Core Viewpoint - China General Nuclear Power Corporation (CGN) announced the commencement of full construction for the Ningde Unit 6 nuclear reactor, marking a significant milestone in its development timeline [1] Group 1: Project Development - The Ningde Unit 6 reactor's first concrete pouring for the main reactor building took place on December 16, 2025, indicating the start of the civil construction phase [1] - The reactor utilizes the Hualong One nuclear technology, with a single unit capacity of 1,210 MW [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 （股份代號：1816） 寧德6號機組開始全面建設 中國廣核電力股份有限公司（「本公司」）董事會（「董事會」）欣然宣佈，本公司合 營企業福建寧德第二核電有限公司的寧德6號機組已於2025年12月16日進行核反 應堆主廠房第一罐混凝土澆築(FCD)，即寧德6號機組於該日開始全面建設，進入 土建施工階段。 中國廣核電力股份有限公司 尹恩剛 CGN Power Co., Ltd.* 中國廣核電力股份有限公司 （在中華人民共和國註冊成立的股份有限公司） 寧德6號機組採用華龍一號核電技術，單台機組容量為1,210MW。 本公司目前無其他任何應披露而未披露的信息。有關本公司信息以本公司在香港 聯合交易所有限公司已發佈的相關公告為準，敬請廣大投資者理性投資，注意投 資風險。 承董事會命 中國，2025年12月16日 於本公告日期，本公司董事會成員包括執行董事為龐松濤先生；非執行董事為楊 長利先生、李歷女士、馮堅先生及劉 ...

| 证券代码：003816 | 证券简称：中国广核 | 公告编号：2025-079 | | --- | --- | --- | | 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 关于宁德 6 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"）的合营企业福 建宁德第二核电有限公司的宁德6号机组已于2025年12月16日进行核反应堆主厂房 第一罐混凝土浇筑（FCD），即宁德6号机组于该日开始全面建设，进入土建施工阶 段。 宁德 6 号机组采用华龙一号核电技术，单台机组容量为 1,210MW。 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16日 ...

Core Viewpoint - China General Nuclear Power Corporation (CGN) has announced the commencement of full construction for the Ningde Unit 6 nuclear reactor, marking a significant milestone in its development timeline [1] Group 1: Project Development - The Ningde Unit 6 reactor's first concrete pour for the main reactor building took place on December 16, 2025, indicating the start of the civil construction phase [1] - The reactor utilizes the Hualong One nuclear technology, which is a key aspect of its design and operational efficiency [1] - The capacity of the Ningde Unit 6 reactor is 1,210 MW, contributing to China's nuclear energy generation capabilities [1]

Core Viewpoint - China General Nuclear Power Corporation (CGN) announced that its joint venture, Fujian Ningde Nuclear Power Co., Ltd., has commenced full construction of the Ningde Unit 6 reactor as of December 16, 2025, marking the start of the civil construction phase [1] Group 1 - The Ningde Unit 6 reactor utilizes the Hualong One nuclear technology [1] - The single unit capacity of Ningde Unit 6 is 1,210 MW [1]

Core Viewpoint - China General Nuclear Power Corporation (CGN) announced that its joint venture, Fujian Ningde Nuclear Power Co., Ltd., has commenced full construction of the Ningde Unit 6 reactor with the first concrete pouring for the main reactor building taking place on December 16, 2025 [1] Group 1 - The Ningde Unit 6 reactor utilizes the Hualong One nuclear technology [1] - The capacity of a single unit is 1,210 MW [1]

