证券研究报告 | 行业周报 | 公用事业 公用事业 报告日期：2025 年 03 月 16 日 绿电直供凸显环境属性，清洁能源迎来专项资金 ——环保与公用事业行业周报 投资要点 ❑ 行情回顾 本周，公用事业板块指数上涨 2.19%，涨跌幅在 31 个申万一级行业中排名第 11，跑赢沪深 300 指数 0.61%；本周，环保板块指数上涨 2.53%，涨跌幅在 32 个 申万一级行业中排名第 9，跑赢沪深 300 指数 0.94%。截至 2025 年 3 月 7 日，公 用事业（申万）PE（TTM）为 16.87 倍，PB（LF）为 1.48 倍；环保（申万）PE （TTM）为 21.60 倍，PB（LF）为 1.48 倍。 ❑ 行业重要动态 ❑ 核心观点与投资建议 ❑ 公用事业行业，本周重点关注个股组合：佛燃能源+东方电子+中国核电。 A.绿电运营板块。去年以来政策推动典型高耗能行业参与绿证绿电交易，绿电环 境价值有望进一步兑现；此外新能源全面入市有望带动电价下行，叠加电网发债 持续推进下绿电企业国补欠补问题有望改善。考虑到当前绿电估值已处价值洼地， 尤其是港股绿电普遍处于破净状态，后续可进一步关注新能源大基地 ...

Investment Rating - The report maintains a positive investment rating for the power and utilities sector, with specific recommendations for various companies based on their performance and market conditions [3][20][21]. Core Insights - The power sector outperformed the broader market, with the public utility sector index rising by 2.19% and the electricity sub-sector by 2.21% during the week ending March 14, 2025 [1][7]. - Significant investments are being made in renewable energy projects, particularly in the "Shagou Desert" area, with major state-owned enterprises planning substantial capacity expansions [2][23]. - The report emphasizes the acceleration of the electricity spot market construction and the establishment of a unified national electricity market system [2][28]. Summary by Sections Weekly Market Review - The public utility sector index closed at 2287.91 points, up 49.11 points, while the electricity sub-sector closed at 3042.41 points, up 65.87 points, indicating strong performance compared to the Shanghai and Shenzhen 300 index, which rose by 1.59% [1][7]. - Among the electricity sub-sectors, photovoltaic power generation saw a rise of 4.68%, followed by thermal services at 3.80%, and comprehensive energy services at 3.57% [14][19]. Investment Recommendations - For thermal power, the report recommends companies like Sheneng Co. and Funeng Co., while cautiously recommending Waneng Power and Huadian International [3][19]. - In the green energy sector, it suggests investing in Three Gorges Energy and keeping an eye on new energy companies like Xintian Green Energy [3][19]. - The report highlights the stable performance of large hydropower companies, recommending Changjiang Electric Power, and notes the growth potential in nuclear power with a recommendation for China Nuclear Power [3][19]. Industry Developments - The report discusses the ongoing construction of the "Shagou Desert" renewable energy base and the promotion of cross-regional energy dispatch projects to enhance energy supply security [2][22]. - It notes that Xinjiang's electricity export volume reached 126.4 billion kilowatt-hours in 2024, marking a continuous increase over five years [2][23]. - The establishment of a national carbon market and the first cross-regional green electricity transaction are highlighted as significant steps towards market integration [28][29].

Investment Rating - The report maintains a rating of "Outperform the Market" for the electricity sector [6]. Core Insights - The Ministry of Industry and Information Technology has announced a target for renewable energy to account for 30% of computing power centers by 2026, emphasizing green and low-carbon computing. This is expected to increase the demand for renewable energy consumption in data centers, leading to sustained growth in green electricity and green certificate consumption [1][10]. - The report expresses optimism regarding the transformation of thermal power companies into renewable energy operators, recommending several companies such as Sheneng Co., Shanghai Electric, and Huaneng International [5][10]. Summary by Sections Market Performance - From February 14 to February 21, the electricity sector (882528.WI) declined by 0.12%, underperforming the CSI 300 index, which rose by 1.00%. Year-to-date, the electricity sector has fallen by 5.09%, while the CSI 300 index has increased by 1.11% [2][14]. - The sub-sectors of thermal power, hydropower, and gas power saw changes of -0.93%, -1.25%, and -1.07% respectively during the same period [14][22]. Coal Prices and Inventory - The spot price of thermal coal in Qinhuangdao decreased by 2.67% month-on-month and by 23.64% year-on-year, with a current price of 730 RMB/ton [3][31]. - Coal inventory at Qinhuangdao increased by 3.38% month-on-month and by 40.88% year-on-year, reaching 7.03 million tons as of February 21 [4][36]. Investment Recommendations - The report continues to favor companies transitioning from thermal power to renewable energy operations, including Wanan Electric, Sheneng Co., and Huaneng International. It also recommends stable companies like China Nuclear Power and Three Gorges Energy [5][10]. - Specific recommendations include Longjiang Electric, benefiting from the injection of the Wuhai Power Station, and Huaneng Hydropower, which is expected to benefit from improving provincial market electricity prices [5][10]. Key News and Announcements - Jiangsu Province is encouraging renewable energy hydrogen production projects to participate in the electricity market, aiming for innovative management models [48]. - The Chongqing electricity spot market is set to begin trial operations on March 11, 2025, with a focus on optimizing clearing results based on real-time market conditions [48].

