| 证券代码：601985 | 证券简称：中国核电 | | 公告编号：2025-047 | | --- | --- | --- | --- | | 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 关于参加中核集团集体投资者交流会的公告 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个别及连带责任。 中国核能电力股份有限公司（以下简称公司）已于 2025 年 4 月 29 日发布公 司 2024 年年度报告和 2025 年第一季度报告，为便于广大投资者更全面深入地了 解公司经营成果、财务状况，公司计划于 2025 年 6 月 6 日下午 15:00-16:30 参加 公司控股股东中国核工业集团有限公司集体投资者交流会。现将有关事项公告如 下： 一、召开时间、地点 公司总经理、其他公司领导及有关部门负责人（如遇特殊情况，参会人员将 根据实际情况进行调整）。 三、参加方式 （一）现场参加 因现场条件有限，本次说明会现场限额 20 人，有意向参加的投资者请于 6 月 3 日前扫描下方二维码进行报名， ...

Market Overview - The FTSE China A50 Index component stocks showed mixed performance with the oil and coal sectors gaining throughout the day, while the banking and automotive sectors fluctuated in the afternoon [1]. Sector Performance Insurance - China Pacific Insurance, China Ping An, and China Life Insurance had market capitalizations of 329.02 billion, 363.08 billion, and 970.42 billion respectively, with trading volumes of 1.145 billion, 1.396 billion, and 0.510 billion [3]. Alcohol Industry - Kweichow Moutai, Shanxi Fenjiu, and Wuliangye had market capitalizations of 1,930.78 billion, 229.35 billion, and 492.65 billion respectively, with trading volumes of 2.505 billion, 0.941 billion, and 2.291 billion [3]. Semiconductor - Northern Huachuang and Cambrian had market capitalizations of 222.93 billion and 254.64 billion respectively, with trading volumes of 1.757 billion and 2.779 billion [3]. Automotive - BYD, Great Wall Motors, and Beijing-Shanghai High-Speed Railway had market capitalizations of 1,102.81 billion, 288.75 billion, and 196.18 billion respectively, with trading volumes of 6.513 billion, 0.296 billion, and 0.232 billion [3]. Oil Industry - COSCO Shipping, Sinopec, and China National Offshore Oil Corporation had market capitalizations of 702.22 billion, 1,526.39 billion, and 254.36 billion respectively, with trading volumes of 0.958 billion, 1.212 billion, and 1.193 billion [3]. Coal Industry - Shaanxi Coal and Ningde Times had market capitalizations of 201.56 billion and 790.97 billion respectively, with trading volumes of 0.591 billion and 0.634 billion [3]. Power Industry - Yangtze Power and China Nuclear Power had market capitalizations of 198.28 billion and 747.01 billion respectively, with trading volumes of 1.637 billion and 0.555 billion [4]. Food and Beverage - Citic Securities, Guotai Junan, and Haitian Flavoring had market capitalizations of 303.76 billion, 376.74 billion, and 252.40 billion respectively, with trading volumes of 0.903 billion, 0.313 billion, and 0.616 billion [4]. Consumer Electronics - Industrial Fulian, Luxshare Precision, and Kairui Pharmaceutical had market capitalizations of 368.98 billion, 220.25 billion, and 358.24 billion respectively, with trading volumes of 2.024 billion, 0.616 billion, and 1.944 billion [4]. Home Appliances - Gree Electric, Haier Smart Home, and Muyuan Foods had market capitalizations of 261.47 billion, 209.77 billion, and 235.61 billion respectively, with trading volumes of 1.075 billion, 0.625 billion, and 0.761 billion [4]. Medical Devices - Mindray Medical, Wanhua Chemical, and SF Holding had market capitalizations of 172.40 billion, 232.84 billion, and 279.48 billion respectively, with trading volumes of 0.988 billion, 0.530 billion, and 0.844 billion [4]. Communication Services - Zijin Mining, China State Construction, and China Unicom had market capitalizations of 232.63 billion, 166.64 billion, and 477.87 billion respectively, with trading volumes of 1.782 billion, 0.509 billion, and 1.271 billion [4].

