中国核电公告称，为提升核心竞争力，推进核电机组功率提升专项工作，公司拟与核动力院签署《核电 厂功率提升战略合作协议》。该交易构成关联交易，但不属重大资产重组，已通过第五届董事会第八次 会议审议，无需股东会审议。双方将发挥管理和技术优势，高效推进在运核电机组发电能力提升，合作 期限为五年，协议为框架性协议，不涉及定价，实施预计不会对财务和业绩产生重大不利影响。 ...

格隆汇12月23日｜中国核电(601985.SH)公告称，为提升核心竞争力，推进核电机组功率提升工作，公 司拟与中国核动力研究设计院签署《核电厂功率提升战略合作协议》。协议包括开展功率提升技术路线 研究、提升反应堆热功率控制水平、全面推广实施小幅功率提升、系统推进核电机组扩容工作及专项推 进CNP650型机组发电能力提升等内容。本次交易构成关联交易，但不构成重大资产重组，已通过公司 董事会审议，无需股东会审议。 ...

Investment Rating - The report does not explicitly state an overall investment rating for the industry, but it provides specific recommendations for various sectors within the energy industry, indicating a positive outlook for certain companies and sectors [2][3]. Core Insights - The report highlights a slowdown in electricity generation growth in November 2025, with total generation at 779.2 billion kWh, a year-on-year increase of 2.7%. The growth was primarily driven by hydropower and wind power, while thermal power saw a decline [5][6]. - Natural gas prices in the U.S. and Europe have shown slight fluctuations, with U.S. Henry Hub spot prices at $3.58/mmBtu, reflecting a 12.1% weekly decline. Northeast Asia's LNG prices have also decreased, reaching $9.50/mmBtu, marking a 5% drop [18][19]. - The report emphasizes the increasing contribution of renewable energy sources, particularly wind and solar, to the overall electricity generation mix, with significant year-on-year growth rates [6][12]. Summary by Sections 1. Electricity Generation - November 2025 saw total electricity generation of 779.2 billion kWh, up 2.7% year-on-year. Thermal power generation decreased by 4.2% to 497.0 billion kWh, while hydropower increased by 17.1% to 96.7 billion kWh. Wind power grew by 22.0% to 104.6 billion kWh, and solar power rose by 23.4% to 41.2 billion kWh [5][7]. - From January to November 2025, total electricity generation reached 88,567 billion kWh, a 2.4% increase year-on-year, with significant contributions from hydropower, nuclear, wind, and solar energy [12][13]. 2. Natural Gas Market - As of December 19, 2025, U.S. Henry Hub spot prices were $3.58/mmBtu, down 12.1% from the previous week. European gas prices showed slight increases, with the Dutch TTF price at €28.10/MWh, up 2.0% [18][19]. - The report notes that the supply of natural gas remains high, with U.S. production at historical levels, contributing to the downward pressure on prices [18][19]. 3. Investment Recommendations - For thermal power, companies like Guodian Power and Inner Mongolia Huadian are recommended due to their integrated coal and power operations. For hydropower, companies such as Yangtze Power and State Power Investment Corporation are highlighted for their potential in the upcoming winter and spring [16][38]. - In the nuclear sector, China National Nuclear Power and China General Nuclear Power are suggested as key players due to their stable cost structures and growth potential [16][38]. - Renewable energy operators like Xinneng Green Energy and Longyuan Power are recommended as the market for green certificates and environmental values continues to grow [16][38].

