| 证券代码：003816 | 证券简称：中国广核 | 公告编号：2025-080 | | --- | --- | --- | | 债券代码：127110 | 债券简称：广核转债 | | 中国广核电力股份有限公司 关于陆丰 2 号机组开始全面建设的公告 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。 中国广核电力股份有限公司（以下简称"公司"或"本公司"）的子公司中广 核陆丰核电有限公司的陆丰2号机组已于2025年12月22日进行核反应堆主厂房第一 罐混凝土浇筑（FCD），即陆丰2号机组于该日开始全面建设，进入土建施工阶段。 陆丰 2 号机组的装机容量为 1,245MW。 本公司目前无其他任何应披露而未披露的信息。有关公司信息以公司在深圳证 券交易所网站（www.szse.cn）及指定信息披露媒体的相关公告为准，敬请广大投 资者理性投资，注意投资风险。 特此公告。 中国广核电力股份有限公司董事会 2025年12月22日 ...

每经AI快讯，12月22日，中国广核公告，子公司中广核陆丰核电有限公司的陆丰2号机组已于2025年12 月22日进行核反应堆主厂房第一罐混凝土浇筑（FCD），即陆丰2号机组于该日开始全面建设，进入土 建施工阶段。陆丰2号机组的装机容量为1,245MW。 ...

Core Viewpoint - China General Nuclear Power Corporation (CGN) announced a delay in the expected operational dates for its Huizhou Units 1 and 2, which utilize the Hualong One technology, moving the projected operational start from the second half of 2025 and the first half of 2026 to the first half of 2026 and the second half of 2026 respectively [1] Group 1 - The Huizhou Units 1 and 2 began construction on December 26, 2019, and October 15, 2020, respectively [1] - Both units are currently in the debugging phase as of the announcement date [1]

Investment Rating - The report does not explicitly state an overall investment rating for the industry, but it provides specific recommendations for various sectors within the energy industry, indicating a positive outlook for certain companies and sectors [2][3]. Core Insights - The report highlights a slowdown in electricity generation growth in November 2025, with total generation at 779.2 billion kWh, a year-on-year increase of 2.7%. The growth was primarily driven by hydropower and wind power, while thermal power saw a decline [5][6]. - Natural gas prices in the U.S. and Europe have shown slight fluctuations, with U.S. Henry Hub spot prices at $3.58/mmBtu, reflecting a 12.1% weekly decline. Northeast Asia's LNG prices have also decreased, reaching $9.50/mmBtu, marking a 5% drop [18][19]. - The report emphasizes the increasing contribution of renewable energy sources, particularly wind and solar, to the overall electricity generation mix, with significant year-on-year growth rates [6][12]. Summary by Sections 1. Electricity Generation - November 2025 saw total electricity generation of 779.2 billion kWh, up 2.7% year-on-year. Thermal power generation decreased by 4.2% to 497.0 billion kWh, while hydropower increased by 17.1% to 96.7 billion kWh. Wind power grew by 22.0% to 104.6 billion kWh, and solar power rose by 23.4% to 41.2 billion kWh [5][7]. - From January to November 2025, total electricity generation reached 88,567 billion kWh, a 2.4% increase year-on-year, with significant contributions from hydropower, nuclear, wind, and solar energy [12][13]. 2. Natural Gas Market - As of December 19, 2025, U.S. Henry Hub spot prices were $3.58/mmBtu, down 12.1% from the previous week. European gas prices showed slight increases, with the Dutch TTF price at €28.10/MWh, up 2.0% [18][19]. - The report notes that the supply of natural gas remains high, with U.S. production at historical levels, contributing to the downward pressure on prices [18][19]. 3. Investment Recommendations - For thermal power, companies like Guodian Power and Inner Mongolia Huadian are recommended due to their integrated coal and power operations. For hydropower, companies such as Yangtze Power and State Power Investment Corporation are highlighted for their potential in the upcoming winter and spring [16][38]. - In the nuclear sector, China National Nuclear Power and China General Nuclear Power are suggested as key players due to their stable cost structures and growth potential [16][38]. - Renewable energy operators like Xinneng Green Energy and Longyuan Power are recommended as the market for green certificates and environmental values continues to grow [16][38].

