Investment Rating - The report provides a "Buy" rating for several companies in the power and gas sectors, indicating a positive outlook for their performance [41]. Core Insights - The report highlights the recent adjustments in the value-added tax (VAT) policies for wind and nuclear power, which may impact profitability for operators in these sectors [9][10]. - It notes the competitive pricing results for electricity in Xinjiang and Gansu, with Xinjiang's prices nearing the upper limit of the bidding range, suggesting a favorable environment for renewable energy operators [8]. - The report discusses the decline in global LNG prices, with China's comprehensive LNG import price reaching a four-year low, which could benefit domestic gas companies [12][27]. Summary by Sections 1. Power Sector - Xinjiang's mechanism electricity bidding results show a scale of 36 billion kWh for solar and 185 billion kWh for wind, with prices at 0.235 CNY/kWh and 0.252 CNY/kWh respectively, indicating a competitive market [5][8]. - The VAT policy changes will eliminate the 50% VAT refund for onshore wind from November 1, 2025, while maintaining it for offshore wind until the end of 2027 [9][10]. - Recommendations include focusing on companies like Guodian Power, China Nuclear Power, and Longyuan Power due to their stable growth prospects [11]. 2. Gas Sector - Global gas prices have shown slight declines, with the US Henry Hub price at $2.82/mmBtu, reflecting a 2.90% weekly drop [12][15]. - China's LNG import price has dropped to 2852 CNY/ton, the lowest since mid-2021, driven by lower oil prices affecting long-term contracts [27][29]. - The report suggests a positive outlook for gas companies like Kunlun Energy and New Hope Energy, as cost reductions and economic recovery may enhance profitability [29]. 3. Environmental Sector - The report emphasizes the benefits of debt-for-equity swaps and the increasing stability of returns for green energy operators, recommending companies like China Everbright Environment and Hongcheng Environment [11]. - It highlights the ongoing rise in SAF (Sustainable Aviation Fuel) prices, suggesting investment opportunities in related companies [11]. 4. Key Company Valuations - The report includes a valuation table for key companies, with several rated as "Buy," indicating strong expected performance in the coming years [41].

东吴证券近日发布公用事业行业跟踪周报：25年8月电网代购电价同比下降2%、环比上 升1.3%。煤价：截至2025/10/17，动力煤秦皇岛5500卡平仓价748元/吨，周环比上升39元/ 吨。2025M1-7全社会用电量5.86万亿千瓦时（同比+4.5%），其中，第一产业、第二产业、 第三产业、居民城乡用电分别同比+10.8%、+2.8%、+7.8%、+4.1%。2025M1-7年累计发电 量5.47万亿千瓦时（同比+1.3%），其中火电、水电、核电、风电、光伏分 别-1.3%、-4.5%、+10.8%、+10.4%、+22.7%。 行业核心数据跟踪：电价：25年8月电网代购电价同比下降2%、环比上升1.3%。煤价： 截至2025/10/17，动力煤秦皇岛5500卡平仓价748元/吨，周环比上升39元/吨。水情：截至 2025/10/17，三峡水库站水位170.55米，2021、2022、2023、2024年同期水位分别为173米、 158米、175米、164米，蓄水水位正常。三峡水库站入库流量16000立方米/秒，同比上升 48.15%，三峡水库站出库流量14600立方米/秒，同比上升102.78%。用电量 ...

