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 ...

凤凰网财经《公司研究院》 近日，中国核电发布2024年年报及2025年Q1业绩。 根据年报，中国核电总营业收入772.72亿元，同比增长3.09%；不过归母净利润出现了大幅下滑，为 87.77亿元，同比减少17.38%。 随着电力市场化，全国新型电力系统加快建设，国内的核电市场也正经历从"政府定价、保障消纳"向市 场竞争的转型。 在此背景下，主要将核能发电再将电卖给千家万户的中国核电，在市场化竞争和新能源的扩张中，正面 临着利润下滑的压力。截止到5月12日，中国核电股价为9.38元/股，总市值1927亿元。 01 激进布局新能源 增收不增利 2024年，中国核电的累计发电量为2163亿千瓦时，同比增长3.09%，上网电量为2039亿千瓦时，同比增 长3.28%。 这其中，核电发电量为1831亿千瓦时，占总发电量的85%，依旧是大头，不过相比于2023年，不论是发 电量还是上网电量，同比均下滑了1.8%。 在核电利用小时数与运行稳定性方面，2024年出现了下滑。2024年，中国核电机组平均能力因子为 91.11%，较2023年的93.30%略有下降；2024年平均利用小时数为7710小时，较2023年的7852 ...

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental protection sectors [6][9]. Core Views - The environmental sector's revenue in 2024 is projected to decline by 0.6% to CNY 364.236 billion, with net profit decreasing by 14.7% to CNY 23.058 billion. However, in Q1 2025, the sector is expected to see a revenue increase of 3.5% to CNY 81.243 billion and a net profit growth of 3.8% to CNY 8.232 billion [3][21]. - The report highlights the impact of the new market-oriented pricing reforms for renewable energy in Shandong, aiming for full market integration by the end of 2025 [2][16]. - The report emphasizes the importance of the carbon neutrality context, recommending investments in the new energy industry chain and comprehensive energy management [41][42]. Summary by Sections Market Review - The Shanghai Composite Index rose by 2.00%, while the public utility index increased by 2.22%, and the environmental index rose by 2.93% [1][43]. Important Policies and Events - Shandong's new pricing reform aims for full market integration of wind and solar energy by 2025, with differentiated policies for existing and new projects [2][16]. Financial Overview of the Environmental Sector - In 2024, only the solid waste management and water treatment sectors showed positive growth, while the environmental equipment sector saw a decline of over 30% [3][21]. - The atmospheric governance sector reported a loss increase, while the comprehensive environmental governance sector shifted from profit to loss [21][24]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and regional electricity firms like Shanghai Electric, as well as leading renewable energy firms such as Longyuan Power and Three Gorges Energy [4][41]. - The report suggests focusing on "utility-like investment opportunities" within the environmental sector, recommending companies like China Everbright Environment and Zhongshan Public Utilities [42][41]. Key Company Profit Forecasts and Investment Ratings - Several companies, including Huadian International and Longyuan Power, are rated as "Outperform" with projected earnings per share (EPS) growth for 2025 [9][41].

