Core Viewpoint - The announcement by State Power Investment Corporation Financial Holdings Co., Ltd. regarding the completion of a significant asset restructuring and change of controlling shareholder marks a strategic shift towards enhancing its nuclear power asset platform and attracting long-term capital support from strategic investors like China Life Insurance [1][3]. Group 1: Shareholder Structure Changes - Prior to the transaction, State Power Investment Group held 49.76% of the shares, and after the restructuring, its total holding increased to 59.44%, maintaining absolute control [2]. - China National Nuclear Corporation became the largest shareholder with a 43.62% stake, while State Power Investment Group's direct shareholding was diluted to 15.42% [2]. - China Life Insurance's stake surged from 0.01% to 25.40%, making it the second-largest shareholder and a significant strategic investor [2]. Group 2: Industry Impact - The change in controlling shareholder to China National Nuclear Corporation is seen as a key move for central enterprises to respond to carbon neutrality goals and promote specialized restructuring [3]. - The restructuring is expected to enhance the securities rate and core competitiveness of nuclear assets, providing a new model for asset integration and mixed ownership reform among other central enterprises [3]. - The focus on clean energy and the integration of nuclear assets is anticipated to create a positive cycle between energy production and financial services, leveraging the resources of China National Nuclear Corporation [3].

Core Viewpoint - The company is executing a transaction involving the acquisition of 100% equity in Guodian Power Nuclear Co., Ltd. through asset swaps and share issuance, while divesting 100% equity in State Power Investment Group Capital Holdings Co., Ltd. [1] Group 1 - After the completion of this transaction, the controlling shareholder of the listed company will change from State Power Investment Group to State Nuclear Power, while the actual controller will remain State Power Investment Group [1] - The transaction will not result in a change of the actual controller of the listed company [1] - Following the transaction, China Life will become a new shareholder with a 5% stake, bringing its total holding to 25.40% [1] Group 2 - Existing shareholders with over 5% stakes, namely Nanfang Power Investment and Yuneng Capital, will see their holdings diluted to 3.70% and 2.75%, respectively [1]

Core Viewpoint - The transaction involving the issuance of shares by Electric Power Investment and Financing (000958.SZ) to acquire assets from China National Nuclear Technology Company and China Life Insurance has been completed, resulting in significant changes in shareholding structure and control [1] Group 1: Transaction Details - The company has completed the issuance of 11,989,710,207 shares as part of the asset purchase approved by the China Securities Regulatory Commission on December 26, 2025 [1] - Following the transaction, the total shareholding of the State Power Investment Group and its concerted parties in the company is now 59.44%, with China National Nuclear directly holding 43.62% and State Power Investment holding 15.42% [1] - The controlling shareholder of the company will change from State Power Investment Group to China National Nuclear, although the actual controller remains State Power Investment Group [1] Group 2: Shareholding Changes - China Life Insurance has become a new shareholder with a 25.40% stake, while previous major shareholders South Grid Investment and Cloud Energy Capital have seen their holdings diluted to 3.70% and 2.75%, respectively [1]

Core Viewpoint - The transaction involving the issuance of shares by Electric Power Investment and Financing (000958.SZ) to acquire assets from China National Nuclear Technology Company and China Life Insurance has been completed, resulting in significant changes in shareholding structure and control [1] Group 1: Transaction Details - The company completed the issuance of 11,989,710,207 shares on January 13, 2026, following approval from the China Securities Regulatory Commission [1] - After the transaction, the total shareholding of the State Power Investment Group and its concerted parties in the company is 59.44%, with China National Nuclear directly holding 43.62% and State Power Investment holding 15.42% [1] - The controlling shareholder of the company will change from State Power Investment Group to China National Nuclear, although the actual controller remains State Power Investment Group [1] Group 2: Shareholding Changes - China Life Insurance becomes a new shareholder with a 25.40% stake, while previous major shareholders South Grid Investment and Cloud Energy Capital see their holdings diluted to 3.70% and 2.75%, respectively [1]

国家核电技术有限公司及其一致行动人免于发出要 约事宜 之 法律意见书 杭州市曙光路 122 号世贸中心 C 座 15 层 电话：0571-87635186 传真：0571-87635188 2026 年 1 月 浙江阳光时代律师事务所 关于 浙江阳光时代律师事务所 目录 | 一、收购人及其一致行动人的主体资格 | 7 | | --- | --- | | 二、本次收购属于《收购管理办法》规定的免于发出要约的情形 10 | | | 三、本次收购的相关法律程序 | 12 | | 四、本次收购是否存在法律障碍 | 12 | | 五、本次收购的信息披露 | 13 | | 六、收购人在本次收购过程中是否存在证券违法行为 13 | | | 七、结论意见 | 16 | 2 法律意见书 释义 在本法律意见书中，除非另有说明，下列词语具有如下含义： | 序号 | 名词 | 说明 | | --- | --- | --- | | 1. | 本所 | 浙江阳光时代律师事务所 | | 2. | 本所律师或我们 | 浙江阳光时代律师事务所出具本次法律意见书 的律师 | | 3. | 国家核电/收购人 | 国家核电技术有限公司 | | 4. ...