Investment Rating - The report maintains a positive outlook on the power and environmental sectors, indicating a favorable investment environment [1]. Core Insights - The report highlights a slowdown in electricity generation growth in November, with a total generation of 779.2 billion kWh, a year-on-year increase of 2.7%. The contribution from hydropower and wind power is significant, while thermal power shows a decline [7][9]. - Natural gas prices in the US and Europe have shown slight fluctuations, with Northeast Asia's LNG prices continuing to decline, reaching $9.50/mmBtu, the lowest since May 2024 [21][34]. - The report suggests various investment opportunities across different sectors, including thermal power, hydropower, nuclear power, green energy, and gas companies, emphasizing the importance of diversified revenue streams [19][41]. Summary by Sections 1. Electricity: November Generation Growth Slows, Hydropower and Wind Power Contribute Incrementally - November electricity generation totaled 779.2 billion kWh, with thermal power decreasing by 4.2% year-on-year, while hydropower increased by 17.1%, nuclear power by 4.7%, wind power by 22.0%, and solar power by 23.4% [7][9]. - The overall growth rate of electricity generation has slowed compared to the previous month, with hydropower and wind power contributing significantly to the incremental generation [8][9]. 2. Natural Gas: Global Gas Prices Show Minor Fluctuations, Asian and US Prices Continue to Decline - As of December 19, the Henry Hub spot price in the US was $3.58/mmBtu, down 12.10% week-on-week, while the TTF spot price in Europe was €28.10/MWh, up 2.00% [21][22]. - The report notes that the LNG ex-factory price in China was 4030 yuan/ton, a decrease of 3.70% week-on-week, indicating a trend of declining costs in the natural gas sector [39]. 3. Weekly Market Review - The public utility and electricity sectors underperformed compared to the CSI 300 index, while the gas and environmental sectors outperformed [44]. 4. Company and Industry Dynamics - The report discusses various company announcements and industry developments, including stable coal production and increased oil production rates, as well as significant investments in energy projects [46][48].

Investment Rating - The report maintains a "Positive" outlook for the utility sector [4] Core Views - The growth rate of electricity generation is slowing down, while coal prices continue to decline [2] - The utility sector is seen as a defensive asset with low valuations, making it attractive for investment [7] - The report emphasizes the need for further market-oriented pricing reforms to support the integration of renewable energy [7] Summary by Sections Electricity Generation - In November 2025, the electricity generation of large-scale power plants increased by 2.7% year-on-year, but the growth rate decreased by 5.2 percentage points compared to October 2025 [10] - The growth of renewable energy generation significantly improved, with wind power increasing by 22.0% and solar power by 23.4% year-on-year [10] - The report notes that the growth of hydropower decreased but remained high, while thermal power generation turned negative with a decline of 4.2% [10] Coal Prices - Port coal prices have been declining, with the Qinhuangdao port's Q5500 coal price at 703 RMB/ton, down 5.6% week-on-week [16] - The report indicates that high coal inventories and low demand from downstream power plants are contributing to the price drop [7] - The report anticipates that the decline in spot coal prices may gradually narrow due to improved acceptance from power plants [7] Investment Recommendations - The report suggests focusing on utility stocks, particularly in thermal power, hydropower, and nuclear power sectors, highlighting specific companies such as Huadian International and China General Nuclear Power [7] - It recommends investing in high-quality hydropower companies due to their low cost per kilowatt-hour and stable business models [7] - The report also notes the potential for growth in wind and solar sectors under carbon neutrality expectations [7] Market Performance - The utility sector index fell by 0.6%, underperforming the CSI 300 index by 0.3 percentage points [41] - Among sub-sectors, hydropower, thermal power, and wind power saw declines, while solar power showed a slight increase of 0.9% [43]

Core Viewpoint - The acceleration of China's green and low-carbon energy transition is highlighted by the commencement of full construction of the Ningde Unit 6 nuclear power plant by China General Nuclear Power Corporation (CGN) [1][2]. Group 1: Nuclear Power Plant Developments - The Ningde Unit 6 has entered the civil construction phase as of December 16, 2025, marking the start of its full construction [2]. - Since 2025, CGN has announced the full construction of three nuclear power units with a total installed capacity of 3669 MW, all utilizing the Hualong One nuclear technology [1][3]. - The Ningde nuclear project is planned to have six million-kilowatt nuclear units, implemented in two phases, with Units 5 and 6 approved for construction on July 31, 2023 [3]. Group 2: Hualong One Technology - The Hualong One technology is a third-generation nuclear power technology with independent intellectual property rights, developed based on over 30 years of experience in nuclear power station design, construction, and operation in China [5]. - Each Hualong One unit has an annual electricity generation capacity of nearly 10 billion kilowatt-hours, equivalent to reducing coal consumption by over 3.05 million tons and cutting CO2 emissions by over 9.24 million tons [5]. Group 3: Industry Growth and Regulatory Approvals - The National Energy Administration announced that 10 new nuclear power units have been approved for construction, with a total of 112 units in operation or under construction, and a total installed capacity of 125 million kilowatts [4]. - CGN is actively preparing for the construction of the newly approved units, which also utilize Hualong One technology, with capacities ranging from 1200 MW to 1208 MW for different units [4]. Group 4: Financial Performance - In the first three quarters of 2025, CGN reported a revenue of 59.723 billion yuan, a decrease of 4.09% year-on-year, and a net profit attributable to shareholders of 8.576 billion yuan, down 14.14% year-on-year [6]. - Despite the decline in revenue and profit, the total electricity generated by CGN's operational nuclear units increased by 3.17% year-on-year, indicating growth in operational efficiency [6]. Group 5: Leadership Changes - High Li Gang, the former president of CGN, has retired, and Pang Songtao has been appointed as the new president, bringing over 30 years of experience in the nuclear power industry [9].

