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]

Market Overview - The Shanghai Composite Index rose by 0.05% on April 2, with 18 out of 28 sectors experiencing gains, led by textiles and apparel (1.45%) and beauty and personal care (1.01%) [1] - The sectors with the largest declines were defense and military (1.17%) and non-ferrous metals (0.87%), with public utilities ranking third in terms of decline [1] Capital Flow Analysis - The main capital flow showed a net outflow of 8.051 billion yuan across the two markets, with 9 sectors seeing net inflows [1] - The non-bank financial sector led with a net inflow of 1.787 billion yuan and a daily increase of 0.58%, followed by the telecommunications sector with a net inflow of 963 million yuan and a daily increase of 0.97% [1] - A total of 22 sectors experienced net outflows, with the pharmaceutical and biological sector leading with a net outflow of 2.759 billion yuan, followed by the electronics sector with a net outflow of 2 billion yuan [1] Public Utilities Sector Performance - The public utilities sector declined by 0.80% with a net outflow of 1.09 billion yuan, comprising 132 stocks, of which 20 rose and 106 fell [2] - Among the stocks in this sector, 44 saw net inflows, with the top three being Shaoneng Co. (39.724 million yuan), Guangdong Electric Power A (27.7136 million yuan), and Hunan Development (20.6605 million yuan) [2] - The stocks with the highest net outflows included China General Nuclear Power (1.399735 billion yuan), Qianyuan Electric Power (1.218559 billion yuan), and China Nuclear Power (1.042745 billion yuan) [2] Public Utilities Sector Capital Inflow Rankings - The top stocks by capital inflow included: - Shaoneng Co. with a rise of 3.67% and a turnover rate of 17.31%, net inflow of 39.724 million yuan [3] - Guangdong Electric Power A with a rise of 1.95% and a turnover rate of 3.20%, net inflow of 27.7136 million yuan [3] - Hunan Development with a rise of 10.00% and a turnover rate of 0.70%, net inflow of 20.6605 million yuan [3] Public Utilities Sector Capital Outflow Rankings - The stocks with the highest capital outflows included: - China General Nuclear Power with a decline of 1.89% and a turnover rate of 0.44%, net outflow of 139.9735 million yuan [4] - Qianyuan Electric Power with a decline of 4.70% and a turnover rate of 6.81%, net outflow of 121.8559 million yuan [4] - China Nuclear Power with a decline of 0.96% and a turnover rate of 0.37%, net outflow of 104.2745 million yuan [4]

金融界4月2日消息，上证指数低开震荡，中证沪港深互联互通基建指数 (沪港深通基建，H30558)报 1477.90点。 从中证沪港深互联互通基建指数持仓的市场板块来看，上海证券交易所占比50.71%、香港证券交易所 占比37.59%、深圳证券交易所占比11.70%。 据了解，"中证沪港深主题指数系列基于中证沪港深互联互通综合指数样本和中证沪港深 500 指数样 本，同时结合中证行业分类的主题定义，选取相应主题指数样本，从多种主题投资的角度反映了在沪港 深三地上市的互联互通范围内证券的整体表现。"该指数以2004年12月31日为基日，以1000.0点为基 点。 从指数持仓来看，中证沪港深互联互通基建指数十大权重分别为：中国移动（11.52%）、长江电力 （8.2%）、中电控股（2.91%）、中国电信（2.91%）、长和（2.68%）、中国建筑（2.63%）、中国移 动（2.32%）、中国联通（2.12%）、中国核电（1.85%）、中国电信（1.84%）。 从中证沪港深互联互通基建指数持仓样本的行业来看，公用事业占比43.31%、工业占比26.77%、通信 服务占比26.59%、能源占比3.33%。 数据统计显示 ...

Investment Rating - The report maintains an "Outperform" rating for the power and utilities sector, indicating a positive outlook for the industry [4]. Core Insights - The implementation details for the green certificate issuance have been released, which is expected to positively impact the renewable energy sector [31]. - The overall market performance of the utilities sector has been weak, with the industry index declining by 0.73% during the week of March 24-30, 2025, underperforming compared to major indices [2][10]. - The report highlights specific stocks with investment ratings, including "Buy" for Guodian Power and "Overweight" for Longyuan Power, among others [1]. Market Performance Summary - The Shenyin Wanguo Utilities Industry Index PE (TTM) is at 16.44x, down from 16.61x the previous week, and significantly lower than 19.85x in the same period last year [2][22]. - The PB ratio for the utilities sector is currently 1.72x, slightly down from 1.73x last week and lower than 1.82x a year ago [2][25]. - The sector's performance ranks 11th among 31 major industries, with specific sub-sectors showing varied performance, such as thermal power down by 0.94% and hydropower up by 1.35% [10][16]. Stock Performance Summary - The top five performing stocks for the week include ST Lingda (+11.87%), Meinuo Energy (+4.46%), and Chuan Investment Energy (+4%) [3][28]. - Conversely, the worst performers include ST Xulan (-22.39%) and Guang'an Aizhong (-16.72%) [3][28]. Industry Dynamics - The National Energy Administration has initiated a consultation on the implementation details for the issuance of renewable energy green certificates, which will standardize the management of green certificates for various renewable energy projects [31]. - The administration is also focusing on enhancing the integration of renewable energy consumption and the construction of external transmission channels to ensure energy security [32][33]. Key Data Tracking - As of March 28, 2025, the price of Shanxi mixed coal (5500) is 667 RMB/ton, reflecting a week-on-week decrease of 0.89% [38]. - The trading volume for green certificates from March 24 to March 30 totaled 96.10 and 111.15 million for wind and solar power, respectively [41].