Investment Rating - The report maintains a positive outlook on the power and gas sectors, highlighting potential investment opportunities in renewable energy and gas companies [3][12]. Core Insights - The report emphasizes the recent adjustments in value-added tax policies for wind and nuclear power, which may impact profitability in the short to medium term [10][11]. - It notes the significant drop in LNG import prices, reaching a four-year low, which could benefit gas companies and consumers [13][29]. - The report suggests that the competitive bidding results for electricity prices in Xinjiang and Gansu indicate varying strategies among renewable energy operators, which could lead to improved profit margins [9][12]. Summary by Sections 1. Power Sector - Xinjiang's competitive bidding results show a mechanism electricity price of 0.252 CNY/kWh for wind power, close to the upper limit, while Gansu's price is 0.1954 CNY/kWh, near the lower limit [5][9]. - The adjustment of the value-added tax policy for onshore wind power, effective November 1, 2025, will eliminate the 50% refund policy, while offshore wind will retain it until the end of 2027 [10][11]. - Recommendations include focusing on companies like Guodian Power, Sichuan Investment Energy, and China Nuclear Power due to their stable growth prospects [12]. 2. Gas Sector - The report highlights a slight decline in global gas prices, with the US Henry Hub price at $2.82/mmBtu, down 2.90% week-on-week, and LNG import prices in China dropping to 2852 CNY/ton, the lowest since mid-2021 [13][29]. - It suggests that the cost reduction in upstream resources and the recovery of the macro economy will benefit Hong Kong gas companies like Kunlun Energy and New Hope Energy [31]. - The report anticipates that the LNG prices may stabilize as demand increases with the onset of colder weather [29][31]. 3. Weekly Market Review - The public utility, power, gas, and environmental protection sectors outperformed the CSI 300 index during the week of October 13-17, 2025 [35]. - The report notes that the power equipment sector lagged behind the index, indicating potential investment opportunities in other sectors [35]. 4. Company and Industry Dynamics - The report discusses the upcoming competitive bidding for renewable energy projects in Anhui, with a bidding range set between 0.2 CNY/kWh and 0.3844 CNY/kWh [41][42]. - It highlights the performance of major companies, such as China General Nuclear Power and Longyuan Power, which reported varying results in their electricity generation [43][44].

Core Viewpoint - China General Nuclear Power Corporation (CGN) has established a new nuclear power company, with a registered capital of 100 million yuan, indicating a strategic expansion in the nuclear energy sector [1] Group 1 - The newly established company is named CGN Guangdong East (Lufeng) Nuclear Power Co., Ltd [1] - The business scope of the new company includes sales of generators and generator sets, as well as sales of mechanical equipment [1] - CGN holds 100% ownership of the new company, reflecting its commitment to the nuclear power industry [1]

Investment Rating - The report maintains an "Overweight" rating for the utility sector, specifically recommending investment in JianTou Energy and other undervalued thermal power assets, as well as opportunities in charging stations and photovoltaic sectors [1]. Core Insights - JianTou Energy's Q3 2025 performance is highlighted, with a projected net profit of approximately 1.583 billion yuan, representing a year-on-year increase of 232%. The Q3 net profit alone is expected to be around 686 million yuan, a staggering increase of 566% year-on-year [4]. - The National Development and Reform Commission (NDRC) has issued a plan to double the service capacity of electric vehicle charging facilities by 2027, aiming to establish 28 million charging facilities nationwide [4]. - The NDRC has also released a draft for implementing minimum renewable energy consumption targets, which will enhance the share of renewable energy in electricity consumption through various means [4]. Industry Data Tracking - **Electricity Prices**: In August 2025, the average grid purchase price decreased by 2% year-on-year but increased by 1.3% month-on-month, averaging 388 yuan/MWh [39]. - **Coal Prices**: As of October 17, 2025, the price of thermal coal at Qinhuangdao was 748 yuan/ton, reflecting a year-on-year decrease of 10.95% but a week-on-week increase of 39 yuan/ton [44][45]. - **Water Conditions**: The water level at the Three Gorges Reservoir was 170.55 meters as of October 17, 2025, with inflow and outflow rates increasing by 48.15% and 102.78% year-on-year, respectively [53]. - **Electricity Consumption**: From January to July 2025, total electricity consumption reached 5.86 trillion kWh, a year-on-year increase of 4.5% [14]. - **Power Generation**: The cumulative power generation from January to July 2025 was 5.47 trillion kWh, with a year-on-year increase of 1.3%. Thermal and hydropower generation saw declines of 1.3% and 4.5%, respectively [22]. - **Installed Capacity**: As of the first half of 2025, new installed capacity for thermal power was 25.78 million kW, a year-on-year increase of 41.3% [47]. Investment Recommendations - **Thermal Power**: Focus on undervalued thermal power investments, particularly in the Beijing-Tianjin-Hebei region, with recommendations for JianTou Energy, Jingneng Power, and Datang Power [4]. - **Charging Station Equipment**: Suggested investments in companies like Teruid and Shenghong Co., Ltd. [4]. - **Photovoltaic and Charging Station Assets**: Potential for value reassessment in photovoltaic and charging station assets due to market dynamics [4]. - **Green Energy**: Emphasis on the recovery of asset quality and growth potential in green energy, with recommendations for Longyuan Power, Zhongmin Energy, and others [4]. - **Hydropower**: Highlighting the low cost and strong cash flow of hydropower, with recommendations for Changjiang Power [4]. - **Nuclear Power**: Continued growth in nuclear power with recommendations for China Nuclear Power and China General Nuclear Power [4].

