Investment Rating - The report maintains an "Overweight" rating for the utility sector [1]. Core Insights - The weighted average price of electricity in Jiangsu for September 2025 was 319.48 RMB/MWh, which is lower than market expectations. The total electricity traded was 8.111 billion kWh, with various sources contributing different amounts and prices [4]. - The report highlights a continued increase in electricity demand, with a 3.7% year-on-year growth in total electricity consumption for the first half of 2025 [15]. - The report suggests investment opportunities in green energy, photovoltaic assets, charging station assets, thermal power, hydropower, and nuclear power, emphasizing the potential for value reassessment in these areas [4]. Summary by Sections 1. Market Review - The SW utility index decreased by 0.67% from August 25 to August 29, 2025, underperforming compared to the ChiNext index [9]. - The top five gainers included Zhaoxin Co. (+33.6%) and Tianlun Gas (+13.2%), while the top five losers included ST Shengda (-9.5%) and Jiawei New Energy (-7.9%) [13]. 2. Electricity Sector Tracking 2.1. Electricity Consumption - Total electricity consumption in H1 2025 reached 4.84 trillion kWh, reflecting a 3.7% year-on-year increase [15]. - The growth rates for different sectors were: primary industry (+8.7%), secondary industry (+2.4%), tertiary industry (+7.1%), and urban-rural residential consumption (+4.1%) [15]. 2.2. Power Generation - Total power generation in H1 2025 was 4.54 trillion kWh, with a year-on-year increase of 0.8%. However, thermal and hydropower generation saw declines of 3.1% and 2.9%, respectively [23]. 2.3. Electricity Prices - The average electricity purchase price in August 2025 was 388 RMB/MWh, down 2% year-on-year but up 1.3% month-on-month [41]. 2.4. Thermal Power - The price of thermal coal at Qinhuangdao port was 690 RMB/ton as of August 29, 2025, a decrease of 17.76% year-on-year [46]. - The cumulative installed capacity of thermal power reached 1.47 billion kW, with an increase of 4.7% year-on-year [49]. 2.5. Hydropower - The water level at the Three Gorges Reservoir was 162.19 meters, which is normal compared to previous years. Inflow and outflow rates increased by 35.48% and 47.46% year-on-year, respectively [55]. 2.6. Nuclear Power - In 2024, 11 new nuclear units were approved, indicating a positive trend in the development of nuclear power [67]. 2.7. Green Energy - New installations of wind and solar power in H1 2025 increased by 99% and 107% year-on-year, respectively [4]. 3. Investment Recommendations - The report recommends focusing on companies like Changjiang Electric for high dividend yield assets, and suggests monitoring companies involved in green energy and charging stations for potential value reassessment [4].

FF301 備註： 證券代號 (如上市) 003816 說明 A股 法定/註冊股份數目 面值 法定/註冊股本 上月底結存 39,334,986,100 RMB 1 RMB 39,334,986,100 增加 / 減少 (-) RMB 本月底結存 39,334,986,100 RMB 1 RMB 39,334,986,100 1. 股份分類 普通股 股份類別 H 於香港聯交所上市 (註1) 是 證券代號 (如上市) 01816 說明 H股 法定/註冊股份數目 面值 法定/註冊股本 上月底結存 11,163,625,000 RMB 1 RMB 11,163,625,000 增加 / 減少 (-) RMB 本月底結存 11,163,625,000 RMB 1 RMB 11,163,625,000 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國廣核電力股份有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 本月底法定/註冊股本總額： RMB 50,498,611,100 第 1 頁 共 11 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存 ...

