Market Performance - The controllable nuclear fusion concept sector declined by 0.87%, ranking among the top losers in the concept sector, with *ST Lihang hitting the limit down [1] - Among the stocks in this sector, 27 stocks saw price increases, with Xinhongye, Yingliu Co., and HuoDuan Intelligent leading the gains at 6.83%, 3.70%, and 3.20% respectively [1] Capital Flow - The controllable nuclear fusion concept sector experienced a net outflow of 277 million yuan, with 35 stocks seeing net outflows, and 16 stocks with outflows exceeding 10 million yuan [1] - The stock with the highest net outflow was XueRen Co., with a net outflow of 47.1 million yuan, followed by LanShi Heavy Industry, China Energy Construction, and China Nuclear Power with net outflows of 40.3 million yuan, 36.3 million yuan, and 32.4 million yuan respectively [1] Top Gainers and Losers - The top gainers in the controllable nuclear fusion concept sector included Shanghai Electric, HaiLu Heavy Industry, and Yingliu Co., with net inflows of 50.2 million yuan, 31.7 million yuan, and 28.6 million yuan respectively [1][3] - The top losers included XueRen Co. (-3.24%), LanShi Heavy Industry (-5.64%), and China Energy Construction (-0.45%) [2][3]

Core Points - The Shanghai Composite Index opened lower and the CSI 300 Utilities Index reported at 2662.05 points [1] - The CSI 300 Utilities Index has increased by 5.17% over the past month, 3.49% over the past three months, and has decreased by 1.65% year-to-date [1] Index Composition - The CSI 300 Utilities Index is composed of 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] - The top ten weights in the CSI 300 Utilities Index are: - Changjiang Electric Power (48.06%) - China Nuclear Power (10.21%) - Three Gorges Energy (8.19%) - Guodian Power (5.41%) - State Power Investment Corporation (4.87%) - Sichuan Investment Energy (4.38%) - Huaneng International (4.22%) - China General Nuclear Power (3.74%) - Zhejiang Energy Power (3.11%) - Huadian International (2.71%) [1] Market Distribution - The market distribution of the CSI 300 Utilities Index shows that the Shanghai Stock Exchange accounts for 95.91% and the Shenzhen Stock Exchange accounts for 4.09% [2] - In terms of industry composition within the index: - Hydropower accounts for 59.59% - Thermal power accounts for 15.45% - Nuclear power accounts for 13.96% - Wind power accounts for 8.54% - Gas accounts for 2.47% [2] Sample Adjustment - The index samples are adjusted every six months, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made in response to changes in the CSI 300 Index samples [2]

Investment Rating - The report maintains a "Buy" rating for China Nuclear Power [6] Core Views - The net profit for 2024 is expected to be 8.777 billion RMB, a year-on-year decrease of 17%, primarily due to higher tax expenses than anticipated [1][2] - The company is projected to benefit from the commissioning of new nuclear power units in 2025, which is expected to drive net profit growth [2] - The company plans to distribute a dividend of 0.18 RMB per share for 2024, with a payout ratio increasing to 42% [1] Summary by Sections Financial Performance - In 2024, the company achieved revenue of 77.272 billion RMB, a year-on-year increase of 3% [1] - The first quarter of 2025 saw revenue of 20.273 billion RMB, reflecting a year-on-year growth of 13% [1] - The net profit for 2025 is projected to be 9.403 billion RMB, a 7.13% increase from 2024 [10] Nuclear Power Segment - As of April 2025, the company operates 26 nuclear units with a total installed capacity of 24.96 GW, and has 12 units under construction with a capacity of 13.92 GW [2] - The company’s nuclear power generation in Q4 2024 and Q1 2025 increased by 1.0% and 13.3% year-on-year, respectively, due to the commissioning of the Zhangzhou Unit 1 [2] New Energy Segment - The company has an operational installed capacity of 30.69 GW in new energy (20.68 GW from solar and 10.01 GW from wind) as of March 2025 [3] - The new energy segment's profit for 2024 is expected to decline by 14% due to falling electricity prices affecting gross margins [3] - However, the new energy net profit is anticipated to stabilize and recover in 2025 due to increased installed capacity [3] Profit Forecast Adjustments - The profit forecasts for 2025 and 2026 have been revised downwards by 19% and 14%, respectively, due to declining electricity prices and increased minority interest [4] - The target price has been adjusted to 10.12 RMB per share, down from a previous estimate of 12.81 RMB [4]

