Group 1 - The core point of the announcement is the approval by the Supervisory Board of China General Nuclear Power Corporation to use funds raised from convertible bonds to replace self-raised funds already invested in projects and to cover issuance costs [1][2] - The meeting was held on July 14, 2025, and the proposal received unanimous approval with 5 votes in favor and no votes against or abstaining [1] - The Supervisory Board believes that the use of raised funds aligns with the company's development needs and will enhance capital utilization efficiency, complying with relevant regulations from the China Securities Regulatory Commission and Shenzhen Stock Exchange [1]

Core Viewpoint - China General Nuclear Power Corporation (CGN) is issuing convertible bonds to replace self-raised funds previously invested in projects and to cover issuance costs, with a total fundraising amount of RMB 490 million [7][10]. Group 1: Company Responsibilities - The company is responsible for preparing the special explanation regarding the replacement of self-raised funds with the proceeds from the convertible bonds, ensuring the information is true, accurate, and complete [2][11]. - The preparation of the special explanation is in accordance with the regulations set by the China Securities Regulatory Commission (CSRC) and the Shenzhen Stock Exchange [8][11]. Group 2: Fundraising Details - The company plans to issue 49 million convertible bonds with a face value of RMB 100 each, resulting in a total fundraising amount of RMB 490 million, after deducting issuance costs of RMB 2.1581 million [7][10]. - The net amount raised after costs is RMB 489.78419 million, which has been deposited into a designated account [7][10]. Group 3: Use of Proceeds - The net proceeds from the bond issuance will be used for specific investment projects as outlined in the fundraising plan [9][10]. - Prior to the bond proceeds being available, the company has already invested RMB 972.43963 million of its own funds into the projects from June 22, 2024, to July 14, 2025, with RMB 489.78419 million planned for replacement [10]. Group 4: Issuance Costs - The company has incurred issuance costs totaling RMB 0.2968 million, with a net amount of RMB 0.2685 million planned for replacement using the bond proceeds [10]. - The breakdown of issuance costs includes underwriting fees, legal fees, audit fees, and other related expenses [10]. Group 5: Verification and Conclusion - KPMG Huazhen LLP has conducted a verification of the fundraising and issued a report confirming that the special explanation reflects the situation accurately as of July 14, 2025 [6][11]. - The company asserts that the information disclosed complies with the relevant regulations and accurately reflects the use of self-raised funds [11].

关于中国广核电力股份有限公司 以可转换公司债券募集资金置换预先投入募集资金投资项目及 已支付发行费用的自筹资金的专项说明的鉴证报告 KPMG Huazhen LLP 8th Floor, KPMG Tower Oriental Plaza 1 East Chang An Avenue Beijing 100738 China Telephone +86 (10) 8508 5000 Fax +86 (10) 8518 5111 Internet kpmg.com/cn 毕马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街 1 号 东方广场毕马威大楼 8 层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 关于中国广核电力股份有限公司 以可转换公司债券募集资金置换预先投入募集资金投资项目及 已支付发行费用的自筹资金的专项说明的鉴证报告 毕马威华振专字第 2504326 号 中国广核电力股份有限公司董事会： 我们接受委托，对后附的中国广核电力股份有限公司 (以下简称"中国广核公司") 截止 2025 年 7 月 ...

华泰联合证券有限责任公司 关于中国广核电力股份有限公司 使用募集资金置换预先已投入募投项目及已支付发行费用 一、募集资金基本情况 根据中国证券监督管理委员会（以下简称"中国证监会"）《关于同意中国广 核电力股份有限公司向不特定对象发行可转换公司债券注册的批复》（证监许可 〔2025〕479 号），公司向不特定对象发行 4,900.0000 万张可转换公司债券，每 张面值为人民币 100 元，募集资金总额为人民币 490,000.00 万元，扣除各项发行 费用 215.81 万元（不含增值税），实际募集资金净额为 489,784.19 万元。募集资 金已于 2025 年 7 月 15 日划至公司指定账户。毕马威华振会计师事务所（特殊普 通合伙）对公司上述募集资金到位情况进行了验证，并出具了《中国广核电力股 份有限公司向不特定对象发行可转换公司债券募集资金验证报告》（毕马威华振 验字第 2500508 号）。 公司已将上述募集资金存放于募集资金专项账户，并与保荐人、专户银行签 订了《募集资金三方监管协议》。 二、募集资金投资项目情况 根据《中国广核电力股份有限公司向不特定对象发行 A 股可转换公司债券 并在主板上 ...

