Investment Rating - The report maintains a "Positive" investment rating for the utility sector [4] Core Views - Electricity consumption growth remains high, but there are signs of pressure on long-term contract electricity prices due to falling coal prices and high inventory levels [7] - The utility sector is viewed as a defensive asset, with low-priced utility assets worth attention [7] - The report suggests that the electricity market will gradually allow for better pricing of electricity attributes to support the complex new power system [7] Summary by Sections Electricity Consumption - In November 2025, total electricity consumption increased by 6.2% year-on-year, a recovery from October's 4.2 percentage point decline, with a cumulative growth of 1.0% for January to November 2025 [10] - The growth rates for different sectors in November 2025 were: primary industry +7.9%, secondary industry +4.4%, tertiary industry +10.3%, and residential consumption +9.8% [10] - The report anticipates that December 2025 will see electricity consumption growth maintain around 5-6% due to ongoing growth in sectors like charging services and information technology [10] Electricity Prices - From December 19 to December 26, 2025, the average clearing price in Guangdong's electricity market was 308 RMB/MWh, up by 3.9% year-on-year [21] - In contrast, Shanxi's average market price dropped to 179 RMB/MWh, down 54.9% year-on-year [21] Coal Prices - Port coal prices continue to decline, with the Qinhuangdao Q5500 coal price at 672 RMB/ton, down 4.4% week-on-week [24] - The report notes a divergence in pit coal prices, with Shanxi's Q5500 coal price stable at 550 RMB/ton, while Inner Mongolia's price fell by 1.7% [24] Hydrology - The Three Gorges Reservoir's water level was 171 meters, with a year-on-year increase of 3.1 meters, while inflow rates decreased by 13.7% year-on-year [31] Market Performance - The utility sector index rose by 0.8% but underperformed compared to the Shanghai and Shenzhen 300 index, which increased by 1.9% [40] - Among sub-sectors, gas showed the highest weekly increase at +2.6%, while hydropower decreased by 0.8% [42] Investment Recommendations - The report recommends focusing on utility stocks, particularly in thermal power, hydropower, and nuclear power, citing improved business models and growth potential [7]

Investment Rating - The industry investment rating is "Recommended" (maintained) [2] Core Viewpoints - In November, electricity consumption increased by 6.2% year-on-year, with total electricity consumption reaching 835.6 billion kilowatt-hours [6] - The report highlights a shift in electricity generation, with thermal power output declining while hydropower and renewable energy sources like nuclear, solar, and wind power showed growth [6] - The report suggests that the demand for electricity across various industries has remained stable, with significant growth in sectors such as high-tech and equipment manufacturing [6] Summary by Relevant Sections Electricity Generation Data - In November, the industrial electricity generation was 779.2 billion kilowatt-hours, a year-on-year increase of 2.7%. The average daily generation was 25.97 billion kilowatt-hours [6] - For the first eleven months, the total industrial electricity generation was 8,856.7 billion kilowatt-hours, up 2.4% year-on-year [6] - Breakdown of generation types in November: - Thermal power decreased by 4.2% year-on-year - Hydropower increased by 17.1% - Nuclear power grew by 4.7% - Wind power increased by 22.0% - Solar power surged by 23.4% [6] Electricity Consumption Data - Total electricity consumption for the first eleven months was 94,602 billion kilowatt-hours, reflecting a year-on-year growth of 5.2% [6] - Breakdown of consumption by sector in November: - Primary industry: 11.3 billion kilowatt-hours, up 7.9% - Secondary industry: 5,654 billion kilowatt-hours, up 4.4% - Tertiary industry: 1,532 billion kilowatt-hours, up 10.3% - Urban and rural residential consumption: 105.7 billion kilowatt-hours, up 9.8% [6] Investment Recommendations - The report recommends focusing on companies in the thermal and renewable energy sectors, including Huaneng International, Huadian International, Guodian Power, and Datang Power, as well as hydropower companies like Huaneng Hydropower and State Power Investment Corporation [6]

Core Viewpoint - The loading of nuclear fuel into Unit 1 of the Taipingling Nuclear Power Plant marks a significant transition from construction to the nuclear commissioning phase, which is crucial for achieving grid connection and power generation [1]. Group 1: Project Overview - The Taipingling Nuclear Power Plant utilizes China's self-developed third-generation nuclear technology, "Hualong One," and is the first "Hualong One" nuclear power base in the Guangdong-Hong Kong-Macao Greater Bay Area [1]. - The project plans to construct a total of six "Hualong One" units, with a total investment of approximately 120 billion yuan [1].

