中国核能电力股份有限公司 关于独立董事独立性自查情况的专项报告 经核查独立董事马恒儒先生、录大恩先生、秦玉秀女士、黄宪培 先生的任职经历以及签署的相关自查文件，上述人员未在公司担任除 独立董事以外的任何职务，也未在公司主要股东公司担任任何职务， 与公司以及主要股东之间不存在利害关系或其他可能妨碍其进行独 立客观判断的关系，因此，公司独立董事符合《上市公司独立董事管 理办法》《上海证券交易所上市公司自律监管指引第 1 号——规范运 作》中对独立董事独立性的相关要求，持续保持独立性，在 2024 年 度不存在影响独立性的情形。 中国核能电力股份有限公司董事会 2025 年 4 月 27 日 根据证监会《上市公司独立董事管理办法》《上海证券交易所股 票上市规则》《上海证券交易所上市公司自律监管指引第 1 号——规 范运作》等要求，中国核能电力股份有限公司（以下简称公司）董事 会就公司独立董事马恒儒先生、录大恩先生、秦玉秀女士、黄宪培先 生的独立性情况进行评估并出具如下专项意见： ...

2024 [2025] ZG11904 中国核能电力股份有限公司 募集资金存放与使用情况专项报告的鉴证报告 (2024 年 1 月 1 日至 2024 年 12 月 31 日止 ) | | 目 求 | 页 | AN | | --- | --- | --- | --- | | | 募集资金存放与使用情况专项报告的鉴证报告 | | 1-2 | | | 募集资金存放与使用情况专项报告 | | । -રે | | ן זו | 附表 | | 1 -4 | 2024 2024 [2025] ZG11904 2 2022 2022 15 1 1 3101 2 2022 2022 15 1 1 2024 2024 2 2022 2022 15 1 1 2024 2024 2024 2024 2 2022 2022 15 1 1 ( ) 2020 1. 2020 2773 A 1,890,547,263 4.02 760,000.00 77.90 ( 73.49 ) 759,922.10 2020 12 21 169.72 ( ) 759,756.79 ( ) 2020 1-189 | A | 759,756.79 | | ...

中国核电（601985）公告，公司拟与中俄核工业基金、中国人寿（601628）、中核基金共同出资15.01 亿元设立中核田湾基金，其中公司出资2.79亿元。中核田湾基金设立后，公司拟通过非公开协议转让的 方式将持有的中核苏能核电有限公司5%股权转让给中核田湾基金。 ...

中国核电：拟3亿元-5亿元回购股份 智通财经4月28日电，中国核电(601985.SH)公告称，公司计划使用自有资金和自筹资金，通过集中竞价 交易方式回购部分A股股票，回购金额不低于3亿元且不超过5亿元。回购价格不超过董事会审议通过回 购决议前30个交易日股票交易均价的150%，即13.98元/股。回购期限为自董事会审议通过之日起12个月 内。回购的股份将用于股权激励。 ...

中国核电（601985）公告，2024年营业收入772.72亿元，同比增长3.09%。归属于上市公司股东的净利 润87.77亿元，同比下降17.38%。公司拟实施利润分配，每10股派发现金红利1.6元(含税)。 ...

Core Viewpoint - The nuclear power industry in China is expected to experience significant growth, with a strong investment rating maintained by Zhongyuan Securities, highlighting the importance of nuclear power in future energy supply [1][3] Group 1: Project Approvals - On April 27, 2025, the State Council approved five nuclear power projects, totaling ten nuclear units, with China General Nuclear Power Group (CGN) and China National Nuclear Power (CNNP) being the primary beneficiaries [1] - CGN received approval for four units, including two units in Guangdong and two in Guangxi, all utilizing Hualong One technology, with capacities of 1.2 million kW and 1.208 million kW respectively [1] - CNNP was approved for two units in the Zhejiang Sanmen project, also using Hualong One technology, with a capacity of 1.215 million kW each [2] Group 2: Industry Growth and Capacity - Nuclear power is recognized as a stable energy source in China's new power system, with a utilization hour rate of 7,805.74 hours in 2024, contributing 4.73% to the national power generation [3] - The "14th Five-Year Plan" aims for a nuclear power installed capacity of approximately 70 million kW by 2025, with a focus on coastal projects [3] - As of April 27, 2025, China has approved 28 new nuclear projects since 2022, with a total of 102 operational, under construction, and approved units, making it the world's largest nuclear power capacity at 113 million kW [3] Group 3: Regional Developments - Currently, there are no nuclear projects approved or under construction in Henan Province, which is not included in the national nuclear construction plan due to cautious evaluation policies for inland nuclear development [4]

