国泰君安公告，公司董事长朱健于2025年4月7日提议，公司通过集中竞价交易方式回购部分公司A股股 份，回购股份将用于维护公司价值及股东权益。回购股份种类为人民币普通股(A股)股票，价格上限不 高于董事会审议通过回购股份方案决议前30个交易日公司股票交易均价的150%，资金总额为10亿元-20 亿元，资金来源为公司自有资金，回购期限为自董事会审议通过方案之日起3个月内。 东方证券：拟以2.5亿元-5亿元回购股份 A股市场剧烈波动关键时刻，上市公司回购潮再起！据不完全统计，从昨日收盘到今晨，A股超20家上 市公司发布回购计划或提速回购计划。 "招商系"7家上市公司：坚定信心提速回购 招商局集团旗下7家上市公司招商蛇口（001979）、招商港口（001872）、招商轮船（601872）、招商 公路（001965）、中国外运（601598）、辽港股份（601880）、招商积余（001914），4月8日盘前集体 发布公告，基于对公司未来发展前景的坚定信心及内在价值的高度认可，计划提速实施股份回购计划， 切实维护上市公司全体股东权益，持续巩固市场对上市公司的信心，提升上市公司投资价值。 国泰君安：董事长提议以10亿元-2 ...

Investment Rating - The report maintains a "Recommended" rating for several companies in the electricity sector, including Sanxia Energy, Changjiang Electric Power, and China Nuclear Power, while providing a "Cautious Recommendation" for China General Nuclear Power and others [24][25]. Core Insights - The electricity sector outperformed the market this week, with the public utility sector index rising by 2.55% and the electricity sub-sector by 2.81%, ranking first among 31 primary sectors [1][9]. - The report highlights the recent government policy aimed at optimizing pricing mechanisms for electricity, gas, and water, which is expected to enhance the sustainability of public utility pricing [2][22]. - The national carbon market has stabilized at a price of 100 yuan per ton, with increased trading activity and mandatory green certificate consumption, indicating a maturing green certificate market [2][22]. Summary by Sections Weekly Market Review - The public utility sector index closed at 2346.99 points, up 58.31 points, while the electricity sub-sector closed at 3129.43 points, up 85.49 points, outperforming the Shanghai and Shenzhen 300 index [1][9]. - Sub-sector performance included increases in wind power (3.49%), thermal power (3.61%), and hydropower (2.92%) [1][16]. Policy Developments - The Central Committee and State Council issued guidelines to improve pricing mechanisms for public utilities, focusing on market-driven pricing for electricity, gas, and water [2][22]. - The guidelines propose a phased approach to market-oriented pricing reforms for various power sources and emphasize the establishment of a unified green power certificate trading system [2][22]. Investment Recommendations - The report suggests focusing on defensive sectors with strong dividend yields, highlighting companies like Jiantou Energy, Huadian International, and Funiu Co., which are expected to maintain good growth in Q1 2025 [3][22]. - Specific recommendations include favoring companies with significant wind power assets and low-cost thermal power operations, while also monitoring potential mergers and acquisitions in the sector [22][23]. Key Company Forecasts - The report provides earnings per share (EPS) forecasts for key companies, with Sanxia Energy projected at 0.25 yuan for 2023, Changjiang Electric Power at 1.11 yuan, and China Nuclear Power at 0.55 yuan [24][25].

中国核电设备行业运行态势及竞争战略分析报告2025~2031年 【全新修订】：2025年4月 【出版机构】：中智信投研究网 【内容部分有删减·详细可参中智信投研究网出版完整信息！】 【免费服务一年，定制报告，需求调研或专项课题需求，欢迎来电咨询】 【报告目录】 第1章：核电设备行业综述及数据来源说明 1.1 核设备的界定 1.1.1 核设备的界定 1.1.2 核设备的分类 1.2 核电设备行业分类 1.2.1 核电设备界定 1.2.2 核电设备分类 1.2.3 核电设备行业相关概念辨析 1.2.4 《国民经济行业分类与代码》中核设备行业归属 1.3 核电设备专业术语说明 1.4 本报告研究范围界定说明 1.5 本报告数据来源及统计标准说明 第2章：中国核电设备行业宏观环境分析（PEST） 2.1 中国核电设备行业政策（Policy）环境分析 2.1.1 中国核电设备行业监管体系及机构介绍 （1）中国核电设备行业主管部门 （2）中国核电设备行业自律组织 2.1.2 中国核电设备行业标准体系建设现状 （1）中国核电设备标准体系建设 （2）中国核电设备现行标准汇总 （3）中国核电设备即将实施标准 （4）中国核电设备 ...

