Investment Rating - The report indicates a positive outlook for the electricity industry, suggesting it is entering a phase of high prosperity due to policy catalysts and fundamental improvements [2][11]. Core Insights - The implementation of the capacity price mechanism starting in 2024 is expected to restructure the revenue model for coal power companies, reducing reliance on energy sales and stabilizing income expectations [11][21]. - The auxiliary service market mechanism has been officially released, accelerating the construction of the spot market, which will support high-quality development in the electricity sector [12]. - Overall electricity demand is recovering, with a reported increase in national electricity consumption of 4.28% year-on-year as of March 2025, indicating a positive trend for the industry [13]. - Hydropower generation is expected to improve due to favorable water conditions, while coal-fired power plants are experiencing reduced fuel cost pressures, enhancing profitability [15][17]. Summary by Sections 1. Policy Catalysts and Fundamental Resonance - The capacity price mechanism will optimize the profit model for coal power, ensuring sustainable operation [11]. - The auxiliary service market will provide new revenue channels for electricity companies, enhancing income diversity [12]. - Electricity demand is on the rise, supporting industry prosperity [13]. 2. Investment Value Analysis of the CSI All-Share Power Index - The CSI All-Share Power Index consists mainly of stocks from the power utility sector, with 98.92% of its components in power generation and grid industries [3][29]. - As of April 30, 2025, the index's P/E ratio is 16.65 and P/B ratio is 1.69, indicating relatively suitable valuation levels [31]. - The index has shown strong profitability and a high willingness to distribute dividends, with a 12-month dividend yield of 2.80% [35]. 3. Analysis of the GF CSI All-Share Power Utility ETF - The GF CSI All-Share Power Utility ETF was established on December 29, 2021, and aims to closely track the CSI All-Share Power Utility Index [45]. - As of May 14, 2025, the ETF has a scale of 3.489 billion yuan and a daily average trading volume of 193 million yuan, indicating good market liquidity [45]. - The fund is managed by an experienced manager with over 25 years in the securities industry [46].

Core Viewpoint - The legal opinion issued by Beijing Zhonglun Law Firm confirms the legality of the 2024 annual general meeting of China Nuclear Power Co., Ltd., ensuring compliance with relevant laws and regulations [1][8]. Group 1: Meeting Procedures - The notice for the 2024 annual general meeting was properly communicated to all shareholders, detailing the time, location, agenda, and registration methods [1]. - The meeting was convened in accordance with the provisions of the Company Law and the Shareholders' Meeting Rules [1][8]. Group 2: Meeting Attendance - A total of 15 shareholders and their proxies attended the meeting, representing 12,894,057,416 shares, which is 62.69% of the total voting shares [1]. - All attendees were verified to have valid qualifications as per the Company Law and relevant regulations [1][8]. Group 3: Voting Procedures and Results - The meeting utilized both on-site and online voting methods, with results being monitored and counted by designated personnel [1][8]. - The voting results showed overwhelming support for the proposals, with approval rates exceeding 99% for most resolutions [3][4][5][6][7].

Meeting Details - The shareholders' meeting of China Nuclear Power Co., Ltd. was held on May 20, 2025, at the company's office in Beijing [1] - The attendance rate of ordinary shareholders and preferred shareholders with restored voting rights was 71.4875% [1] Voting Results - All non-cumulative voting proposals were approved with high support, with the majority of votes in favor exceeding 99.8% for most proposals [1][2] - Specific voting results included: - Proposal 1: 99.8948% in favor - Proposal 2: 99.8987% in favor - Proposal 3: 99.8983% in favor - Proposal 4: 99.8933% in favor - Proposal 5: 99.8945% in favor - Proposal 6: 99.9052% in favor - Proposal 7: 99.8804% in favor [1][2] Legal Compliance - The meeting was convened and conducted in accordance with the Company Law and the company's articles of association, ensuring the legality and validity of the resolutions passed [1][2]

Core Points - The board of directors of China Nuclear Power Co., Ltd. held its fourth meeting of the fifth session, with 12 directors present, and all resolutions passed unanimously [1][2] - The board approved the adjustment of the members of the special committees [1] - The board revised the implementation rules of the Risk and Audit Committee [1] - The board approved the total salary settlement for 2024 and the salary budget for 2025, with all votes in favor [2]

本报记者 郭婧婷 北京报道 5月19日，证监会副主席李明在深交所主办的"2025全球投资者大会"上公开表示，上市公司更加注重回 报投资者。2024年，A股上市公司共实施分红2.4万亿元、回购股份1476亿元，均创历史新高，越来越多 的企业一年多次分红，沪深300指数股息率接近3.6%，回报投资者的稳定性、可预期性进一步增强。目 前A股估值水平仍处于相对低位，沪深300市盈率12.6倍，明显低于境外市场主要指数，配置价值进一步 凸显。 据Wind数据显示，截至5月19日，A股共有622家上市公司或重要股东获得回购增持贷款，总金额约为 1207.55亿元。 中央财经大学研究员张可亮在接受《中国经营报》记者采访时表示，上市公司同步释放回购增持信号， 这一集体行动在短期内可以提振市场信心，这显示了公司对自身价值的认可和对未来发展的信心。在中 期来看，这种行为可以起到托底作用，因为回购和增持可以减少市场上的流通股份，从而在一定程度上 稳定股价。 "回购增持行为体现了估值修复信号、政策协同导向和风险对冲需求的市场态度。大比例回购传递了'当 前股价低于内在价值'的判断，也反映监管层与企业共同维护市场稳定的意图，能够避免股价 ...