Core Viewpoint - China General Nuclear Power Corporation (CGN) has announced the cancellation of its supervisory board and the revision of its articles of association, transferring the supervisory responsibilities to the audit and risk management committee of the board of directors [1] Group 1 - CGN will hold its 15th meeting of the fourth board of directors on August 27, 2025, and the first extraordinary general meeting of shareholders on October 16, 2025 [1] - The company has completed the registration of business changes and the filing of the revised articles of association [1] - The decision to cancel the supervisory board was approved during the meetings [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 CGN Power Co., Ltd.* 中國廣核電力股份有限公司 （在中華人民共和國註冊成立的股份有限公司） （股份代號：1816） 海外監管公告 本公告由中國廣核電力股份有限公司（「本公司」）根據香港聯合交易所有限公司證 券上市規則第13.10B條作出。 以下為本公司於深圳證券交易所網站發佈之《中國廣核電力股份有限公司關於完 成工商變更登記及公司章程備案的公告》，僅供參閱。 承董事會命 中國廣核電力股份有限公司 尹恩剛 財務總監、聯席公司秘書及董事會秘書 中國，2025年12月15日 於本公告日期，本公司董事會成員包括執行董事為龐松濤先生；非執行董事為楊 長利先生、李歷女士、馮堅先生及劉煥冰先生；獨立非執行董事為王鳴峰先生、 李馥友先生及徐華女士。 * 僅供識別 证券代码：003816 证券简称：中国广核 公告编号：2025-078 债券代码：127110 债券简称：广核转债 中国广核电力股份有限公 ...

本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、误导性陈述或重大遗漏。 中国广核电力股份有限公司（以下简称"公司"）于2025年8月27日和2025 年10月16日分别召开第四届董事会第十五次会议及2025年第一次临时股东大会， 均审议通过了《关于审议修订<中国广核电力股份有限公司章程>并取消监事会 的议案》，同意对《中国广核电力股份有限公司章程》（以下简称"《公司章程》"） 的修订，并取消监事会，由公司董事会审计与风险管理委员会行使《中华人民共 和国公司法》规定的监事会职权。具体情况详见公司于2025年8月27日及2025年 10月16日登载于巨潮资讯网（http://www.cninfo.com.cn）、《证券时报》《证券 日报》《上海证券报》《中国证券报》的公告（公告编号2025-056、2025-059、 2025-068），生效后的《公司章程》于2025年10月16日登载于巨潮资讯网 （http://www.cninfo.com.cn）。 证券代码：003816 证券简称：中国广核 公告编号：2025-078 债券代码：127110 债券简称：广核转债 中国广核电力股份有限 ...

Investment Rating - The report maintains a positive outlook on the power sector, particularly following the increase in coal power capacity pricing in Yunnan, which is expected to stabilize revenue for coal power companies [6][8]. Core Insights - Yunnan has announced an increase in the coal power capacity price recovery of fixed costs to 100%, effective from 2026, which will enhance the stability of coal power revenues and support the integration of renewable energy sources [6][7]. - The report highlights a significant drop in natural gas prices in the U.S. and Northeast Asia, with the latter reaching a 20-month low, indicating a favorable environment for gas companies [10][24]. - The investment analysis suggests a diversified revenue model for coal power companies, transitioning from reliance on electricity sales to a combination of electricity, capacity, and ancillary service revenues [8]. Summary by Sections 1. Power Sector - Yunnan's new policy sets the coal power capacity price at 330 RMB per kilowatt per year, allowing full recovery of fixed costs, which is expected to improve the profitability of coal power plants [6][7]. - The province's total installed power capacity exceeds 168 million kilowatts, with over 90% being green energy, necessitating coal power for peak load support [7]. - The report recommends several companies, including Guodian Power and Inner Mongolia Huadian, for their integrated coal power operations [8]. 2. Natural Gas Sector - U.S. Henry Hub spot prices fell to $4.07/mmBtu, a decrease of 21.56% week-on-week, while Northeast Asia LNG prices dropped to $10/mmBtu, down 6.19% [10][11]. - The report notes that strong supply and high inventory levels in Northeast Asia are contributing to the price decline, with expectations of further price sensitivity from buyers as prices approach $10/mmBtu [24][26]. - Investment recommendations include companies like Kunlun Energy and New Hope Energy, which are expected to benefit from lower costs and improved margins [31][32]. 3. Market Performance - The report indicates that the power and equipment sectors outperformed the Shanghai Composite Index during the review period, while the gas and environmental sectors lagged [34]. - It provides a detailed valuation table for key utility companies, highlighting their earnings per share (EPS) and price-to-earnings (PE) ratios [46]. 4. Company and Industry Dynamics - Recent government policies emphasize the development of a clean, low-carbon energy system, with a target of 25% non-fossil energy consumption by 2030 [40][41]. - The report discusses the ongoing transition in the energy sector towards market-driven growth, particularly in new energy storage solutions [41].