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"、"中国广核"）于 2025 年 7 月 21 日召开的第四届董事会第十四次会议审议通过了《关于批准公司使用可转 换公司债券募集资金置换预先已投入募投项目及已支付发行费用的自筹资金的 议案》，现将具体情况公告如下： 一、募集资金基本情况 证券代码：003816 证券简称：中国广核 公告编号：2025-054 中国广核电力股份有限公司 关于使用募集资金置换预先已投入募投项目 及已支付发行费用的自筹资金的公告 根据中国证券监督管理委员会（以下简称"中国证监会"）《关于同意中国广 核电力股份有限公司向不特定对象发行可转换公司债券注册的批复》（证监许可 〔2025〕479 号），公司向不特定对象发行 4,900.0000 万张可转换公司债券，每 张面值为人民币 100 元，募集资金总额为人民币 490,000.00 万元，扣除各项发行 费用 215.81 万元（不含增值税），实际募集资金净额为 489,784.19 万元。募集资 金已于 2025 年 7 月 15 日划至公司指定 ...

一、监事会会议召开情况 证券代码：003816 证券简称：中国广核 公告编号：2025-053 中国广核电力股份有限公司 第四届监事会第十一次会议决议公告 本公司及监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。 1. 中国广核电力股份有限公司（以下简称"公司"）第四届监事会第十一次 会议（以下简称"本次会议"）通知和材料于 2025 年 7 月 14 日以书面形式提交 全体监事。 2. 本次会议于 2025 年 7 月 21 日以书面方式召开。 3. 本次会议应出席的监事 5 人，实际出席会议的监事 5 人。 4. 本次会议的召开符合有关法律、行政法规、部门规章、规范性文件和《中 国广核电力股份有限公司章程》（以下简称"《公司章程》"）的规定。 二、监事会会议审议情况 经出席会议的监事审议与表决，本次会议审议通过《关于批准公司使用可转 换公司债券募集资金置换预先已投入募投项目及已支付发行费用的自筹资金的 议案》 表决情况：5 票同意、0 票反对、0 票弃权。 监事会认为，本次募集资金置换符合公司发展的需要，有利于提高公司的资 金利用效率，不存在变相改变募集资金投向、 ...

证券代码：003816 证券简称：中国广核 公告编号：2025-052 中国广核电力股份有限公司 第四届董事会第十四次会议决议公告 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。 4. 本次会议的召开符合有关法律、行政法规、部门规章、规范性文件和《中 国广核电力股份有限公司章程》（以下简称"《公司章程》"）的规定。 一、董事会会议召开情况 1. 中国广核电力股份有限公司（以下简称"本公司"或"公司"）第四届董 事会第十四次会议（以下简称"本次会议"）通知和材料已于 2025 年 7 月 14 日 以书面形式提交全体董事。 2. 本次会议于 2025 年 7 月 21 日以书面方式召开。 3. 本次会议应出席的董事 9 人，实际出席会议的董事 9 人。 二、董事会会议审议情况 经出席会议的董事审议与表决，审议通过《关于批准公司使用可转换公司债 券募集资金置换预先已投入募投项目及已支付发行费用的自筹资金的议案》 表决情况：9 票同意、0 票反对、0 票弃权。 公司监事会对本议案进行了审议，有关意见于 2025 年 7 月 21 日登载于巨潮 资讯网（www.cni ...

Investment Rating - The report maintains a positive outlook on the power and gas sectors, recommending specific companies for investment based on their potential benefits from recent developments [3][4]. Core Insights - The commencement of the Yarlung Tsangpo River downstream hydropower project is expected to significantly boost demand for hydropower equipment, benefiting leading companies in the sector [4][14]. - The report highlights a decline in European and Asian gas prices due to varying supply and demand dynamics, suggesting a potential opportunity for gas companies [17][18]. Summary by Sections 1. Power: Yarlung Tsangpo Downstream Hydropower Project Commencement - The Yarlung Tsangpo River has substantial hydropower resources, with a theoretical capacity of 113 million kilowatts, making it one of the richest rivers in Tibet [8]. - The project involves the construction of five cascade power stations with a total investment of approximately 1.2 trillion yuan, primarily for power transmission outside Tibet [9][10]. - The project is expected to create a demand for hydropower equipment, with estimated annual orders of 4 billion yuan for Dongfang Electric and Harbin Electric, ensuring stable long-term performance for these companies [14][16]. 2. Gas: Global Supply and Demand Variations - As of July 18, the Henry Hub spot price in the US was $3.57/mmBtu, reflecting a weekly increase of 7.57%, while European gas prices showed a decline [17][19]. - The report notes that despite high temperatures increasing gas demand in the US, the overall supply remains stable, leading to a mixed outlook for gas prices [20][26]. - Recommendations include focusing on integrated gas companies like Kunlun Energy and New Hope Energy, which are expected to benefit from cost reductions and improved profitability [37]. 3. Weekly Market Review - The report indicates that the public utility, power, power equipment, environmental protection, and gas sectors underperformed compared to the CSI 300 index during the week [41]. 4. Company and Industry Dynamics - Recent government initiatives in Qingdao aim to accelerate the development of non-fossil energy and offshore wind projects, indicating a supportive policy environment for renewable energy [45]. - The report also highlights significant developments in nuclear power and energy storage projects in various provinces, showcasing ongoing investments in clean energy [47][48]. 5. Key Company Valuation Table - The report includes a valuation table for key companies in the public utility and environmental sectors, providing insights into their market positions and potential for growth [51].