Core Viewpoint - China General Nuclear Power Corporation (CGN) has experienced a decline in stock price and revenue, with a notable decrease in net profit year-on-year, indicating potential challenges in its financial performance and market position [1][2]. Financial Performance - As of June 30, CGN reported a revenue of 39.167 billion yuan, a year-on-year decrease of 0.53%, and a net profit attributable to shareholders of 5.952 billion yuan, down 16.28% compared to the previous year [2]. - The company's stock price has decreased by 3.84% year-to-date, with a slight increase of 1.31% over the last five trading days and a 4.30% increase over the last 20 days [1]. Shareholder Information - As of June 30, CGN had 236,300 shareholders, a decrease of 1.50% from the previous period, with an average of 168,532 circulating shares per shareholder, an increase of 1.53% [2]. - The company has distributed a total of 26.057 billion yuan in dividends since its A-share listing, with 13.938 billion yuan distributed over the last three years [3]. Stock Market Activity - On October 20, CGN's stock price was 3.88 yuan per share, with a trading volume of 1.79 billion yuan and a turnover rate of 0.12% [1]. - The net outflow of main funds was 16.7372 million yuan, with significant buying and selling activity from large orders [1]. Business Overview - CGN, established on March 25, 2014, and listed on August 26, 2019, is primarily engaged in the construction, operation, and management of nuclear power plants, with 78.27% of its revenue coming from electricity sales [1]. - The company operates within the public utility sector, specifically in the electricity and nuclear power generation industry, and is involved in various concept sectors including green electricity and nuclear pollution prevention [1].

Investment Rating - The report maintains a "Buy" rating for the power sector, emphasizing the potential for upward performance in specific stocks [5][9]. Core Insights - The report highlights that Q3 performance for thermal power is improving, with coal prices rebounding, which enhances expectations for stable electricity prices. The average coal price at ports was 673 RMB/ton in Q3, down 180 RMB/ton year-on-year, but has recently increased to 739 RMB/ton [5][14]. - Hydropower is expected to benefit from improved autumn rainfall, with significant increases in inflow and outflow at the Three Gorges Dam, showing a 48.15% and 102.78% year-on-year increase respectively [5][14]. - Adjustments in tax policies for wind and nuclear power are noted, with offshore wind power receiving a 50% VAT refund policy from November 1, 2025, while onshore wind will no longer enjoy VAT refunds [3][4][14]. Summary by Sections Industry Overview - The Shanghai Composite Index fell by 1.47% and the CSI 300 Index decreased by 2.22% during the week of October 13-17, 2025. The CITIC Power and Utilities Index decreased by 0.43%, outperforming the CSI 300 by 1.79 percentage points [5][63]. Thermal Power - Q3 results for thermal power are on an upward trend, with a notable increase in expected profits for companies like Jiantou Energy, which anticipates a 232% increase in net profit [5][14]. - The report emphasizes the importance of coal price stability for maintaining electricity price expectations for 2026 [5][14]. Hydropower - The report notes significant improvements in hydropower due to favorable autumn rainfall, with a focus on the increased inflow and outflow at the Three Gorges Dam [5][14]. Wind and Nuclear Power - The report discusses the new tax policies affecting wind and nuclear power, highlighting the competitive advantage of offshore wind power due to the new VAT refund policy [3][4][14]. Key Stocks - The report recommends focusing on specific stocks within the thermal power sector, including Huaneng International, Huadian International, and others, as well as emphasizing the value of hydropower investments [5][9].

