Core Viewpoint - China Nuclear Power has been actively conducting debt replacement work this year, resulting in a significant reduction in overall financing costs, currently around 3% [1] Group 1 - The company has continued its efforts in debt replacement, which has been ongoing for several years [1] - The overall financing cost has been reduced to approximately 3% [1] - The company aims to further lower financing costs to create greater value and better returns for shareholders [1]

Core Viewpoint - China Nuclear Power (601985) announced a share buyback plan, with a total of 37,990,857 shares repurchased as of November 21, 2025, representing 0.18% of the company's total share capital [1] Summary by Category - **Company Actions** - The company has executed a share buyback, accumulating nearly 38 million shares [1] - The buyback represents a small fraction (0.18%) of the total share capital [1]

Core Viewpoint - The Hainan Nuclear Power project has achieved a significant milestone by entering the commissioning phase for industrial steam supply, marking a new stage in the comprehensive utilization of nuclear energy in China [1][3]. Group 1: Project Overview - The Hainan Nuclear Power's steam supply project relies on Units 1 and 2 of Hainan Nuclear Power, utilizing a three-tier energy transmission system to provide safe, clean, and reliable industrial energy to enterprises in the park, with a maximum steam supply capacity of 50 tons per hour [1]. Group 2: Economic Impact - Compared to traditional steam supply models, the steam usage costs for enterprises in the demonstration zone will be reduced by approximately 30% [3]. - The nuclear steam supply project is expected to seamlessly integrate with the "Linglong No. 1" small reactor steam supply system, serving as a demonstration platform for the large-scale application of small reactor technology in industrial steam supply [3]. Group 3: Future Prospects - The project aims to further expand the multi-purpose application scenarios of small reactors, enhancing the efficiency and economic value of nuclear energy utilization [3].

Group 1 - The core point of the article is that China Nuclear Power has announced a share buyback plan, with a total of approximately 37.99 million shares repurchased, accounting for 0.18% of the company's total share capital, and a total expenditure of about 345 million yuan [1][1][1] - The highest purchase price for the shares was 9.65 yuan per share, while the lowest was 8.4 yuan per share [1][1][1] - As of the report, the market capitalization of China Nuclear Power is 178.1 billion yuan [1][1][1] Group 2 - For the year 2024, the revenue composition of China Nuclear Power is projected to be 97.15% from the electricity sector and 2.85% from other businesses [1][1][1]

Core Viewpoint - China Nuclear Power (601985.SH) announced its share repurchase program, indicating a commitment to enhancing shareholder value through buybacks [1] Summary by Categories Share Repurchase Details - As of November 21, 2025, the company has repurchased a total of 37.99 million shares, representing 0.18% of the total share capital [1] - The highest purchase price was 9.65 CNY per share, while the lowest was 8.40 CNY per share [1] - The total amount spent on the repurchase, excluding commissions and other transaction fees, is 345 million CNY [1]

证券代码：601985 证券简称：中国核电 公告编号：2025-081 二、回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，现将截至本公告日的回购进展情况公告如下： 中国核能电力股份有限公司 关于股份回购进展公告 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法律责任。 重要内容提示： | 回购方案首次披露日 | 2025/4/29，由公司董事长卢铁忠先生提议 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 年 月 日 2025 4 4 | 28 | 日~2026 | 年 | 月 | 27 | | 预计回购金额 | 30,000万元~50,000万元 | | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | | | | | | □为维护公司价值及股东权益 | | | | | | | 累计已回购股数 | 3,799. ...

Core Viewpoint - The China National Nuclear Corporation (CNNC) has officially entered the commissioning phase of the Hainan Nuclear Power Steam Supply Project, marking a significant advancement in the comprehensive utilization of nuclear energy in China, transitioning from single power generation and residential heating to industrial steam supply [1][3]. Group 1: Project Overview - The Hainan Nuclear Power Steam Supply Project relies on the Hainan Nuclear Power Units 1 and 2, utilizing a three-tier energy transmission system ("nuclear power unit - heat exchange station - park enterprises") to provide safe, clean, and stable industrial energy support for enterprises in the park, with a maximum steam supply capacity of 50 tons per hour [3][5]. Group 2: Economic Impact - Compared to traditional steam supply models, the steam usage costs for enterprises within the demonstration zone will be reduced by approximately 30% [5]. - The nuclear steam supply project is expected to seamlessly integrate with the "Linglong No. 1" small reactor steam supply system, serving as a demonstration platform for the large-scale application of small reactor technology in the industrial steam supply sector, thereby expanding the multi-purpose application scenarios of small reactors and enhancing the efficiency and economic value of nuclear energy utilization [5].

11月20日，中国核电涨0.23%，成交额5.64亿元。两融数据显示，当日中国核电获融资买入额5236.05万 元，融资偿还6680.56万元，融资净买入-1444.51万元。截至11月20日，中国核电融资融券余额合计 22.17亿元。 融资方面，中国核电当日融资买入5236.05万元。当前融资余额22.00亿元，占流通市值的1.33%，融资 余额超过近一年80%分位水平，处于高位。 融券方面，中国核电11月20日融券偿还23.58万股，融券卖出2.76万股，按当日收盘价计算，卖出金额 24.15万元；融券余量191.99万股，融券余额1679.91万元，超过近一年80%分位水平，处于高位。 截至9月30日，中国核电股东户数41.63万，较上期增加17.80%；人均流通股45363股，较上期减少 15.11%。2025年1月-9月，中国核电实现营业收入616.35亿元，同比增长8.16%；归母净利润80.02亿元， 同比减少10.42%。 分红方面，中国核电A股上市后累计派现242.80亿元。近三年，累计派现105.60亿元。 机构持仓方面，截止2025年9月30日，中国核电十大流通股东中，中国证券金融股份有 ...

