Investment Rating - The investment rating for the utility sector is "Positive" (maintained) [4] Core Viewpoints - The new regulations for public funds are expected to lead to an increased allocation towards the utility sector, which is anticipated to benefit from a shift in investment strategies focusing on the "risk-return ratio" [6][4] - The utility sector, particularly hydropower, is projected to be one of the biggest beneficiaries of the new policies, as they are characterized by low covariance with the market, leading to potential valuation increases [6][4] - Historical data shows that major hydropower companies have consistently ranked in the top percentiles for risk-return ratios, indicating strong performance relative to market volatility [6][7] Summary by Sections Sector Performance - The report highlights the underallocation of public funds in the utility and environmental sectors compared to their index weights, suggesting a significant opportunity for investment [6][7] Investment Recommendations - The report recommends prioritizing investments in resilient hydropower companies and undervalued thermal power companies that benefit from declining coal prices [6] - Specific stock recommendations include: 1. Hydropower: Guotou Power, Changjiang Power, Chuanwei Energy 2. Wind Power: Longyuan Power (H), Xintian Green Energy, Datang Renewable, CGN New Energy 3. Thermal Power: Waneng Power, Shanghai Electric, China Resources Power, Huadian International, Sheneng Co [6]

根据相关规定，公司已在中国证券登记结算有限责任公司开立了股份回购专 用证券账户，专用证券账户情况如下： 持有人名称：中国核能电力股份有限公司回购专用证券账户 证券账户号码：B887298433 / B887301309 证券代码：601985 证券简称：中国核电 公告编号：2025-043 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 关于以集中竞价交易方式回购股份的回购报告书 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。 重要内容提示： ? 本次回购股份相关议案已经公司第五届董事会第三次会议审议通过； ? 回购股份金额：公司本次拟回购股份的资金总额不低于人民币 3 亿元且 不超过人民币 5 亿元； ? 回购股份资金来源：公司自有资金和自筹资金； ? 回购股份用途：用于股权激励； ? 回购股份价格：本次回购股份的价格上限不超过董事会审议通过本次回 购股份决议前 30 个交易日公司股票交易均价的 150%，即 13.98 元/股； ? 回购股份方式：本次回购股份拟采用集中竞价交易方式实施； ...

| 证券代码：601985 | 证券简称：中国核电 | | 公告编号：2025-043 | | --- | --- | --- | --- | | 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 关于以集中竞价交易方式回购股份的回购报告书 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。 重要内容提示： 本次回购股份相关议案已经公司第五届董事会第三次会议审议通过； 回购股份金额：公司本次拟回购股份的资金总额不低于人民币 3 亿元且 不超过人民币 5 亿元； 3、本次回购股份拟用于实施股权激励，若公司未能在法律法规规定的期限 内实施上述用途，则未实施部分的股份存在启动注销程序的风险； 4、如遇监管部门颁布新的上市公司股份回购相关规范性文件，则存在导致 本次回购实施过程中需要根据监管新规调整回购相应条款的风险。 回购股份资金来源：公司自有资金和自筹资金； 回购股份用途：用于股权激励； 回购股份价格：本次回购股份的价格上限不超过董事会审议通过本次回 购股份决议前 30 个交易日公司股 ...

以下文章来源于睿兽Pro ，作者Bestla 睿兽Pro . 创业邦旗下横跨一二级市场的科创数据平台。实时投资数据、追踪产业创新。找数据、做分析、链资 源，就上睿兽分析。 上周基金重点事件回顾丨04.27-05.11 睿兽分析每周整理最值得关注的 基金重点事件 ，帮 助大家及时了解全球私募股权基金市场动向。 政府引导基金 光谷人才二期基金成功设立 金进行公示，公示期为2025年4月30日至2025年5月9日（含），公示期为5个工作日。任何单位和个人如 对公示项目有异议，可在公示期内以书面形式提出，并列举异议理由和相关证明材料。以个人名义提出 的，需写明自己的真实姓名、单位、联系地址及联系方式等；以单位名义提出的，需加盖单位公章。原 则上匿名异议不予受理。 （石景山金融） 江苏南通高端装备产业专项母基金招GP 江苏省战略性新兴产业母基金与南通市共同出资设立20亿元高端装备产业专项母基金，现启动第一批子 基金管理机构公开遴选。该基金采用有限合伙制，存续期15年（投资期8年+退出期7年），重点投资机器 人、工业母机、商业航天等高端装备领域。基金要求子基金规模不低于5亿元，注册在江苏省内，对省内 企业投资不低于政府出 ...