Investment Rating - The report maintains a positive outlook on the power and environmental sectors, indicating a favorable investment environment [1]. Core Insights - The report highlights a slowdown in electricity generation growth in November, with a total generation of 779.2 billion kWh, a year-on-year increase of 2.7%. The contribution from hydropower and wind power is significant, while thermal power shows a decline [7][9]. - Natural gas prices in the US and Europe have shown slight fluctuations, with Northeast Asia's LNG prices continuing to decline, reaching $9.50/mmBtu, the lowest since May 2024 [21][34]. - The report suggests various investment opportunities across different sectors, including thermal power, hydropower, nuclear power, green energy, and gas companies, emphasizing the importance of diversified revenue streams [19][41]. Summary by Sections 1. Electricity: November Generation Growth Slows, Hydropower and Wind Power Contribute Incrementally - November electricity generation totaled 779.2 billion kWh, with thermal power decreasing by 4.2% year-on-year, while hydropower increased by 17.1%, nuclear power by 4.7%, wind power by 22.0%, and solar power by 23.4% [7][9]. - The overall growth rate of electricity generation has slowed compared to the previous month, with hydropower and wind power contributing significantly to the incremental generation [8][9]. 2. Natural Gas: Global Gas Prices Show Minor Fluctuations, Asian and US Prices Continue to Decline - As of December 19, the Henry Hub spot price in the US was $3.58/mmBtu, down 12.10% week-on-week, while the TTF spot price in Europe was €28.10/MWh, up 2.00% [21][22]. - The report notes that the LNG ex-factory price in China was 4030 yuan/ton, a decrease of 3.70% week-on-week, indicating a trend of declining costs in the natural gas sector [39]. 3. Weekly Market Review - The public utility and electricity sectors underperformed compared to the CSI 300 index, while the gas and environmental sectors outperformed [44]. 4. Company and Industry Dynamics - The report discusses various company announcements and industry developments, including stable coal production and increased oil production rates, as well as significant investments in energy projects [46][48].

Group 1 - The rapid development of AI technology is driving explosive growth in data center construction, which significantly increases electricity consumption and becomes a core growth engine for electricity demand [1][9] - Data centers are identified as a major reason for the electricity supply gap, highlighting the interdependence between electricity and computational power development [1][9] Group 2 - The targeted index includes various power generation methods: thermal power (42.99%), hydropower (24.21%), wind power (13.18%), nuclear power (12.17%), and photovoltaic power (6.01%), showcasing both dividend and growth attributes [3][10] - The top ten weighted stocks in the index include leading companies in the power industry, such as Changjiang Electric Power, China Nuclear Power, and Three Gorges Energy, with a combined weight of 54.21% [5][11]

Core Viewpoint - The successful operation of the world's first commercial supercritical carbon dioxide power generation unit, "Super Carbon No. 1," marks a significant milestone in the commercialization of supercritical carbon dioxide power generation technology, transitioning from laboratory to practical application [2]. Group 1: Technology Overview - "Super Carbon No. 1" utilizes supercritical carbon dioxide as the working fluid, achieving efficient and stable power generation through a closed Brayton cycle [3]. - The technology boasts core advantages such as high efficiency, compact system design, fewer auxiliary systems, and strong mobility, addressing technical bottlenecks in the efficient utilization of medium and high-temperature heat sources for small to medium power scales [3]. - The demonstration project is a collaboration between China Nuclear Power Research and Design Institute, Jinan Steel Group International Engineering Technology Co., Ltd., and Shougang Water City Steel Group, featuring a global first set of 2×15 megawatt supercritical carbon dioxide sintering waste heat power generation [3]. Group 2: Performance Metrics - Compared to existing steam power generation technologies for sintering waste heat, "Super Carbon No. 1" improves power generation efficiency by over 85% and net power output by more than 50% [3]. - The system is simplified, requiring 50% less equipment and space, which enhances operational convenience [3]. Group 3: Research and Development - The China Nuclear Power Research and Design Institute has been researching supercritical carbon dioxide power generation technology since 2009, overcoming key technical challenges related to design, manufacturing, and integration [4]. - The institute has established a research and development system for this technology and completed technical validation, forming a collaborative community with leading domestic enterprises and universities [4]. Group 4: Future Projects - In addition to the demonstration project, China Nuclear Group plans to launch a "molten salt energy storage + supercritical carbon dioxide power generation" demonstration project in 2024, which has been selected as a major technological equipment initiative in the energy sector, with expected completion by 2028 [6].