Core Viewpoint - China Nuclear Power Co., Ltd. reported a net profit of 8.75 billion yuan for the year 2024, with a proposed cash dividend of 1.60 yuan per share, reflecting a focus on reasonable returns for investors while considering long-term development [1] Group 1: Company Overview - As of December 31, 2024, the company had 25 operational nuclear power units with a total installed capacity of 23.75 million kilowatts and 18 units under construction or approved for construction with a capacity of 20.64 million kilowatts [7] - The company is actively expanding its non-nuclear clean energy sector, including wind and solar power, with a total installed capacity of 29.60 million kilowatts in renewable energy [7] Group 2: Financial Performance - In 2024, the company achieved an operating revenue of 77.27 billion yuan, a year-on-year increase of 3.09%, while the net profit decreased by 14.72% to 16.55 billion yuan [10] - Total assets reached 659.74 billion yuan, up 22.34% year-on-year, and total liabilities increased by 19.63% to 450.37 billion yuan, resulting in an asset-liability ratio of 68.27% [10] Group 3: Industry Context - By the end of 2024, the global nuclear power installed capacity was 375 million kilowatts, with 417 operational units, showing a slight increase from 2023 [2] - In China, the total installed power generation capacity reached approximately 3.35 billion kilowatts, with nuclear power contributing about 60.83 million kilowatts, representing a year-on-year growth of 6.9% [3]

Investment Rating - The report maintains a "Buy" rating for China Nuclear Power [6] Core Views - The net profit for 2024 is expected to be 8.777 billion RMB, a year-on-year decrease of 17%, primarily due to higher-than-expected income tax expenses [1][2] - The company is projected to benefit from the commissioning of new nuclear power units in 2025, which is anticipated to drive net profit growth [1][2] - The company plans to distribute a dividend of 0.18 RMB per share for 2024, with a payout ratio increasing to 42% [1] Summary by Sections Financial Performance - In 2024, the company achieved revenue of 77.272 billion RMB, a year-on-year increase of 3% [1] - The first quarter of 2025 saw revenue of 20.273 billion RMB, reflecting a year-on-year growth of 13% [1] - The net profit for 2025 is projected to be 9.403 billion RMB, with an expected year-on-year growth of 7.13% [11] Nuclear Power Segment - As of April 2025, the company has 26 operational nuclear units with a total installed capacity of 24.96 GW, and 12 units under construction with a capacity of 13.92 GW [2] - The company expects to commission 2.42 GW, 1.39 GW, and 5.04 GW of new nuclear capacity in 2025, 2026, and 2027 respectively [2] Renewable Energy Segment - The company has 30.69 GW of operational renewable energy capacity, with 20.68 GW from solar and 10.01 GW from wind [3] - The renewable energy segment's net profit is expected to stabilize in 2025 after a decline of 14% in 2024 due to falling electricity prices [3] Profit Forecast Adjustments - The profit forecasts for 2025 and 2026 have been revised down by 19% and 14% respectively, with the new estimates being 9.403 billion RMB and 10.740 billion RMB [4] - The target price has been adjusted to 10.12 RMB per share, down from a previous estimate of 12.81 RMB [4]

