Core Viewpoint - China General Nuclear Power Corporation (CGN) announced that the total electricity generation of its nuclear power units managed by the company and its subsidiaries is expected to reach approximately 247.013 billion kilowatt-hours from January to December 2025, representing a year-on-year increase of 2.00% [1] - The total grid-connected electricity volume is projected to be around 232.648 billion kilowatt-hours, which is a year-on-year growth of 2.36% [1] Summary by Category - **Electricity Generation** - The total electricity generation for 2025 is estimated at 247.013 billion kilowatt-hours, marking a 2.00% increase compared to the previous year [1] - **Grid-Connected Electricity Volume** - The total grid-connected electricity volume is expected to be 232.648 billion kilowatt-hours, reflecting a 2.36% increase year-on-year [1]

Group 1 - The core viewpoint of the article is that China General Nuclear Power Corporation (CGN) has announced an expected increase in electricity generation for the year 2025, indicating positive growth in its operational performance [1] - The total electricity generation from nuclear power units operated by the company and its subsidiaries is projected to be approximately 247.013 billion kilowatt-hours, representing a 2.00% increase compared to the same period last year [1] - The total grid-connected electricity volume is expected to be around 232.648 billion kilowatt-hours, which marks a 2.36% increase year-on-year [1]

Core Viewpoint - China General Nuclear Power Corporation (CGN) reported an increase in total electricity generation and grid-connected electricity volume for the year 2025, indicating a positive growth trend in its operational performance [1] Group 1: Electricity Generation - The total electricity generation from CGN and its subsidiaries is approximately 247.013 billion kilowatt-hours for the year 2025, representing a growth of 2.00% compared to the same period last year [1] - The total grid-connected electricity volume is approximately 232.648 billion kilowatt-hours for the year 2025, reflecting a growth of 2.36% compared to the same period last year [1]

Core Viewpoint - China General Nuclear Power Corporation (CGN) reported an increase in total electricity generation and grid-connected electricity volume for the year 2025, indicating a positive growth trend in its operational performance [1] Group 1: Electricity Generation - The total electricity generation from CGN and its subsidiaries is approximately 247.013 billion kilowatt-hours for the year 2025, representing a year-on-year growth of 2.00% [1] - The total grid-connected electricity volume is approximately 232.648 billion kilowatt-hours for the year 2025, reflecting a year-on-year increase of 2.36% [1]

债券代码：127110 债券简称：广核转债 证券代码：003816 证券简称：中国广核 公告编号：2026-001 中国广核电力股份有限公司 关于2025年第四季度运营情况的公告 公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 一、2025 年 1 月至 12 月份发电量及上网电量情况 根据中国广核电力股份有限公司（以下简称"本公司"或"公司"）之统计， 2025 年 1 月至 12 月份，本公司及其子公司（以下简称"本集团"）运营管理的 核电机组总发电量约为 2,470.13 亿千瓦时，较去年同期增长 2.00%。总上网电量 约为 2,326.48 亿千瓦时，较去年同期增长 2.36%。 | 核电站名称 | 截至 2025 年 月 12 31 日装机容量 | | 发电量 （亿千瓦时）1 | | | 上网电量 （亿千瓦时）1 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | （兆瓦）1 | 2025 年 | 2024 年 | 同比 | 2025 年 | 2024 年 月 | 同比（%） | | ...

Core Viewpoint - The electricity sector experienced a slight increase of 0.42% on the trading day, with Shimao Energy leading the gains, while the Shanghai Composite Index fell by 0.07% and the Shenzhen Component Index decreased by 0.51% [1]. Group 1: Market Performance - Shimao Energy (605028) closed at 32.30, up by 10.01% with a trading volume of 63,200 shares [1]. - Tianfu Energy (600509) rose by 3.77% to close at 8.80, with a trading volume of 660,800 shares [1]. - Yunnan Energy Holdings (001896) increased by 3.61% to 5.46, with a trading volume of 449,700 shares [1]. - The overall trading volume and turnover for the electricity sector showed varied performance among individual stocks, with some stocks experiencing significant gains [1]. Group 2: Capital Flow - The electricity sector saw a net outflow of 415 million yuan from institutional investors, while retail investors contributed a net inflow of 503 million yuan [2]. - The capital flow data indicates that while institutional investors withdrew funds, retail investors were actively buying into the sector [2]. Group 3: Individual Stock Capital Flow - China Nuclear Power (601985) had a net inflow of 139 million yuan from institutional investors, but saw outflows from both retail and speculative investors [3]. - Shimao Energy (605028) experienced a net inflow of 25.8 million yuan from institutional investors, with outflows from speculative and retail investors [3]. - The capital flow dynamics suggest a mixed sentiment among different types of investors, with institutional investors showing caution while retail investors remained optimistic [3].