宁波华翔：华翔启源与大寰机器人签订战略合作协议在灵巧手的研发等领域加强合作 宁波华翔公告，2025年12月22日，宁波华翔电子股份有限公司子公司宁波华翔启源科技有限公司与深圳 市大寰机器人科技有限公司共同签订了《战略合作协议》，为加快建设通用机器人产业，推动通用机器 人供应链示范和产品创新双驱动，本着依法合规、优势互补、友好协商、互利共赢的原则，双方拟在通 用人形机器人灵巧手的研发、制造和销售等领域加强合作。本协议无需提交公司董事会或者股东大会审 议，公司将根据后续合作业务的进展情况依法依规及时履行相应的决策程序及信息披露义务。 登录新浪财经APP 搜索【信披】查看更多考评等级 12月22日，旭升集团实际控制人变更为广州市人民政府；凌云光拟不超过500万美元认购智谱香港 IPO；华翔启源与大寰机器人签订战略合作协议，在灵巧手的研发等领域加强合作…… 以下是盘后公告精选： 旭升集团：实际控制人变更为广州市人民政府股票复牌 旭升集团公告，公司控股股东、实际控制人徐旭东及其一致行动人正在筹划涉及所持有公司股份转让事 宜，该事项可能导致公司控制权变更。2025年12月22日，徐旭东、陈兴方、旭晟控股、旭日实业与广州 ...

Group 1 - Linyi Intelligent Manufacturing plans to acquire 35% equity of Limin Technology for 875 million yuan, gaining control with a total voting power of 52.78% [4] - Sanhua Intelligent Control expects a net profit growth of 25.00% to 50.00% in 2025, driven by its leading position in the HVAC components market and expansion in the automotive parts sector [14] - China General Nuclear Power has commenced full construction of the Lufeng Unit 2, with a capacity of 1245 MW, marking a significant step in its nuclear power development [11] Group 2 - Yipin Pharmaceutical's controlling shareholder plans to transfer 9.07% equity of Arthrosi to the company to support its development in gout treatment [2] - Changfei Fiber indicates that the demand for optical fiber and cable products remains under pressure despite some market improvements [2] - Aolian Electronics is planning a change in control, leading to a temporary suspension of its stock trading [3][19] Group 3 - ChaoSheng Electronics intends to invest 1.008 billion yuan in upgrading its high-performance HDI printed circuit board production capacity [6] - Nanya New Materials plans to raise up to 900 million yuan for the development of advanced high-frequency copper-clad laminates [10] - Hualian Holdings aims to acquire 100% of Argentum Lithium S.A. for approximately 1.75 billion USD to enter the lithium extraction business [12][13]

Core Viewpoint - The article highlights the recent construction milestones of nuclear power projects in Guangdong and Guangxi, reflecting China's commitment to the safe and orderly development of nuclear energy [5]. Group 1: Project Developments - On December 22, 2025, the Guangdong Lufeng Nuclear Power Project Unit 2 commenced construction with the completion of the first concrete pour for the nuclear island [3]. - The Lufeng project plans to build six million-kilowatt pressurized water nuclear reactors, with four units already approved. Units 5 and 6 started construction in September 2022 and August 2023, respectively, while Units 1 and 2 received national approval in August 2024 [3][4]. - On the same day, the Guangxi Bailong Nuclear Power Project Unit 1 also began construction with the first concrete pour for its nuclear island, marking the start of its first-phase project [3]. Group 2: Investment and Capacity - The total investment for the two new nuclear units is estimated to be around 40 billion yuan (approximately 400 million) based on the average investment of 20 billion yuan per unit for third-generation nuclear reactors [4]. - The Guangxi Bailong project is designed to have a total installed capacity of 8.62 million kilowatts, with each unit having a capacity of 1.25 million kilowatts [3]. Group 3: Policy Context - These developments are part of China's broader strategy to "actively and safely develop nuclear power," as reiterated in the national energy work meeting held on December 15, which emphasized increasing the share of renewable energy and advancing major hydropower projects [5].

Core Viewpoint - The recent developments in nuclear power projects in Guangdong and Guangxi reflect China's commitment to the "active, safe, and orderly development of nuclear power" strategy [4]. Group 1: Project Developments - On December 22, Guangdong's second unit of the Lufeng Nuclear Power Project began construction with the completion of the first concrete pour for the nuclear island, marking the official start of the main engineering work [2]. - The Lufeng Nuclear Power Project in Guangdong plans to build six 1 million kilowatt pressurized water reactor units, with four units already approved [2]. - On the same day, the first unit of the Bailong Nuclear Power Project in Guangxi also commenced construction, with the first concrete pour for the nuclear island [2]. - The Bailong Nuclear Power Project plans to construct six units with a total installed capacity of 8.62 million kilowatts and an estimated total investment of approximately 120 billion yuan [2]. Group 2: Investment and Technology - The total investment for the two new nuclear units (Lufeng 2 and Bailong 1) is estimated to be nearly 40 billion yuan, as each third-generation nuclear unit has an investment of about 20 billion yuan [2]. - The first unit of the Bailong project will utilize domestically designed third-generation advanced nuclear technology, with a single unit capacity of 1.25 million kilowatts [2]. Group 3: Future Plans - In 2025, the company plans to start six new nuclear power units, including the Lufeng 1 unit, Taipingling 3 unit, Zhaoyuan 1 unit, San'ao 3 unit, and Ningde 6 unit [3].

