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) 董事会核安全委员会工作规则 (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（简称"公司"）董事 会核安全委员会（以下简称"核安全委员会"）的组成和职责，规范 工作程序，根据国家有关法律、法规、规范性文件、《中国广核电力 股份有限公司章程》（以下简称"《公司章程》"）和《中国广核电 力股份有限公司董事会议事规则》，结合公司实际，制定本工作规则。 第二条 核安全委员会是董事会下属的专门委员会，向董事会负责。 第二章 核安全委员会组织机构 第三条 核安全委员会由五人组成，设主任委员一名，由董事长担 任。委员全部由公司董事组成，包括非执行董事、执行董事和独立董 事。核安全委员会主任不能或不履行职责时，可委托一名委员代行其 职责，或由过半数的委员共同推举 1 名委员代行其职责。 1 核安全委员会的日常办事机构设在公司安全质量环保部，负责承 办核安全委员会的有关具体事务。核安全委员会可设咨询委员一名，协 助核安全委员会开展日常具体工作。 （六）严守法纪，依照法律法规和《公司章程》积极开展工作，维 护 ...

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]