关于调整董事会专门委员会委员的公告 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个别及连带责任。 根据《公司法》《公司章程》相关规定，因公司董事变更，董事会各专门委 员会成员进行了调整，调整后的情况如下： 1. 战略与投资委员会 主席：卢铁忠 委员：邹正宇、录大恩（独立董事）、于良民（独立董事）、张国华、虞国 平、赵军 2. 审计与风险委员会 主席：录大恩（独立董事） | 证券代码：601985 | 证券简称：中国核电 | | 公告编号：2025-046 | | --- | --- | --- | --- | | 债券代码：138547 | 核电 债券简称：22 | Y2 | | 中国核能电力股份有限公司 3. 提名、薪酬与考核委员会 主席：秦玉秀（独立董事） 委员：录大恩（独立董事）、于良民（独立董事）、赵军、肖林兴 4. 安全与环境委员会 主席：邹正宇 委员：戴新民（独立董事）、张国华、武汉璟、虞国平 特此公告。 中国核能电力股份有限公司董事会 委员：秦玉秀（独立董事）、戴新民（独立董事）、武汉璟、肖林兴 2025 年 5 月 2 ...

| 证券代码：601985 | 证券简称：中国核电 | | | 公告编号：2025-044 | | --- | --- | --- | --- | --- | | 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 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 3,440 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 14,703,565,261 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 71.4875 | (四)表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况等。 本次会议由公司董事会召集，由公司董事长卢铁忠先生主持。本次会议的召开、 召集与表决方式符合《中华人民共和国公司法》（以下简称《公司法》）及《中国 核能电力股份有限公司章程》（以下简称《公司章程》）的有关规定，会议各项决 议合法有效。 2024年年度股东会决议公告 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 ...

北京市中伦律师事务所 北京市中伦律师事务所 关于中国核能电力股份有限公司 2024 年年度股东会的 法律意见书 二〇二五年五月 本所及本所律师依据《中华人民共和国证券法》（以下简称"《证券法》"）、 《律师事务所从事证券法律业务管理办法》和《律师事务所证券法律业务执业规 则（试行）》等规定及本法律意见书出具日以前已经发生或者存在的事实，严格 履行了法定职责，遵循了勤勉尽责和诚实信用原则，进行了充分的核查验证，保 证本法律意见书所认定的事实真实、准确、完整，所发表的结论性意见合法、准 确，不存在虚假记载、误导性陈述或者重大遗漏，并承担相应法律责任。 本法律意见书根据《中华人民共和国公司法》（以下简称"《公司法》"）、《证 券法》、《上市公司股东会规则》（以下简称"《股东会规则》"）等现行有效的法律、 法规、规范性文件以及《中国核能电力股份有限公司章程》（以下简称"《公司章 程》"）的规定而出具。 关于中国核能电力股份有限公司 2024 年年度股东会的 法律意见书 致：中国核能电力股份有限公司 北京市中伦律师事务所（以下简称"本所"）接受中国核能电力股份有限公 司（以下简称"公司"）委托，指派本所律师对公司 20 ...

| 证券代码：601985 | 证券简称：中国核电 | | | 公告编号：2025-045 | | --- | --- | --- | --- | --- | | 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 第五届董事会第四次会议决议公告 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）第五届董事会第四次会议于 2025 年 5 月 20 日以现场+通讯方式召开。本次会议的通知及相关会议材料已于 2025 年 5 月 15 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 12 人，实际参会董事 12 人（其中以通讯表决方式出席的董事人数 1 人）。会议由 董事长卢铁忠主持。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。 经与会董事审议，形成决议如下： 一、通过了《关于调整董事会专门委员会委员的议案》 表决结果：同意票数 12 票；反对票数 0 票；弃权票数 0 票。 《中国核能电力股份有限公司关于调 ...

Investment Rating - The report maintains an "Outperform" rating for the public utilities and environmental sectors [4][18]. Core Views - The report highlights the introduction of detailed rules in Guangdong and Shandong provinces regarding the sustainable development pricing settlement mechanism for new energy projects, marking a significant step towards market-driven reforms in the new energy sector [2][15]. - It emphasizes that coal and electricity prices are declining simultaneously, which is expected to maintain reasonable profitability for thermal power companies [18]. - The report suggests that the continuous support from national policies for new energy development will lead to gradually stable profitability for new energy generation [18]. - It notes that the growth in installed capacity and generation will help offset the downward pressure on electricity prices, predicting stable profitability for nuclear power companies [18]. Summary by Sections Market Review - The Shanghai Composite Index rose by 1.12%, while the public utilities index increased by 0.08%. The environmental index remained unchanged, with relative weekly returns of -1.04% and -1.12% respectively [1][21]. - Among the sub-sectors, thermal power decreased by 0.89%, hydropower increased by 0.87%, and new energy generation rose by 0.08% [1][21]. Important Policies and Events - Guangdong's electricity trading center issued draft rules for the sustainable development pricing settlement mechanism for new energy projects, with the first competitive trading scheduled for mid-2025 [2][14]. - The rules stipulate that projects must be approved and operational by December 31, 2025, to participate in the first auction [2][14]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and Shanghai Electric, as well as leading new energy firms such as Longyuan Power and Three Gorges Energy [18]. - The report also suggests investing in nuclear power operators like China Nuclear Power and China General Nuclear Power, and highlights the defensive attributes of hydropower stocks amid a global interest rate decline [18][19]. Key Company Earnings Forecasts and Investment Ratings - The report provides a detailed table of investment ratings for various companies, all rated as "Outperform," including Huadian International, Longyuan Power, and China Nuclear Power, with projected earnings per share (EPS) growth for 2024 and 2025 [7][18].