Core Viewpoint - The inauguration of the Suzhou University Affiliated Second Hospital (Nuclear Industry General Hospital) marks a significant advancement in nuclear medical technology and its application in China, focusing on precision diagnosis and treatment, clinical trials, and medical innovation [1] Group 1: Project Overview - The Nuclear Industry General Hospital's Huguan Phase II project is a key engineering initiative by China National Nuclear Corporation (CNNC) and a major livelihood project for Suzhou [1] - The project integrates four core functions: precision diagnosis and treatment using nuclear technology, clinical trials, medical innovation, and training and communication [1] Group 2: Objectives and Impact - The aim is to enhance the capabilities for preventing and treating major diseases and improve nuclear emergency medical rescue capabilities in China [1] - The demonstration base is expected to drive independent innovation in nuclear medical technology and promote collaborative development within the industry [1] Group 3: Additional Initiatives - On the same day, CNNC launched the Nuclear Industry General Hospital - CNNC Particle SPET/CT clinical trial project and the IAEA tumor radiotherapy quality assurance team regional training project [1] - The establishment of the Nuclear Technology Medical Application Scenario Innovation Promotion Center and the Jiangsu Provincial Engineering Research Center, based on the Nuclear Industry General Hospital, signifies important progress in the integration of nuclear technology in medical applications [1]

Investment Rating - The industry investment rating is "Recommended" (maintained) [2] Core Viewpoints - In November, electricity consumption increased by 6.2% year-on-year, with total electricity consumption reaching 835.6 billion kilowatt-hours [6] - The report highlights a shift in electricity generation, with thermal power output declining while hydropower and renewable energy sources like nuclear, solar, and wind power showed growth [6] - The report suggests that the demand for electricity across various industries has remained stable, with significant growth in sectors such as high-tech and equipment manufacturing [6] Summary by Relevant Sections Electricity Generation Data - In November, the industrial electricity generation was 779.2 billion kilowatt-hours, a year-on-year increase of 2.7%. The average daily generation was 25.97 billion kilowatt-hours [6] - For the first eleven months, the total industrial electricity generation was 8,856.7 billion kilowatt-hours, up 2.4% year-on-year [6] - Breakdown of generation types in November: - Thermal power decreased by 4.2% year-on-year - Hydropower increased by 17.1% - Nuclear power grew by 4.7% - Wind power increased by 22.0% - Solar power surged by 23.4% [6] Electricity Consumption Data - Total electricity consumption for the first eleven months was 94,602 billion kilowatt-hours, reflecting a year-on-year growth of 5.2% [6] - Breakdown of consumption by sector in November: - Primary industry: 11.3 billion kilowatt-hours, up 7.9% - Secondary industry: 5,654 billion kilowatt-hours, up 4.4% - Tertiary industry: 1,532 billion kilowatt-hours, up 10.3% - Urban and rural residential consumption: 105.7 billion kilowatt-hours, up 9.8% [6] Investment Recommendations - The report recommends focusing on companies in the thermal and renewable energy sectors, including Huaneng International, Huadian International, Guodian Power, and Datang Power, as well as hydropower companies like Huaneng Hydropower and State Power Investment Corporation [6]

Investment Rating - The report maintains an "Overweight" rating for the public utility and environmental sectors [7] Core Insights - The report anticipates stable growth in hydropower and improvements in cash flow for green energy and environmental companies due to government subsidies and debt reduction policies [1][6] - The performance of thermal power companies is expected to improve in Q4 2025 despite some uncertainty due to impairment losses [2] - Hydropower generation has shown significant year-on-year growth, with expectations for increased profitability for major hydropower companies [3] - The renewable energy sector is experiencing growth in installed capacity, which supports an increase in generation, while the risk of impairment is expected to ease [4] - Natural gas production is on the rise, and cost reductions may boost demand in the coming years [5] Summary by Sections Thermal Power - In October and November 2025, thermal power generation increased by 7.3% and decreased by 4.2% year-on-year, respectively, with coal prices declining by 11.5% year-on-year [2] - The average price of Qinhuangdao thermal coal in Q4 2025 is projected to be 750 RMB per ton [2] Hydropower & Nuclear Power - Hydropower generation in October and November 2025 increased by 28.2% and 17.1% year-on-year, respectively [3] - The Three Gorges Dam's outflow increased significantly, and nuclear power generation also showed stable growth [3] Renewable Energy - From January to October 2025, wind and solar power generation increased by 7.6% and 23.2% year-on-year, respectively, with installed capacity growth supporting generation increases [4] - The utilization rates for wind and solar power were 96.4% and 94.8%, respectively, indicating a slight year-on-year improvement [4] Natural Gas - Natural gas production increased by 5.9% and 5.7% year-on-year in October and November 2025, while apparent consumption decreased by 1.3% [5] - The market anticipates a decline in international oil prices and domestic gas prices, which may support demand growth [5] Environmental Sector - The report highlights the positive impact of government subsidy repayments and pricing adjustments on the environmental sector's fundamentals [6] - The ongoing debt reduction policies are expected to enhance the financial performance of environmental companies [6]