Group 1 - The report emphasizes the defensive attributes of the public utility sector, particularly in light of recent policy changes aimed at enhancing price governance mechanisms [1][14][30] - In March, the Shanghai Composite Index fell by 0.07%, while the public utility index rose by 1.87%, indicating a relative outperformance of the sector [1][32] - The report highlights the significant drop in coal prices, which enhances the profitability of thermal power generation, with a projected increase in earnings per kilowatt-hour as coal prices decrease [2][16][18] Group 2 - The report recommends major thermal power companies such as Huadian International and Shanghai Electric, citing their resilience in the face of declining coal prices and electricity prices [3][30] - It notes that the water and waste incineration sectors are entering a mature phase, with improved free cash flow and a favorable investment environment due to declining risk-free rates [31] - The report identifies high-dividend water power stocks, particularly Changjiang Electric Power, as having strong defensive characteristics and long-term investment value [24][25][29] Group 3 - The report discusses the expected stability in nuclear power company earnings, recommending companies like China Nuclear Power and China General Nuclear Power [3][30] - It highlights the growth potential in the renewable energy sector, recommending leading companies such as Longyuan Power and Three Gorges Energy, which are expected to benefit from ongoing government support for new energy development [3][30] - The report also points out the significant market opportunity in the domestic waste oil recycling industry, recommending companies like Shanggou Environmental Energy as beneficiaries of upcoming EU policies [31]

Group 1 - The core point of the announcement is that the senior management personnel of China Nuclear Power Co., Ltd. did not execute the planned share reduction during the specified period [1] - The senior management, specifically Mr. Chen Fubin, held 205,246 shares, representing approximately 0.000998% of the company's total share capital before the reduction plan [1] - The reduction plan was disclosed on December 12, 2024, and the designated period for the reduction was from January 3, 2025, to April 3, 2025, during which no shares were sold [1] Group 2 - The planned reduction amount was set at a maximum of 0.000249%, but the actual reduction was 0 shares, resulting in a completion status of "not completed" for 51,311 shares [1] - The reduction plan did not set a minimum reduction quantity or percentage, and it was confirmed that the actual reduction did not meet any minimum requirement [1] - The company confirmed that the actual reduction situation was consistent with the previously disclosed reduction plan [1]

Core Viewpoint - China Nuclear Power Co., Ltd. reported a total installed capacity of 44.39 million kilowatts, with 17 units under construction and a capacity of 19.43 million kilowatts as of March 31, 2025. The company achieved a total power generation of 59.74 billion kilowatt-hours in the first quarter of 2025, reflecting a year-on-year increase of 16.93% [1][2]. Summary by Category Power Generation and Capacity - The total power generation for Q1 2025 was 59.74 billion kilowatt-hours, up 16.93% from 51.09 billion kilowatt-hours in the same period last year [1]. - The total grid-connected power generation was 56.45 billion kilowatt-hours, representing a year-on-year increase of 17.17% [1]. - The nuclear power generation reached 49.48 billion kilowatt-hours, a 13.30% increase compared to 43.67 billion kilowatt-hours in Q1 2024 [1]. - The company has a total installed capacity of 44.39 million kilowatts, with 3.07 million kilowatts in renewable energy, including 1.00 million kilowatts from wind power and 2.07 million kilowatts from solar power [1]. Performance of Nuclear Power Stations - The Qinshan Nuclear Power Unit 1 generated 25.28 billion kilowatt-hours, a decrease of 11.85% year-on-year [1]. - Jiangsu Nuclear Power saw a 1.97% increase in generation, totaling 6.61 billion kilowatt-hours [1]. - Hainan Nuclear Power experienced a decrease of 1.18%, generating 2.12 billion kilowatt-hours [1]. - Fuzhou Nuclear Power reported a significant increase of 32.49%, generating 6.67 billion kilowatt-hours [1]. Renewable Energy Performance - The total power generation from renewable energy sources was 10.26 billion kilowatt-hours, with wind power contributing 5.10 billion kilowatt-hours, marking a 39.50% increase year-on-year [1][2]. - Solar power generation reached 2.07 billion kilowatt-hours, reflecting a 37.20% increase compared to the previous year [1][2]. - The total grid-connected renewable energy generation was 10.08 billion kilowatt-hours, up 38.28% year-on-year [1]. Future Outlook - The company has 17 units under construction, with a total capacity of 19.43 million kilowatts, indicating a strong pipeline for future growth in nuclear energy [1].