年报显示，2024年全年，中国核电累计商运发电量2163.49亿千瓦时，同比增长3.09%；上网电量为 2039.23亿千瓦时，同比增长3.28%。 "2025年，公司全年发电量目标为2370亿千瓦时，其中核电计划发电量为1954亿千瓦时，新能源计划发 电量为416亿千瓦时。"中国核电有关负责人告诉记者。 核电业务安全当先，稳健运行。据这位负责人介绍，截至2024年底，中国核电控股商运核电机组共计25 台，总装机容量2375万千瓦，全年核电机组发电量1831.22亿千瓦时；2024年全年在运机组非停率为0.04 次／堆年（全年1次），全年22台机组WANO（世界核运营者协会）综合指数满分，平均分达到99.13 分，达到历史最优，设备可靠性指标达到97.68分。 新华财经北京4月29日电（记者安娜）中国核能电力股份有限公司（以下简称"中国核电"）29日发布的 2024年年报显示，2024年，公司实现营业收入772.72亿元，利润总额225.64亿元，归母净利润87.77亿 元，资产负债率压降至68.27%，净资产收益率9.44%。报告期内，公司相继进入"上证50"和"富时中国 50"指数，获得国内外专业投资者的 ...

Core Viewpoint - China Nuclear Power Co., Ltd. reported a steady growth in its nuclear power business and accelerated expansion in its renewable energy sector, leading to a solidified competitive advantage and optimized asset structure in the first quarter of 2025 [2][3]. Group 1: Financial Performance - In Q1 2025, the company achieved an operating revenue of 20.273 billion yuan, a year-on-year increase of 12.70% [3]. - The net profit attributable to shareholders was 3.137 billion yuan, up 2.55% year-on-year, while the net profit excluding non-recurring items was 3.133 billion yuan, reflecting a 2.95% increase [3]. - The nuclear power segment demonstrated strong performance with a revenue growth of 10.46% and a net profit growth of 11.52% [3]. Group 2: Renewable Energy Expansion - The renewable energy segment saw a significant revenue increase of 24.64% year-on-year, becoming a key driver for overall revenue growth [4]. - Despite a 51.32% decline in net profit attributable to shareholders in the renewable sector, this was attributed to the dilution effects from two REITs projects and market-based debt-to-equity swaps, rather than operational decline [4]. - The company is focusing on a dual strategy of "nuclear power + renewable energy," which is expected to enhance long-term growth potential [4][6]. Group 3: Asset and Capital Management - As of the end of the reporting period, total assets reached 687.7 billion yuan, a 4.24% increase from the beginning of the year, with equity attributable to shareholders at 113.6 billion yuan, up 3.11% [7]. - The company has a substantial construction project pipeline, with ongoing projects valued at 207.8 billion yuan, which is expected to support revenue growth in the medium to long term [7]. - The company maintains a strong liquidity position with cash reserves of 22.668 billion yuan, despite a 39.50% year-on-year decline in operating cash flow, which is considered a normal phase in capital expenditure [7][8]. Group 4: Strategic Outlook - The company aims to enhance its global influence and valuation support by progressing towards becoming a world-class clean energy listed company, focusing on safety, green transformation, and high-quality development [8]. - The strategic initiatives include optimizing capital structure and improving funding efficiency through various financing tools, which will help mitigate financial pressures from large-scale construction investments [7][8].

放眼世界，百年未有之大变局加速演进，不确定不稳定性因素持续增多，国际政治、经济形势风云变 幻，对国内冲击逐步增强。如此境况，优势龙头国企所发挥的定心骨作用，对资本市场乃至整个国家经 济来说愈加重要。 2025年4月29日，中国核电年报发布。作为我国核电领域的龙头企业，中国核电2024年实现营业收入 772.72亿元，利润总额225.64亿元，归母净利润87.77亿元，资产负债率压降至68.27%，净资产收益率 9.44%，稳增长发展基础更加坚实的同时，资产质量、经营水准进一步提升。 报告期内，公司相继进入"上证50"和"富时中国50"指数，获得国内外专业投资者的进一步认可。2025年 初，中国核电140亿元定增完成，除控股股东中核集团外，社保基金会出资近120亿元认购股份。 去年底，社保基金副理事长武建力曾表示，社保基金会作为典型的长期资金、耐心资本，愿携手中央企 业，通过建立常态交流机制、合作开展专题调研、共同培育挖掘优质投资项目等多种方式，全面加强与 中央企业合作，凝聚发展新质生产力强大合力，助推中国式现代化建设。 安全高效，发电量稳健上升 2024年全年，中国核电累计商运发电量2,163.49亿千瓦时， ...