Investment Rating - The report maintains a "Positive" outlook on the public utilities and environmental protection sectors [3] Core Insights - The report highlights a significant increase in electricity production in October, with total generation reaching 800.2 billion kWh, a year-on-year growth of 7.9% [4][11] - Hydropower and thermal power contributed the most to the increase in electricity generation, while wind power saw a decline of 11.9% compared to the previous year [4][10] - Natural gas prices showed mixed trends globally, with stable prices in Asia and fluctuations in Europe and North America [22][40] Summary by Sections 1. Electricity Production - In October, thermal power generation was 513.8 billion kWh, up 7.3% year-on-year, while hydropower generation reached 135.1 billion kWh, up 28.2% [4][11] - The total increase in electricity generation for October was approximately 58.6 billion kWh, with thermal power contributing 35 billion kWh and hydropower contributing 29.7 billion kWh [10][11] - The Three Gorges Reservoir achieved its water storage target of 175 meters, supporting future hydropower generation [10] 2. Natural Gas Market - As of November 14, the Henry Hub spot price in the U.S. was $3.49/mmBtu, a weekly decrease of 7.32% [22] - The TTF spot price in Europe was €30.80/MWh, showing a slight weekly change of 0.81% [22] - Northeast Asia's LNG spot price remained stable at $11.10/mmBtu, with domestic supply being sufficient [22][40] 3. Investment Recommendations - For hydropower, the report recommends companies like Guotou Power, Chuan Investment Energy, and Huaneng Hydropower due to favorable autumn water conditions [20] - In the green energy sector, companies such as Xintian Green Energy and Longyuan Power are suggested for their stable returns and high utilization hours [20] - For nuclear power, the report highlights China Nuclear Power and China General Nuclear Power as key players due to ongoing approvals for new units [20] - In the thermal power sector, companies like Guodian Power and Inner Mongolia Huadian are recommended due to decreasing fuel costs [20] - The report also suggests focusing on integrated natural gas companies like Kunlun Energy and New Hope Energy for their potential recovery in profitability [42][43]

Group 1: Power Industry - The unified electricity market is accelerating construction, promoting high-quality development of renewable energy. The basic rules of the unified electricity market have been established, with a comprehensive coverage of the spot market and a market-driven pricing mechanism for renewable energy [1][24][29] - In the first three quarters of 2025, the national industrial power generation reached 72,557 billion kWh, a year-on-year increase of 1.6%, while the total social electricity consumption was 77,675 billion kWh, up 4.6% [20][22] - The electricity supply-demand situation is overall loose, but the peak load is tight, with the maximum electricity load reaching 1.506 billion kW on July 16, 2025, an increase of 0.55 million kW compared to the previous year [20][22] Group 2: Renewable Energy - The green electricity price has reached a bottoming point, with the core uncertainty regarding electricity prices gradually clarified, indicating that the industry's darkest hour is coming to an end [2][30] - The wind and solar installed capacity exceeded 1.7 billion kW in the first three quarters of 2025, accounting for nearly one-quarter of total social electricity consumption [36][40] - The challenges of renewable energy consumption remain, with increasing abandonment rates for wind and solar energy, indicating a mismatch between renewable energy development and consumption capacity [41][43] Group 3: Thermal Power - The transition of thermal power to a regulating power source is accelerating, with coal prices expected to support long-term contract prices, stabilizing thermal power profitability [2][10] - The capacity price for coal power is expected to increase further in 2026, promoting stable profitability for coal power [2][10] Group 4: Hydropower - Hydropower is experiencing a widening interest margin, with ample cash flow and stable performance supporting high dividends [3][10] - The core growth points for hydropower performance include increased installed capacity, rising electricity prices, and reduced financial costs and depreciation [3][10] Group 5: Nuclear Power - The nuclear power market is facing downward pressure on market prices, but there is a rebound in Guangdong's nuclear power pricing, indicating a strong momentum for new nuclear power development [3][10] - The approval of new nuclear units is regularized, with 10 units approved within the year, indicating a steady growth trajectory for the nuclear power sector [3][10] Group 6: Natural Gas - Domestic natural gas supply and demand are relatively loose, with a decline in apparent consumption by 0.2% year-on-year in the first nine months of 2025 [4][10] - The global natural gas market is entering a supply expansion phase, with overseas gas prices expected to decline [4][10] Group 7: Green Methanol - The promotion of green electricity consumption and the replacement of shipping fuels are expected to open up growth space for green methanol [4][9] - As of August 2025, there are 173 signed/registered green methanol projects in China, with a capacity of 53.46 million tons per year, indicating rapid growth in project numbers and capacity [9][10] Group 8: Environmental Protection - The water and waste incineration industries are entering a mature phase, with significant improvements in free cash flow [9][10] - The domestic waste oil resource utilization industry is expected to benefit from the EU's SAF mandatory blending policy, increasing demand for raw materials [9][10]