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. ...

Core Points - The Shanghai Composite Index opened lower and the CSI 300 Utilities Index reported at 2662.05 points [1] - The CSI 300 Utilities Index has increased by 5.17% over the past month, 3.49% over the past three months, and has decreased by 1.65% year-to-date [1] Index Composition - The CSI 300 Utilities Index is composed of 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] - The top ten weights in the CSI 300 Utilities Index are: - Changjiang Electric Power (48.06%) - China Nuclear Power (10.21%) - Three Gorges Energy (8.19%) - Guodian Power (5.41%) - State Power Investment Corporation (4.87%) - Sichuan Investment Energy (4.38%) - Huaneng International (4.22%) - China General Nuclear Power (3.74%) - Zhejiang Energy Power (3.11%) - Huadian International (2.71%) [1] Market Distribution - The market distribution of the CSI 300 Utilities Index shows that the Shanghai Stock Exchange accounts for 95.91% and the Shenzhen Stock Exchange accounts for 4.09% [2] - In terms of industry composition within the index: - Hydropower accounts for 59.59% - Thermal power accounts for 15.45% - Nuclear power accounts for 13.96% - Wind power accounts for 8.54% - Gas accounts for 2.47% [2] Sample Adjustment - The index samples are adjusted every six months, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made in response to changes in the CSI 300 Index samples [2]

Core Viewpoint - The company reported a slight increase in revenue for Q1 2025, but a significant decline in net profit, attributed to lower electricity prices and increased expenses [1][2]. Financial Performance - In Q1 2025, the company achieved operating revenue of 20.028 billion yuan, a year-on-year increase of 4.41% [1]. - The net profit attributable to shareholders was 3.026 billion yuan, a year-on-year decrease of 16.07% [1]. - The net profit excluding non-recurring items was 2.928 billion yuan, a year-on-year decrease of 15.94% [1]. Operational Highlights - The total power generation from nuclear units managed by the company was approximately 60.174 billion kWh, a year-on-year increase of 9.25% [1]. - The total grid-connected power was about 56.689 billion kWh, a year-on-year increase of 9.41% [1]. - The increase in power generation was primarily due to reduced maintenance downtime compared to the same period in 2024 [1]. Market Conditions - Revenue growth was impacted by a decline in electricity prices, with the average transaction price in Guangdong province for the 2025 electricity year being 0.392 yuan/kWh, down over 0.07 yuan from 2024 [1]. - The company’s R&D expenses rose to 0.292 billion yuan, a year-on-year increase of 158.45%, mainly due to differences in R&D progress [2]. Future Growth Prospects - The company has 16 nuclear units under construction, with steady progress and approvals for new units expected to support long-term growth [2]. - The Taishan 3 and 4 units, along with the Fangchenggang 5 and 6 units, have received approval from the State Council, all utilizing Hualong One nuclear technology [2]. - Profit forecasts for 2025-2027 estimate net profits of 10.8 billion, 11.2 billion, and 12.1 billion yuan, with year-on-year changes of +0.30%, +3.60%, and +7.28% respectively [2].

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].