Market Overview - In October, the Shanghai and Shenzhen 300 index remained unchanged, while the public utility index increased by 4.47% and the environmental index rose by 2.58% [1][16] - Among the 31 primary industry sectors, public utilities and environmental sectors ranked 5th and 8th in terms of growth [1][43] - In the electricity sector, thermal power increased by 10.98%, hydropower by 4.01%, and gas by 6.39% [1][44] Important Events - On October 30, the Ministry of Commerce issued guidelines to promote green trade, encouraging foreign trade enterprises to adopt green and low-carbon development throughout their supply chains [2][17] - The guidelines support the use of renewable energy and sustainable fuels in international shipping, including green methanol and green ammonia [2][17] Sector Performance - The thermal power sector's revenue for the first three quarters of 2025 was 906.47 billion yuan, a year-on-year decrease of 5.48%, while net profit increased by 15.03% to 71.12 billion yuan [3][18] - Hydropower sector revenue totaled 148.76 billion yuan, down 1.39%, with net profit rising by 1.73% to 51.32 billion yuan [3][22] - Wind power revenue decreased by 2.80% to 117.16 billion yuan, with net profit down 12.15% to 22.03 billion yuan [3][25] - The solar power sector saw revenue of 26.10 billion yuan, a decline of 16.55%, but net profit increased by 55.77% to 2.90 billion yuan [3][28] - Nuclear power revenue was 164.08 billion yuan, up 1.76%, but net profit fell by 12.39% to 16.58 billion yuan [3][32] - The gas sector's revenue was 234.91 billion yuan, a decrease of 0.78%, with net profit down 5.49% to 10.25 billion yuan [3][36] Investment Strategy - For thermal power, it is recommended to invest in major companies like Huadian International and Shanghai Electric due to expected stable profitability [4][41] - In the renewable energy sector, leading companies such as Longyuan Power and Three Gorges Energy are recommended for their potential steady earnings [4][41] - Nuclear power companies like China Nuclear Power and China General Nuclear Power are expected to maintain stable profits, with a recommendation for China Power Investment Corporation [4][41] - High-dividend hydropower stocks like Yangtze Power are highlighted for their defensive attributes [4][41] - In the gas sector, Jiufeng Energy is recommended for its capabilities in marine gas trading [4][41] - The environmental sector is advised to focus on companies like China Everbright Environment and Zhongshan Public Utilities, which are seen as utility-like investment opportunities [4][42]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - Q3 performance was below expectations, but the ongoing construction of nuclear units supports long-term growth potential [5] - The company reported Q3 2025 revenue of 20.662 billion yuan, a year-on-year increase of 5.72%, while net profit attributable to shareholders decreased by 23.5% [7] - The decline in profitability is attributed to lower electricity prices and increased tax burdens, impacting both nuclear and renewable energy segments [7] - The company is actively promoting the multi-purpose use of nuclear energy, with significant projects underway that could enhance future profitability [7] - There are 19 units under construction or awaiting approval, with a total capacity of approximately 22 GW, which is expected to contribute to stable long-term growth [7] Financial Summary - Revenue projections for 2023 to 2027 are as follows: 74.957 billion yuan (2023), 77.272 billion yuan (2024), 82.075 billion yuan (2025E), 86.317 billion yuan (2026E), and 97.042 billion yuan (2027E) [6] - Net profit attributable to shareholders is projected to be 10.624 billion yuan (2023), 8.777 billion yuan (2024), 9.189 billion yuan (2025E), 9.282 billion yuan (2026E), and 10.222 billion yuan (2027E) [6] - The company’s P/E ratios for 2025 to 2027 are projected to be 21, 20.78, and 18.87 respectively [6] - The expected dividend yield for 2024 to 2027 is around 2% to 2.2% [7]

Core Viewpoint - The Zhejiang Beilun Power Plant's Unit 9, a 1 million kilowatt coal-fired generator, has officially commenced operations after 168 hours of full-load trial operation, making it the largest coal-fired power plant in China with a total installed capacity of 7.34 million kilowatts and an expected annual electricity generation of over 40 billion kilowatt-hours [1] Group 1: Company Overview - The Beilun Power Plant is located in Ningbo, Zhejiang Province, and has been operational since the first unit was commissioned in 1991 [1] - The newly operational Unit 9 is part of the first phase of an energy-saving and emission-reduction renovation project, which began construction in 2023 [1] Group 2: Industry Developments - China is actively promoting the transformation and upgrading of coal-fired power units, with 95% of coal power units achieving ultra-low emissions during the "14th Five-Year Plan" period [1] - The National Energy Administration has indicated that during the "15th Five-Year Plan" period, efforts will be made to fully utilize the flexible adjustment capabilities of thermal power and promote the upgrade of the next generation of coal power units [1]

