Core Viewpoint - The legal opinion letter confirms that the convening and holding of the shareholder meetings for China General Nuclear Power Corporation (CGN) comply with relevant laws and regulations, ensuring the legitimacy of the proceedings and the qualifications of participants [1][16]. Group 1: Meeting Procedures - The shareholder meetings for the 2024 Annual General Meeting, the first A-share meeting of 2025, and the first H-share meeting of 2025 are scheduled for May 21, 2025 [4][5]. - The meetings will be held at the CGN headquarters, with specific time slots allocated for different sessions [5][6]. - The legal opinion confirms that the procedures for convening and holding the meetings adhere to the requirements set forth in the Company Law, Securities Law, and the company's articles of association [6][16]. Group 2: Participant Qualifications - A total of 2,075 shareholders attended the 2024 Annual General Meeting, representing 38,136,694,609 voting shares, which is 75.52% of the total voting shares [7][8]. - For the first A-share meeting of 2025, 2,073 shareholders participated, representing 34,704,919,236 voting shares [8]. - The qualifications of the shareholders participating in the meetings were verified by relevant institutions, ensuring compliance with legal and regulatory standards [9][16]. Group 3: Voting Procedures and Results - The voting for the meetings was conducted through a combination of on-site and internet voting, with results verified by the Shenzhen Securities Information Company [10][11]. - The voting results showed overwhelming support for the proposed resolutions, with significant majorities in favor across both A and H shares [11][12]. - The legal opinion confirms that the voting procedures and results are in accordance with the Company Law and the rules governing shareholder meetings [16].

Core Viewpoint - China General Nuclear Power Corporation (CGN) has received general authorization from its board of directors to repurchase shares, allowing the company to buy back up to 10% of its total issued A-shares and/or H-shares as of the date of the annual general meeting approval [2][3] Group 1 - The board of directors was granted the authority to repurchase shares during the relevant authorization period, with the decision to be made at an appropriate time [2] - The repurchased H-shares will be legally canceled, resulting in a corresponding reduction of the company's registered capital [3] - Creditors of the company have the right to declare their claims starting from the announcement date, May 21, 2025, and must do so within specified time frames to avoid forfeiting their rights [3][4] Group 2 - Creditors must provide valid proof of claims and identification documents when declaring their debts, with specific requirements for both natural and legal persons [4] - The company has provided contact information and mailing details for creditors to submit their claims, emphasizing the importance of marking submissions appropriately [4]

证券代码：003816 证券简称：中国广核 公告编号：2025-039 中国广核电力股份有限公司 关于董事会获得回购股份一般性授权通知债权人的公告 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。 中国广核电力股份有限公司（以下简称"公司"或"本公司"）于 2025 年 5 月 21 日召开的 2024 年度股东大会、2025 年第一次 A 股类别股东大会及 2025 年 第一次 H 股类别股东大会，授予公司董事会回购股份一般性授权，由公司董事 会在相关授权期间内适时决定回购不超过《关于授予董事会回购股份一般性授权 的议案》通过年度股东大会、A 股类别股东大会及 H 股类别股东大会批准之日 已发行 A 股及/或 H 股股份总额的 10%，以及决定回购股份的条款及条件。详细 内容见公司于 2025 年 3 月 26 日、2025 年 5 月 21 日登载于巨潮资讯网 （www.cninfo.com.cn）、《证券时报》《中国证券报》《上海证券报》《证券日报》 的《中国广核电力股份有限公司第四届董事会第十二次会议决议公告》（公告编 号：2025-018）、《中国广核 ...

截至2025年5月15日 10:59，国证绿色电力指数上涨0.01%，成分股京运通上涨7.58%，华能国际上涨1.21%，湖南发展上涨1.09%，明星电力上涨1.05%，国电 电力上涨0.88%。绿色电力ETF(159625)冲击3连涨。 从估值层面来看，绿色电力ETF跟踪的国证绿色电力指数最新市盈率（PE-TTM）仅18.81倍，处于近3年15.99%的分位，即估值低于近3年84.01%以上的时 间，处于历史低位。 数据显示，截至2025年4月30日，国证绿色电力指数前十大权重股分别为长江电力、中国核电、三峡能源、国投电力、川投能源、中国广核、华能国际、华 能水电、国电电力、申能股份，前十大权重股合计占比58.04%。 消息面方面，在近日举办的"中国绿证：畅行中国 走向世界——绿证走进粤港澳大湾区"活动上，全球绿色电力消费倡议（RE100）宣布全面认可中国绿证， 意味着我国和倡议伙伴都可以放心采用绿证，更便捷地核证其采购的可再生能源电力，我国可再生能源转型取得重要进展。 中邮证券表示，绿电和储能的价值有望先后得到重估，新能源作为绿色的波动性电源，其内在价值量应减去"波动"的负外部性，并加上"绿色"的正外部性 ...

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].

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].

Core Viewpoint - The State Council of China has approved five new nuclear power projects, indicating a significant step in the country's nuclear energy development strategy [1][2]. Group 1: Project Details - The approved projects include the Zhejiang Sanmen Phase III, Fujian Xiapu Units 1 and 2, Shandong Haiyang Phase III, Guangdong Taishan Phase II, and Guangxi Fangchenggang Phase III, contributing to a total nuclear power capacity exceeding 120 million kilowatts [1][2]. - The Taishan and Fangchenggang projects are under China General Nuclear Power Group, with Taishan featuring two EPR units and Fangchenggang utilizing the "Hualong One" technology for its new units [1][2]. - The Sanmen project in Zhejiang plans to build six units with a total capacity of 7.4 million kilowatts, while the Xiapu project in Fujian will have five units with a total investment exceeding 110 billion yuan [2]. Group 2: Industry Impact - The nuclear power sector is expected to significantly reduce coal consumption and carbon emissions, with projections indicating a reduction of approximately 14 million tons of coal and 37 million tons of CO2 emissions in 2024 [3]. - China aims to enhance its nuclear safety culture and adhere to the highest global safety standards in nuclear power operations, ensuring the safety and efficiency of its nuclear projects [3]. - The government is also focusing on the development of advanced nuclear technologies, including fourth-generation reactors and small modular reactors, to optimize energy structure and address climate change [3].

Group 1: Banking Sector Performance - Domestic banks are expected to report their Q1 earnings later this month, with preliminary reports aligning with market expectations [2][3] - Shenjing Bank's stock rose over 8%, indicating strong performance among domestic banks [3][4] - Citic Securities suggests that the banking sector will benefit from stable financial data, predictable dividend value, and relatively low valuation volatility, recommending an increase in allocation to this sector [2] Group 2: Nuclear Power Sector Developments - The State Council approved several new nuclear power projects, including the third phase of the Zhejiang Sanmen project and others in Guangxi, Guangdong, and Shandong, totaling five projects and ten new units [5] - China General Nuclear Power Corporation's stock rose over 2% following the announcement of these project approvals [5][6] Group 3: Stock Market Overview - The Hong Kong stock market showed mixed results, with the Hang Seng Index down 0.04% and the Hang Seng Tech Index up 0.12% [3] - Notable movements included JD.com rising over 2% and Meituan increasing by over 0.5%, while Lenovo Group fell over 1% [3]