特此公告。 中国核能电力股份有限公司董事会 证券代码：601985 证券简称：中国核电 公告编号：2025-042 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 关于股东大会开设网络投票提示服务的公告 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）拟于 2025 年 5 月 20 日 14:30 召开公司 2024 年年度股东大会，本次会议采用现场投票和网络投票相结合的表 决 方 式 。 具 体 内 容 详 见 公 司 于 2025 年 4 月 29 日 在 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）披露的《中国核能电力股份有限公司关于召开 2024 年年度 股东大会的通知》（公告编号：2025-036）。 为更好地服务广大中小投资者，确保有投票意愿的中小投资者能够及时参会、 便利投票，公司拟使用上证所信息网络有限公司（以下简称"上证信息"）提供的 股东大会提醒服务，委托上证信息通过智能短信等形式，根据股权登记日的股东 名 ...

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）拟于 2025 年 5 月 20 日 14:30 召开公司 2024 年年度股东大会，本次会议采用现场投票和网络投票相结合的表 决方式。具体内容详见公司于 2025 年 4 月 29 日在上海证券交易所网站 （www.sse.com.cn）披露的《中国核能电力股份有限公司关于召开 2024 年年度 股东大会的通知》（公告编号：2025-036）。 为更好地服务广大中小投资者，确保有投票意愿的中小投资者能够及时参会、 便利投票，公司拟使用上证所信息网络有限公司（以下简称"上证信息"）提供的 股东大会提醒服务，委托上证信息通过智能短信等形式，根据股权登记日的股东 名册主动提醒股东参会投票，向每一位投资者主动推送股东大会参会邀请、议案 情况等信息。投资者在收到智能短信后，可根据《上市公司股东会网络投票一键 通服务用户使用手册》（链接：https://vote.sseinfo.com/i/yjt_help.pdf）的提示步 骤直接投票，如遇拥 ...

Investment Rating - The report maintains a "Recommended" rating for companies like Funiu Co., Huaneng Water Power, and China Nuclear Power, while giving a "Cautious Recommendation" for companies like China General Nuclear Power and Longyuan Power [4][7]. Core Viewpoints - The electricity sector shows resilience with a strong performance in Q1 2025, driven by stable demand and a transition towards peak electricity consumption in Q2 and Q3 [1][11]. - The coal price drop significantly benefits thermal power companies, leading to improved profitability despite a decrease in revenue due to falling electricity prices [2][3]. - Hydropower companies are experiencing stable growth, supported by favorable water conditions and new capacity additions, although they face some pressure from tax payments [2][54]. - Nuclear power continues to expand in capacity, but faces short-term fluctuations in profitability due to tax expenses and market price changes [2][71]. Summary by Sections 1. Electricity Sector Performance - The electricity index has shown strength, with the sector outperforming the broader market in early 2025, despite initial underperformance compared to growth stocks [1][11]. - The sector is expected to maintain steady growth as it enters the peak electricity consumption season in Q2 and Q3 [1][11]. 2. Thermal Power - Thermal power revenue decreased by 1% in 2024 to 1,218.9 billion yuan, with Q1 2025 revenue down 8% year-on-year to 286.9 billion yuan [2][36]. - Despite revenue declines, net profit for thermal power companies increased by 31% in 2024 to 65.6 billion yuan, and by 8% in Q1 2025 to 21.9 billion yuan, benefiting from lower coal prices [2][38]. 3. Hydropower - Hydropower revenue grew by 8.98% in 2024 to 194.4 billion yuan, with Q1 2025 revenue increasing by 8.63% to 417.7 billion yuan [2][54]. - The net profit for hydropower companies rose by 17.48% in 2024 to 56.4 billion yuan, with a significant increase of 28.11% in Q1 2025 to 113.5 billion yuan [2][57]. 4. Nuclear Power - The nuclear power sector achieved a revenue of 164.1 billion yuan in 2024, a 4.17% increase, but net profit fell by 8.23% to 19.6 billion yuan [2][71]. - In Q1 2025, nuclear power revenue rose by 8.42% to 40.3 billion yuan, while net profit decreased by 7.51% to 6.2 billion yuan [2][71]. 5. Green Energy - The green energy sector faced challenges with revenue growth not translating into profit, with 2024 revenue at 143.5 billion yuan, a slight increase of 0.27%, but net profit decreased by 6.48% to 239.9 billion yuan [2][3]. - In Q1 2025, green energy revenue fell by 3.35% to 350.5 billion yuan, with net profit down 6.32% to 77.4 billion yuan [2][3].