Core Viewpoint - The company held its first extraordinary general meeting of shareholders in 2025 on October 16, with no new or changed proposals, and some proposals were rejected [1][2]. Meeting Details - The meeting was conducted both in-person and via online voting [3]. - The in-person meeting started at 14:30 on October 16, 2025, with online voting available from 9:15 to 15:00 on the same day [3]. - The meeting took place at the company's headquarters in Shenzhen, Guangdong Province [4]. Attendance - The H-share general meeting had 2 shareholders and representatives present, representing 6,553,300,229 shares, which is 58.70% of the total voting shares [5]. - Several directors and supervisors attended the meeting, along with some senior management and legal representatives [5]. Voting Results - Special resolutions were passed with over two-thirds of the voting rights at the extraordinary general meeting [6]. - The special resolutions related to the acquisition of shares in Huizhou Company and the amendment of the annual transaction limit for related party transactions were not passed at the H-share general meeting [6][7]. - The failure of the special resolutions does not affect the other contents of the company's articles of association or the daily operations of the company [7]. Legal Compliance - The meeting's procedures and results were confirmed to be in compliance with relevant laws and regulations, including the Company Law and Securities Law of the People's Republic of China [8].

Group 1 - Since the beginning of the 14th Five-Year Plan, central enterprises have actively undertaken major national scientific and technological tasks, with an average annual growth of R&D expenditure of approximately 6.5%, exceeding 1 trillion yuan for three consecutive years, effectively supporting steady national economic development [1] - The introduction of TRIZ theory has provided new ideas for overcoming the challenges in the monitoring precision of the oil metal debris monitoring module, which is crucial for the stable operation of aircraft engines [1] - The AEF1200 turbofan engine, which is close to 2 meters in diameter, is the first domestically developed high-bypass dual-rotor turbofan engine for large transport aircraft in China [1] Group 2 - The Y-20B aircraft equipped with a new domestic engine has improved range, payload, and speed, with the new high-bypass turbofan engine providing greater thrust and fuel efficiency [2] - Central enterprises are accelerating the layout of strategic emerging industries, with an average annual investment growth rate exceeding 20%, accumulating investments of 8.6 trillion yuan [2] - The China General Nuclear Power Group's Delingha 1 million kilowatt integrated solar thermal storage project has successfully connected 800,000 kilowatts of photovoltaic power generation to the grid, with the 200,000 kilowatt solar thermal storage power generation expected to officially commence production by the end of this year [2] Group 3 - During the 14th Five-Year period, the total assets of central enterprises increased from 68.8 trillion yuan at the end of the 13th Five-Year Plan to 91 trillion yuan by the end of 2024, with an average annual growth rate of 7.3% [3] - The quality of state-owned assets has improved, and the financial foundation has become stronger [3]

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董事會 議事規則》，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10月17日 於本公告日期，本公司董事會成員包括執行董事為高立剛先生；非執行董事為楊 長利先生、李歷女士、龐松濤先生、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 中国广核电力股份有限公司 (在中华人民共和国注册成立的股份有限公司) 董事会议事规则 (于2025年10月16日经临时股东大会批准修订) 第一章 总则 ...