Core Viewpoint - The recent notice from the National Development and Reform Commission and the Energy Administration aims to enhance the price mechanism to promote the nearby consumption of renewable energy, requiring that the annual self-consumption of renewable energy should account for no less than 60% of the total available generation capacity and 30% of total electricity consumption, with new projects starting from 2030 required to meet at least 35% [1] Investment Highlights - The notice recommends commercial rooftop photovoltaics and highlights the potential of companies like Ankerui. It emphasizes the need for projects to have metering conditions and for grid companies to install metering devices to accurately measure electricity data at various stages [1] - The bidding for large-scale energy storage in August exceeded expectations, with a recommendation for storage operators like Southern Grid Storage. The combination of AI and the finalized document No. 136 is expected to drive the economic viability of large-scale storage, with domestic demand exceeding expectations [1] - Southern Grid Storage is positioned to benefit significantly as a large-scale storage operator within the Southern Grid, with a projected cumulative installed capacity of 654,200 kW and 1,298,300 kWh by the first half of 2025, alongside 10.28 million kW of pumped storage capacity [1] Industry Core Data Tracking - Electricity prices saw a 2% year-on-year decrease and a 1.3% month-on-month increase in August 2025. The price of thermal coal was reported at 680 RMB/ton as of September 12, 2025, reflecting a week-on-week increase of 1 RMB/ton [2] - The water level at the Three Gorges Reservoir was recorded at 162.88 meters, with inflow and outflow rates showing significant year-on-year increases of 33.59% and 198.15%, respectively [2] - Total electricity consumption from January to July 2025 reached 5.86 trillion kWh, a year-on-year increase of 4.5%, with various sectors showing different growth rates [2] - Cumulative power generation for the same period was 5.47 trillion kWh, with a year-on-year increase of 1.3%, while installed capacity additions in the first half of 2025 showed significant growth in renewable sources like wind and solar [2] Investment Recommendations - Companies within the Southern Grid system, such as Southern Grid Energy, Southern Grid Storage, and Southern Grid Technology, are recommended for investment opportunities [3] - The green electricity sector is expected to see improvements in asset quality and growth potential, with specific companies highlighted for attention [3] - The value of photovoltaic assets and charging station assets is anticipated to be reassessed positively due to regulatory support and market dynamics [3] - Investment opportunities in thermal power, particularly in the Beijing-Tianjin-Hebei region, are also recommended [3] - The hydropower sector is expected to benefit from rising prices and low costs, with strong cash flow and dividend capabilities [3] - The nuclear power sector is projected to grow, with multiple approvals for new units expected to enhance profitability and dividends [3]

Core Viewpoint - China General Nuclear Power Corporation (CGN) is the largest nuclear power operator in China, managing a significant portion of the country's nuclear capacity [1] Group 1: Company Overview - As of June 30, 2025, CGN operates 28 nuclear power units and has 20 units under construction, with a total installed capacity of 31.796 million kW and 24.222 million kW respectively, accounting for 44.46% of the national total for operational and under-construction nuclear power units [1] Group 2: Financial Performance - In the first half of 2025, CGN's net profit attributable to shareholders decreased by 16.30% year-on-year, primarily due to a significant drop in market-based electricity prices in Guangdong and Guangxi [1] - Looking ahead to 2026, the decline in electricity prices in Guangdong and Guangxi is expected to be limited, which may lead to a reduction in the volatility of the company's electricity prices compared to the previous year [1] Group 3: Future Outlook - The value of CGN is anticipated to increase as the nuclear power units currently under construction are gradually put into operation, supporting a positive investment outlook [1]

Group 1 - UBS report indicates that China General Nuclear Power (01816) management believes the current nuclear power pricing policy in Guangdong province negatively impacts operators, expecting improvements in related policies [1] - The company anticipates that Guangdong province may consider revising nuclear power pricing rules in the 2026 electricity trading scheme, with approximately 70% of its equity installed capacity located in Guangdong [1] - UBS also suggests that upstream nuclear equipment suppliers such as Harbin Electric (01133), Yingli Green Energy (603308), and Dongfang Electric (600875) may benefit indirectly due to improved project visibility and potential recovery in profit margins [1] Group 2 - Although details of the 2026 electricity trading scheme have not been finalized, preliminary analysis indicates that a complete removal of the current deduction rules could provide a potential upside of 289 million RMB or 3% to China General Nuclear Power's profit forecast for the 2026 fiscal year [1]

