Summary of Key Points Core Viewpoint - China Nuclear Power Co., Ltd. has announced an adjustment to the maximum repurchase price of its shares following the 2024 annual equity distribution, reducing it from 13.98 RMB per share to 13.82 RMB per share, effective from July 18, 2025 [1][2]. Group 1: Share Repurchase Plan - The company plans to use its own and self-raised funds to repurchase shares through centralized bidding, with a total repurchase amount between 300 million RMB and 500 million RMB [1][2]. - The repurchase period is set for up to 12 months from the board's approval date on April 27, 2025 [1][2]. Group 2: Reasons for Price Adjustment - The adjustment in the repurchase price is due to the cash dividend distribution of 0.16 RMB per share (including tax) to shareholders, which will not affect the total number of circulating shares [2][3]. - The formula used for the adjustment considers the cash dividend and the change in circulating shares, which remains zero in this case [2][3]. Group 3: Financial Implications - With the new repurchase price of 13.82 RMB per share, the estimated number of shares to be repurchased ranges from approximately 21.71 million shares (0.11% of total shares) at the lower limit of 300 million RMB to about 36.18 million shares (0.18% of total shares) at the upper limit of 500 million RMB [3].

证券代码：601985 证券简称：中国核电 公告编号：2025-053 中国核能电力股份有限公司 关于 2024 年年度权益分派实施后调整回购价格上限 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。 重要内容提示： 回购价格调整起始日：2025 年 7 月 18 日（2024 年年度权益分派除权除 息日） 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 ...

Core Viewpoint - The Shanghai Public Utility Index has shown a slight decline of 0.25% recently, reflecting the overall performance of the public utility sector in the Shanghai Stock Exchange [1] Group 1: Index Performance - The Shanghai Public Utility Index closed at 4604.42 points with a trading volume of 31.554 billion yuan [1] - Over the past month, the index has increased by 0.35%, while it has risen by 0.89% over the last three months, but has decreased by 3.08% year-to-date [1] Group 2: Index Composition - The index is composed of stocks and depositary receipts from five major industry categories: industrial, commercial, real estate, public utilities, and comprehensive [1] - The top ten weighted stocks in the index include: - Beijing-Shanghai High-Speed Railway (7.69%) - China Nuclear Power (5.42%) - China Unicom (4.79%) - Huaneng Water Power (4.79%) - Shanghai Port Group (3.78%) - Daqin Railway (3.66%) - Three Gorges Energy (3.48%) - China Communications Construction (2.99%) - China Railway Construction (2.68%) - Air China (2.64%) [1] Group 3: Industry Breakdown - The industry composition of the index shows that industrials account for 51.38%, public utilities for 33.99%, communication services for 8.94%, consumer discretionary for 1.76%, energy for 1.69%, materials for 1.00%, financials for 0.84%, and real estate for 0.39% [2] Group 4: Index Sample Management - Stocks are included in the index based on their market capitalization ranking in the Shanghai market, with specific rules for inclusion and exclusion based on risk warnings and corporate actions [2]

Investment Rating - The report maintains a "Positive" outlook on the public utility sector, indicating an expectation for the industry to outperform the overall market [2]. Core Insights - The report highlights significant improvements in coal-fired power profitability due to a notable decrease in coal prices, with a 25.5% year-on-year drop in the average spot price of 5500 kcal thermal coal [2]. - Hydropower performance varies across regions, with major hydropower companies in Sichuan and Yunnan showing increased generation hours, leading to a strong performance in the first half of 2025 [2]. - Nuclear power generation is expected to grow steadily with the expansion of new units and ongoing approvals for additional reactors, ensuring long-term growth potential [2]. - Natural gas consumption faced short-term pressure but is anticipated to recover in the medium to long term as costs decrease and residential gas prices adjust [2]. Summary by Sections Coal Power - In Q2 2025, the average utilization hours for coal-fired power plants decreased by 118 hours year-on-year, but profitability is expected to improve due to lower coal prices [2]. - Companies like Jingneng Power and Jiantou Energy reported over 100% growth in net profit for the first half of 2025 [2]. Hydropower - National hydropower utilization hours reached 1023 hours from January to May 2025, a decrease of 70 hours year-on-year, but major hydropower companies reported significant increases in generation [2]. - Companies such as China Yangtze Power and Huaneng Hydropower saw their hydropower generation increase by 5.01% and 10.93% respectively in the first half of 2025 [2]. Nuclear Power - Nuclear power generation for China Nuclear Power and China General Nuclear Power increased by 12.01% and 6.11% respectively in the first half of 2025 [2]. - The approval of new nuclear units is expected to support future growth, with 10 new units approved in April 2025 [2]. Natural Gas - Natural gas consumption in China decreased by 1.3% year-on-year in the first five months of 2025, but there is an upward trend in terminal consumption [2]. - The report anticipates a recovery in natural gas prices due to increased LNG exports from major producing regions [2]. Performance Forecast - The report forecasts significant profit growth for key companies in the public utility sector for the first half of 2025, with various companies expected to see net profit growth rates ranging from 0% to over 100% [2][3]. - Recommendations include focusing on companies with strong growth potential in hydropower, nuclear power, and natural gas sectors [2].