Investment Rating - The report maintains a positive outlook on the power and natural gas sectors, indicating a favorable investment environment for renewable energy and gas companies [2][10]. Core Insights - The Shandong provincial government has introduced its first local guidelines for the marketization of renewable energy pricing, which is expected to stabilize returns for existing projects and provide a model for other provinces [5][7]. - Global natural gas prices have seen a slight rebound due to tightening supply and increased demand for LNG exports, with specific price movements noted in various regions [10][19]. - The report highlights the potential for LNG import prices to decrease further in the second half of 2025, benefiting downstream gas companies [11][29]. Summary by Sections 1. Power Sector: Shandong's New Energy Market Guidelines - Shandong's new energy pricing reform outlines that existing projects will participate in market pricing at a rate of 0.3949 yuan per kWh, aligning with the provincial coal benchmark price [5][6]. - The guidelines emphasize strong connectivity with existing policies, ensuring stability for existing projects while introducing competitive elements for new projects [6][7]. - The implementation of these guidelines is expected to serve as a model for other provinces, enhancing the operational efficiency and market strategies of renewable energy companies [7][8]. 2. Natural Gas: Global Demand and Price Rebound - As of May 9, 2025, the Henry Hub spot price in the U.S. was $3.22/mmBtu, reflecting a weekly increase of 3.84%, while European prices also saw a rise due to supply constraints and seasonal demand [10][19]. - The report notes that the overall LNG import cost in China has remained below 4000 yuan per ton, with a significant decrease of 18.4% from the year's peak [11][29]. - The anticipated decline in international oil prices is expected to further lower LNG import prices in China, benefiting city gas companies [11][29]. 3. Weekly Market Review - The public utilities, environmental protection, power equipment, and gas sectors outperformed the Shanghai and Shenzhen 300 index during the review period [35]. 4. Company and Industry Dynamics - Recent developments include the issuance of competitive configuration announcements for renewable energy projects in various provinces, indicating ongoing investment and growth in the sector [44][46]. - The report also highlights significant corporate announcements, including financing and profit distribution plans from key players in the energy sector, reflecting a proactive approach to capital management and shareholder returns [48][49].

Investment Rating - The report maintains a "Recommended" rating for companies such as China Nuclear Power, Funiu Co., and Huaneng Hydropower, while giving a "Cautious Recommendation" to companies like China General Nuclear Power and Longyuan Power [23][3]. Core Insights - The electricity sector outperformed the market this week, with the public utility sector rising by 2.22% and the electricity sub-sector by 2.21%, both exceeding the Shanghai and Shenzhen 300 index [1][7]. - Shandong Province has established a mechanism electricity price that aligns with the benchmark price for coal-fired power, which is expected to stabilize investment returns for renewable energy projects [2][24]. - The report highlights the significant drop in coal prices, which has led to steady growth in thermal power performance in Q1, with expectations for continued improvement as the peak electricity consumption season approaches [3][20]. Summary by Sections Weekly Market Review - The public utility sector index closed at 2,377.21 points, up 51.64 points, while the electricity sub-sector closed at 3,171.91 points, up 68.52 points [1][7]. - The sub-sectors showed varied performance, with solar power up 4.01%, thermal power up 4.00%, and wind power up 1.78% [12][19]. Special Topic - Shandong's new pricing mechanism for renewable energy projects is set at 0.3949 yuan per kWh, matching the coal-fired benchmark price, which is expected to mitigate revenue volatility for existing projects [2][24]. - The competitive bidding for new renewable projects starting from June 1, 2025, will determine the mechanism price, enhancing investment predictability [2][24]. Investment Recommendations - The report suggests focusing on companies with strong growth potential in the thermal and hydropower sectors, particularly Funiu Co., Gansu Energy, and Huaneng International [3][20]. - It also emphasizes the stability of large hydropower companies in a declining interest rate environment, recommending companies like Yangtze Power and Chuanwei Energy [3][20]. Key Company Earnings Forecasts - The report provides earnings per share (EPS) forecasts for several companies, with China Nuclear Power expected to have an EPS of 0.46 yuan in 2024, while Funiu Co. is projected at 1.07 yuan [23][3].