Core Viewpoint - China General Nuclear Power Corporation (CGN) has announced the commencement of full construction for the Ningde Unit 6 nuclear power plant, marking a significant milestone in its project timeline [1] Group 1: Project Details - The Ningde Unit 6 nuclear power plant is being developed by Fujian Ningde Second Nuclear Power Co., Ltd., a joint venture of CGN [1] - The construction began with the first concrete pouring for the reactor building on December 16, 2025 [1] - The plant will utilize the Hualong One nuclear technology, with a single unit capacity of 1,210 MW [1] Group 2: Company Assurance - The company and its board members guarantee the authenticity, accuracy, and completeness of the disclosed information, ensuring there are no false records or significant omissions [1] - CGN has stated that there is no other undisclosed information that requires disclosure at this time [1]

Group 1 - Dongjie Intelligent is planning a major asset restructuring and will suspend trading from December 17, 2025, as it aims to acquire controlling stakes in Aobo (Beijing) Intelligent Technology Co., Ltd. through a share issuance and cash payment [2] - Jiamei Packaging's controlling shareholder is set to change to Zhuyue Hongzhi, with trading resuming on December 17, 2025, after signing a share transfer agreement involving 279 million shares, representing 29.9% of the total share capital, at a price of 4.45 yuan per share, totaling 1.243 billion yuan [3][4] - After the completion of the equity change, the controlling shareholder will be Zhuyue Hongzhi, and the actual controller will be Yu Hao [5] Group 2 - Several companies, including Shanghai Port Group, have undergone leadership changes, with new appointments made for board chairman positions [7][8] - Dongfang Zhizao is planning to transfer approximately 14.33% of its shares, which may lead to a change in control, and its stock has been suspended since December 15, 2025 [10] - Zhonghang Chengfei is planning to invest approximately 422 million yuan in a space equipment assembly base project, which is crucial for the production of aerospace equipment [11] Group 3 - Zhongke Electric is set to invest approximately 7 billion yuan in a lithium-ion battery anode material project in Sichuan, with the first phase aiming for an annual production capacity of 200,000 tons [12] - Woler Nuclear Materials plans to invest up to 1.5 billion yuan in expanding its production base in Guangdong and Vietnam, focusing on new facilities and equipment [13] - China General Nuclear Power has commenced construction on the Ningde Unit 6, utilizing the Hualong One nuclear technology with a capacity of 1210 MW [14] Group 4 - The company Jiayuan Technology has received a notice of lifting the investigation order against its chairman, indicating normal operations [17] - Huayou Cobalt has signed a binding memorandum with a well-known international client for the supply of 79,600 tons of ternary precursor products, which is expected to positively impact future performance [17] - Tianfulong plans to increase its investment in its wholly-owned subsidiary by 580 million yuan to enhance its capital structure [18]

Group 1 - The core point of the news is that the construction of the No. 6 unit of the Ningde Nuclear Power Plant by China General Nuclear Power Group (CGN) has officially commenced with the completion of the first concrete pouring for the nuclear island [2][4] - The Ningde Nuclear Power Project is located in Fujian Province and plans to build six 1 million kilowatt nuclear power units, implemented in two phases. The second phase includes units 5 and 6, which received national approval on July 31, 2023, and both utilize China's independently developed third-generation nuclear technology, "Hualong One" [2][5] - The total volume of concrete poured for the No. 6 unit's nuclear island is approximately 8,819.2 cubic meters, taking about 55 hours to complete. The project team has leveraged past experiences from CGN's "Hualong One" unit construction to address challenges such as limited site space and complex geological conditions [4] Group 2 - The overall construction of the second phase of the Ningde Nuclear Power Project is progressing smoothly, with the No. 5 unit having entered the peak construction phase [5] - Official data indicates that China has approved the construction of 10 new nuclear power units this year, bringing the total number of operational and under-construction nuclear power units to 112, with a total installed capacity of 125 million kilowatts [5]