凤凰网财经《公司研究院》 近日，中国核电发布2024年年报及2025年Q1业绩。 根据年报，中国核电总营业收入772.72亿元，同比增长3.09%；不过归母净利润出现了大幅下滑，为 87.77亿元，同比减少17.38%。 随着电力市场化，全国新型电力系统加快建设，国内的核电市场也正经历从"政府定价、保障消纳"向市 场竞争的转型。 在此背景下，主要将核能发电再将电卖给千家万户的中国核电，在市场化竞争和新能源的扩张中，正面 临着利润下滑的压力。截止到5月12日，中国核电股价为9.38元/股，总市值1927亿元。 01 激进布局新能源 增收不增利 2024年，中国核电的累计发电量为2163亿千瓦时，同比增长3.09%，上网电量为2039亿千瓦时，同比增 长3.28%。 这其中，核电发电量为1831亿千瓦时，占总发电量的85%，依旧是大头，不过相比于2023年，不论是发 电量还是上网电量，同比均下滑了1.8%。 在核电利用小时数与运行稳定性方面，2024年出现了下滑。2024年，中国核电机组平均能力因子为 91.11%，较2023年的93.30%略有下降；2024年平均利用小时数为7710小时，较2023年的7852 ...

Core Viewpoint - China Nuclear Power reported a total operating revenue of 77.272 billion yuan in 2024, a year-on-year increase of 3.09%, but the net profit attributable to shareholders dropped significantly to 8.777 billion yuan, a decrease of 17.38% [1] Group 1: Financial Performance - The cumulative power generation in 2024 was 2,163 billion kWh, up 3.09% year-on-year, while the grid-connected power generation was 2,039 billion kWh, an increase of 3.28% [2] - The nuclear power generation accounted for 1,831 billion kWh, representing 85% of total generation, but both generation and grid-connected power saw a decline of 1.8% compared to 2023 [2][3] - The average capacity factor for nuclear power units in 2024 was 91.11%, down from 93.30% in 2023, and the average utilization hours decreased by 142 hours to 7,710 hours [5] - The comprehensive electricity price for 2024 was 0.4160 yuan/kWh, a decrease of 0.8% from 2023, while the nuclear power comprehensive price increased by 1% to 0.4151 yuan/kWh [7][8] Group 2: Market Dynamics - The marketization of electricity trading increased, with nuclear power's market trading volume rising from 42.65% in 2023 to 50.78% in 2024, while renewable energy's market trading volume increased from 59.12% to 66.43% [5][7] - The increase in renewable energy generation was significant, growing from 23.3 billion kWh in 2023 to 33.2 billion kWh in 2024, a year-on-year increase of 42% [5] Group 3: Investment and Financing - The net cash flow from investment activities showed a significant outflow, expanding from -71.7 billion yuan in 2023 to -94.9 billion yuan in 2024, a 32.4% increase [13] - The financing activities generated a net cash flow of 64.49 billion yuan in 2024, a substantial increase of 188% from 22.33 billion yuan in 2023, primarily from loans and equity financing [15][18] - Short-term borrowings rose from 19.86 billion yuan in 2023 to 29.08 billion yuan in 2024, a 46% increase, while long-term borrowings increased from 244.85 billion yuan to 304.3 billion yuan, a 24% rise [19] Group 4: Profitability and Shareholder Returns - The gross profit margin for the electricity business decreased by 1.94% to 43.34% in 2024, influenced by rising operating costs in renewable energy [8] - The dividend payout for 2024 was 3.669 billion yuan, accounting for 41.92% of the net profit, marking a new high since the company's listing [20] - The basic earnings per share, excluding non-recurring gains and losses, fell from 0.542 yuan in 2023 to 0.452 yuan in 2024, the lowest in three years [20]