Group 1 - UBS reports that China General Nuclear Power (01816) management indicated that the current nuclear power pricing policy in Guangdong Province negatively impacts operators, but improvements in related policies are expected [1] - The firm anticipates that Guangdong Province may consider revising nuclear power pricing rules in the 2026 electricity trading scheme, with the company potentially being a major beneficiary as approximately 70% of its equity installed capacity is located in Guangdong [1] - The report also suggests that upstream nuclear equipment suppliers such as Harbin Electric (01133), Yingli Green Energy (603308.SH), and Dongfang Electric (01072) may benefit indirectly due to improved project execution visibility and potential recovery in profit margins [1] Group 2 - Although the details of the 2026 electricity trading scheme have not been finalized, preliminary analysis indicates that if the current deduction rules are completely removed, it could provide a profit forecast increase of 289 million RMB or 3% for China General Nuclear Power in the 2026 fiscal year [1]

Core Viewpoint - UBS reports that China General Nuclear Power Corporation (CGN) management indicated that the current nuclear power pricing policy in Guangdong Province negatively impacts operators, but improvements in related policies are expected. The province may consider revising nuclear power pricing rules in the 2026 electricity trading scheme [1] Group 1: Company Impact - CGN is anticipated to be a major beneficiary, as approximately 70% of its equity installed capacity is located in Guangdong Province, which is expected to benefit from potential policy changes [1] - If the current deduction rules are completely eliminated, it could lead to an increase of 289 million yuan or 3% in CGN's profit forecast for the fiscal year 2026 [1] Group 2: Industry Implications - Upstream nuclear equipment suppliers such as Harbin Electric, Yingli Green Energy, and Dongfang Electric may also benefit indirectly due to improved project visibility and potential recovery in profit margins [1]

Investment Rating - The report maintains an "Overweight" rating for the utility sector, specifically recommending South Network Energy and South Network Storage for investment opportunities [1]. Core Insights - The National Development and Reform Commission and the Energy Administration have issued a notice to improve the pricing mechanism for promoting the nearby consumption of renewable energy, recommending commercial rooftop photovoltaics from South Network Energy and paying attention to Anke Rui [4]. - The large-scale energy storage tender in August exceeded expectations, with South Network Storage being recommended as a storage operator. The economic viability of large-scale storage is expected to improve steadily, driven by AI and the implementation of Document No. 136 [4]. - The report highlights significant growth in electricity consumption and generation, with total electricity consumption from January to July 2025 reaching 5.86 trillion kWh, a year-on-year increase of 4.5% [13]. - The report tracks key industry data, including electricity prices, coal prices, and water conditions, indicating a stable environment for utility investments [4][40][45]. Summary by Sections Industry Trends - The utility sector index increased by 0.80% from September 8 to September 12, 2025, underperforming compared to the ChiNext index [9]. - The report notes that the total electricity consumption for the first seven months of 2025 was 5.86 trillion kWh, with a year-on-year growth of 4.5% [13]. Electricity Consumption - The first industry saw a year-on-year increase of 10.8%, the second industry 2.8%, the third industry 7.8%, and urban and rural residential electricity consumption 4.1% [13]. Electricity Generation - Total electricity generation from January to July 2025 was 5.47 trillion kWh, with a year-on-year increase of 1.3%. Notably, coal and hydropower generation saw declines of 1.3% and 4.5%, respectively [21]. Electricity Prices - The average electricity purchase price from the grid in August 2025 was 388 RMB/MWh, a year-on-year decrease of 2% but a month-on-month increase of 1.3% [40]. Coal Prices - As of September 12, 2025, the price of thermal coal at Qinhuangdao port was 680 RMB/ton, reflecting a year-on-year decrease of 20.65% [45]. Water Conditions - The water level at the Three Gorges Reservoir was 162.88 meters as of September 12, 2025, with inflow and outflow rates showing significant year-on-year increases of 33.59% and 198.15%, respectively [54]. Investment Recommendations - The report suggests focusing on listed companies within the South Network system, including South Network Energy, South Network Storage, and South Network Technology, highlighting opportunities in green electricity, photovoltaic assets, and charging station asset value reassessment [4].

Group 1 - The core viewpoint of the article highlights the growth in China's nuclear power generation, with a projected output of 384 billion kilowatt-hours in May 2025, representing a year-on-year increase of 6.7% [1] - Cumulative nuclear power generation in China from January to May 2025 is reported at 1,969.2 billion kilowatt-hours, showing a cumulative growth of 11.5% [1] - The article references a report by Zhiyan Consulting, which provides insights into the market dynamics and investment strategies for the nuclear power industry in China from 2025 to 2031 [1] Group 2 - Listed companies in the nuclear power sector include China General Nuclear Power (003816), China National Nuclear Power (601985), and others, indicating a diverse market landscape [1] - The data presented is sourced from the National Bureau of Statistics, emphasizing the reliability of the statistics used in the analysis [1] - Zhiyan Consulting is described as a leading industry consulting firm in China, specializing in comprehensive industry research and providing tailored consulting services [1]