Core Viewpoint - The successful operation of the world's first commercial supercritical carbon dioxide power generation unit, "Super Carbon No. 1," in Liupanshui, Guizhou, marks a significant advancement in power generation technology, utilizing supercritical carbon dioxide for waste heat recovery [3][4]. Group 1: Technology Overview - "Super Carbon No. 1" is a 15-megawatt supercritical carbon dioxide waste heat power generation project developed by China National Nuclear Corporation and other partners [3]. - The technology operates by using supercritical carbon dioxide, which is maintained at temperatures above 31 degrees Celsius and pressures exceeding 73 atmospheres, to drive turbines and generate electricity [3][4]. - This innovative method departs from traditional steam-based power generation, enhancing efficiency by over 85% compared to previous waste heat steam power generation technologies [4]. Group 2: Economic Impact - The new system is expected to generate an additional 70 million kilowatt-hours of electricity annually, translating to an increase in revenue of nearly 30 million yuan [4]. - The compact design and high efficiency of the "Super Carbon No. 1" system allow for a 50% reduction in space requirements, making it a viable option for various industries [4]. Group 3: Industry Implications - The steel and cement industries, which are major energy consumers and carbon emitters, stand to benefit significantly from the implementation of this technology, contributing to carbon reduction efforts [4]. - The technology's potential application across the country could lead to transformative changes in waste heat utilization in not only the steel industry but also in cement and glass sectors [4]. - Future projects, such as the "molten salt energy storage + supercritical carbon dioxide power generation" demonstration, are already in the pipeline, with expectations for completion by 2028 [4][5].

转自：北京日报客户端 记者从中核集团获悉，12月20日，全球首台商用超临界二氧化碳发电机组在贵州六盘水首钢水钢集团成 功商运，这也是超临界二氧化碳余热发电技术"超碳一号"的全球示范工程。 作为一种新型发电技术，"超碳一号" 有助于突破世界范围内中小功率规模、中高温热源高效利用的技 术瓶颈，加速形成新质生产力，本次商运也意味着全球首次将超临界二氧化碳发电技术从实验室推向商 业落地，标志其向政产学研用结合的技术创新体系转进，具有里程碑式的意义。 超临界二氧化碳发电技术实验装置 来源：北京日报客户端 "超碳一号"示范工程是中核集团中国核动力研究设计院与济钢集团国际工程技术有限公司、首钢水城钢 铁（集团）有限责任公司共同推进的全球首套2×15兆瓦超临界二氧化碳烧结余热发电工程。相比现役 烧结余热蒸汽发电技术，"超碳一号"发电效率提升85%以上，净发电量提升50%以上，同时系统简化、 设备减少、运维便利，场地需求减少50%。 作为一种革新型热电转换技术，"超碳一号"以超临界二氧化碳作为循环工质，具有效率高、系统紧凑、 辅助系统少和机动性强的核心优势，且未来有望向更大功率、更高温应用场景拓展。 据了解，美国能源局2017 ...

Core Viewpoint - The conference focused on the integration of new power systems and energy internet development, aligning with China's "dual carbon" goals and responding to national energy work directives [2][6]. Group 1: Conference Overview - The 2025 Smart Grid Industry Innovation Development Conference was held in Nanjing, co-hosted by China Energy Automobile Communication Group and China Energy News [2]. - The event aimed to strengthen the foundation for building an energy powerhouse, highlighting Nanjing's role as a hub for smart grid innovation and manufacturing [2]. Group 2: Keynote Speeches and Discussions - Experts discussed critical topics such as carbon neutrality pathways, high-quality construction of new distribution systems, digital engineering practices in power systems, and the latest policy interpretations [6]. - Notable speakers included senior experts from major energy companies and institutions, providing theoretical support and forward-looking guidance for industry development [6]. Group 3: Collaborative Platform - The conference established a high-end platform for interaction among government, industry, academia, research, and application sectors, promoting project connections and cross-industry collaboration [6]. - The event marked a significant step towards building a new energy system and advancing towards green and low-carbon development through collaborative and innovative efforts [6].

证券日报网讯 12月19日，中国铀业在互动平台回答投资者提问时表示，中国铀业已同中国核电签署了 长贸协议，约定向中国核电下属核电公司供应天然铀。 （文章来源：证券日报） ...