Investment Rating - The report maintains an "Overweight" rating for the industry [4] Core Viewpoints - The issuance of renewable energy power consumption responsibility weights for 2025 mandates green electricity consumption in five major industries, which is expected to alleviate renewable energy consumption issues [3][11] - The assessment scope has expanded to include steel, cement, polysilicon, and data centers, enhancing the focus on energy-intensive industries [3][12] - The provincial assessment targets for renewable energy consumption responsibility weights will range from 24.2% to 70% in 2025, with 19 provinces aiming for over 30% [3][15] Summary by Sections Industry Trends - The electricity and public utilities index rose by 1.60% during the week, outperforming the CSI 300 index by 0.78 percentage points [5][55] - The report highlights that over half of the listed companies in the electricity and public utilities sector experienced stock price increases [55] Key Industry Insights - The coal price has rebounded to 627 CNY/ton [13] - The inflow and outflow of water at the Three Gorges Dam decreased by 17.86% and 24.19% year-on-year, respectively [31] - The price of silicon materials remained stable, while mainstream silicon wafer prices decreased slightly [39] Investment Recommendations - Focus on the electricity sector due to the high temperatures across the country and the upcoming performance period [3] - Recommended stocks include Huaneng International, Jiantou Energy, Huadian International, and Qingda Environmental Protection, which are expected to have resilient quarterly earnings [3] - Emphasis on undervalued green electricity operators, particularly in Hong Kong and wind power sectors, such as Xintian Green Energy and Longyuan Power [3][8]

Core Points - The Shanghai Composite Index opened high and fluctuated, with the CSI 300 Utilities (secondary industry) index reported at 2645.95 points [1] - The CSI 300 Utilities index has decreased by 0.31% over the past month, increased by 1.48% over the past three months, and has declined by 2.24% year-to-date [1] Industry Classification - The CSI 300 index is categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries, providing a comprehensive analysis tool for investors [1] - The index is based on a sample of 300 stocks from the CSI 300 index, with a base date of December 31, 2004, and a base point of 1000.0 [1] Index Holdings - The top ten weights in the CSI 300 Utilities index are: - Changjiang Electric Power (48.55%) - China Nuclear Power (10.28%) - Three Gorges Energy (8.2%) - Guodian Power (5.62%) - State Power Investment Corporation (4.72%) - Sichuan Investment Energy (4.17%) - Huaneng International (4.15%) - China General Nuclear Power (3.86%) - Zhejiang Energy (2.77%) - Huadian International (2.72%) [1] Market Distribution - The market distribution of the CSI 300 Utilities index shows that the Shanghai Stock Exchange accounts for 95.80%, while the Shenzhen Stock Exchange accounts for 4.20% [2] - In terms of industry composition within the index, hydropower constitutes 59.70%, thermal power 15.26%, nuclear power 14.14%, wind power 8.54%, and gas power 2.36% [2] Sample Adjustment - The index samples are adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made in response to changes in the CSI 300 index samples [2]