Investment Rating - The report maintains a positive outlook on the power and gas sectors, recommending various companies within these industries for investment [5][14]. Core Insights - The report highlights the competitive results of the electricity pricing mechanism in Shandong, indicating that wind power is favored over solar power, with wind power pricing at 0.319 CNY/kWh and solar at 0.225 CNY/kWh [9][10]. - A new pricing mechanism for nearby consumption of renewable energy has been established, clarifying economic responsibilities and allowing renewable projects to pay for supply reliability [12][13]. - Global gas prices are showing mixed trends, with European and Asian prices rising while U.S. prices are declining, reflecting varying supply and demand dynamics [15][20]. Summary by Sections 1. Electricity: Shandong Pricing Mechanism and New Renewable Energy Policies - Shandong's first competitive pricing results show wind power projects with a total capacity of 3.5911 GW and a mechanism electricity price of 0.319 CNY/kWh, while solar projects have a capacity of 1.265 GW and a price of 0.225 CNY/kWh [9][11]. - The new pricing mechanism for nearby consumption aims to enhance the utilization of renewable energy and reduce the pressure on the power system [12][13]. 2. Gas: Global Price Variations - As of September 12, U.S. Henry Hub spot prices are at $2.94/mmBtu, down 3.61% week-on-week, while European TTF prices are at €32.00/MWh, up 1.27% [15][16]. - The report notes that U.S. gas production remains high despite a slight decline, while European prices are influenced by supply constraints and increased heating demand due to cooler temperatures [15][20]. 3. Weekly Market Review - The gas sector outperformed the Shanghai and Shenzhen 300 index, while the public utilities, power, and environmental sectors underperformed [36]. 4. Company and Industry Dynamics - Recent announcements include the implementation of market-oriented pricing reforms for renewable energy in Jiangxi province, effective from October 2025 [40]. - The report also discusses various company announcements, including operational updates and financial instruments [43]. 5. Key Company Valuation Tables - The report provides valuation metrics for key companies in the public utility sector, highlighting buy and hold recommendations for several firms based on their earnings and price-to-earnings ratios [45][46].

以下文章来源于能见派 ，作者刘丽丽 能见派 . 提升能源未来能见度，发掘商业机会，这里是能见派。欢迎分享观点。 中国核电机组运营质量高于其他国家 《财之道》：福岛核事故后，中国核电发展经历了怎样的变迁，目前建设情况如何？ 文 | 《财之道 》栏目 刘丽丽 从 2007年赴国家核电出任首任董事长，到执掌 中电投与国家核电重组而成 的 国家电投集 团，再到成为为行业鼓与呼的专家，中国核能行业协会专家委员会战略咨询专家、国家电投 集团原董事长王炳华，参与和推动了中国核电从二代技术到三代技术、与世界核电强国从跟 跑到并跑，再到争取领跑的历史性跨越。 今年是 中国 核工业创建 70周年 。 回忆起引进三代核电技术 AP1000，牵头实施示范国 产三代核电技术CAP1000/1400等对行业发展产生重大影响的事件， 王炳华感慨： " 老 一辈的核工业人，有的干了一辈子核工业，干了一辈子核电站，没有亲手建设一个核电站， 更谈不上运行核电站。因为 那个 年代建设一台核电机组 很 困难 。 现在 国家有了方方面 面的能力，一年 核准 10台8台 核电机组。 年轻人在一个核电站工作时间不长， 就 到另外 一个核电站 。 无论是设 ...

Group 1: National Policy and Company Strategy - The national government supports the safe and orderly development of nuclear power, with plans to advance major projects such as coastal nuclear power by March 13, 2025 [2] - The company is actively preparing for project approvals, aiming to meet the necessary conditions for more nuclear power projects [2] Group 2: Market Performance and Financial Metrics - In the first half of 2025, the average market price of electricity decreased compared to the same period last year, primarily due to declines in the Guangdong and Guangxi regions [2] - The company experienced a reduction in maintenance days, totaling approximately 414 days, which is a decrease of 109 days year-on-year, attributed to different maintenance types and the application of new technologies [2] - The company achieved a VAT refund of approximately 500 million yuan in the first half of 2025, which represents a decline compared to the previous year [2] Group 3: Financial Health and Taxation - As of June 30, 2025, the company's debt-to-asset ratio was 60.2%, an increase of 0.9 percentage points from the beginning of the year, with expectations of further increases as construction projects progress [3] - The increase in income tax expenses in the first half of 2025 was due to the expiration of tax incentives for certain units and adjustments in VAT refund tax management, which will have a relatively small impact moving forward [3]