坚强的主网是电力可靠性的核心支柱，上海电力自20世纪80年代起，便精心谋划电力主网战略布局，历经多年不懈努力，取得了一系列令人瞩目的成就。 1990年，全国第一条±500千伏超高压直流输电线路在上海建成投运，这一标志性事件拉开了上海电力主网升级的序幕。2009年，超高压城市环网全面建 成，"双环九联络"的主网网架格局正式形成。与此同时，"五交四直"对外联络通道的建设确保了城市外部能源能够平稳输入。 ▲国网上海超高压公司1000千伏特高压交流练塘站开展4号主变年度检修工作。 上海电力将提升供电可靠性作为配电网发展的核心目标，从多个维度发力，精心打造"不停电"的配网。 ▲上海市区供电公司员工运用绝缘短杆桥接作业法开展不停电作业，全力保障上海配网网架高供电可靠性。 在网架结构优化上，上海电力根据城市配网特点，匠心独运地规划中压电缆网和10千伏架空网。中压电缆网以10千伏开关站为节点成环布局，中心城区 的"钻石型"双环网设计更是一大亮点，显著提升了负荷转供能力和故障自愈能力；10千伏架空网则采取多分段多联络的方式，配备故障指示器及配电自动 化装置，确保在发生故障时能够快速隔离故障、灵活转移负荷，实现快速复电，为超大城 ...

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental protection sectors [6][9]. Core Views - The environmental sector's revenue in 2024 is projected to decline by 0.6% to CNY 364.236 billion, with net profit decreasing by 14.7% to CNY 23.058 billion. However, in Q1 2025, the sector is expected to see a revenue increase of 3.5% to CNY 81.243 billion and a net profit growth of 3.8% to CNY 8.232 billion [3][21]. - The report highlights the impact of the new market-oriented pricing reforms for renewable energy in Shandong, aiming for full market integration by the end of 2025 [2][16]. - The report emphasizes the importance of the carbon neutrality context, recommending investments in the new energy industry chain and comprehensive energy management [41][42]. Summary by Sections Market Review - The Shanghai Composite Index rose by 2.00%, while the public utility index increased by 2.22%, and the environmental index rose by 2.93% [1][43]. Important Policies and Events - Shandong's new pricing reform aims for full market integration of wind and solar energy by 2025, with differentiated policies for existing and new projects [2][16]. Financial Overview of the Environmental Sector - In 2024, only the solid waste management and water treatment sectors showed positive growth, while the environmental equipment sector saw a decline of over 30% [3][21]. - The atmospheric governance sector reported a loss increase, while the comprehensive environmental governance sector shifted from profit to loss [21][24]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and regional electricity firms like Shanghai Electric, as well as leading renewable energy firms such as Longyuan Power and Three Gorges Energy [4][41]. - The report suggests focusing on "utility-like investment opportunities" within the environmental sector, recommending companies like China Everbright Environment and Zhongshan Public Utilities [42][41]. Key Company Profit Forecasts and Investment Ratings - Several companies, including Huadian International and Longyuan Power, are rated as "Outperform" with projected earnings per share (EPS) growth for 2025 [9][41].