证券代码：000958 证券简称：电投产融 公告编号：2026-003 国家电投集团产融控股股份有限公司 关于股东权益变动暨控股股东变更的 提示性公告 本公司及董事会全体成员保证信息披露的内容真实、 准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本次权益变动前，上市公司控股股东、实际控制人为国 家电力投资集团有限公司（以下简称"国家电投集团"）。 本次权益变动后，上市公司控股股东变更为国家核电。本次 权益变动不会导致上市公司实际控制人发生变化，实际控制 人仍为国家电投集团。 三、本次权益变动前后控股股东、实际控制人及其他 5% 以上股东持股情况 本次交易完成前后，不考虑本次配套融资发行股份的影 响，上市公司控股股东、实际控制人及其他 5%以上股东持 股情况变化如下： | 股东 | 本次交易前 | | 本次交易后 | | | --- | --- | --- | --- | --- | | 持股数量（股） | | 持股比例 | 持股数量（股） | 持股比例 | | 控股股东、实际控制人持股情况变化 | | | | | | 国家电投集团 | 2,678,654,351 | 49.76% | 2,678,654, ...

Core Viewpoint - The company is undergoing an asset swap and issuing shares to acquire 100% equity of China National Nuclear Corporation, while divesting 100% equity of State Power Investment Corporation and raising supporting funds [1] Group 1: Transaction Details - The transaction will result in the issuance of 11,989,710,207 new shares, which will be listed on January 13, 2026 [1] - Before the transaction, the controlling shareholder is State Power Investment Group, holding 51.04% of shares; after the transaction, the controlling shareholder will change to China National Nuclear, with State Power Investment Group's stake increasing to 59.44% and China National Nuclear holding 43.62% [1] Group 2: Shareholder Changes - New shareholder China Life will hold 25.40% of the shares post-transaction [1] - Shareholdings of Nanwang Chanin and Yuneng Capital will decrease to 3.70% and 2.75%, respectively, while the actual controller remains State Power Investment Group [1]

Core Viewpoint - The company Electric Power Investment Corporation (000958) is actively exploring the integration of hydrogen production and seawater desalination with its nuclear power projects, leveraging the capabilities of its CAP1000 and CAP1400 reactor models [1] Group 1: Hydrogen Production - The CAP1000 and CAP1400 nuclear reactor models are designed to support hydrogen production systems, primarily for internal equipment hydrogen supply [1] - These reactors can utilize stable and clean base-load power to enable water electrolysis for hydrogen production, integrating with established PEM electrolysis technologies [1] Group 2: Seawater Desalination - The CAP1000 and CAP1400 models also possess the capability to implement seawater desalination using membrane or thermal methods [1] - The company plans to adapt its nuclear energy applications to meet the economic and social development needs of specific project locations [1]

证券日报网讯1月13日，电投产融（000958）在互动平台回答投资者提问时表示，公司已完成 CAP1000/CAP1400技术的消化吸收和持续优化，在关键设备国产化、系统性能提升方面取得阶段性成 果。公司自主研发的智慧核电运维系统已在部分机组投入应用，通过数字化监测与智能诊断，有助于提 升设备可靠性，降低运维成本。未来将根据试点反馈优化系统功能，逐步扩大应用范围。未来公司将聚 焦核电数字化、智能化技术迭代，按照数字化规划统筹推进相关领域的研发。 ...

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][5][8]. Core Insights - The report emphasizes the importance of the "environment + resource" investment logic, highlighting that many environmental companies possess resource attributes, which can lead to stable profit models through the extraction of valuable materials from waste [2][16][18]. - The report notes a decline in the utilization rates of photovoltaic and wind power generation in 2025, with photovoltaic utilization at 94.8% and wind power at 94.3% for the year-to-date [1][14]. Summary by Sections Investment Strategy - Public Utilities: Recommendations include major thermal power companies like Huadian International and Shanghai Electric, as well as leading renewable energy firms such as Longyuan Power and Three Gorges Energy [3][22]. - Environmental Sector: Focus on mature sectors like water and waste incineration, with recommendations for companies like China Everbright Environment and Shanghai Industrial Holdings [3][23]. Market Performance - The report indicates that the Shanghai Composite Index rose by 2.79%, with the public utility index increasing by 2.54% and the environmental index by 3.88% [1][24]. - In the power sector, thermal power saw a 2.40% increase, while renewable energy generation rose by 3.74% [1][25]. Key Data Overview - In November, the national electricity generation reached 779.2 billion kWh, with a year-on-year growth of 2.7% [45]. - The report highlights that the total electricity consumption for the year-to-date is 9,460.2 billion kWh, reflecting a 5.2% increase year-on-year [58]. Company Profit Forecasts and Ratings - Specific companies are highlighted with their respective ratings and financial metrics, such as Huadian International with a PE ratio of 10.2 for 2024 and 8.1 for 2025 [8]. - Other recommended companies include Longyuan Power, Three Gorges Energy, and China Nuclear Power, all rated as "Outperform" [8][22]. Special Research - The report discusses the shift from viewing environmental companies as cost centers to recognizing their potential for value creation through resource recovery and recycling [2][16]. - It also outlines the significant price increases in metals due to geopolitical tensions and supply chain concerns, which could benefit resource-oriented environmental companies [2][21].