Group 1 - The Shanghai Composite Index opened lower and fluctuated, with the Shanghai Utilities Index rising by 0.06% to 4647.84 points and a trading volume of 22.849 billion yuan [1] - The Shanghai Utilities Index has increased by 1.94% over the past month, 1.41% over the past three months, and has decreased by 2.47% year-to-date [1] - The index is categorized into five major sectors: industrial, commercial, real estate, utilities, and comprehensive, reflecting the economic conditions and overall performance of listed companies in these sectors [1] Group 2 - The top ten weighted stocks in the Shanghai Utilities Index include: Beijing-Shanghai High-Speed Railway (8.12%), China Nuclear Power (5.64%), Huaneng Hydropower (5.07%), China Unicom (4.82%), Shanghai Port Group (3.75%), Daqin Railway (3.74%), Three Gorges Energy (3.46%), China Communications Construction (2.91%), Air China (2.85%), and China Railway Construction (2.53%) [1] - The sample of the Shanghai Utilities Index is composed entirely of stocks listed on the Shanghai Stock Exchange, with a total market share of 100% [1] Group 3 - In terms of industry composition within the Shanghai Utilities Index, industrial sector accounts for 51.73%, utilities for 33.68%, communication services for 8.87%, consumer discretionary for 1.72%, energy for 1.67%, financials for 1.10%, materials for 0.86%, and real estate for 0.37% [2] - The criteria for inclusion in the index require securities to have a daily average market capitalization ranking in the top 10 of the Shanghai market after three months of listing, while other securities are included after one year [2] - Securities under risk warning measures are removed from the index starting from the second Friday of the month following the implementation, while those that have their risk warning lifted are included from the next trading day after the second Friday of the following month [2]

Market Overview - The FTSE China A50 Index showed a mixed performance with the banking sector seeing gains while the semiconductor and automotive sectors experienced declines [1] Banking Sector - Major banks such as China Pacific Insurance, Ping An Insurance, and China Life Insurance reported market capitalizations of 363.08 billion, 323.34 billion, and 971.52 billion respectively, with trading volumes of 246 million, 819 million, and 326 million [3] Semiconductor Sector - North China Innovation and Cambricon Technologies had market capitalizations of 229.69 billion and 262.17 billion respectively, with trading volumes of 1.706 billion and 674 million, showing declines of 1.58 (-0.37%) and 22.99 (-3.53%) [3] Automotive Sector - Great Wall Motors and BYD reported market capitalizations of 193.36 billion and 289.24 billion respectively, with trading volumes of 6.002 billion and 1.8 billion, both showing declines of 11.95 (-3.14%) and 0.20 (-0.88%) [3] Oil and Gas Sector - China Shipping and Sinopec had market capitalizations of 688.88 billion and 252.95 billion respectively, with trading volumes of 1.145 billion and 187 million, showing no significant change [3] Coal Sector - China Shenhua and Shaanxi Coal and Chemical Industry reported market capitalizations of 200.01 billion and 787.59 billion respectively, with trading volumes of 417 million and 260 million, with slight changes in stock prices [3] Power Sector - Yangtze Power and China Nuclear Power had market capitalizations of 199.30 billion and 743.83 billion respectively, with trading volumes of 1.022 billion and 601 million, showing minor fluctuations [4] Food and Beverage Sector - China Citic Securities and Haitai Flavoring reported market capitalizations of 377.18 billion and 246.00 billion respectively, with trading volumes of 198 million and 610 million, both showing slight declines [4] Consumer Electronics Sector - Industrial Fulian and Luxshare Precision reported market capitalizations of 367.39 billion and 221.56 billion respectively, with trading volumes of 1.782 billion and 1.135 billion, both showing declines [4] Logistics Sector - Mindray Medical and Wanhua Chemical reported market capitalizations of 172.47 billion and 226.01 billion respectively, with trading volumes of 340 million and 340 million, both showing slight declines [4] Construction Sector - China State Construction and Zijin Mining reported market capitalizations of 478.93 billion and 233.05 billion respectively, with trading volumes of 1.613 billion and 493 million, showing minor fluctuations [4][5]

