Group 1 - The core viewpoint highlights the significant growth and low valuation of the green power ETF, indicating a potential investment opportunity in the renewable energy sector [3] - The green power ETF has seen a trading turnover of 3.91% and a transaction volume of 14.43 million yuan, with an average daily transaction of 24.55 million yuan over the past week [3] - The ETF's scale has increased by 131 million yuan over the past six months, ranking first among comparable funds, while its share count has grown by 10.6 million shares in the last three months, also leading in its category [3] Group 2 - The current price-to-earnings ratio (PE-TTM) of the index tracked by the green power ETF is 18.81, which is in the 15.99% percentile over the past three years, indicating a valuation lower than 84.01% of the historical period [3] - The top ten weighted stocks in the index account for 58.04% of the total, including major companies such as Yangtze Power, China Nuclear Power, and Three Gorges Energy [3] - The recent recognition of China's green certificate by the global renewable energy consumption initiative (RE100) marks a significant advancement in the country's renewable energy transition [3] Group 3 - The value of green electricity and energy storage is expected to be reassessed, with the intrinsic value of renewable energy adjusted for its volatility and enhanced by its green attributes [4] - Investors can access investment opportunities through the corresponding green power ETF linked fund (017057) [4]

Core Viewpoint - The "Hualong One" nuclear power project, marking its 10th anniversary, showcases China's advancements in nuclear energy, demonstrating significant achievements in construction speed, operational efficiency, and international collaboration [1][2][12]. Group 1: Construction Achievements - The "Hualong One" project at the Fuqing Nuclear Power Plant was completed in 68.7 months, making it the only third-generation nuclear power project built on schedule, breaking the industry norm of over 80 months [5]. - The construction utilized a self-developed digital construction platform, achieving millimeter-level precision in project progress control [5]. - The project received the National Quality Engineering Gold Award, setting a new benchmark for global nuclear power construction [5]. Group 2: Operational Performance - The Fuqing Nuclear Power Plant's two "Hualong One" units achieved a WANO comprehensive index score of 100, with zero non-scheduled outages for two consecutive years, generating nearly 65 billion kWh of electricity [7]. - The engineering team established a rigorous production performance indicator system, utilizing AI predictive maintenance technology to enhance equipment reliability, with 25 out of 30 WANO indicators reaching world-class levels [7]. Group 3: Industry Impact - The "Hualong One" project has stimulated the development of a complete nuclear power industry chain, with nearly 6,000 enterprises involved and a domestic equipment localization rate rising from 88% to over 90% [10]. - The project has led to the creation of over 700 domestic patents and 65 international patents, establishing a technology system with complete independent intellectual property rights [10]. Group 4: International Collaboration - The "Hualong One" project in Karachi, Pakistan, provides 12% of the local electricity supply and has created 60,000 jobs while training 2,000 local nuclear power talents [12]. - With 41 "Hualong One" units under construction or operation globally, the project is transitioning from "product output" to "standard output," offering comprehensive services for sustainable energy development [12].

Core Viewpoint - China Nuclear Power (601985.SH) has announced a share repurchase plan, reflecting confidence in its future development and commitment to enhancing investor trust [1][2]. Group 1: Share Repurchase Plan - The company plans to repurchase shares through centralized bidding, with a total amount between 300 million and 500 million yuan, and a maximum repurchase price of 13.98 yuan per share [1]. - Based on the lower limit of 300 million yuan, approximately 21.46 million shares will be repurchased, accounting for about 0.10% of the total share capital; at the upper limit of 500 million yuan, around 35.77 million shares will be repurchased, accounting for about 0.17% of the total share capital [1]. - The funding for the repurchase will come from the company's own funds and self-raised funds, with a loan commitment from China Bank for up to 450 million yuan to support the share buyback [1]. Group 2: Financial Performance - In Q1 of this year, the company achieved revenue of 20.273 billion yuan, a year-on-year increase of 12.70%, and a net profit of 3.137 billion yuan, up 2.55% year-on-year [2]. - The nuclear power business showed strong performance, with revenue growth of 10.46% and net profit growth of 11.52% year-on-year [2]. - The company's renewable energy segment is also expanding rapidly, with revenue growth of 24.64% in Q1, significantly outpacing overall revenue growth [2]. Group 3: Asset Growth - As of the end of Q1, the company's total assets reached 687.7 billion yuan, an increase of 4.24% from the beginning of the year, while equity attributable to shareholders grew by 3.11% to 113.6 billion yuan [3]. - The company has 207.8 billion yuan in construction projects, indicating a concentrated phase of project development in nuclear and renewable energy sectors [3].

