Group 1 - CITIC Securities-Kaiyuan Single Asset Management Plan increased its stake in China General Nuclear Power (01816) by 12.932 million shares at an average price of HKD 3.1201 per share, totaling approximately HKD 40.3491 million [1][3] - After the increase, the total number of shares held is approximately 1.685 billion, with a new holding percentage of 15.09% [1][3]

Group 1 - The core point of the news is that China General Nuclear Power Corporation (CGN Power) has seen an increase in shareholding by CITIC Securities - Kaiyuan Single Asset Management Plan, which raised its stake from 14.98% to 15.09% after purchasing 12.932 million shares at an average price of HKD 3.1201 per share, totaling approximately HKD 40.35 million [1][2] - After the transaction, CITIC Securities - Kaiyuan Single Asset Management Plan now holds a total of 1,685,061,000 shares in CGN Power [1] - The transaction occurred on January 26, 2026, as per the latest disclosure from the Hong Kong Stock Exchange [1]

Policy Developments - The National Energy Administration plans to establish a special working group for "Nuclear Power" under the China-Shanghai Cooperation Organization energy cooperation framework, aiming to enhance practical cooperation in the energy sector by organizing and implementing the "Double Thousand" projects[5]. - The first four special working groups will focus on "Nuclear Power," "Oil and Gas," "Coal," and "Renewable Energy and Electricity," with potential for additional groups in the future[5]. Nuclear Fusion Breakthroughs - China's "artificial sun," the EAST (Experimental Advanced Superconducting Tokamak), confirmed the existence of a "density free zone" in its experiments, providing critical physical evidence for high-density operation in magnetic confinement fusion devices[5]. - The research team developed a theory model (PWSO) that identifies the role of boundary impurities in triggering radiation instability, which is crucial for understanding density limits in plasma physics[5]. Nuclear Power Plant Developments - The first nuclear fuel loading for the Guangdong Taipingling Nuclear Power Plant Unit 1 has officially begun, marking a transition from construction to commissioning phase, crucial for achieving grid connection[5]. - The Zhangzhou Nuclear Power Unit 2 has commenced commercial operation, with an annual output capacity of 10 billion kWh, reducing CO2 emissions by approximately 8.16 million tons[6]. Industry Collaborations and Innovations - A joint laboratory for "Fusion Efficient Compact Heat Exchange Equipment" has been established between Hefei Energy Research Institute and Lanshi Group, focusing on advancing fusion power generation technology[7]. - The Fujian Nuclear Power signed a cooperation framework agreement with the Fujian Meteorological Bureau to enhance meteorological services for energy projects, aiming to improve risk management against climate impacts[6]. Risk Factors - Potential risks include underperformance of industrial policies and delays in technological breakthroughs and cost reductions[8].

Group 1 - CITIC Securities-Kaiyuan Single Asset Management Plan increased its stake in China General Nuclear Power (01816) by 12.932 million shares at an average price of HKD 3.1201 per share, totaling approximately HKD 40.3491 million [1] - After the increase, the total number of shares held by CITIC Securities is approximately 1.685 billion shares, representing a holding percentage of 15.09% [1]

Group 1 - The core point of the article is that CITIC Securities has increased its stake in China General Nuclear Power (01816) by acquiring 12.932 million shares at an average price of HKD 3.1201 per share, totaling approximately HKD 40.3491 million [1] - After the acquisition, CITIC Securities' total shareholding in China General Nuclear Power is approximately 1.685 billion shares, representing a holding percentage of 15.09% [1]

Group 1: Nuclear Power Development - During the "14th Five-Year Plan" period, China General Nuclear Power Group (CGN) received approval for 16 nuclear power units, started construction on 10 units, and completed 4 units [1][4] - As of now, CGN has 28 operational nuclear units and 20 under construction, with a total installed capacity exceeding 56 million kilowatts [4] - The "Hualong One" reactor technology has achieved 12 major technical indicators at the international optimal level, making it the only reactor type without significant review issues [4] Group 2: Renewable Energy Expansion - CGN's clean energy grid-connected electricity generation exceeded 1.67 trillion kilowatt-hours during the "14th Five-Year Plan," with installed capacity growing from 62 million kilowatts to 113 million kilowatts [1] - The operational capacity of domestic renewable energy surpassed 70 million kilowatts, and CGN expanded its overseas renewable energy business to 18 countries [1] - The company achieved nearly a threefold increase in domestic renewable energy capacity compared to the end of the "13th Five-Year Plan," with cumulative grid-connected electricity exceeding 370 billion kilowatt-hours [1] Group 3: Technological Advancements - CGN has implemented 144 advanced construction technologies during the "14th Five-Year Plan," introducing smart construction models that significantly enhance engineering efficiency and quality [5] - The "Hualong One" technology is undergoing continuous iteration and upgrades, with the 2.0 version set to enter the demonstration project construction phase [5] Group 4: Green Energy Initiatives - CGN established China's first fully green electricity supply virtual power plant and has engaged in market transactions totaling over 2.1 trillion kilowatt-hours of electricity over the past five years [4] - The cumulative green electricity trading volume exceeded 30 billion kilowatt-hours, and the external sales volume of CCER carbon assets surpassed 5 million tons [4] - CGN has built its first hydrogen production station and successfully developed a seawater direct hydrogen production experimental prototype [4]