Core Viewpoint - China General Nuclear Power Corporation (CGN) reported a net profit attributable to shareholders of 5.952 billion yuan in the first half of the year, a decrease of 16.3% year-on-year, with significant improvement in the engineering segment's gross profit, while nuclear power gross profit declined [1] Group 1: Financial Performance - The company's net profit for the first half of the year was 5.952 billion yuan, reflecting a 16.3% decrease compared to the previous year [1] - The engineering segment showed a substantial increase in gross profit, contrasting with a decline in gross profit from nuclear power operations [1] Group 2: Future Growth and Acquisitions - CGN plans to acquire 82% of Huizhou Nuclear Power, 100% of Huizhou No. 2 Nuclear Power, 100% of Huizhou No. 3 Nuclear Power, and 100% of Zhanjiang Nuclear Power, with a total transaction price of 9.375 billion yuan [1] - The transaction prices for Huizhou Nuclear Power and Huizhou No. 2 Nuclear Power are approximately 8.023 billion yuan and 1.353 billion yuan, respectively [1] - As of the assessment benchmark date, the net asset evaluations for Huizhou Nuclear Power and Huizhou No. 2 Nuclear Power were 9.784 billion yuan and 1.353 billion yuan, corresponding to appreciation rates of 17.91% and 10.27%, with price-to-book ratios of approximately 1.18 and 1.10 [1] Group 3: Project Pipeline and Asset Injection - Following the completion of the acquisitions, CGN will add multiple ongoing and reserve nuclear power projects, enhancing the certainty of profit growth [1] - With the new FCD and approvals expected in 2025, the scale of production before 2030 is anticipated to increase significantly [1] - As of December 31, 2024, Huizhou Nuclear Power and Cangnan Nuclear Power will still be within the group, with accelerated asset injection expected as Huizhou Unit 1 is set to commence operations in 2025, followed by Huizhou Unit 2 and Cangnan Unit 1 in 2026 [1]

Group 1 - The core viewpoint of the news highlights the performance and trends in the modern energy sector, particularly focusing on the Central State-Owned Enterprises (SOEs) and their investment activities in renewable energy projects [3][4][5] - As of August 29, 2025, the Central State-Owned Enterprises Modern Energy ETF has shown a net value increase of 19.80% over the past two years, with a maximum monthly return of 10.03% since its inception [4] - The top ten weighted stocks in the Central State-Owned Enterprises Modern Energy Index account for 48.28% of the index, indicating a concentrated investment in key players within the energy sector [5] Group 2 - In the first half of 2025, China's total investment in new energy projects reached approximately 1.4 trillion yuan, despite a year-on-year decline of 32.2%, with wind and solar power investments showing significant decreases [3] - Wind power projects attracted 365.4 billion yuan, while solar power projects received 195 billion yuan, reflecting a saturation in traditional energy markets but continued interest in offshore wind and other niche areas [3] - Water power sector demonstrated resilience in profitability, with leading companies like Yangtze Power achieving a 14.9% year-on-year increase in net profit despite challenges in water supply [3]

Group 1 - The Guangdong Marine Energy Industry Technology Innovation High-Quality Development Seminar was held in Shenzhen, showcasing Guangdong's achievements in marine energy development and exploring new technologies, models, and business formats [1] - China General Nuclear Power Group (CGN) has built the first offshore wind power project in eastern Guangdong with a capacity exceeding one million kilowatts, and the first million-kilowatt offshore wind power project in the Guangdong-Hong Kong-Macao Greater Bay Area [1] - CGN has established the "Fuxi No. 1" wind-fishing integration platform and collaborated with Shanwei City to build the Honghaiwan Laboratory, translating research achievements into practical productivity [1] Group 2 - Strategic cooperation projects were signed between China General Nuclear New Energy Holdings and Shenzhen Port Group, as well as between State Power Investment Corporation Guangdong Electric Power and Academician Xie Heping's team for key technology research on offshore wind power-driven seawater hydrogen production [2] - A demonstration project for typhoon-resistant megawatt-level floating photovoltaic systems was signed between China Resources Power Holdings and CIMC Raffles Offshore Technology [2] - The Guangdong-Hong Kong-Macao Greater Bay Area Green Ship Fuel Industry Innovation Consortium was launched during the seminar [2]

Core Viewpoint - China General Nuclear Power Corporation (CGN) reported a decline in revenue and net profit for the first half of 2025, primarily due to a decrease in market electricity prices and increased operating costs [1][5]. Financial Performance - CGN achieved operating revenue of 39.167 billion yuan, a year-on-year decrease of 0.53% [1] - The net profit attributable to shareholders was 5.952 billion yuan, down 16.30% year-on-year [1] - The average market electricity price fell by approximately 8.23% compared to the same period in 2024 [5] - The total electricity sales revenue was about 30.658 billion yuan, a slight increase of 0.93%, accounting for 78.27% of total operating revenue [1] Operational Highlights - The total electricity generated by operational nuclear units was 113.36 billion kWh, an increase of 6.93% year-on-year [1] - The gross profit margin for the electricity business was 43.29%, down 5.44 percentage points from the previous year [5] Strategic Moves - CGN announced plans to acquire four nuclear power companies from its controlling shareholder, China General Nuclear Group, which includes the acquisition of 82% of Huizhou Nuclear Power and 100% of three other companies [8][9] - The acquisition is expected to enhance CGN's nuclear power generation capacity and streamline management of projects within the same nuclear power base [9]