Group 1 - The Ministry of Foreign Affairs stated that there have been no recent negotiations or discussions between China and the US regarding tariffs [2] - The Ministry of Foreign Affairs welcomed more foreign visitors to China, highlighting a 173% year-on-year increase in inbound travel orders for the upcoming holiday [2] - The Ministry of Industry and Information Technology (MIIT) released key points for automotive standardization work for 2025, focusing on accelerating the development of automotive chip standards [3][4] Group 2 - The Shanghai State-owned Assets Supervision and Administration Commission held a meeting to discuss the collaborative development between state-owned and private enterprises [5] - Chengdu introduced 20 policies to enhance its electricity supply capacity, aiming to build a modern first-class power grid [6] - The National Medical Products Administration emphasized the importance of smart regulation in the pharmaceutical sector during a recent conference [7] Group 3 - The China Securities Regulatory Commission is seeking opinions on guidelines for managing the investment behavior of securities practitioners [8] - The Ministry of Industry and Information Technology initiated a recommendation process for energy-saving and carbon-reduction technologies in key industries for 2025 [9] - The National Data Bureau called for the acceleration of public data development and utilization policies to enhance economic and social development [11] Group 4 - The Henan Provincial Government issued a development plan for the electric vehicle industry cluster, aiming to enhance the local economy [12] - Companies such as Zhaosheng Microelectronics and Huayang Group reported significant growth in their respective product lines and production capabilities [14] - Securities firms are focusing on industries less affected by external demand and those benefiting from macroeconomic policies, such as essential consumption and urban renewal projects [15][16]

Core Viewpoint - The approval of new nuclear power projects by major players in the industry indicates a significant acceleration in nuclear power development in China, with a focus on enhancing energy capacity and contributing to carbon neutrality goals [2][3][4]. Group 1: Project Approvals and Developments - China National Nuclear Corporation (中国核电) announced the approval of two new "Hualong One" pressurized water reactor units at the Zhejiang Sanmen nuclear power project, increasing its total number of under-construction and approved units to 19 [2][3]. - As of March 2025, China National Nuclear Corporation operates 26 nuclear units with a total installed capacity of 24.96 million kW, and has 17 units under construction or approved, totaling 19 units with an overall capacity of 44.39 million kW [3][4]. - China General Nuclear Power Group (中国广核) also received approvals for four new units, further indicating the industry's growth momentum [3]. Group 2: Performance Metrics - In Q1 2025, China National Nuclear Corporation reported a total electricity generation of 59.742 billion kWh, a year-on-year increase of 16.93%, with nuclear units contributing 49.482 billion kWh, accounting for 82.83% of total generation [2][5]. - The company’s renewable energy generation increased from 14.52% in Q1 2024 to 17.17% in Q1 2025, with total renewable generation reaching 10.26 billion kWh, a growth of 38.35% [5][6]. - The company achieved a revenue of 20.273 billion yuan and a net profit of 3.137 billion yuan in Q1 2025, reflecting year-on-year growth of 12.70% and 2.55%, respectively [6]. Group 3: Technological Advancements - The "Hualong One" technology, which is fully owned by China, is a third-generation pressurized water reactor design that emphasizes safety and efficiency, with a design life of 60 years [4]. - The Chinese nuclear power industry has reached a total of 102 operational, under-construction, and approved nuclear units, with a combined capacity of 113 million kW, making it the largest in the world [4].