（文章来源：证券日报） 证券日报网讯 8月4日晚间，中国核电发布公告称，2025年7月份，公司以集中竞价交易方式回购股份数 量为3，247，500股。 ...

2024年1至12月份，中国核电的营业收入构成为：电力行业占比97.15%，其他业务占比2.85%。 （文章来源：每日经济新闻） 中国核电（SH 601985，收盘价：9.16元）8月4日晚间发布公告称，截至2025年7月31日，公司累计回购 股份数量约为1111万股，占公司目前总股本的比例为0.05%，购买的最高价为9.65元/股，购买的最低价 为9.16元/股，已支付的总金额约为1.05亿元。 ...

证券代码：601985 证券简称：中国核电 公告编号：2025-059 中国核能电力股份有限公司 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 公司关于以集中竞价交易方式回购股份的回购报告书》（公告编号：2025-034、 2025-040、2025-043）。 二、回购股份的进展情况 根据《上市公司股份回购 ...

中国核电（601985.SH）8月4日在投资者互动平台表示，公司控股三门核电2号机组已完成大修，目前 处于满功率运行状态。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：三门核电2号机组大修是否完成？ ...

格隆汇8月4日丨中国核电(601985.SH)公布，2025年7月，公司以集中竞价交易方式回购股份数量为 3,247,500股，支付的总金额为29,998,671.00元。截至2025年7月31日，公司累计回购股份数量为 11,113,000.00股，占公司目前总股本的比例为0.05%，购买的最高价为9.65元/股，购买的最低价为9.16 元/股，已支付的总金额为104,936,335.80元（不含佣金等交易费用）。上述回购进展符合法律法规的规 定及公司披露的回购股份方案的要求。 ...

格隆汇8月4日丨中国核电(601985.SH)公布，2025年7月，公司以集中竞价交易方式回购股份数量为 3,247,500股，支付的总金额为29,998,671.00元。截至2025年7月31日，公司累计回购股份数量为 11,113,000.00股，占公司目前总股本的比例为0.05%，购买的最高价为9.65元/股，购买的最低价为9.16 元/股，已支付的总金额为104,936,335.80元（不含佣金等交易费用）。上述回购进展符合法律法规的规 定及公司披露的回购股份方案的要求。 ...

Investment Rating - The report maintains a "Buy" rating for several companies in the power and gas sectors, including China Power, Huaneng International, and Kunlun Energy, among others [49][51]. Core Insights - The adjustment of capacity prices for coal and gas power plants in Guangdong is expected to improve profitability for gas power plants significantly, with capacity prices increasing by 65% to 296% depending on the type of gas plant [4][10]. - The rapid development of renewable energy installations in Guangdong has increased the reliance on coal power for flexible peak regulation, with renewable energy capacity reaching 59.13 million kW by the end of 2024, accounting for 26.6% of the total installed capacity [9][10]. - The report highlights the geopolitical factors affecting natural gas prices, with European gas prices experiencing a slight increase due to renewed geopolitical tensions, while U.S. gas prices remain stable [13][20]. Summary by Sections 1. Power Sector - Guangdong has raised the capacity price for coal power plants to 165 RMB per kW per year starting January 1, 2026, and for gas power plants, prices will range from 165 to 396 RMB per kW per year starting August 1, 2025 [8][10]. - The increase in capacity prices is expected to provide annual revenue boosts of 1.72 billion RMB for Guangdong Power A and 350 million RMB for Guangzhou Development [11]. 2. Gas Sector - As of August 1, 2025, the Henry Hub spot price is $3.00/mmBtu, while the TTF spot price in Europe is €32.95/MWh, reflecting a week-on-week increase of 2.74% [13][14]. - The report notes that the domestic LNG price is 4388 RMB per ton, showing a week-on-week decrease of 1.06% [32]. 3. Market Review - The gas sector outperformed the Shanghai and Shenzhen 300 index, while the public utility, power, and environmental sectors lagged behind [39]. 4. Company and Industry Dynamics - The National Energy Administration has released guidelines to enhance the management of natural gas pipeline transportation prices, promoting transparency and optimizing resource allocation [37]. - The report discusses the performance of key companies, including Huaneng International and Inner Mongolia Huadian, with varying revenue and profit trends [44].