| 证券代码：601985 | 证券简称：中国核电 公告编号：2025-022 | | --- | --- | | 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 高级管理人员减持股份结果公告 本公司董事会、全体董事及相关股东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。 重要内容提示： | 股东名称 | 陈富彬 | | | | --- | --- | --- | --- | | 股东身份 | 控股股东、实控人及一致行动人 | □是 | √否 | | | 直接持股 5%以上股东 | □是 | √否 | | | 董事、监事和高级管理人员 | √是 | □否 | | | 其他：无 | | | | 持股数量 | 205,246 股 | | | | 持股比例 | 0.000998% | | | 一、减持主体减持前基本情况 1 高级管理人员持股的基本情况：本次减持计划实施前，公司高管陈富彬 先生直接持有公司股票 205,246 股，约占当前公司股本总数的 0.000998%，上述股份来源于公司首次股权激励计划行权取得，均 ...

| 证券代码：601985 | 证券简称：中国核电 编号：2025-021 | | --- | --- | | 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 2025 年一季度发电量完成情况公告 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。 根据中国核能电力股份有限公司（以下简称公司）统计，截至 2025 年 3 月 31 日，公司核电控股在运机组 26 台，装机容量 2,496.20 万千瓦；控股在建及核 准待建机组 17 台，装机容量 1,942.90 万千瓦，核电装机容量合计 4,439.10 万千 瓦。公司新能源控股在运装机容量 3,069.16 万千瓦，包括风电 1,001.32 万千瓦、 光伏 2,067.84 万千瓦，另控股独立储能电站 145.10 万千瓦；控股在建装机容量 1,353.68 万千瓦，包括风电 183.70 万千瓦，光伏 1,169.98 万千瓦。 截至 2025 年 3 月 31 日，公司 2025 年一季度发电量累计为 597.42 亿千瓦 时 ...

Investment Rating - The industry investment rating is "Positive" and maintained [9] Core Insights - The report emphasizes the central government's commitment to advancing electricity price reforms and the expectation of a more refined market mechanism [11][12] - The market-oriented reform of electricity pricing is expected to benefit various power sources, particularly thermal power, which is anticipated to gain significantly from these changes [11][12] - The report highlights the importance of green electricity price reforms and the acceleration of environmental value realization [11][12] Summary by Sections Event Description - The Central Committee and the State Council issued an opinion on improving price governance mechanisms, advocating for a gradual and systematic market-oriented reform of electricity pricing across various power sources [6][11] Event Commentary - The report notes that the elevation of electricity reform to the central government level indicates a strong commitment to market-oriented reforms, with a focus on establishing a supportive system for smooth reform progression [11] - It discusses the potential for capacity and ancillary service price reforms to create systemic benefits for stable output and flexible adjustment capabilities, particularly for thermal and nuclear power [11] - The report also mentions the need to eliminate unreasonable price competition and government interference in price formation, which could lead to a more orderly market environment [11] - The emphasis on green electricity pricing reform suggests that the environmental value of green power is expected to be realized more rapidly [11] Investment Recommendations - The report suggests that the "carbon neutrality" era and electricity market reforms will redefine the intrinsic value of power operators throughout the 14th Five-Year Plan period [11] - It recommends focusing on quality thermal power operators such as Huadian International, China Resources Power, and Huaneng Power, as well as large hydropower companies like Yangtze Power and Guotou Power [11] - For the renewable energy sector, it highlights companies like Longyuan Power, China Nuclear Power, and China Three Gorges Energy as potential investment opportunities [11]