Group 1 - The core viewpoint of the article highlights the significant growth and favorable valuation of the New Energy ETF, which has seen a notable increase in trading volume and fund size, indicating strong investor interest [3] - The New Energy ETF has a turnover rate of 2.42% during trading, with a transaction volume of 22.09 million yuan, and an average daily transaction volume of 36.57 million yuan over the past year, ranking it among the top two comparable funds [3] - The fund's size has increased by 42.11 million yuan in the past month, and its shares have grown by 51 million in the last six months, demonstrating substantial growth [3] Group 2 - The underlying index tracked by the New Energy ETF, the CSI New Energy Index, is currently valued at a historical low with a price-to-book ratio (PB) of 1.99, which is below 87.04% of the time over the past three years, indicating attractive valuation [3] - In the first quarter, China's newly installed photovoltaic capacity reached 59.71 GW, representing a year-on-year growth of 30.5%, with March alone seeing an installation of 20.24 GW, a remarkable increase of 124.39% year-on-year [3] - Analysts suggest that the photovoltaic sector is poised for a recovery in fundamentals, driven by a gradual rebound in demand and supply-side constraints, alongside potential benefits from upcoming reform policies [3] Group 3 - As of April 30, 2025, the top ten weighted stocks in the CSI New Energy Index include CATL, LONGi Green Energy, Sungrow Power Supply, China National Nuclear Power, Three Gorges Energy, TBEA, Eve Energy, Huayou Cobalt, Tongwei Co., and Ganfeng Lithium, collectively accounting for 44.26% of the index [3]

| 证券代码：601985 | 证券简称：中国核电 | | 公告编号：2025-040 | | --- | --- | --- | --- | | 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 关于取得金融机构股票回购贷款承诺函的公告 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。 1. 承诺贷款额度：不超过人民币 4 亿 5000 万元（不超过回购金额的 90%） 2. 贷款期限：不超过三年 3. 贷款用途：专项用于回购公司股票 本次股票回购具体贷款相关事项以双方正式签订的股票回购贷款合同为准。 一、回购股份方案的基本情况 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 届董事会第三届会议，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 ...

Core Viewpoint - Nuclear hydrogen production utilizes heat generated from nuclear reactors as an energy source for hydrogen production, aiming for efficient, large-scale hydrogen generation while significantly reducing greenhouse gas emissions [1][2][4]. Industry Overview - Nuclear hydrogen production is a process that converts nuclear energy into hydrogen through various methods, including water electrolysis, thermochemical cycles, and high-temperature steam electrolysis, with the goal of minimizing CO2 emissions [2][4]. - The global nuclear hydrogen market is projected to exceed $450 million by 2024, driven by advancements in nuclear reactor technology and the hydrogen energy sector [1][13]. Current Technologies - The current mainstream technology for nuclear hydrogen production involves coupling nuclear energy with water electrolysis, while future directions include methane steam reforming, high-temperature steam electrolysis, and thermochemical cycles [6][7]. - Methane steam reforming is the primary industrial hydrogen production method, but it generates significant greenhouse gases. Coupling this process with nuclear energy can reduce natural gas consumption and CO2 emissions [6][7]. - High-temperature steam electrolysis, utilizing heat from nuclear reactors, can significantly lower the energy consumption required for hydrogen production compared to conventional methods [7]. - Thermochemical cycles involve multiple heat-driven chemical reactions that can be efficiently powered by nuclear reactors, enhancing hydrogen production efficiency [7][8]. Market Status - Major nuclear power countries, including the US, Japan, the UK, and China, have initiated nuclear hydrogen projects. The US Department of Energy began research in 2004, supporting demonstration projects at several nuclear plants [1][13]. - In Japan, significant advancements have been made in high-temperature gas-cooled reactors, demonstrating successful hydrogen production processes [1][13]. - China's nuclear hydrogen projects began during the "11th Five-Year Plan," with ongoing research and development in thermochemical cycles and high-temperature steam electrolysis [1][15]. Development Background - The hydrogen energy sector is rapidly growing, with hydrogen recognized as a key player in the transition to sustainable energy due to its zero-emission and high-efficiency characteristics [8][11]. - China is the world's largest hydrogen producer, with production expected to increase from 35 million tons in 2023 to 36.95 million tons in 2024 [8][11]. Policy Support - The Chinese government has implemented various policies to support the hydrogen industry, including the "Hydrogen Industry Development Plan (2021-2035)" and local government initiatives [15][17]. - These policies emphasize the development of advanced hydrogen production technologies, including nuclear high-temperature hydrogen production [15][17]. Future Recommendations - The nuclear hydrogen industry should focus on comprehensive planning, open collaboration, increased investment in advanced technologies, and the promotion of industrialization and market development [21].

