Core Insights - The China Securities National New State-Owned Enterprises Modern Energy Index has seen a slight decline of 0.13% as of October 22, 2025, with mixed performance among constituent stocks [3] - The "Wind Energy Beijing Declaration 2.0" was released on October 20, 2025, at the International Wind Energy Conference, setting ambitious targets for wind power installation during the 14th and 15th Five-Year Plans [3] Group 1: Market Performance - The top-performing stocks include PetroChina Oilfield Services, which rose by 10.00%, and China Nuclear Engineering, which increased by 4.10% [3] - The recent trading volume for the National Modern Energy ETF was 161.57 million yuan, with a turnover rate of 3.62% [3] - Over the past year, the National Modern Energy ETF has seen an average daily trading volume of 615.35 million yuan [3] Group 2: Policy Changes - Starting November 1, 2025, the 50% VAT refund policy for onshore wind power will be canceled, while the policy for offshore wind power will continue until the end of 2027 [4] - The cancellation of tax incentives for onshore wind power is expected to impact net profits by approximately 19%, creating short-term pressure on profitability [4] Group 3: Industry Outlook - Despite the short-term challenges, the long-term outlook for the wind power industry remains robust due to China's commitment to its "dual carbon" strategy [4] - The wind power supply chain is anticipated to enter a recovery phase, with a focus on leading turbine manufacturers and offshore expansion [4] - The "Two Seas" strategy for wind power equipment is expected to enhance market share and overall profitability for companies in the sector [4] Group 4: Index Composition - As of September 30, 2025, the top ten weighted stocks in the index include Changjiang Electric Power and China Nuclear Power, accounting for 47.72% of the index [6]

Core Insights - Namibia, known as a "strategic metal reserve," is a major uranium producer, providing essential fuel for the global nuclear power industry [1] - A youth exchange program titled "Nuclear Energy Lights Up Dreams, Friendship Connects the Future" will take place in China from September 20 to 29, 2025, involving 12 selected Namibian students visiting various nuclear facilities in China [1] - The program aims to enhance understanding of China's technological achievements and environmental concepts among the youth, fostering closer ties between China and Namibia [1] Group 1: Youth Exchange Program - The exchange program allows Namibian youth to experience China's rich history and modern technological advancements, including visits to the Great Wall and the Forbidden City [2] - Participants expressed amazement at China's development, convenience, and the application of technology in daily life, highlighting the contrast between their expectations and reality [4][5] - The program emphasizes the importance of cultural exchange and understanding, aiming to strengthen the friendship between the two nations [8] Group 2: Nuclear Industry Insights - The Namibian students learned about the complete uranium industry chain in China, from exploration to the development of clean energy solutions [5][6] - They visited the China National Nuclear Corporation (CNNC) facilities, gaining insights into the sustainable and efficient mining practices employed in China [7] - The students were introduced to the concept of nuclear energy as a clean energy source, dispelling misconceptions about its dangers [6][8] Group 3: Educational and Social Contributions - CNNC has been actively involved in social responsibility initiatives in Namibia, including education and skills training, benefiting thousands of local youth [9][10] - The company supports local employment and community development, contributing to the socio-economic growth of Namibia [9][10] - The exchange program is part of a broader strategy to foster mutual understanding and cooperation between China and Namibia, particularly in the nuclear sector [9][10]