Summary of China Nuclear Power Conference Call Company Overview - **Company**: China Nuclear Power - **Industry**: Nuclear Power and Renewable Energy Key Points Financial Performance - In Q1 2025, China Nuclear Power's revenue increased by approximately 20% year-on-year, primarily due to the operational launch of the Zhangzhou Unit 1, which boosted electricity generation [2][6] - The total number of operational units is 26, with stable electricity generation performance [6] - The average electricity price in Jiangsu, Zhejiang, Fujian, and Hainan provinces decreased by about one cent year-on-year, but the company maintained stability compared to peers [6] Future Plans - The company plans to operationalize Zhangzhou Unit 2 in the second half of 2025, which is expected to further enhance performance [7] - There are currently 19 new units under construction, with an increase in overall investment plans [7] - The company is focusing on the perovskite industry and isotope production, which are anticipated to positively impact future performance [7] Market Dynamics - The impact of market transactions in Jiangsu is minimal, with an average price drop of just over one cent, which is manageable [8] - In Zhejiang, the Qinshan and Sanmen nuclear power plants received government contracts that protect 65% and 85% of their electricity output, respectively, reducing market volatility [10] Regulatory and Tax Impacts - The company has faced a one-time tax payment of approximately 1 billion yuan due to new regulations, which significantly affected overall performance [4] - The new interpretation of corporate income tax impacts profits by about 200 million yuan annually [22] Renewable Energy Strategy - The company has commissioned over 30 GW of renewable energy projects, ahead of the "14th Five-Year Plan" [13] - Future renewable energy development will be adjusted based on external and internal conditions, focusing on areas with minimal power restrictions [13][14] - The company is increasing its wind energy development while reducing photovoltaic project investments [14] Cost Management - All loans are linked to the Loan Prime Rate (LPR), allowing the company to save several hundred million yuan in financial costs annually by replacing high-interest loans with lower ones [5][21] - The company maintains a stable cost structure, with uranium resources accounting for about 20% of total costs, which does not significantly impact operations [18] Industry Context - The U.S. government's acceleration of nuclear power approvals may enhance domestic nuclear energy development but is not expected to significantly impact China Nuclear Power due to its established growth and policy support [19][20] - The company emphasizes its unique growth potential and stable cash flow generation post-capital expenditure phase, making it an attractive investment opportunity [29] Operational Capacity - The company has sufficient site reserves to meet the approval needs of 15 to 16 new projects in the future [27] - Current projects include new developments in Sanmen, Liaoning, Guangdong, Fujian, Hainan, and Hebei [27] Conclusion - China Nuclear Power is positioned for stable growth with a focus on nuclear and renewable energy, while managing costs effectively and adapting to market conditions. The company remains a strong candidate for investment in the current market environment.

Core Viewpoint - The nuclear power sector is experiencing a significant surge in stock prices, driven by a global revival in nuclear energy, rising uranium prices, and increasing demand due to advancements in AI technology. Goldman Sachs predicts a golden decade for nuclear power [1][3]. Group 1: Stock Performance - On May 26, the A-share nuclear power sector saw a collective surge, with nearly 20 stocks hitting the daily limit, including Shangwei Co. and China Nuclear Technology [1]. - China Guodian Electric, a leading stock in the sector, reported a year-to-date price increase of 139.02% as of May 26 [1]. - In the Hong Kong market, China Nuclear International experienced a dramatic rise, with a peak increase of over 180%, closing at 4.09 HKD per share, up 129.78%, and a year-to-date increase of 143.45% [1]. Group 2: Market Dynamics - The recent stock price movements in the nuclear power sector are attributed to a combination of global nuclear revival, anticipated uranium resource shortages, technological breakthroughs, and supportive policies [2]. - The National Energy Administration of China issued a temporary measure to enhance nuclear project management, aiming to standardize costs and ensure quality in nuclear construction [2]. - The Chinese government has approved multiple nuclear power projects, with a consistent increase in the number of approved nuclear units from 2022 to 2025 [2]. Group 3: Global Trends - On May 23, U.S. President Trump signed three executive orders to accelerate nuclear energy development, focusing on project approvals and supply chain enhancements [3]. - Several countries, including Germany and Belgium, have recently shifted their stance to support nuclear energy, indicating a broader global trend towards nuclear power [3]. - Goldman Sachs forecasts a structural shortage in the global uranium market, predicting a deficit of 130 million pounds by 2040, alongside a surge in nuclear power demand driven by AI advancements [3]. Group 4: Company Performance - Companies in the nuclear sector are benefiting from increased orders and revenue growth, with China Nuclear Construction reporting a 34.63% year-on-year revenue increase to 32.212 billion CNY for 2024 [4]. - The company also secured new contracts worth 55.144 billion CNY, marking a 43.61% increase year-on-year [4]. Group 5: Investment Insights - Public funds have shown significant interest in the nuclear power sector, with major holdings in China Nuclear and China General Nuclear Power [6]. - As of the first quarter of 2025, 89 public funds held 169 million shares of China Nuclear, while 32 funds held 95.0184 million shares of China General Nuclear [6]. - Analysts suggest focusing on companies with high technical barriers and strong order visibility, as well as those benefiting from uranium resource scarcity [6].