Investment Rating - The report maintains a positive outlook on the power and natural gas sectors, indicating a favorable investment environment for renewable energy and gas companies [2][10]. Core Insights - The Shandong provincial government has introduced its first local guidelines for the marketization of renewable energy pricing, which is expected to stabilize returns for existing projects and provide a model for other provinces [5][7]. - Global natural gas prices have seen a slight rebound due to tightening supply and increased demand for LNG exports, with specific price movements noted in various regions [10][19]. - The report highlights the potential for LNG import prices to decrease further in the second half of 2025, benefiting downstream gas companies [11][29]. Summary by Sections 1. Power Sector: Shandong's New Energy Market Guidelines - Shandong's new energy pricing reform outlines that existing projects will participate in market pricing at a rate of 0.3949 yuan per kWh, aligning with the provincial coal benchmark price [5][6]. - The guidelines emphasize strong connectivity with existing policies, ensuring stability for existing projects while introducing competitive elements for new projects [6][7]. - The implementation of these guidelines is expected to serve as a model for other provinces, enhancing the operational efficiency and market strategies of renewable energy companies [7][8]. 2. Natural Gas: Global Demand and Price Rebound - As of May 9, 2025, the Henry Hub spot price in the U.S. was $3.22/mmBtu, reflecting a weekly increase of 3.84%, while European prices also saw a rise due to supply constraints and seasonal demand [10][19]. - The report notes that the overall LNG import cost in China has remained below 4000 yuan per ton, with a significant decrease of 18.4% from the year's peak [11][29]. - The anticipated decline in international oil prices is expected to further lower LNG import prices in China, benefiting city gas companies [11][29]. 3. Weekly Market Review - The public utilities, environmental protection, power equipment, and gas sectors outperformed the Shanghai and Shenzhen 300 index during the review period [35]. 4. Company and Industry Dynamics - Recent developments include the issuance of competitive configuration announcements for renewable energy projects in various provinces, indicating ongoing investment and growth in the sector [44][46]. - The report also highlights significant corporate announcements, including financing and profit distribution plans from key players in the energy sector, reflecting a proactive approach to capital management and shareholder returns [48][49].

Investment Rating - The report maintains a "Recommended" rating for companies such as China Nuclear Power, Funiu Co., and Huaneng Hydropower, while giving a "Cautious Recommendation" to companies like China General Nuclear Power and Longyuan Power [23][3]. Core Insights - The electricity sector outperformed the market this week, with the public utility sector rising by 2.22% and the electricity sub-sector by 2.21%, both exceeding the Shanghai and Shenzhen 300 index [1][7]. - Shandong Province has established a mechanism electricity price that aligns with the benchmark price for coal-fired power, which is expected to stabilize investment returns for renewable energy projects [2][24]. - The report highlights the significant drop in coal prices, which has led to steady growth in thermal power performance in Q1, with expectations for continued improvement as the peak electricity consumption season approaches [3][20]. Summary by Sections Weekly Market Review - The public utility sector index closed at 2,377.21 points, up 51.64 points, while the electricity sub-sector closed at 3,171.91 points, up 68.52 points [1][7]. - The sub-sectors showed varied performance, with solar power up 4.01%, thermal power up 4.00%, and wind power up 1.78% [12][19]. Special Topic - Shandong's new pricing mechanism for renewable energy projects is set at 0.3949 yuan per kWh, matching the coal-fired benchmark price, which is expected to mitigate revenue volatility for existing projects [2][24]. - The competitive bidding for new renewable projects starting from June 1, 2025, will determine the mechanism price, enhancing investment predictability [2][24]. Investment Recommendations - The report suggests focusing on companies with strong growth potential in the thermal and hydropower sectors, particularly Funiu Co., Gansu Energy, and Huaneng International [3][20]. - It also emphasizes the stability of large hydropower companies in a declining interest rate environment, recommending companies like Yangtze Power and Chuanwei Energy [3][20]. Key Company Earnings Forecasts - The report provides earnings per share (EPS) forecasts for several companies, with China Nuclear Power expected to have an EPS of 0.46 yuan in 2024, while Funiu Co. is projected at 1.07 yuan [23][3].