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][5][9]. Core Views - The report highlights the adjustment of value-added tax policies for renewable energy, particularly wind and nuclear power, which is expected to support the profitability of these sectors [3][18][19]. - The report emphasizes the ongoing government support for renewable energy development, indicating a gradual stabilization in profitability for new energy generation [4][29]. - The report suggests that the decline in coal and electricity prices may allow thermal power companies to maintain reasonable profit levels [4][29]. Summary by Sections Market Review - The Shanghai Composite Index fell by 2.22%, while the public utility index decreased by 0.69% and the environmental index dropped by 1.11% [1][15]. - Among the sub-sectors, thermal power decreased by 0.82%, hydropower increased by 1.69%, and new energy generation fell by 1.85% [1][15]. Important Events - The National Development and Reform Commission released a draft on renewable energy consumption targets, which includes both electricity and non-electric consumption minimum ratios [2][16]. - The government announced support for green methanol and sustainable aviation fuel projects, with funding covering up to 80% of project costs in certain regions [17]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and Shanghai Electric, as well as leading renewable energy firms such as Longyuan Power and Three Gorges Energy [4][29]. - The report also suggests focusing on stable dividend-paying hydropower stocks like Yangtze Power and gas companies with trade capabilities like Jiufeng Energy [4][29]. Key Company Earnings Forecasts and Investment Ratings - Huadian International: Outperform, EPS forecast for 2024A at 0.49 and 2025E at 0.62 [9]. - Longyuan Power: Outperform, EPS forecast for 2024A at 0.76 and 2025E at 0.81 [9]. - China Nuclear Power: Outperform, EPS forecast for 2024A at 0.43 and 2025E at 0.50 [9]. Environmental Sector Insights - The water and waste incineration sectors are entering a mature phase, with improved free cash flow and lower risk preferences among investors [30]. - The domestic scientific instrument market presents significant opportunities for domestic replacements, with a market size exceeding $9 billion [30].

Core Viewpoint - The strategic cooperation framework agreement signed between China National Nuclear Corporation (CNNC) and Liaoning Financial Holdings Group marks a significant step towards enhancing nuclear technology innovation and clean energy projects in Liaoning province, aiming to transform it from a supporting province to a strong nuclear industry province [1] Group 1: Agreements and Collaborations - CNNC signed a strategic cooperation framework agreement with Liaoning Financial Holdings Group [1] - The China National Nuclear Power Research Institute and Liaoning Provincial Department of Science and Technology signed a comprehensive cooperation framework agreement in the field of technological innovation [1] Group 2: Future Goals and Initiatives - Liaoning's provincial secretary expressed the intention to leverage the agreements to accelerate the development of nuclear technology innovation platforms and nuclear power industry clusters [1] - The collaboration aims to support the revitalization of Northeast China and Liaoning province by enhancing the nuclear industry [1]

证券代码：601985 证券简称：中国核电 公告编号：2025-071 中国核能电力股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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法律责任。 重要内容提示： （三）会议召开方式：上证路演中心网络互动 三、参加人员 董事长：卢铁忠 独立董事：戴新民 中国核能电力股份有限公司（以下简称公司）计划于 2025 年 10 月 30 日发 布公司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公司 2025 年最新经营成果、财务状况，公司计划于 2025 年 10 月 30 日（星期四）15:00-17:00 举行 2025 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以视频结合网络互动召开，公司将针对 2025 年前三季度 的经营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允 许的范围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 会议召开时间：2025 年 10 月 30 日（星期四）15:00- ...

Group 1 - Five central enterprises have undergone changes in external board member positions [1][2][3][4][5] - China National Nuclear Corporation appointed Ge Xiaochun as an external director, while Ouyang Qian is no longer serving in this role [1] - China Aerospace Science and Industry Corporation appointed Zhang Fengchun as an external director [2] - China Telecom Group appointed Zhou Yubo as an external director [3] - China Satellite Network Group appointed Zhang Jianheng as an external director [4] - China FAW Group appointed Ding Shaobin as an external director [5]

Core Insights - China Nuclear Power stated on October 20 that the value-added tax (VAT) refunds for its nuclear power projects are generally received within the normal settlement cycle, based on the accrual basis of accounting [2] Company Summary - The company has clarified its accounting practices regarding VAT refunds, indicating a structured approach to financial management [2]