Investment Rating - The report maintains a "Positive" investment rating for the power industry [12] Core Insights - Since 2025, electricity demand has slowed, with a year-on-year growth of 4.60% in total electricity consumption for the first three quarters. The power sector's operating revenue decreased by 3.94% year-on-year due to adjustments in annual long-term contract electricity prices in several provinces. However, benefiting from a significant drop in coal prices, the net profit attributable to shareholders in the power sector reached 166.32 billion yuan, a year-on-year increase of 3.13% [2][22] - The performance of various sub-sectors within the power industry has shown significant differentiation, with thermal power profits increasing by 28.41% year-on-year due to cost improvements, while hydropower and renewable energy sectors faced declines of 4.76% and 16.80% respectively [2][10] Summary by Sections Thermal Power - In the first three quarters of 2025, thermal power generation volume decreased by 1.2% year-on-year, and the annual long-term contract electricity prices were adjusted in most provinces. Despite this, the significant drop in coal prices supported a 12.13% year-on-year increase in net profit for the thermal power sector, amounting to 79.39 billion yuan [6][57] - The third quarter saw a marginal improvement in thermal power generation due to a recovery in electricity demand, with net profit increasing by 28.41% year-on-year [6][26] Hydropower - The overall water inflow was lower in the first three quarters of 2025, leading to mixed performance among major hydropower companies. The hydropower sector's revenue grew by 1.62% year-on-year, while net profit increased by 2.13% [7][30] - In the third quarter, the hydropower sector faced a revenue decline of 1.63% and a net profit decrease of 4.76% due to uneven water inflow conditions [7][32] Renewable Energy - The renewable energy sector experienced weak performance due to unfavorable wind and solar conditions, alongside ongoing electricity price pressures. Revenue growth was limited to 0.62% year-on-year, while net profit decreased by 9.87% [8][30] - In the third quarter, net profit for the renewable energy sector fell by 16.80% year-on-year, with significant declines noted in nuclear power companies due to increased tax expenses and market price pressures [8][39] Power Grid - The power grid sector saw a slight revenue decline of 0.03% year-on-year in the first three quarters, with net profit decreasing by 4.78%. However, the performance pressure eased in the third quarter due to improved water inflow conditions [9][30] - In the third quarter, the power grid sector's revenue decreased by 0.82% year-on-year, with net profit down by 2.88%, but the decline was less severe compared to the first half of the year [9][39] Investment Recommendations - The report suggests a continued focus on quality thermal power operators and clean energy investment opportunities, highlighting companies such as Huaneng International, Datang Power, and China Nuclear Power as potential investment targets [10][51]

证券日报网讯11月3日晚间，中国核电（601985）发布公告称，截至2025年10月31日，公司累计回购股 份数量为31，261，308股，占公司目前总股本的比例为0.15%。 ...