(A joint stock company incorporated in the People's Republic of China with limited liability) （在中華人民共和國註冊成立的股份有限公司） （Stock Code：1816） （股份代號：1816） Dear registered shareholder(s), Arrangement of Electronic Dissemination of Corporate Communications Pursuant to Rule 2.07A of the Rules Governing The Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") under the expansion of paperless listing regime and electronic dissemination of corporate communications that came into effect on ...

(A joint stock company incorporated in the People's Republic of China with limited liability) （在中華人民共和國註冊成立的股份有限公司） （Stock Code：1816） （股份代號：1816） 8 January 2026 Dear non-registered shareholder(s), Arrangement of Electronic Dissemination of Corporate Communications Pursuant to Rule 2.07A of the Rules Governing The Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") under the expansion of paperless listing regime and electronic dissemination of corporate communications that ...

声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 中国广核集团有限公司，成立于1994年，位于深圳市，是一家以从事电力、热力生产和供应业为主的企 业。企业注册资本1491751.4829万人民币。通过天眼查大数据分析，中国广核集团有限公司共对外投资 了34家企业，参与招投标项目5000次，财产线索方面有商标信息662条，专利信息5000条，此外企业还 拥有行政许可56个。 中国广核电力股份有限公司，成立于2014年，位于深圳市，是一家以从事电力、热力生产和供应业为主 的企业。企业注册资本5049861.11万人民币。通过天眼查大数据分析，中国广核电力股份有限公司共对 外投资了32家企业，参与招投标项目433次，专利信息5000条，此外企业还拥有行政许可14个。 国家知识产权局信息显示，中广核工程有限公司、中国广核集团有限公司、中国广核电力股份有限公司 取得一项名为"核电厂厂用电源切换试验方法、装置及设备"的专利，授权公告号CN114121317B，申请 日期为2021年10月。 天眼查资料显示，中广核工程有限公司，成立于1997年，位于深圳市，是一家以 ...

Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating potential investment opportunities in these areas [1]. Core Insights - The 2026 long-term electricity prices are under pressure, with significant declines observed in transaction prices across various provinces, reflecting a shift in the power generation model from reliance on thermal power to a more diversified income structure [6][7]. - Natural gas consumption saw a year-on-year increase of 5.1% in November 2025, indicating a recovery in demand, particularly due to heating needs during the winter season [34]. - The report highlights the importance of optimizing the electricity market mechanism and restructuring the power generation mix as key future trends [7]. Summary by Sections 1. Electricity: 2026 Long-term Electricity Prices - The annual transaction results for 2026 show a total transaction volume of 2,724.81 billion kWh in Jiangsu, with a weighted average price of 344.19 yuan/MWh, down 16.55% from the previous year [6][8]. - Similar trends are observed in Guangdong and Anhui, with prices decreasing by 5.03% and 10.09% respectively [6][8]. - The report suggests that coastal provinces will face significant pricing pressure in 2026, as the role of thermal power shifts from being the main energy source to a regulatory support role [7]. 2. Gas: November Natural Gas Consumption - In November 2025, the apparent consumption of natural gas reached 362.8 billion m³, marking a 5.1% increase year-on-year, while the total consumption from January to November was 3,880 billion m³, a slight decline of 0.1% [34]. - The report notes that the increase in consumption is attributed to a low base from the previous year and a recovery in industrial gas demand [34]. - The report also highlights a favorable trend in natural gas pricing, with a decrease in costs due to lower international oil prices and improved supply conditions [36]. 3. Investment Analysis Recommendations - For thermal power, the report recommends companies with integrated coal and power operations, such as Guodian Power and Inner Mongolia Huadian, as well as those with significant large unit ratios like Datang Power and Huaneng International [10]. - In the hydropower sector, companies like Yangtze Power and Guotou Power are recommended due to their sufficient capacity and expected improvements in profit margins [10]. - The report suggests focusing on nuclear power companies like China Nuclear Power and China General Nuclear Power, which have stable cost structures and high utilization hours [10]. - For green energy, companies such as Xintian Green Energy and Longyuan Power are highlighted for their stable returns and increasing operational benefits from environmental value releases [10].