Core Viewpoint - The meeting between the leaders of State Power Investment Corporation and China General Nuclear Power Group focuses on deepening cooperation in the energy sector, particularly in nuclear power and new energy project development [1] Group 1 - The discussion was held on January 26, with key figures including Liu Mingsheng, Chairman of State Power Investment Corporation, and Yang Changli, Chairman of China General Nuclear Power Group [1] - Both parties expressed intentions to enhance practical cooperation in the development and construction of nuclear power and new energy projects [1]

Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating a favorable investment environment for renewable energy and gas companies [2][3]. Core Insights - The report highlights a slight increase in overall power generation in 2025, primarily driven by wind and solar energy contributions, while traditional coal power generation shows a decline [8][9]. - The extreme cold weather in the U.S. has led to a significant spike in natural gas prices due to increased demand and supply constraints [18][22]. - The report suggests various investment opportunities across different segments of the energy sector, including coal power, hydropower, nuclear power, renewable energy, and gas companies [18][43]. Summary by Sections 1. Power Generation - In December 2025, total power generation was 858.6 billion kWh, a year-on-year increase of 0.1%. Coal power generation decreased by 3.2%, while renewable sources like wind and solar saw significant growth [10][11]. - For the entire year of 2025, total power generation reached 9715.9 billion kWh, up 2.2% from the previous year, with coal power down by 1.0% and solar power up by 24.4% [15][19]. 2. Natural Gas - As of January 23, 2026, the Henry Hub spot price surged to $30.72/mmBtu, reflecting a week-on-week increase of 903.53%. European gas prices also rose significantly due to low inventory levels and increased demand [20][28]. - The report notes that the extreme cold weather has tightened supply and demand dynamics, leading to higher global gas prices, particularly in Europe and Northeast Asia [22][37]. 3. Investment Recommendations - For coal power, companies like Guodian Power and Inner Mongolia Huadian are recommended due to their integrated coal and power operations [18]. - Hydropower companies such as Yangtze Power and State Power Investment Corporation are favored due to favorable conditions for energy storage and reduced capital expenditures [19]. - Nuclear power companies like China National Nuclear Power and China General Nuclear Power are highlighted for their stable cost structures and growth potential [18]. - Renewable energy operators such as Xinte Energy and Longyuan Power are recommended as new market rules enhance the stability of returns [18]. - Gas companies like Kunlun Energy and New Hope Liuhe are suggested for their potential recovery in profitability due to cost reductions and improved pricing mechanisms [43].

证券日报网讯 1月23日，中国广核在互动平台回答投资者提问时表示，截至2025年12月31日，公司共管 理在建机组20台，详见公司于2026年1月8日发布的《关于2025年第四季度运营情况的公告》。公司将紧 跟"双碳"战略机遇，积极推进核电新项目核准前准备和厂址开发等工作，适时提交项目核准申请，保持 公司在运在建装机规模处于行业领先地位。公司作为专注于核能发电的公司，属于资金密集的大型公用 设施企业，一般采用长债为主、长短结合的债务融资结构。公司持有一定余额的短期借款，主要是为满 足日常经营周转需要。公司根据核电项目建设运营期的资金需求设置合适的融资模式，并持续加强与银 行合作，适时开展债务置换和债务重组，降低融资成本，确保公司现金流满足公司发展需求。 （文章来源：证券日报） ...

Group 1 - The core point of the article is the resolutions passed during the 18th meeting of the fourth board of directors of China General Nuclear Power Corporation (CGN), which includes approval of the 2026 business plan, investment plan, and risk assessment report [4][6][12] - The meeting was held on January 21, 2026, in Shenzhen, with all eight directors present, and it complied with relevant laws and regulations [2][3] - The board approved the appointment of Zhou Jianping as the company's general legal counsel, effective from January 21, 2026, to December 31, 2027 [16][17] Group 2 - The board approved the foreign exchange derivative trading business for its subsidiaries, Guangdong Nuclear Power Joint Venture Co., Ltd. and Taishan Nuclear Power Joint Venture Co., Ltd., to manage exchange rate risks [13][31] - The total trading amount for Guangdong Nuclear is capped at 1.2 billion RMB, while Taishan Nuclear's trading amount is capped at 100 million Euros [31][34] - The trading aims to mitigate the impact of currency fluctuations on the companies' operations, with all transactions being closely related to their actual foreign exchange income and expenses [36][70] Group 3 - The board's resolutions included the approval of the internal audit plan for 2026 and the corporate governance report for 2025 [8][10] - The board also approved the preliminary design budget for the Lufeng Nuclear Power Units 5 and 6, with a total investment of 44.411 billion RMB [20] - The resolutions were made with unanimous support from the directors present, ensuring transparency and compliance with corporate governance standards [4][6][12]