Investment Rating - The investment rating for the industry is "Positive" and is maintained [9]. Core Insights - The average transaction price for Guangdong Province in 2026 is projected to be 372.14 RMB/MWh, reaching the lower limit of the medium to long-term trading price, which represents a year-on-year decrease of 19.72 RMB/MWh. If the impact of the coal power capacity price increase in 2026 is considered, the comprehensive average electricity price will remain roughly the same as in 2025 [2][13]. - The total transaction volume for Guangdong Province in 2026 is expected to reach 359.437 billion kWh, reflecting a year-on-year growth of 5.38% [6][13]. - The Southern Energy Regulatory Bureau has emphasized the prohibition of signing "yin-yang contracts" and will strictly investigate violations in medium to long-term electricity trading. This indicates a focus on maintaining market order and rational trading [2][13]. - The report suggests that if electricity prices experience irrational declines, a new round of mechanism reforms may be initiated. The publication of the long-term electricity price in Guangdong marks the beginning of a new phase in the national electricity price negotiations [13]. Summary by Sections Section: Price Trends - The long-term electricity price has reached its lower limit, indicating potential volatility in prices if not constrained. The regulatory body has issued guidelines to ensure compliance and market stability [2][13]. - The coal power capacity price is set to increase from 100 RMB/year·kW to 165 RMB/year·kW in 2026, which, combined with a decrease in coal power utilization hours, will affect the average price for coal power units, keeping it stable compared to 2025 [2][13]. Section: Market Dynamics - The report highlights that the supply-demand relationship is becoming more relaxed, with an increase in new coal power installations, which may exert downward pressure on electricity prices. The dual-track pricing system of medium to long-term and spot markets is also contributing to this dynamic [13]. - The report recommends focusing on quality coal power operators such as Huaneng International, Datang Power, and others, as well as hydropower companies like Yangtze Power and Guotou Power, and new energy firms like Longyuan Power and China Nuclear Power [13].

Core Viewpoint - The "CNI Energy Sustainable Development Index" (referred to as "Energy ESG") has been officially launched, aiming to fill the gap in the market for a specialized index focusing on the sustainable development of the energy sector, thereby guiding capital towards key areas such as renewable energy and green technology innovation [1][3]. Group 1: Index Overview - The "Energy ESG" index comprises 50 sample companies selected based on their ESG scores, profitability, and growth potential, with a total market capitalization of 5.9 trillion yuan and an average market capitalization of 118.2 billion yuan [2]. - The top ten companies in the index, including Changjiang Electric Power and China Shenhua, account for 65% of the index's weight [2]. - Since its base date of June 29, 2018, the index has achieved a cumulative return of 40%, with an annualized return of 5%, outperforming major market indices like the CSI 300 and CSI 500 [2]. Group 2: Trends in Energy Sustainability - The energy transition is entering a critical phase, with increasing attention from capital markets on the sustainable development capabilities of energy companies [3]. - Six major trends in energy sustainability have been identified, including the evolution of energy supply and demand patterns, with coal's share in power generation expected to drop below 50% by 2030 [3][4]. - The need for enhanced system regulation and energy storage capabilities is emphasized, with new types of storage solutions becoming increasingly important [4]. - The emergence of new industries and business models in the energy sector is driven by technological advancements, leading to rapid growth in areas such as smart microgrids and green manufacturing [4]. - The collaboration between electricity and carbon markets is being strengthened, with new policies being introduced to enhance resource allocation [4][5]. - The economic implications of energy transition are becoming more pronounced, necessitating a focus on optimizing system economics while ensuring a successful transition [5]. - International competition and cooperation in energy are evolving, with increased global interconnectivity and trade in new energy products like hydrogen [5]. Group 3: Company Initiatives - Changjiang Electric Power has set a target for its six hydropower stations to generate 2,959 billion kilowatt-hours by June 2024, which is projected to reduce carbon emissions by 243 million tons [6]. - China Shenhua has implemented a "mining while rehabilitating" model in its mining operations, achieving a 100% rehabilitation rate over 3,300 hectares, with vegetation coverage increasing from 20% to 80% [6].