Core Viewpoint - The China Securities Low Carbon Economy Theme Index has shown mixed performance, with a recent decline but positive growth over the past month and three months, indicating a volatile but potentially promising investment area in the low-carbon sector [1][2] Group 1: Index Performance - The China Securities Low Carbon Economy Theme Index closed down 0.9% at 1583.71 points, with a trading volume of 36.979 billion yuan [1] - Over the past month, the index has increased by 7.35%, and by 10.32% over the last three months, while it has decreased by 1.71% year-to-date [1] Group 2: Index Composition - The index comprises companies involved in clean energy generation, energy conversion and storage, clean production and consumption, and waste treatment [1] - The top ten weighted companies in the index are: CATL (15.42%), Yangtze Power (14.38%), Sungrow Power (6.18%), LONGi Green Energy (5.51%), China National Nuclear Power (4.37%), Three Gorges Energy (3.5%), TBEA (3.49%), EVE Energy (3.1%), Tongwei Co. (3.09%), and Guotou Power (2.01%) [1] Group 3: Market Segmentation - The index's holdings are primarily listed on the Shanghai Stock Exchange (51.54%), followed by the Shenzhen Stock Exchange (48.04%), and a small portion on the Beijing Stock Exchange (0.43%) [1] - In terms of industry distribution, the index's sample shows that 69.10% is in the industrial sector, while 30.90% is in public utilities [2] Group 4: Fund Tracking - Several public funds track the China Securities Low Carbon Economy Theme Index, including: Huaxia CSI Low Carbon Economy Theme ETF, Penghua CSI Low Carbon Economy Theme ETF, Yinhua CSI Low Carbon Economy Theme ETF, and others [2]

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [4][22]. Core Insights - The construction of zero-carbon parks is being accelerated, with the release of renewable energy power consumption responsibility weights expected by 2025 [1][17]. - The report highlights the increasing responsibility weights for renewable energy consumption across various provinces, with most provinces expected to exceed 20% by 2025 [17][20]. - The report emphasizes the importance of integrating renewable energy development with energy management systems to achieve carbon neutrality [22][23]. Market Review - The Shanghai Composite Index rose by 0.82%, while the public utility index increased by 1.11% and the environmental index by 3.17% [1][24]. - Within the electricity sector, coal-fired power increased by 0.41%, hydropower by 0.42%, and renewable energy generation by 1.05% [1][25]. Important Policies and Events - The National Development and Reform Commission, Ministry of Industry and Information Technology, and National Energy Administration issued a notice to accelerate the transformation of energy structures in parks and promote energy conservation and carbon reduction [15][16]. - Hainan Province's implementation plan for market-oriented reform of renewable energy grid prices includes a pricing structure for existing projects and competitive bidding for new projects [16] . Investment Strategy - Recommendations include major coal-fired power companies like Huadian International and Shanghai Electric, as well as leading renewable energy firms such as Longyuan Power and Three Gorges Energy [3][22]. - The report suggests that nuclear power companies like China Nuclear Power and China General Nuclear Power will maintain stable profitability [3][22]. - In the environmental sector, companies like China Everbright Environment and Zhongshan Public Utilities are highlighted as potential investment opportunities [23][22]. Key Company Earnings Forecasts and Investment Ratings - Huadian International: Outperform, with an expected EPS of 0.46 in 2024 and 0.62 in 2025 [8]. - Longyuan Power: Outperform, with an expected EPS of 0.75 in 2024 and 0.85 in 2025 [8]. - China Nuclear Power: Outperform, with an expected EPS of 0.46 in 2024 and 0.50 in 2025 [8]. Industry Dynamics and Company Announcements - The report notes that the water and waste incineration sectors are entering a mature phase, with significant improvements in free cash flow [23]. - The report also highlights the potential for domestic waste oil recycling companies to benefit from the EU's SAF blending policy [23]. Industry Key Data Overview - In May, the industrial power generation increased by 0.5% year-on-year, with a total of 737.8 billion kWh generated [49][60]. - The total electricity consumption in May reached 809.6 billion kWh, reflecting a year-on-year growth of 4.43% [57][60].