Core Viewpoint - China General Nuclear Power Corporation (CGN) reported a decline in revenue and net profit for the first half of 2025, primarily due to a decrease in market electricity prices, despite an increase in power generation from its operational nuclear units [1][6]. Financial Performance - CGN achieved operating revenue of 39.167 billion yuan, a year-on-year decrease of 0.53% [1]. - The net profit attributable to shareholders was 5.952 billion yuan, down 16.30% year-on-year [1]. - The average market electricity price fell by approximately 8.23% compared to the same period last year [4][6]. - The total electricity sales revenue was about 30.658 billion yuan, a slight increase of 0.93%, accounting for 78.27% of total operating revenue [1]. Power Generation and Market Dynamics - The total electricity generated by CGN's operational nuclear units was 113.36 billion kWh, an increase of 6.93% year-on-year [1]. - Market-based electricity transactions accounted for approximately 56.1% of total electricity generation, up 3.7 percentage points year-on-year [6]. - The overall gross profit margin for CGN's electricity business was 43.29%, a decrease of 5.44 percentage points compared to the previous year [6]. Cost and Tax Impacts - Operating costs increased by 5.27% year-on-year, outpacing revenue growth [6]. - Income tax expenses rose by 17.91% due to the expiration of certain tax incentives and adjustments in tax policy [6]. Strategic Initiatives - CGN plans to closely monitor electricity market conditions and implement tailored marketing strategies to optimize pricing [7]. - The company announced plans to acquire four nuclear power companies from its controlling shareholder, which is expected to enhance future nuclear power generation capacity and performance [8][9]. Acquisition Details - The acquisition includes 82% of Huizhou Nuclear Power Co. for 8.023 billion yuan, and 100% stakes in Huizhou Second and Third Nuclear Power Co. and Zhanjiang Nuclear Power Co. for 1.353 billion yuan and zero respectively [10][11]. - The projects involved in the acquisition include several nuclear units under construction, with the first unit expected to commence operations within the year [9][11].

Core Viewpoint - China General Nuclear Power Corporation (CGN) reported a decline in revenue and net profit for the first half of 2025, primarily due to a decrease in market electricity prices and increased operating costs [1][2]. Financial Performance - CGN achieved operating revenue of 39.167 billion yuan, a year-on-year decrease of 0.53% [1]. - The net profit attributable to shareholders was 5.952 billion yuan, down 16.30% year-on-year [1]. - The average market electricity price fell by approximately 8.23% compared to the same period in 2024 [2]. Electricity Generation and Sales - The total electricity generated by CGN's operational nuclear units was 113.36 billion kWh, an increase of 6.93% year-on-year [1]. - Electricity sales revenue was approximately 30.658 billion yuan, a slight increase of 0.93%, accounting for 78.27% of total operating revenue [1]. Market Dynamics - Market-based electricity transactions accounted for about 56.1% of total electricity sales, an increase of 3.7 percentage points year-on-year [2]. - The overall trading prices in the electricity market have decreased, posing challenges for electricity sales [2]. Cost and Profitability - Operating costs increased by 5.27% year-on-year, outpacing revenue growth [2]. - The overall gross margin for CGN's electricity business was 43.29%, down 5.44 percentage points from the previous year [2]. Strategic Actions - CGN plans to closely monitor electricity market conditions and implement tailored marketing strategies for different provinces [3]. - The company announced plans to acquire four nuclear power companies from its controlling shareholder, CGN Group, which is expected to enhance future nuclear power generation capacity and performance [3][5]. Acquisition Details - The acquisition includes 82% of Huizhou Nuclear Power and 100% of Huizhou Second, Third Nuclear Power, and Zhanjiang Nuclear Power [3][5]. - The transfer price for Huizhou Nuclear Power was set at 8.023 billion yuan, while the other companies were transferred at no cost [5].