Market Overview - The Shanghai Composite Index rose by 0.38% on April 1, with 23 industries experiencing gains, led by the pharmaceutical and public utilities sectors, which increased by 3.34% and 1.78% respectively [1] - The main funds in the two markets saw a net outflow of 10.395 billion yuan, with 8 industries recording net inflows, primarily in the pharmaceutical sector, which had a net inflow of 3.402 billion yuan [1] Public Utilities Sector - The public utilities sector increased by 1.78%, with a total net inflow of 1.272 billion yuan, and out of 132 stocks in this sector, 123 rose while 6 fell [2] - The top three stocks in terms of net inflow were Guodian Power (1.72 billion yuan), China Nuclear Power (1.50 billion yuan), and Star Power (1.13 billion yuan) [2] Public Utilities Sector - Inflow and Outflow - The inflow list includes Guodian Power with a 3.60% increase and a turnover rate of 1.82%, followed by China Nuclear Power with a 1.74% increase [2] - The outflow list is led by Shaoneng Co. with a 5.93% increase but a net outflow of 40.658 million yuan, followed by Sheneng Co. and Chuan Investment Energy with net outflows of 25.416 million yuan and 23.768 million yuan respectively [4]

Core Points - The A-share market indices closed mixed, with the China Securities Hong Kong-Shenzhen Connect Infrastructure Index at 1461.15 points [1] - The index has seen a 0.52% increase over the past month, a 2.31% decrease over the past three months, and a year-to-date decline of 2.31% [1] - The index is based on the comprehensive index samples of the Hong Kong-Shenzhen Connect and the China Securities 500 Index, reflecting the overall performance of securities listed in the three regions [1] Index Holdings - The top ten weighted stocks in the index include China Mobile (11.6%), China Yangtze Power (8.26%), China Telecom (2.96%), CLP Holdings (2.9%), China State Construction (2.66%), CK Hutchison Holdings (2.66%), China Mobile (2.35%), China Unicom (2.15%), China Nuclear Power (1.84%), and China Telecom (1.83%) [1] - The market share of the index holdings is distributed as follows: Shanghai Stock Exchange 50.81%, Hong Kong Stock Exchange 37.51%, and Shenzhen Stock Exchange 11.68% [1] Industry Composition - The industry composition of the index holdings shows that utilities account for 43.11%, industrials for 26.78%, communication services for 26.78%, and energy for 3.32% [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2]

Core Points - The Shanghai Composite Index fell by 0.46% on March 31, with four industries rising, notably communication and home appliances, which increased by 0.58% and 0.37% respectively [1] - The public utility sector saw a slight increase of 0.15%, with a net inflow of 3.11 billion yuan in main funds [1][2] - A total of 26 industries experienced net outflows, with the power equipment sector leading at a net outflow of 5.83 billion yuan [1] Industry Summary - **Public Utility Sector Performance** - The public utility sector had 132 stocks, with 47 rising and 72 falling; three stocks hit the daily limit up while one hit the limit down [2] - The top three stocks with the highest net inflow were Shaoneng Co. (1.61 billion yuan), Guodian Power (1.19 billion yuan), and Huadian International (848.95 million yuan) [2] - The sector's net outflow stocks included ST Lingda, Mingxing Power, and China Nuclear Power, with outflows of 71.08 million yuan, 26.69 million yuan, and 25.52 million yuan respectively [3] - **Top Gainers in Public Utility Sector** - Shaoneng Co. increased by 9.98% with a turnover rate of 8.27% and a main fund flow of 161.06 million yuan [2] - Guodian Power rose by 1.83% with a turnover rate of 1.74% and a main fund flow of 118.66 million yuan [2] - Huadian International saw a rise of 4.55% with a turnover rate of 2.99% and a main fund flow of 84.89 million yuan [2] - **Top Losers in Public Utility Sector** - ST Lingda fell by 10.18% with a turnover rate of 16.58% and a main fund outflow of 71.08 million yuan [3] - Mingxing Power increased by 3.71% but had a main fund outflow of 26.69 million yuan [3] - China Nuclear Power decreased by 0.86% with a main fund outflow of 25.52 million yuan [3]