Investment Rating - The industry investment rating is "Positive" and maintained [11] Core Insights - The increase in renewable energy consumption responsibility weight is expected to generate an additional demand of approximately 510 billion kilowatt-hours of new energy by 2025 [2][6][19] - The transition of the aluminum electrolysis industry from monitoring to assessment will significantly boost the demand for non-hydropower green certificates, estimated at around 150 million certificates [7][26] - The inclusion of four major energy-consuming industries (steel, cement, polysilicon, and data centers) into monitoring is projected to create a potential demand for approximately 800 million non-hydropower green certificates [8][29] Summary by Sections Renewable Energy Consumption Responsibility Weight - The responsibility weight for renewable energy consumption will significantly increase in 2025, with unfulfilled portions not carried over to the next year. The new policy mandates that the responsibility weight must be completed within the year [6][17] - The "Three North" regions have a higher responsibility weight, with provinces like Inner Mongolia, Gansu, Jilin, Heilongjiang, and Qinghai set at 30%, while regions like Shanghai and Guangdong remain below 15% [18] Electrolytic Aluminum Green Power Consumption - The green power consumption ratio for the electrolytic aluminum industry will shift from monitoring to assessment in 2025, leading to a significant increase in demand for non-hydropower green certificates [7][26] - The estimated demand for non-hydropower green certificates from the electrolytic aluminum sector is about 150 million certificates due to the new assessment requirements [26] Expansion of Monitoring to Other Industries - The addition of steel, cement, polysilicon, and data centers into the monitoring framework is expected to create a substantial potential demand for green certificates, estimated at around 800 million certificates [8][29] - The projected total demand from these sectors could reach approximately 980 billion kilowatt-hours of new energy, accounting for about 53% of the 2024 new energy volume [34] Supply and Demand Dynamics - The demand side is expected to expand significantly due to the assessment of the electrolytic aluminum industry and the inclusion of new energy-consuming sectors, while the supply side will see a reduction in the issuance of green certificates due to policy changes [8][34] - The overall market dynamics are anticipated to shift from a surplus supply to a more balanced state, providing long-term support for green certificate prices [8][34]

Investment Rating - The report maintains an "Overweight" rating for the industry [4] Core Viewpoints - The issuance of renewable energy power consumption responsibility weights for 2025 mandates green electricity consumption in five major industries, which is expected to alleviate renewable energy consumption issues [3][11] - The assessment scope has expanded to include steel, cement, polysilicon, and data centers, enhancing the focus on energy-intensive industries [3][12] - The provincial assessment targets for renewable energy consumption responsibility weights will range from 24.2% to 70% in 2025, with 19 provinces aiming for over 30% [3][15] Summary by Sections Industry Trends - The electricity and public utilities index rose by 1.60% during the week, outperforming the CSI 300 index by 0.78 percentage points [5][55] - The report highlights that over half of the listed companies in the electricity and public utilities sector experienced stock price increases [55] Key Industry Insights - The coal price has rebounded to 627 CNY/ton [13] - The inflow and outflow of water at the Three Gorges Dam decreased by 17.86% and 24.19% year-on-year, respectively [31] - The price of silicon materials remained stable, while mainstream silicon wafer prices decreased slightly [39] Investment Recommendations - Focus on the electricity sector due to the high temperatures across the country and the upcoming performance period [3] - Recommended stocks include Huaneng International, Jiantou Energy, Huadian International, and Qingda Environmental Protection, which are expected to have resilient quarterly earnings [3] - Emphasis on undervalued green electricity operators, particularly in Hong Kong and wind power sectors, such as Xintian Green Energy and Longyuan Power [3][8]

Core Viewpoint - China Nuclear Power Co., Ltd. announced a cash dividend of RMB 0.16 per share (before tax) for its A shares, approved during the 2024 annual shareholders' meeting held on May 20, 2025 [1][2]. Dividend Distribution Plan - The cash dividend distribution will be based on the total share capital as of the record date, with a total share capital of 20,568,002,074 shares and a cumulative repurchase of 7,865,500 shares [1]. - The differentiated dividend plan includes only cash dividends without capital reserve transfers or bonus shares, meaning the circulating shares will not change [1][2]. Important Dates - The key dates for the dividend distribution are as follows: - Record date: July 17, 2025 - Ex-dividend date: July 18, 2025 - Dividend payment date: July 18, 2025 [1]. Tax Implications - For individual shareholders holding shares for over one year, the cash dividend is exempt from personal income tax, resulting in an actual distribution of RMB 0.16 per share [1][2]. - For Qualified Foreign Institutional Investors (QFII), a 10% withholding tax will apply, leading to an actual distribution of RMB 0.144 per share after tax [2][3]. Implementation of Distribution - The dividends will be distributed through China Securities Depository and Clearing Corporation Limited, with specific arrangements for different types of shareholders, including natural persons and institutional investors [1][3].

ZHONG LUN 中倫律師事務所 特殊的普通合伙 Limited Liability Partnership 北京市中伦律师事务所 关于中国核能电力股份有限公司 差异化分红事项的 法律意见书 二〇二五年七月 I UN 22-31/F. South Tower of CP Center, 20 Jin He Fast / 电话/Tel : +86 10 5957 2288 北京市中伦律师事务所 关于中国核能电力股份有限公司 差异化分红事项的 法律意见书 致:中国核能电力股份有限公司 北京市中伦律师事务所(以下简称"本所")接受中国核能电力股份有限公 司(以下简称"公司")委托,根据《中华人民共和国公司法》(以下简称"《公 司法》")、《中华人民共和国证券法》(以下简称"《证券法》")、《上市公司股份回 购规则》(以下简称"《回购规则》")、《上海证券交易所上市公司自律监管指引第 7 号 -- 回购股份》(以下简称"《监管指引第 7 号》")及《上海证券交易所股 票上市规则》等有关法律、法规和规范性文件以及《中国核能电力股份有限公司 章程》以下简称"《公司章程》"）的规定,按照律师行业公认的业务标准、道德 规范 ...