Core Viewpoint - The company is preparing for its 2024 Annual General Meeting (AGM) and has outlined the procedures and agenda to ensure the meeting runs smoothly and efficiently, emphasizing the importance of shareholder rights and participation. Meeting Procedures - All participants must adhere to legal obligations to maintain order and efficiency during the AGM [1] - Only authorized individuals, such as shareholders, directors, and invited guests, are allowed to attend the meeting [1] - Shareholders have the right to speak, inquire, and vote during the AGM [1] - A registration form for speaking and questioning will be available, and speaking time is limited to 5 minutes per shareholder [2] Voting Process - The AGM will utilize a combination of on-site and online voting methods [2] - Shareholders must express their voting opinions on proposals, and any improperly filled ballots will be considered as abstentions [2] - The online voting will be conducted through the Shanghai Stock Exchange's system during specified time slots on the day of the AGM [3] Meeting Agenda - The AGM will cover several key items, including the opening of the meeting, reports on various proposals, shareholder inquiries, and the election of monitoring personnel [3] - The first agenda item includes the presentation of the 2024 Board of Directors' work report, which has already been approved by the Board [4] Company Performance Highlights - The company has achieved significant milestones, including a 43% increase in market value and recognition for excellence in corporate governance [4] - The operational performance for 2024 includes a record low outage rate of 0.04 times per reactor per year and a reliability score of 97.68 [5] - The total electricity generated reached 216.35 billion kWh, marking a 3.09% increase year-on-year [5][26] Future Plans and Investments - The company plans to invest approximately 125.59 billion yuan in 2024, focusing on nuclear power and renewable energy projects [14] - The company has successfully raised 14 billion yuan through targeted stock issuance to support its development initiatives [9][16] Governance and Compliance - The company has established a robust governance framework, ensuring compliance with legal and regulatory requirements [30] - The Board of Directors has been actively involved in strategic decision-making and oversight, with regular meetings held to discuss key issues [17][19] Challenges and Strategic Focus - The company faces challenges from increasing competition in the nuclear energy market and evolving regulatory requirements [20] - The strategic focus for 2025 includes enhancing operational efficiency, maintaining safety standards, and pursuing high-quality development [21][22]

中国核能电力股份有限公司 2024 年年度股东大会 会议资料 二〇二五年五月 | | | | 2024 年年度股东大会会议须知 | | 1 | | | --- | --- | --- | --- | | 2024 年年度股东大会会议议程 | | 3 | | | 1．关于公司 | 2024 | 年度董事会工作报告的议案 | 5 | | 2．关于公司 | 2024 | 年度监事会工作报告的议案 | 26 | | 3．关于公司 | 2024 | 年度独立董事述职报告的议案 | 32 | | 4．关于公司 2024-2025 | | 年独立董事津贴发放的议案 | 64 | | 5．关于公司 | 2024 | 年度财务决算报告的议案 | 66 | | 6．关于公司 | 2024 | 年度股利分配方案的议案 | 68 | | 7．关于聘任 | 2025 | 年度审计机构的议案 | 69 | | 8．关于公司 | 2024 | 年年度报告及摘要的议案 | 70 | | 9．关于撤销公司监事会的议案 | | | 71 | | 10．关于变更注册资本并修订《公司章程》的议案 | | | 72 | | 11．关于公司 | 202 ...

"华龙一号"全球首堆——福清核电5号机组位于福建福清核电基地，从2022年8月18日开始运行至今，已累计发电370亿度，连续 安全运行1000天，这意味着中国核电技术不仅实现了从"跟跑"到"领跑"的跨越，还拥有了可持续的运营能力，为全球清洁能源发展贡 献了"中国方案"。中核集团福清核电三厂副厂长朱金刚表示，自"华龙一号"全球首堆福清核电5号机组投入商运以来，始终保持安全 稳定高效运行，在世界核电运营者协会的评价中综合指数达到满分，以优秀的运行业绩充分验证了我国自主三代核电技术的安全性和 先进性。 央视网消息：今年是中国自主三代核电"华龙一号"全球首堆开工建设十周年。十年来，"华龙一号"实现从无到有、从首堆攻坚到 批量超越。5月14日，"华龙一号"全球首堆——中核集团福清核电5号机组实现连续安全稳定运行1000天，持续向社会稳定输送清洁电 力超370亿度，再次验证了"华龙一号"的安全性和先进性。 "华龙一号"全球首堆连续安全运行1000天 "华龙一号"是中国在三十余年核电科研、设计、制造、建设和运行经验的基础上，研发的具有完全自主知识产权的三代压水堆核 电创新成果，技术指标达到国际先进水平。凭借高效可靠的建设周 ...