Investment Rating - The report provides a positive investment outlook for the electricity and natural gas sectors, highlighting potential growth opportunities in renewable energy and natural gas consumption [4][8]. Core Insights - The green certificate market is experiencing a significant increase in both volume and price, with a 210% rise in average trading prices in Q3 compared to Q1. The total issuance of green power certificates reached 2.29 billion in September 2025, with 1.58 billion being tradable [7][8]. - Global natural gas prices are fluctuating, with the U.S. Henry Hub spot price reaching a six-month high of $3.57/mmBtu, while European prices are showing mixed trends [9][11]. - The report anticipates an increase in natural gas consumption in Q4 2025 due to low base effects and expected higher heating demand from a potential La Niña phenomenon [30][31]. Summary by Sections Electricity - The average trading price of green certificates increased by 210% in Q3 compared to Q1. The issuance of green certificates reached 2.29 billion in September 2025, with 1.58 billion being tradable, indicating a robust market growth [7][8]. - The report emphasizes the need for further development of the green certificate market and the introduction of regulations to enhance renewable energy consumption [4][7]. Natural Gas - As of October 31, 2025, the U.S. Henry Hub spot price was $3.57/mmBtu, marking an 11.16% increase week-on-week. In contrast, European gas prices showed a decline, with the TTF spot price at €30.35/MWh, down 5.42% [9][10]. - The report notes a decrease in China's apparent natural gas consumption in September 2025, but anticipates a rebound in Q4 2025 due to low base effects and increased heating demand [30][31]. - The LNG national ex-factory price in China rose to 4407 yuan/ton, reflecting a 3.11% increase week-on-week, driven by rising demand ahead of the heating season [28][30]. Investment Recommendations - The report recommends several companies based on their performance and market conditions: - Hydropower: Focus on Guotou Power, Chuan Investment Energy, and Yangtze Power due to favorable hydrological conditions [8]. - Green Power: Attention to New Energy, Funiu Co., Longyuan Power, and China Resources Power for their stable returns [8]. - Nuclear Power: Recommendations for China Nuclear Power and China General Nuclear Power due to ongoing approvals for new units [8]. - Thermal Power: Companies like Guodian Power and Huadian International are highlighted for improved profitability due to falling coal prices [8]. - Gas Power: Recommendations for Guangzhou Development and Shenzhen Energy based on expected stability in profitability [8].

Core Insights - The article highlights significant developments in the energy storage market, particularly in Australia, with multiple companies announcing substantial storage orders totaling over 7GWh [1][5][8]. Group 1: Company Developments - Nanrui Jibao signed a global strategic cooperation agreement with Pacific Green Group to focus on grid-type energy storage technology, planning a 250MW/1000MWh energy storage station in Victoria, Australia [2][4]. - Maitian Energy announced two 2GWh storage orders with OSW and Solar Juice, aiming to enhance renewable energy integration into the grid and promote residential storage systems [5][7]. - China National Nuclear Corporation's subsidiary, Huineng International, signed a cooperation agreement with Equator Renewables Asia to develop a 900MWp photovoltaic and 1.2GWh battery storage project in Indonesia, with a total investment of several billion dollars [8][11]. - Hopson's subsidiary signed a procurement contract for an 800MWh storage system for a demonstration project in Dunhuang, with delivery scheduled between April 1 and April 30, 2026 [12].

证券代码：601985 证券简称：中国核电 公告编号：2025-079 中国核能电力股份有限公司 关于股份回购进展公告 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法律责任。 一、回购股份的基本情况 中国核能电力股份有限公司（以下简称公司）于 2025 年 4 月 27 日召开第五 届董事会第三次会议，审议通过了《关于公司 2025 年度回购 A 股股票方案的议案》， 同意公司使用自有资金和自筹资金以集中竞价交易方式回购公司股份，用于后续 实施股权激励，回购价格不超过人民币 13.98 元/股（含），回购资金总额不低于 人民币 3 亿元（含）且不超过人民币 5 亿元（含），回购期限自董事会审议通过 本次回购股份方案之日起不超过 12 个月。本次回购股份事项的具体内容详见公司 于 2025 年 4 月 29 日、5 月 8 日、5 月 14 日在上海证券交易所网站披露的《中国 核能电力股份有限公司关于以集中竞价方式回购股份方案的公告》《中国核能电 力股份有限公司关于取得金融机构股票回购贷款承诺函的公告》《中国核能电力 股份有限公司关于以 ...

（记者 王晓波） 每经AI快讯，中国核电11月3日晚间发布公告称，截至2025年10月31日，公司累计回购股份数量约为 3126万股，占公司目前总股本的比例为0.15%，购买的最高价为9.65元/股，购买的最低价为8.4元/股， 已支付的总金额约为2.85亿元。 每经头条（nbdtoutiao）——"为了孩子吃上饭，自己只能靠喝水撑着"！美政府停摆危机逼近"临界 点"，4200万人吃饭成问题 ...

格隆汇11月3日丨中国核电(601985.SH)公布，截至2025年10月31日，公司累计回购股份数量为3126.13万 股，占公司目前总股本的比例为0.15%，购买的最高价为9.65元/股，购买的最低价为8.40元/股，已支付 的总金额为2.85亿元（不含佣金等交易费用）。 ...