Core Viewpoint - The Guangdong Marine Energy Industry Technology Innovation High-Quality Development Seminar highlighted Guangdong's achievements in marine energy development and its commitment to exploring new technologies, models, and business formats for high-quality growth in the marine economy [1][2]. Group 1: Marine Economic Development - Guangdong aims to transform its marine resource advantages into developmental strengths, contributing to the creation of a "new maritime Guangdong" and promoting high-quality economic and social development [1]. - The provincial government has set a target for the marine production value to exceed 2 trillion yuan by 2024, with traditional marine industries expected to grow by 7.5% and emerging marine industries by 8.3% [2]. - The offshore wind power sector has seen significant growth, with installed capacity reaching 12.51 million kilowatts, a tenfold increase since the end of the 13th Five-Year Plan, making Guangdong a national leader in this field [2]. Group 2: Technological Innovation - Guangdong is implementing an innovation-driven development strategy, establishing national-level energy research and innovation platforms to enhance collaborative development between industry, academia, and research [3]. - Notable technological advancements in offshore wind power include the establishment of the Yangjiang 500 kV offshore wind power reactive power compensation station and the world's first ultra-deepwater drilling vessel, "Dream," which signifies a breakthrough in deep-sea resource development [3][4]. - The province is also pioneering in deep-sea oil and gas development with the first fully green-designed offshore oil field and the first offshore CCUS project, promoting a new model of marine energy recycling [3]. Group 3: Energy Integration Models - Guangdong is exploring new paths for the integrated development of marine energy, focusing on a "green energy + blue granary" model that reshapes the marine economy [6]. - The province has developed a series of innovative projects, including the world's largest anti-typhoon wind-fish integration platform and the first semi-submersible wave energy farming platform, which contribute to a new industrial chain that integrates wind, fishery, and tourism [6]. - China General Nuclear Power Group is actively involved in exploring "energy +" integration models, including wind-fish integration and comprehensive energy islands, providing new solutions for marine economic development [6]. Group 4: Strategic Collaborations - The seminar featured several strategic collaborations, including projects focused on green ship fuel production and supply, offshore wind power-driven hydrogen production, and anti-typhoon floating photovoltaic demonstration projects [7]. - These collaborations reflect Guangdong's leading role in energy technology innovation and industrial synergy, contributing to China's modernization efforts [7]. - The event also included thematic reports and project presentations aimed at advancing Guangdong's marine energy industry to new heights [7].

Core Insights - The Guangdong Marine Energy Industry Technology Innovation High-Quality Development Seminar was held in Shenzhen, focusing on new technologies, models, and business formats in marine energy development [1][2]. Group 1: Industry Developments - Guangdong is accelerating the transformation of marine resource advantages into development advantages, aiming to create a "New Marine Guangdong" and inject new momentum into high-quality economic and social development [1]. - The seminar highlighted collaborative development between industry, academia, and research, fostering new productive forces [2]. - Significant technological achievements in offshore wind power, such as the Yangjiang 500 kV offshore wind power reactive power compensation station and the "Mingyang Tiancheng" floating offshore wind platform, were showcased [2]. Group 2: Green Initiatives - The first fully green-designed offshore oil field in China, the Wushi Oil Field Group, has implemented multiple green practices, including zero discharge of production water [2]. - The first offshore CCUS project in China has been launched, creating a new model for marine energy recycling by utilizing carbon to drive oil extraction and solidifying carbon with oil [2]. Group 3: Equipment and Technology - The world's first 11,000-meter ultra-deepwater drilling vessel, "Dream," has been commissioned in Guangzhou, marking a significant advancement in China's deepwater drilling technology [4]. - The world's first megawatt-level floating wave energy generation device, "Nankun," has been developed, positioning China at the forefront of wave energy technology [4]. Group 4: Hydrogen and Renewable Energy - The Zhuhai Guishan offshore wind power industrial-grade hydrogen production demonstration project explores the synergy between offshore wind power and seawater desalination [4]. - The largest single-unit seawater electrolysis hydrogen production demonstration project globally is being implemented in Shenzhen [4]. Group 5: Strategic Collaborations - Several strategic cooperation projects were signed during the seminar, including a green ship fuel production and supply chain project and a key technology research project for offshore wind-driven seawater hydrogen production [6]. - The establishment of the Guangdong-Hong Kong-Macao Greater Bay Area Green Ship Fuel Industry Innovation Consortium was also initiated [6]. Group 6: Policy and Future Directions - The seminar emphasized that the 14th Five-Year Plan period is crucial for China to achieve its carbon peak goals, with a strong focus on developing marine energy to ensure energy security and promote energy transition [6].