| | | 本周公告拟使用专项贷款回购或增持公司股份的上市公司 | | | --- | --- | --- | --- | | 证券间称 | 公告时间 | 类型 | 具体情况 | | 贵州轮胎 | 5月11日 | 壇持 | 控股股东拟0.5亿元至1亿元增持 贷款不超9000万元 | | 梦百合 | 5月9日 | 回岗 | 拟0.85亿元-1.7亿元回购 贷款不超1.5亿元 | | 四川长虹 | 2月8日 | 回购 | 拟2.5亿元-5亿元回购公司股份用于股权激励 | | 长虹华意 | 5月8日 | 回寫 | 拟1.5亿元-3亿元回购 贷款不超过2.7亿元 | | 玲珑轮胎 | 2月8日 | 檀持 | 控股股东拟2亿元-3亿元增持 贷款不超2.7亿元 | | 雪天盐业 | 5月8日 | 增持 | 控股股东拟1.5亿元-3亿元增持 贷款不超2.7亿元 | | 中国核电 | 5月7日 | 回购 | 拟3亿元-5亿元回购 贷款不超4.5亿元 | | 长飞光纤 | 5月7日 | 回收 | 拟1.6亿元-3.2亿元回购 贷款不超2.88亿元 | | 百傲化学 | 5月7日 | 回收 | 拟2亿元-4亿元回购股份 贷款不超 ...

Investment Rating - The report maintains an "Accumulate" rating for the electricity sector [4] Core Views - The electricity sector is experiencing differentiated growth in thermal power, significant improvement in hydropower, and pressure on green energy [3][6] - The overall performance of the electricity sector is expected to continue growing, supported by falling fuel costs and potential recovery in electricity demand [3][6] Summary by Sections Market Review - In Q1 2025, the total electricity consumption reached 2.38 trillion kWh, a year-on-year increase of 2.5%. The industrial power generation decreased by 0.3% year-on-year [10] - The generation from thermal, hydropower, nuclear, solar, and wind sources changed by -4.7%, +5.9%, +12.8%, +19.5%, and +9.3% respectively [10] - Coal prices have significantly decreased, with the Q1 average price for North Port Q5500 at 733 RMB/ton, down 19.2% year-on-year [18] Performance Overview - In 2024, thermal power companies achieved a net profit of 646 billion RMB, up 31.91% year-on-year, while hydropower companies reported a net profit of 563 billion RMB, up 17.31% [2] - In Q1 2025, the electricity sector's total revenue was 464.6 billion RMB, a decrease of 3.96% year-on-year, but the net profit increased by 7.83% year-on-year to 50.7 billion RMB [3][27] Fund Holdings - As of Q1 2025, the proportion of active funds in the electricity and public utilities sector decreased to 1.37%, down 0.55 percentage points from Q4 2024 [32] - The combined holdings of both active and index funds in the sector stood at 2.02% in Q1 2025, reflecting a downward trend [32][33] Investment Recommendations - Focus on thermal power companies with strong profitability and low electricity price risks, such as Huadian International and Huaneng International [6] - Long-term investment potential is seen in hydropower and nuclear power assets due to their high dividend yields and stable performance [6] - Attention is also recommended for green energy sectors as trading and consumption issues are expected to improve [6]

Group 1 - Recent increase in stock buybacks and share repurchases among A-share listed companies, with 18 companies announcing related plans this week [1] - Companies such as Sichuan Changhong, China Nuclear Power, and Longfly Fiber have disclosed plans to use special loans for stock buybacks or share increases [1][2] - Sichuan Changhong plans to repurchase shares worth between 250 million and 500 million RMB, with a maximum repurchase price of 14 RMB per share [1][2] Group 2 - China Nuclear Power has obtained a loan commitment of up to 450 million RMB for its planned stock buyback of 300 million to 500 million RMB [2] - Longfly Fiber intends to repurchase shares with a total amount between 160 million and 320 million RMB, with a maximum price of 57.53 RMB per share [4] - Companies like Linglong Tire and Xue Tian Salt Industry have also secured loan commitments of up to 270 million RMB for share increases [3][5] Group 3 - Longhong Huayi plans to repurchase shares worth between 150 million and 300 million RMB, with a maximum price of 9.8 RMB per share [2][3] - Baidao Chemical has announced a share repurchase plan with a total amount between 200 million and 400 million RMB, supported by a loan commitment of up to 360 million RMB [4] - China Railway Industry's major shareholder plans to increase its stake with a minimum investment of 160 million RMB and a maximum of 300 million RMB [5]