Core Viewpoint - The Guangdong Lufeng Nuclear Power Project's Unit 2 has officially commenced construction with the completion of the first concrete pour for the nuclear island, marking a significant milestone for China General Nuclear Power Group (CGN) [1][3]. Group 1: Project Details - The total volume of concrete poured for the nuclear island is approximately 6,635 cubic meters, with the pouring process lasting about 64 hours [1][3]. - The Lufeng Nuclear Power Project is planned to construct six million-kilowatt pressurized water reactor units, with four units already approved for construction [1][3]. Group 2: Construction Techniques - The construction of Unit 2 will leverage experiences from previous projects and promote the use of new processes, tools, and materials [3]. - The project employs modular construction techniques that utilize factory prefabrication and on-site assembly, enhancing engineering precision, quality management, and efficiency while reducing on-site operational risks [3]. - Advanced technologies such as BIM (Building Information Modeling), 3D scanning, and digital simulation are integrated to optimize construction plans and enable comprehensive visual management throughout the process [3]. Group 3: Smart Construction - The project aims to create a "smart construction site" by utilizing cutting-edge technologies like 5G networks, cloud computing, big data, and the Internet of Things for real-time intelligent monitoring and management of core elements such as personnel, machinery, materials, methods, and environment [3]. Group 4: Overall Progress - The overall construction of the Lufeng Nuclear Power Project is progressing smoothly, with Unit 1 already at its peak construction phase, while Units 5 and 6 have completed dome lifting and are fully engaged in equipment installation [3]. - In addition to the Lufeng project, CGN plans to start construction on five new nuclear power units by 2025, including units in Shandong, Zhejiang, and Fujian [3].

Core Viewpoint - The completion of the first concrete pouring for the nuclear island of the Guangdong Lufeng Nuclear Power Project Unit 2 marks the official commencement of the main construction of the unit, reflecting the company's commitment to advancing major energy projects and boosting economic growth through effective investment [1][5]. Group 1: Project Overview - The Lufeng Nuclear Power Project is located in Shanwei City, Guangdong Province, with plans to construct six million-kilowatt pressurized water reactor units, of which four have been approved [3]. - Units 5 and 6 began construction on September 8, 2022, and August 26, 2023, respectively, while Units 1 and 2 received national approval on August 19, 2024, with Unit 1 expected to start construction on February 24, 2025 [3]. Group 2: Construction Techniques and Innovations - The project employs modular construction techniques that utilize factory prefabrication and on-site assembly, significantly enhancing engineering precision, quality management, and work efficiency while reducing on-site operational risks [4]. - Advanced technologies such as BIM (Building Information Modeling), 3D scanning, and digital simulation are integrated to optimize construction plans and enable comprehensive visual management throughout the process [4]. Group 3: Technological Integration and Safety - The "smart construction site" leverages cutting-edge technologies like 5G networks, cloud computing, big data, and the Internet of Things to monitor and manage core elements in real-time, thereby improving safety levels and management capabilities [4]. - This transformation towards high-end, intelligent, and green nuclear power construction supports the company's goal of becoming a globally competitive clean energy enterprise [4]. Group 4: Strategic Importance - The commencement of this project aligns with the central economic work conference's directives, emphasizing effective investment to expand domestic demand and implement major projects [5]. - In 2025, the company plans to start five new nuclear power units, including those in Guangdong, Shandong, Zhejiang, and Fujian, contributing to energy supply stability and economic growth [5].

【中广核广东陆丰核电项目2号机组主体工程开工】智通财经12月22日电，中国广核集团广东陆丰核电 项目2号机组22日完成核岛第一罐混凝土浇筑（FCD），标志着该机组主体工程正式开工。连同今年已 开工的广东陆丰核电1号机组、山东招远核电1号机组、浙江三澳核电3号机组及福建宁德核电6号机组， 中广核2025年共新开工5台核电机组。 转自：智通财经 转自：智通财经 【中广核广东陆丰核电项目2号机组主体工程开工】智通财经12月22日电，中国广核集团广东陆丰核电 项目2号机组22日完成核岛第一罐混凝土浇筑（FCD），标志着该机组主体工程正式开工。连同今年已 开工的广东陆丰核电1号机组、山东招远核电1号机组、浙江三澳核电3号机组及福建宁德核电6号机组， 中广核2025年共新开工5台核电机组。 ...