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Core Viewpoint - The nuclear power industry in China is expected to experience significant growth due to its advantages in cleanliness and stability, as well as the uneven distribution of energy resources in the country. The industry is poised for a construction and production peak driven by multiple factors including policy, technology, and market dynamics [1][18]. Group 1: Advantages of Nuclear Power - Nuclear power has clear advantages in terms of cleanliness, stability, and utilization hours. It does not produce greenhouse gases during electricity generation, resulting in minimal environmental impact. Compared to fossil fuels, nuclear power has extremely low carbon emissions, aiding in pollution reduction. Additionally, nuclear power provides stable electricity supply with annual utilization hours consistently above 7000, the highest among all energy sources [2]. Group 2: Energy Distribution and Strategic Importance - China's primary energy resources are concentrated in the northern and western regions, while economically developed and densely populated coastal areas lack conventional energy sources. Accelerating nuclear power development is crucial for optimizing energy structure, alleviating transportation pressure, and enhancing energy efficiency and grid reliability, which is strategically significant for national energy security. By the end of 2025, China's operational nuclear power capacity is expected to reach 65 million kilowatts, with nuclear energy's share of total electricity generation projected to double to 10% by 2035 compared to 2022 [4]. Group 3: Nuclear Power Industry Chain - The nuclear power industry chain consists of three main segments: upstream (uranium mining, processing, trading, and fuel manufacturing), midstream (nuclear power equipment manufacturing), and downstream (nuclear power plant construction, operation, and fuel reprocessing) [7]. Group 4: Acceleration of Nuclear Approvals and Construction - The nuclear power sector is experiencing a surge in approvals, with 11 new units approved in August 2024. The average annual approvals have increased from 4-5 units (2019-2021) to 10-11 units (2022-2024), indicating a significant uptick in nuclear power construction and equipment demand [9]. Group 5: Recent Catalysts for the Nuclear Power Industry - The nuclear power industry is benefiting from multiple catalysts, including accelerated approvals, technological breakthroughs, and expanding market demand. The approval of new projects is expected to continue at a pace of 8-10 units annually, while technological advancements have increased the domestic production rate of third-generation nuclear power plants to over 90%. Additionally, the market demand for nuclear power is growing, with its share of total electricity generation rising to 4.72% and significant reductions in carbon emissions [15][16]. Group 6: Investment Logic and Related Stocks - The nuclear power sector's growth is supported by its cleanliness and stability, alongside favorable policies and technological advancements. Key stocks in the industry include Shanghai Electric, Dongfang Electric, and Jiangsu Shentong, among others [19].

Core Viewpoint - The recent surge in nuclear energy stocks in A-shares is linked to the positive developments in the U.S. nuclear energy sector, particularly following President Trump's signing of executive orders aimed at reforming the nuclear industry [1][3]. Group 1: Market Performance - A-shares nuclear energy stocks saw significant gains, with nearly 20 related stocks hitting the daily limit or rising over 10% [1][3]. - In the Hong Kong market, China National Nuclear Corporation experienced a surge of over 180% [1]. - The U.S. nuclear energy stocks also rallied, with Lightbridge rising by 42.59% and NANO Nuclear increasing by over 30% [1]. Group 2: U.S. Policy Impact - Trump's executive orders aim to accelerate the approval process for nuclear reactors used for defense and AI, with a goal to quadruple nuclear power output in the next 25 years [3]. - The orders also include provisions for the construction of 10 large reactors by 2030 and adjustments to regulatory processes for experimental reactors [3]. Group 3: Global Nuclear Energy Trends - The nuclear energy revival cycle has been ongoing since 2019, with developing countries like China continuing to approve and construct new nuclear units [3][4]. - The anticipated increase in nuclear power demand is expected to benefit uranium as a nuclear fuel, leading to a tighter supply-demand balance [3][4]. Group 4: Nuclear Energy Advantages - Nuclear power is highlighted as a clean, safe, and efficient energy source, with annual utilization hours exceeding 7000, making it the most efficient among all energy sources [4]. - The role of nuclear energy in addressing climate change and promoting energy transition is emphasized, with potential applications in desalination, hydrogen production, and medical protection [4]. Group 5: Nuclear Fusion Developments - The nuclear fusion sector has entered a phase of intensive catalysis, with significant gains in related stocks since early May, particularly in controlled nuclear fusion [5][7]. - The ITER project, a major international collaboration, has achieved significant milestones, marking progress towards commercializing controlled nuclear fusion [6][7]. - Continued investment and project developments in nuclear fusion are expected to accelerate industry growth, benefiting related companies [6][7].

Group 1 - The controllable nuclear fusion index has risen by 2.38% on May 23, leading the concept index gains, with a year-to-date increase of 31.05% [1] - U.S. President Trump is expected to sign an executive order to simplify reactor approval processes and strengthen fuel supply chains, boosting the nuclear energy sector [1] - In China, significant contracts have been signed in the nuclear fusion sector, indicating a robust development in controllable nuclear fusion research and commercialization [1] Group 2 - In the first quarter, 20 controllable nuclear fusion concept stocks reported net profits exceeding 100 million yuan, with China Nuclear Power leading at 3.137 billion yuan [2] - China Nuclear Power's revenue from nuclear power business grew by 10.46% year-on-year, with a net profit increase of 11.52% [2] - The net profit growth rates for companies like Yongding Co., Oriental Precision, and Shanghai Electric were exceptionally high, at 960.55%, 517.55%, and 145.69% respectively [3][4] Group 3 - Public fund holdings in controllable nuclear fusion concept stocks include significant shares in China Nuclear Power and China Energy Construction, with holdings of 549 million shares and 483 million shares respectively [4]