Core Viewpoint - The Shanghai Composite Index opened lower and fluctuated, with the CSI 300 Utilities Index reported at 2638.18 points, reflecting a 3.14% increase over the past month, a 4.64% increase over the past three months, and a 2.53% decline year-to-date [1] Group 1: Index Performance - The CSI 300 Utilities Index is categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries, providing a comprehensive analysis tool for investors [1] - The index is based on a sample of 300 stocks from the CSI 300, with a base date of December 31, 2004, and a base point of 1000.0 [1] Group 2: Index Holdings - The top ten weights in the CSI 300 Utilities Index are: - Changjiang Electric Power (48.17%) - China Nuclear Power (10.24%) - Three Gorges Energy (8.19%) - Guodian Power (5.45%) - State Power Investment (4.79%) - Sichuan Investment Energy (4.38%) - Huaneng International (4.21%) - China General Nuclear Power (3.7%) - Zhejiang Energy Power (3.12%) - Huadian International (2.67%) [1] Group 3: Market Composition - The market composition of the CSI 300 Utilities Index shows that the Shanghai Stock Exchange accounts for 95.94%, while the Shenzhen Stock Exchange accounts for 4.06% [2] - In terms of industry composition, hydropower constitutes 59.60%, thermal power 15.45%, nuclear power 13.94%, wind power 8.55%, and gas power 2.46% [2] Group 4: Sample Adjustment - The index samples are adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made in response to changes in the CSI 300 Index samples or special events affecting sample companies [2]

Core Insights - The national trade friction response meeting highlighted that China is entering a high-intensity phase of trade friction, emphasizing the need for confidence, strategy, and innovation in the face of challenges [1] - China's nuclear power industry has successfully reduced reliance on foreign technology, achieving over 95% localization in key equipment and demonstrating significant advancements in self-developed technologies [1][2] - The nuclear power sector has matured its supply chain, with major companies like China General Nuclear Power Group (CGN) achieving 100% domestic equipment capability for nuclear power plants [1][2] Industry Developments - Since 2016, particularly after the U.S. placed certain Chinese state-owned enterprises on the entity list in 2019, the nuclear power sector has accelerated its self-sufficiency efforts across various fields, including equipment manufacturing and software design [1] - Domestic manufacturers such as Dongfang Electric and Shanghai Electric have developed the capability to produce core equipment like pressure vessels and steam generators [2] - The nuclear fuel component production has transitioned to domestic technology, with ongoing advancements in fuel component research and development [2] Strategic Responses - The nuclear power industry has adopted a collaborative approach with upstream and downstream partners to identify and address potential vulnerabilities in the supply chain due to trade tensions [2] - The industry has expressed confidence in its ability to compete with global leaders like the U.S. and France, asserting that it can not only match but also surpass their nuclear technology in several areas [2]

Core Viewpoint - The approval of 10 new nuclear power units in China marks a significant shift from "importing and digesting" technology to "independent output," showcasing the advancement of domestic nuclear technology [3][4]. Group 1: Nuclear Power Project Approvals - The recent approval includes 10 nuclear power units across five projects, with significant participation from major state-owned enterprises such as China National Nuclear Corporation and China General Nuclear Power Group [3]. - The approved units consist of 8 "Hualong One" reactors and 2 CAP1000 reactors, indicating a strong emphasis on domestically developed technology [3][4]. - The approval process for nuclear projects has accelerated, with 31 units approved from 2022 to 2024, of which 20 are based on "Hualong One" technology [3]. Group 2: Investment and Economic Impact - The total investment for the newly approved nuclear units is estimated to reach approximately 200 billion yuan, with equipment investment accounting for over 40% of this total [5]. - The nuclear power sector is expected to drive significant investment, with the construction of these units benefiting established players in the supply chain due to high barriers for new entrants [5]. Group 3: International Trends and Domestic Position - The global consensus on the revival of nuclear energy is reflected in commitments made by 31 countries to triple nuclear capacity by 2050 [7]. - China's nuclear power capacity has surpassed that of traditional nuclear power leaders like Russia, France, and the United States, with a total operational capacity of 113 million kilowatts [7]. - The rapid pace of nuclear project approvals positions China as a leader in nuclear energy development, with a total of 112 units either operational or under approval [7]. Group 4: Contribution to Energy Supply - Nuclear power has become a crucial baseload power source in China's eastern coastal regions, contributing nearly 5% of the national electricity generation despite only accounting for less than 2% of installed capacity [8].

4月27日，经国务院常务会议审议，决定核准浙江三门三期工程等核电项目。随后，网传此次核准的项 目具体为浙江三门三期工程，福建霞浦压水堆1、2号机组，山东海阳三期工程，广东台山二期工程，广 西防城港三期工程等5个核电项目共计10台机组。对此，中国证券报.中证金牛座记者向中国核电 （601985）方面求证，中国核电方面独家回应称，此次获批的机组确为10台。至于10台机组最终以什么 渠道正式发布，公司目前不太清楚，中国核电会公告本公司获核准的核电机组。4月28日早间，中国核 电、中国广核（003816）相继公告旗下核电项目获核准。截至目前，两家上市公司公告的核电机组数合 计为6台。(中证金牛座) ...