证券研究报告| 行业周报 2025 年 03 月 02 日 电力 煤价加速下跌重视火电超额机会，2025 能源工作强调绿色保供 本周行情回顾：本周（2.24-2.28）上证指数报收 3320.90 点，下降 1.72%，沪深 300 指数报收 3890.05 点，下降 2.22%。中信电力及公用事业指数报收 2752.47 点，下降 1.03%，跑赢沪深 300 指数 1.19pct，位列 30 个中信一级板块涨跌幅榜 第 15 位。 本周行业观点： 投资建议：本周煤价快速下跌至 700 元/吨附近，重视火电超额机会。市场对于 电价预期已经相对充分，区域电价风险基本出清、煤价下跌或超预期，建议关注 重点火电标的：皖能电力、申能股份、华电国际、浙能电力。推荐布局低估绿电板 块，推荐优先关注低估港股绿电以及风电运营商，建议关注新天绿色能源（H）、 龙源电力（H）、中闽能源、福能股份。把握水核防御，水电板块，建议关注长江 电力、国投电力、川投能源、华能水电；核电板块，建议关注中国核电和中国广核。 风险提示：原料价格超预期上涨；项目建设进度不及预期；电力辅助服务市场、绿 证交易等政策不及预期。 增持（维持） 行业走势 ...

| 证券代码：601985 | 证券简称：中国核电 | 公告编号：2025-020 | | --- | --- | --- | | 债券代码：138547 | 债券简称：22 核电 Y2 | | 关于对外投资的提示性公告 中国核能电力股份有限公司 一、本次事项概述 为响应国家未来产业战略发展要求，落实核能"三步走"战略，推动聚变产业 发展，体现中国核电在推进国家能源结构转型和促进清洁能源发展中的使命担 当，前瞻性布局核聚变能源领域，为未来聚变堆商业化应用打下基础，公司拟以 增资方式参股聚变公司。 根据测算，本次对外投资事项预计构成关联交易，但不会达到《上市公司重 大资产重组管理办法》规定的重大资产重组条件，不构成重大资产重组。本次交 易拟采用现金方式，不涉及公司发行股份，也不会导致公司控制权变更。 二、本次对外投资的目的及对公司的影响 聚变公司的技术研发方向和未来的产业化发展与国家能源安全和环境保护 的战略目标高度一致，因此，公司参股聚变公司具有显著的战略意义和必要性。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 特 ...

中国核能电力股份有限公司（以下简称公司）第五届监事会第二次会议于 2025 年 2 月 28 日以通讯方式召开。本次会议的通知及相关会议材料已于 2025 年 2 月 21 日由监事会办公室提交全体监事。本次会议应参会表决监事 5 人，实 际参会监事 5 人。会议的召集召开符合《公司法》和《公司章程》的规定，所作 决议合法有效。 经与会监事审议，形成决议如下： 一、通过了《关于参股中国聚变能源有限公司暨关联交易的议案》 表决结果：同意票数 5 票；反对票数 0 票；弃权票数 0 票。 | 证券代码：601985 | 证券简称：中国核电 公告编号：2025-019 | | --- | --- | | 债券代码：138547 | 债券简称：22 核电 Y2 | 中国核能电力股份有限公司 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 第五届监事会第二次会议决议公告 监事会认为：本次关联交易由各方在公平、自愿的原则下协商确定，符合《公 司法》《证券法》等有关法律、法规及《公司章程》的规定。本次交易不存在损 害上市公司及全体股东 ...