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][5][8]. Core Views - The report highlights the commencement of the Yarlung Tsangpo River downstream hydropower project, with a total investment of approximately 1.2 trillion yuan, focusing on power delivery and local consumption [1][15]. - The Gansu Provincial Development and Reform Commission has proposed a capacity price mechanism for power generation, setting a standard of 330 yuan per kilowatt per year starting January 1, 2026, for compliant coal power units and new energy storage [2][17]. - The report emphasizes the potential for stable profitability in coal-fired power generation due to synchronized declines in coal and electricity prices, recommending major coal power companies [3][22]. Summary by Sections Market Review - The Shanghai Composite Index rose by 1.09%, while the public utility index fell by 1.37% and the environmental index by 0.49%, with relative returns of -2.46% and -1.58% respectively [1][14]. - In the electricity sector, coal-fired power decreased by 1.04%, hydropower by 2.13%, and new energy generation by 0.68%, while the gas sector saw a slight increase of 0.31% [1][25]. Important Policies and Events - The Yarlung Tsangpo River downstream hydropower project was officially launched on July 19, 2025, with a focus on five tiered power stations [1][15]. - The National Bureau of Statistics reported a 1.7% year-on-year increase in industrial power generation in June, with a total of 796.3 billion kilowatt-hours produced [1][16]. Investment Strategy - The report recommends several companies based on their sector performance: - Coal-fired power: Huadian International and Shanghai Electric [3][22]. - New energy: Longyuan Power and Three Gorges Energy, among others [3][22]. - Nuclear power: China Nuclear Power and China General Nuclear Power [3][22]. - Hydropower: Yangtze Power [3][22]. - Gas: China Resources Gas and Jiufeng Energy [3][22]. - Environmental: China Everbright Environment and Zhongshan Public Utilities [3][23]. Key Company Earnings Forecasts and Investment Ratings - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for various companies, all rated as "Outperform" [8]. For example, Huadian International has an EPS of 0.46 for 2024 and a PE of 11.7 [8]. Industry Key Data Overview - In June, the total industrial power generation reached 796.3 billion kilowatt-hours, with a year-on-year growth of 1.7% [1][48]. - The report notes that coal-fired power generation saw a 1.1% increase, while nuclear power generation grew by 10.3% [1][48]. Environmental Sector Insights - The report indicates that the water and waste incineration sectors are entering a mature phase, with improved free cash flow and declining risk preferences among investors [3][23]. - The domestic waste oil recycling industry is expected to benefit from the EU's SAF blending policy [3][23].

Investment Rating - The report maintains a "Buy" rating for the power sector, particularly emphasizing the benefits for coal-fired power plants due to the new capacity pricing mechanism in Gansu [10][11]. Core Insights - Gansu has introduced a provincial capacity pricing mechanism for power generation, fully compensating fixed costs for coal power, which is expected to enhance the value of flexible coal power resources [10][11]. - The high penetration of renewable energy in Gansu, with wind and solar power accounting for nearly 40% of total generation, has driven the need for capacity support and system regulation, prompting the new pricing policy [5][10]. - The report suggests that regions with high renewable energy ratios will likely follow Gansu's lead in increasing capacity prices, benefiting coal power's revenue model that includes capacity and ancillary services [5][10]. Summary by Sections Industry Overview - The report highlights the recent performance of the power sector, noting that over half of the listed companies in the electricity and public utilities sector experienced declines [2][6]. - The Shanghai Composite Index rose by 0.69% during the week, while the CSI 300 Index increased by 1.09%, contrasting with a 0.65% drop in the CITIC Power and Utilities Index [6][62]. Capacity Pricing Mechanism - Gansu's new capacity pricing mechanism includes coal power and grid-side new energy storage, with an initial price set at 330 yuan per kilowatt per year for two years [9][10]. - The effective capacity for coal power is determined by the nameplate capacity minus auxiliary power consumption, while new energy storage is calculated based on discharge duration and rated power [4][9]. Market Dynamics - The report notes a rebound in coal prices to 639 yuan per ton, which may impact the operational costs of coal-fired power plants [17]. - The Three Gorges Reservoir's inflow and outflow have significantly decreased, with inflow down 46.15% and outflow down 58.25% year-on-year [39]. Renewable Energy Insights - The report indicates an increase in silicon material prices, with the current price at 37 yuan per kg, and mainstream silicon wafer prices rising to 1.17 yuan per piece [50]. - The carbon market saw a slight decline in trading prices, with a 0.53% decrease noted during the reporting period [57]. Investment Recommendations - The report recommends focusing on coal power companies with flexible earnings, such as Huaneng International and Huadian International, as well as green electricity operators with undervalued stocks [10][11].