Core Viewpoint - The company aims to enhance its core competitiveness and value creation capabilities through a new strategy focused on "intensification, standardization, and digitalization" [1] Group 1: Strategic Initiatives - The company plans to integrate resources intensively to reduce costs and improve efficiency [1] - It will establish unified management standards to strengthen safety foundations and continuously enhance operational efficiency [1] - The company is committed to building smart power plants through digitalization to empower the traditional energy industry's upgrade [1] Group 2: Policy Support and Collaboration - The company will continue to collaborate with other nuclear power groups to seek policy support from national ministries, particularly regarding electricity pricing [1] - This effort aims to provide strong support for the healthy development of the nuclear power industry [1]

Investment Rating - The report provides a "Buy" rating for several companies in the power and gas sectors, indicating a positive outlook for their performance [41]. Core Insights - The report highlights the recent adjustments in the value-added tax (VAT) policies for wind and nuclear power, which may impact profitability for operators in these sectors [9][10]. - It notes the competitive pricing results for electricity in Xinjiang and Gansu, with Xinjiang's prices nearing the upper limit of the bidding range, suggesting a favorable environment for renewable energy operators [8]. - The report discusses the decline in global LNG prices, with China's comprehensive LNG import price reaching a four-year low, which could benefit domestic gas companies [12][27]. Summary by Sections 1. Power Sector - Xinjiang's mechanism electricity bidding results show a scale of 36 billion kWh for solar and 185 billion kWh for wind, with prices at 0.235 CNY/kWh and 0.252 CNY/kWh respectively, indicating a competitive market [5][8]. - The VAT policy changes will eliminate the 50% VAT refund for onshore wind from November 1, 2025, while maintaining it for offshore wind until the end of 2027 [9][10]. - Recommendations include focusing on companies like Guodian Power, China Nuclear Power, and Longyuan Power due to their stable growth prospects [11]. 2. Gas Sector - Global gas prices have shown slight declines, with the US Henry Hub price at $2.82/mmBtu, reflecting a 2.90% weekly drop [12][15]. - China's LNG import price has dropped to 2852 CNY/ton, the lowest since mid-2021, driven by lower oil prices affecting long-term contracts [27][29]. - The report suggests a positive outlook for gas companies like Kunlun Energy and New Hope Energy, as cost reductions and economic recovery may enhance profitability [29]. 3. Environmental Sector - The report emphasizes the benefits of debt-for-equity swaps and the increasing stability of returns for green energy operators, recommending companies like China Everbright Environment and Hongcheng Environment [11]. - It highlights the ongoing rise in SAF (Sustainable Aviation Fuel) prices, suggesting investment opportunities in related companies [11]. 4. Key Company Valuations - The report includes a valuation table for key companies, with several rated as "Buy," indicating strong expected performance in the coming years [41].

Core Viewpoint - The policy adjustment has a controllable impact on China Nuclear Power (601985.SH), with specific financial implications outlined for both operational and under-construction nuclear power units [1] Summary by Categories Impact on Operational Units - The value-added tax (VAT) refund policy for the 26 operational nuclear power units remains unchanged and consistent with previous policies [1] Impact on Under-Construction Units - For the 19 approved but not yet operational nuclear power units, due to the input tax deduction during the construction period, there will typically be no VAT payable for the first 5-6 years of operation, resulting in no VAT refunds [1] - For a single Hualong One unit, the comparison with the previous policy indicates that there will be no VAT payable in the first 5 years of operation, and no VAT refunds [1] - From the 6th to the 10th year of operation, the estimated annual impact on the company's net profit attributable to shareholders is approximately 20 million yuan, and from the 11th to the 15th year, it is approximately 56 million yuan annually [1] - The total estimated impact on the company's net profit attributable to shareholders over the lifespan of these units is around 400 million yuan [1] - The effects of this policy change on the company's future operating results are expected to gradually manifest after 2030, with no significant impact during the 14th Five-Year Plan period [1] Future Projects - For new nuclear power units approved after October 31, 2025, there will be no VAT refunds [1]