Core Viewpoint - China Nuclear Power held a meeting on August 2 to summarize its performance in the first half of 2025, highlighting strong operational performance and progress in engineering construction [1] Group 1: Operational Performance - The company achieved "zero non-stop" operation across 26 operational units, maintaining a world-leading level [1] - The overall operational performance remains at a high level, indicating effective management and operational efficiency [1] Group 2: Engineering and Safety Management - Engineering construction is progressing in an orderly manner, reflecting the company's commitment to project timelines and quality [1] - The safety management system is continuously improving, which is crucial for maintaining operational integrity and safety standards [1] Group 3: Business Indicators - The company has achieved steady progress in its business indicators, meeting all operational targets on schedule [1]

Investment Rating - The report maintains a "Positive" investment rating for the green electricity industry [8] Core Insights - The price of green certificates has shown a significant recovery, with the trading price for 2025 electricity corresponding to green certificates reaching 6.48 yuan per certificate, a month-on-month increase of 31.99% [2][11] - The issuance of green certificates remains high, with 278 million certificates issued in June, a month-on-month increase of 29.33%, indicating a strong supply [6] - The demand for green electricity is expected to increase due to mandatory assessments for high-energy-consuming industries, which will further support the price recovery of green certificates [2][11] Summary by Sections Green Certificate Issuance and Trading - In June, 278 million green certificates were issued, with 196 million being tradable, accounting for 70.64% of the total [6] - The total number of tradable green certificates issued from January to June 2025 reached 958 million [6] - The average trading price of green certificates in June was 3.40 yuan per certificate, reflecting a month-on-month increase of 24.77% [11] Market Dynamics - The report highlights a potential imbalance in supply and demand for green certificates, with expectations of a decrease in supply due to policy changes [2][11] - The green electricity industry is under long-term pressure from market pricing, but the recovery in green certificate prices is seen as a key catalyst for restoring the narrative of public utilities and growth [2][11] Investment Recommendations - The report suggests focusing on quality transformation power operators such as Huaneng International, Huadian International, and China Power, as well as large hydropower companies like Yangtze Power and Guotou Power [11][15][17] - It also recommends investing in renewable energy companies like Longyuan Power and China Nuclear Power, which are expected to benefit from policy changes and market dynamics [11][17][18]

Investment Rating - The report maintains a "Buy" rating for several companies in the Guangdong region, particularly those expected to experience performance reversals due to the recent adjustments in electricity capacity pricing [5][12]. Core Insights - Guangdong has raised the capacity price for coal and gas power plants, with coal power capacity price set to increase to 165 RMB per kW per year starting January 1, 2026. Gas power plants will see varied increases based on the type of unit, with adjustments ranging from 165 to 396 RMB per kW per year [2][3][12]. - Nationally, renewable energy installations account for nearly 60% of total capacity, with renewable energy generation making up about 40% of total electricity generation. In the first half of 2025, renewable energy installations increased by 99.3% year-on-year, contributing significantly to the overall power supply [4][12]. Summary by Sections Industry Insights - The adjustment in capacity pricing in Guangdong is expected to alleviate electricity pricing risks and improve profitability for gas power plants, which have faced significant cost pressures [3][12]. - The report highlights that renewable energy generation has surpassed the combined electricity consumption of the tertiary industry and urban residents, indicating a strong shift towards sustainable energy sources [4][12]. Market Performance - The Shanghai Composite Index closed at 3559.95 points, down 0.94%, while the CSI 300 Index fell by 1.75%. The CITIC Power and Utilities Index decreased by 1.88%, underperforming the CSI 300 by 0.13 percentage points [60][61]. - Over half of the listed companies in the power and utilities sector experienced declines in their stock prices during the week [60]. Key Companies - Recommended companies include Huaneng International, Huadian International, and Baoneng New Energy, which are expected to show resilient quarterly performance in the thermal power sector [5][9]. - The report also suggests focusing on leading companies in flexible thermal power modifications, such as Qingda Environmental Protection [5][9].