聚核拓新，链动未来 引言：当"双碳"战略指引能源转型方向，当核电成为保障国家能源安全的关键力量，一条安全、高效、创新的核产业链，既是产业高质量发展的根基，更是 多方价值共创的载体。 12月23日，由中国核能电力股份有限公司（简称：中国核电，股票代码：601985）主办，上市公司企业家交流中心（简称"上企中心"）联合主办，清华 EMBA产业联盟协办的"聚核拓新·链动未来——核产业链上市公司交流会"在北京上企中心圆满举办。 美国 - r y ri 22 6 f 本次活动汇集了核能产业链的核心力量。中核集团总经理助理、中国核电党委书记、董事长卢铁忠及中国核电副总经理陈富彬带领公司核心高管团队亲临现 场。上企中心邀请了30余位来自核产业链上市公司、顶尖学府及券商的企业家、高管与专家共聚一堂，围绕核能产业高质量发展、产业链协同、创新与资本 融合等关键议题，展开了深度、务实、前瞻的闭门对话。 o A 1 THE LEASE THE - 323 Child of the Press Real Proper River State Card Corporation of A. / tt The Research Proper ...

Core Viewpoint - The successful completion of the cold functional test for the No. 3 unit of the Xu Dabao Nuclear Power Plant marks a significant milestone, transitioning the unit from installation to debugging phase [1] Group 1: Project Milestones - The cold functional test is a critical milestone in nuclear power plant construction, serving as a comprehensive "check-up" for the reactor and primary loop equipment under cold high-pressure conditions [1] - The successful test confirms the integrity of the primary loop pressure boundary and the reliability of the equipment, ensuring the safe and stable operation of the unit in the future [1] Group 2: Future Projections - The Xu Dabao Nuclear Power Project plans to construct six million-kilowatt pressurized water reactor units, with the No. 3 unit expected to commence commercial operation in 2027 and the No. 4 unit in 2028 [1] - Once operational, the two units are projected to generate over 18 billion kilowatt-hours annually, equivalent to saving approximately 6.4 million tons of standard coal and reducing carbon dioxide emissions by about 18.9 million tons each year [1] - This development is expected to significantly contribute to the adjustment of the industrial and energy structure in Liaoning Province, promoting a clean, low-carbon, safe, and efficient modern energy system [1]

Core Viewpoint - China Nuclear Power announced the establishment of a new comprehensive energy subsidiary in Qinzhou, reflecting its strategic expansion in the energy sector [2] Group 1 - The fifth board meeting of China Nuclear Power was held on December 22, where multiple proposals were reviewed and approved [2] - One of the key proposals included the establishment of the Qinzhou Comprehensive Energy Subsidiary [2]

证券日报网讯 12月23日，中国铀业在互动平台回答投资者提问时表示，公司产能、产量情况请详见招 股说明书"第五节业务与技术/一、发行人主营业务、主要产品及其变化情况/（八）报告期内代表性业务 指标变动情况"。中国铀业已同中国核电、华能核电签署协议，保障其核电天然铀供应。 （文章来源：证券日报） ...

中国核电（601985）(601985.SH)发布公告，为提升公司核心竞争力，推进核电机组功率提升专项工 作，公司拟与中国核动力研究设计院(简称核动力院)签署《核电厂功率提升战略合作协议》，由双方充 分发挥各自管理和技术优势，在确保核安全的基础上，高效推进公司在运核电机组的发电能力提升。 ...