recent closing price of HKD 2.51 [1][4][6]. Core Insights - The company reported a revenue of CNY 20.028 billion in Q1 2025, a year-on-year increase of 4.41%, driven by increased power generation from subsidiaries [2][4]. - However, the company's profit faced pressure, with a net profit of CNY 3.026 billion, down 16.07% year-on-year, primarily due to increased market trading volumes, declining market prices, and a significant rise in R&D expenses [2][4]. - The approval of four new nuclear units is expected to provide stable growth for the company's future capacity [3][4]. - The company has 16 units under construction, with a total capacity of 19,406 MW, indicating substantial growth potential [3][4]. Revenue and Profitability - The company’s revenue projections for 2025-2027 are CNY 89.4 billion, CNY 93.6 billion, and CNY 99.2 billion, with growth rates of 2.96%, 4.69%, and 6.1% respectively [4][9]. - The net profit forecasts for the same period are CNY 11 billion, CNY 11.7 billion, and CNY 12.2 billion, with growth rates of 2.08%, 5.73%, and 4.90% respectively [4][9]. Dividend Policy - The company plans to distribute a final dividend of CNY 0.095 per share for 2024, maintaining a payout ratio of 44.36%, which is an increase of 0.1 percentage points year-on-year [4][6].

证券代码：003816 证券简称：中国广核 公告编号：2025-036 中国广核电力股份有限公司 1. 发行人：中国广核电力股份有限公司 关于公司 2024 年度第三期超短期融资券到期兑付的公告 5. 发行总额：人民币 10 亿元 二、兑付办法 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、误导性陈述或者重大遗漏。 托管在银行间市场清算所股份有限公司的债券，其兑付资金由发行人在规定 的时间之前划付至银行间市场清算所股份有限公司指定的收款账户后，由银行间 市场清算所股份有限公司在兑付日划付至债券持有人指定的银行账户。 中国广核电力股份有限公司（以下简称"公司"或"本公司"）于 2024 年 8 月 13 日完成了 2024 年度第三期超短期融资券（以下简称"本期超短融"）的发 行。本期超短融发行金额为人民币 10 亿元，期限为 268 天，票面利率为 1.97%， 面值为人民币 100 元，由中信银行股份有限公司、兴业银行股份有限公司承销。 鉴于本期超短融将于 2025 年 5 月 9 日到期兑付，为保证兑付工作的顺利进 行，方便投资者及时领取兑付资金，现将有关事宜公告如下： 2. ...