一季度，全社会用电量累计23846亿千瓦时，同比增长2.5%，在政策与需求双轮驱动下，电力行业持续 向上生长。 Wind数据统计显示，A股电力板块74只个股中，26只获资本市场"国家队"持有，最新持仓市值529.5亿 元，从其持股路径看，或为被"低估"的行业黑马。 "国家队"一季度增持6股 民营企业占得1席 资本市场"国家队"通常指具有政府背景、在金融市场中发挥重要稳定和调节作用的机构投资者。"国家 队"的资金规模庞大，投资行为往往对资本市场具有较强影响力。 纵观"国家队"持股表现，一季度增持电力板块6只个股，减持9只，增持个股最新持仓市值65.31亿元。 除中央及地方国有企业上榜增持名单外，民营企业也占得1席，体现出主力资金对民营经济的促进与支 持。 就具体企业看，地方国资代表浙江浙能电力股份有限公司（以下简称"浙能电力"）一季度获"国家队"增 持数量最多，达6841.11万股；民营企业广东宝丽华新能源股份有限公司（以下简称"宝新能源"）增持 股数位列其后，为1493.51万股。 "福建海风市场空间广阔，加之第一大股东福建省投资开发集团有限责任公司加速海风资产注入，中闽 能源2025年全年归母净利润有望同比 ...

Investment Rating - The investment rating for the utility sector is "Positive" (maintained) [4] Core Viewpoints - The new regulations for public funds are expected to lead to an increased allocation towards the utility sector, which is anticipated to benefit from a shift in investment strategies focusing on the "risk-return ratio" [6][4] - The utility sector, particularly hydropower, is projected to be one of the biggest beneficiaries of the new policies, as they are characterized by low covariance with the market, leading to potential valuation increases [6][4] - Historical data shows that major hydropower companies have consistently ranked in the top percentiles for risk-return ratios, indicating strong performance relative to market volatility [6][7] Summary by Sections Sector Performance - The report highlights the underallocation of public funds in the utility and environmental sectors compared to their index weights, suggesting a significant opportunity for investment [6][7] Investment Recommendations - The report recommends prioritizing investments in resilient hydropower companies and undervalued thermal power companies that benefit from declining coal prices [6] - Specific stock recommendations include: 1. Hydropower: Guotou Power, Changjiang Power, Chuanwei Energy 2. Wind Power: Longyuan Power (H), Xintian Green Energy, Datang Renewable, CGN New Energy 3. Thermal Power: Waneng Power, Shanghai Electric, China Resources Power, Huadian International, Sheneng Co [6]

根据相关规定，公司已在中国证券登记结算有限责任公司开立了股份回购专 用证券账户，专用证券账户情况如下： 持有人名称：中国核能电力股份有限公司回购专用证券账户 证券账户号码：B887298433 / B887301309 证券代码：601985 证券简称：中国核电 公告编号：2025-043 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 关于以集中竞价交易方式回购股份的回购报告书 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。 重要内容提示： ? 本次回购股份相关议案已经公司第五届董事会第三次会议审议通过； ? 回购股份金额：公司本次拟回购股份的资金总额不低于人民币 3 亿元且 不超过人民币 5 亿元； ? 回购股份资金来源：公司自有资金和自筹资金； ? 回购股份用途：用于股权激励； ? 回购股份价格：本次回购股份的价格上限不超过董事会审议通过本次回 购股份决议前 30 个交易日公司股票交易均价的 150%，即 13.98 元/股； ? 回购股份方式：本次回购股份拟采用集中竞价交易方式实施； ...

| 证券代码：601985 | 证券简称：中国核电 | | 公告编号：2025-043 | | --- | --- | --- | --- | | 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 关于以集中竞价交易方式回购股份的回购报告书 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。 重要内容提示： 本次回购股份相关议案已经公司第五届董事会第三次会议审议通过； 回购股份金额：公司本次拟回购股份的资金总额不低于人民币 3 亿元且 不超过人民币 5 亿元； 3、本次回购股份拟用于实施股权激励，若公司未能在法律法规规定的期限 内实施上述用途，则未实施部分的股份存在启动注销程序的风险； 4、如遇监管部门颁布新的上市公司股份回购相关规范性文件，则存在导致 本次回购实施过程中需要根据监管新规调整回购相应条款的风险。 回购股份资金来源：公司自有资金和自筹资金； 回购股份用途：用于股权激励； 回购股份价格：本次回购股份的价格上限不超过董事会审议通过本次回 购股份决议前 30 个交易日公司股 ...