中国核能电力股份有限公司 经与会董事审议，形成决议如下： 一、通过了《关于参股中国聚变能源有限公司暨关联交易的议案》 | 证券代码：601985 | 证券简称：中国核电 公告编号：2025-018 | | --- | --- | | 债券代码：138547 | 债券简称：22 核电 Y2 | 第五届董事会第二次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 中国核能电力股份有限公司（以下简称公司）第五届董事会第二次会议于 2025 年 2 月 28 日以通讯方式召开。本次会议的通知及相关会议材料已于 2025 年 2 月 24 日由董事会办公室提交全体董事。本次会议应参会表决董事 9 人，实 际参会董事 9 人。会议的召集召开符合《公司法》和《公司章程》的规定，所作 决议合法有效。 二、通过了《关于修订公司<董事会授权管理办法>的议案》 表决结果：同意票数 9 票；反对票数 0 票；弃权票数 0 票。 特此公告。 中国核能电力股份有限公司董事会 2025 年 3 月 1 日 表决结果：同意票数 6 票；反对 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [8]. Core Insights - The company is positioned as a leading clean energy player under the China National Nuclear Corporation, with a strong focus on nuclear power, which accounted for nearly 85% of its revenue in 2023 [1][16]. - The nuclear power sector in China is entering a high-growth cycle, driven by government policies aimed at increasing nuclear energy's share in the overall energy mix, projected to reach 10% by 2035 [2][37]. - The company is actively expanding its nuclear and renewable energy capacities, with significant investments planned for the coming years, including a capital increase of 14 billion RMB to support project construction [4][5]. Summary by Sections Section 1: Nuclear Power as a Foundation - The company is the only nuclear power operation platform under the China National Nuclear Corporation, focusing on nuclear, wind, and solar energy projects [1][16]. - The company has maintained stable performance, with revenue growth from 52.76 billion RMB in 2020 to 74.96 billion RMB in 2023, reflecting a compound annual growth rate of approximately 12.76% [25]. Section 2: Accelerated Nuclear Approvals - The Chinese government has emphasized the urgent need for nuclear power development, with approvals for new projects returning to a normalized pace, approving 11 new units in 2024 [2][33]. - The nuclear power operating licenses are scarce, with only four companies currently qualified to operate in this sector, leading to a concentrated competitive landscape [41]. Section 3: Dual-Drive of Nuclear and Renewable Energy - The company has a total installed capacity of 23.75 million kW in nuclear power and over 36 million kW in non-nuclear clean energy, with plans for further expansion [3][16]. - The company has increased its market-based trading of nuclear power, with the proportion of market-based electricity sales rising from 33.71% in 2019 to 42.65% in 2023 [3][21]. Section 4: Profit Forecast and Valuation - The company is expected to achieve revenues of 75.57 billion RMB in 2024, with a projected growth of 0.82%, and net profits of 10.77 billion RMB, reflecting a growth of 1.37% [5][13]. - The estimated price-to-earnings ratios for 2024, 2025, and 2026 are 18, 16, and 15, respectively, indicating a favorable valuation outlook [5][13].

中信证券股份有限公司 关于中国核能电力股份有限公司 使用募集资金置换预先投入募投项目及已支付发行费用 的自筹资金事项之核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为中国核能 电力股份有限公司（以下简称"中国核电"或"公司"）2024 年度向特定对象发 行 A股股票的保荐人，根据《证券发行上市保荐业务管理办法》《上市公司监管指 引第 2 号——上市公司募集资金管理和使用的监管要求》《上海证券交易所股票上 市规则》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》和《上海 证券交易所上市公司自律监管指引第 11 号——持续督导》等有关规定，对中国核 电拟使用募集资金置换预先投入募投项目及已支付发行费用的自筹资金事项进行了 审慎核查，核查情况如下： 一、募集资金基本情况 根据中国证券监督管理委员会（以下简称"中国证监会"）出具《关于同意中 国核能电力股份有限公司向特定对象发行股票注册的批复》（证监许可〔2024〕 1807 号），公司向特定对象发行新股，募集资金用于福建漳州核电站 3、4 号机组 项目、辽宁徐大堡核电站 1、2 号机组项目、辽宁徐大堡核电站 3、4 号机组项目、 江 ...

| 证券代码：601985 | 证券简称：中国核电 公告编号：2025-015 | | --- | --- | | 债券代码：138547 | 债券简称：22 核电 Y2 | 中国核能电力股份有限公司 第五届监事会第一次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 中国核能电力股份有限公司（以下简称公司）第五届监事会第一次会议于 2025 年 1 月 20 日以现场方式召开。本次会议的通知及相关会议材料已于 2025 年 1 月 15 日由监事会办公室提交全体监事。本次会议应参会表决监事 5 人，实 际参会监事 5 人。会议的召集召开符合《公司法》和《公司章程》的规定，所作 决议合法有效。 经与会监事审议，形成决议如下： 一、通过了《关于公司 2025 年度投资计划的议案》 表决结果：同意票数 5 票；反对票数 0 票；弃权票数 0 票。 本议案需提交公司股东大会审议。 二、通过了《关于公司 2025 年度财务预算方案的议案》 表决结果：同意票数 5 票；反对票数 0 票；弃权票数 0 票。 表决结果：同 ...