新华财经北京5月7日电（王媛媛） 5月6日，A股市场在多重利好催化下迎来"开门红"，可控核聚变概念 板块成为当日最大亮点。截至收盘，板块指数单日涨幅达6.3%。其中，中洲特材、久盛电气以20%的涨 幅涨停，海陆重工、雪人股份、合锻智能、永鼎股份等10%涨幅涨停，鑫宏业、哈焊华通、常辅股份、 爱科赛博等均涨超10%。 分析认为，可控核聚变或为人类能源终极解决方案，未来商业化发展前景广阔，近年来国内外可控核聚 变项目持续推进，商业化进程有望加速，"政策-产业-资本"有望共振，产业链或受益。 技术突破：BEST装置总装启动 据合肥新闻联播5月1日报道，正在建设中的"国之重器"——合肥紧凑型聚变能实验装置（BEST）项目 工程总装工作比原计划提前两个月，在聚变堆主机关键系统综合研究设施园区正式启动。 新华网报道称，总装工作是BEST装置建造过程中最关键的环节之一，要将包括超导磁体系统、磁体馈 线系统、杜瓦、冷屏、包层以及偏滤器等在内的聚变堆"心脏"部件精确安装至主机基坑内。项目建成后 将开展燃烧等离子体物理前沿科学研究，演示聚变发电。 公开资料显示，可控核聚变是指在人工控制条件下，通过持续、稳定的核聚变反应释放能量的 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Viewpoints - The company's revenue is expected to grow steadily in 2024, driven by rapid growth in renewable energy generation. However, the net profit attributable to the parent company is projected to decrease by 17.38% year-on-year due to non-operating factors such as taxes and impairments. Excluding these non-operating factors, the adjusted profit only decreases by 0.62%, indicating that operational factors have a limited impact on performance [2][6] - In Q1 2025, revenue is expected to increase by 12.7% year-on-year, driven by significant growth in electricity generation. However, net profit attributable to the parent company is projected to be 3.137 billion yuan, a year-on-year increase of 2.55%, with nuclear power net profit growing by 11.52% and renewable energy net profit declining by 51.32% [2][6] Summary by Relevant Sections Financial Performance - In 2024, the company achieved revenue of 77.272 billion yuan, a year-on-year increase of 3.09%, and a net profit attributable to the parent company of 8.777 billion yuan, a decrease of 17.38%. In Q1 2025, revenue reached 20.273 billion yuan, a year-on-year increase of 12.7%, with a net profit of 3.137 billion yuan, up 2.55% year-on-year [6][2] Operational Insights - The company's nuclear power generation decreased by 1.80% year-on-year to 183.122 billion kWh in 2024 due to increased maintenance days and external factors like typhoons. In contrast, renewable energy generation increased by 42.21% year-on-year, with a total installed capacity of 29.5962 million kW by the end of 2024 [12][11] - The average electricity price for nuclear power in 2024 was 0.4151 yuan/kWh, an increase of 0.004 yuan/kWh year-on-year, while the average price for renewable energy decreased by 0.062 yuan/kWh to 0.4203 yuan/kWh [12][11] Future Projections - The company expects EPS for 2025-2027 to be 0.53 yuan, 0.56 yuan, and 0.63 yuan, respectively, with corresponding PE ratios of 17.87, 16.72, and 14.81 [12][11]

Core Viewpoint - The profitability of China Nuclear Power is significantly impacted by the market-oriented trading of electricity, leading to strategic shifts in project acquisitions and focus areas [1][2]. Group 1: Financial Performance - China Nuclear Power reported a revenue increase of 3.09% to 77.27 billion yuan, but its net profit decreased by 17.38% to 8.78 billion yuan [1]. - China General Nuclear Power (CGN) achieved a revenue growth of 5.16% to 86.80 billion yuan, with a slight net profit increase of 0.83% to 10.81 billion yuan [1]. - Both companies experienced growth in power generation and grid-connected electricity, with China Nuclear Power's total generation reaching a historical high of 216.35 billion kWh, up 3.09% [3]. Group 2: Market Dynamics - The average settlement price for CGN decreased by approximately 3.85% to 0.3869 yuan per kWh due to the decline in market electricity prices [3][4]. - The proportion of market-based electricity transactions for CGN remained stable at around 50.94%, while the comprehensive electricity price for China Nuclear Power fell by 0.8% to 0.416 yuan per kWh [4]. Group 3: Strategic Adjustments - China Nuclear Power plans to shift its strategic focus from solar to wind energy and from the northwest to coastal provinces, pausing acquisitions in areas with high electricity curtailment rates [1][6]. - CGN aims to enhance communication with grid departments to secure favorable power generation arrangements and increase grid-connected electricity [6]. - Both companies are adapting to the evolving electricity market by optimizing their trading strategies and focusing on maintaining revenue while reducing costs [6].