证券代码：003816 证券简称：中国广核 公告编号：2025-049 中国广核电力股份有限公司 境内同步披露公告 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根据《香港联合交易所有限公司证券上市规则》 规定，于 2025 年 7 月 10 日在香港联合交易所有限公司披露易网站 （www.hkexnews.hk）刊登了《向不特定对象发行 A 股可转换公司债券网上发行 中签率及优先配售结果公告》。 根据《深圳证券交易所股票上市规则（2025 年修订）》第 11.2.1 条关于境内 外同步披露的要求，特将有关公告同步披露如下，供参阅。 特此公告。 中国广核电力股份有限公司董事会 2025 年 7 月 10 日 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。 本次發行配售結果匯總如下： | | 有效申購數量 | 實際獲配數量 | | | --- | --- | --- | --- ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Guanghe Convertible Bonds (127110.SZ) started online subscription on July 9, 2025, with a total issuance scale of 4.9 billion yuan. After deducting issuance fees, the net proceeds will be used for the construction of Units 5 and 6 of the Guangdong Lufeng Nuclear Power Plant [4]. - The current bond - floor valuation is 98.62 yuan, and the YTM is 1.66%. The conversion parity is 101.36 yuan, and the parity premium rate is - 1.34%. The convertible bond terms are standard, and the dilution rate of the total share capital is 2.58% [4]. - It is expected that the listing price of Guanghe Convertible Bonds on the first day will be between 126.83 and 140.94 yuan, and the subscription success rate is expected to be 0.0140%. It is recommended to actively subscribe [4]. - China General Nuclear Power Corporation (CGN) is a large - scale central clean - energy enterprise controlled by the SASAC. Since 2019, its revenue and net profit attributable to the parent company have shown stable growth. Its sales revenue mainly comes from power sales, and its sales net profit margin and gross profit margin remain stable and are significantly higher than the industry average [4]. 3. Summary by Relevant Catalogs 3.1 Convertible Bond Basic Information - **Issuance and Subscription Schedule**: The issuance and subscription of Guanghe Convertible Bonds are scheduled from July 7 to July 15, 2025, including steps such as publishing prospectuses, online roadshows, original shareholder priority subscription, and online subscription [10]. - **Basic Terms**: The convertible bond has a code of 127110.SZ, a total issuance scale of 4.9 billion yuan, a term of 6 years, and a subject/issue rating of AAA/AAA. The initial conversion price is 3.67 yuan per share, and the conversion period is from January 15, 2026, to July 8, 2031 [11]. - **Use of Raised Funds**: The raised funds of 490 million yuan will be used for the construction of Units 5 and 6 of the Guangdong Lufeng Nuclear Power Plant [12]. - **Bond and Stock Indicators**: The pure bond value is 98.62 yuan, the pure bond premium rate is 1.40%, the pure bond YTM is 1.66%, the conversion parity is 101.36 yuan, and the parity premium rate is - 1.34% [13]. 3.2 Investment Subscription Suggestions - **Expected Listing Price**: Based on comparable targets and empirical results, considering the good bond - floor protection, high rating, and large scale of Guanghe Convertible Bonds, it is expected that the conversion premium rate on the first - day of listing will be around 32%, and the corresponding listing price will be between 126.83 and 140.94 yuan [16][17]. - **Expected Subscription Success Rate**: It is expected that the original shareholder priority subscription ratio will be 77.34%, and the online subscription success rate will be 0.0140% [19]. 3.3 Analysis of the Underlying Stock's Fundamentals 3.3.1 Financial Data Analysis - **Revenue and Profit Growth**: Since 2019, CGN's revenue has shown a steady growth trend, with a compound growth rate of 7.35% from 2019 to 2024. In 2024, its revenue reached 86.804 billion yuan, a year - on - year increase of 5.16%. The net profit attributable to the parent company also showed stable growth, with a compound growth rate of 2.70% from 2019 to 2024. In 2024, it reached 10.814 billion yuan, a year - on - year increase of 0.83% [4][21]. - **Revenue Composition**: The company's revenue mainly comes from power sales, accounting for 70.16%, 75.73%, and 75.96% of the total revenue in the past three years, respectively, and the power sales revenue has shown an overall upward trend [4][22]. - **Profitability and Cost**: From 2019 to 2024, the company's sales net profit margin and gross profit margin remained stable and were significantly higher than the industry average. The sales expense ratio remained stable, while the financial expense ratio and management expense ratio gradually decreased [4][29]. 3.3.2 Company Highlights - **Scale and Market Position**: As of the end of June 2024, the total installed capacity of operating and under - construction nuclear power units managed by CGN was 43.814 million kilowatts, accounting for 43.48% of the national total, ranking first in China and second in the world. It has significant scale advantages and strong competitiveness [37]. - **Technical and Experience Advantages**: CGN has accumulated rich experience in nuclear power plant construction and operation management. It has a national engineering technology center, a national key laboratory, and five national energy R & D platforms, leading in the development and application of new nuclear energy technologies [37].

证券代码：003816 证券简称：中国广核 公告编号：2025-048 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 中签号码公告 中国广核电力股份有限公司（以下简称"中国广核"或"发行人"）和华泰 联合证券有限责任公司（以下简称"华泰联合证券"或"保荐人（主承销商）" 或"主承销商"），根据《中华人民共和国证券法》、《证券发行与承销管理办 法》（证监会令〔第 228 号〕）、《上市公司证券发行注册管理办法》（证监会 令〔第 227 号〕）、《可转换公司债券管理办法》（证监会令〔第 227 号〕）、 《深圳证券交易所上市公司证券发行与承销业务实施细则》（深证上〔2025〕268 号）、《深圳证券交易所可转换公司债券交易实施细则》（深证上〔2025〕223 号）、《深圳证券交易所上市公司自律监管指引第 15 号——可转换公司债券》 （深证上〔2025〕223 号）和《深圳证券交易所上市公司自律监管指南第 1 号— —业务办理（2025 年修订）》（深证上〔2025〕396 号）等相关规定向不特定对 象发行 A 股可转换公司债券（以下简称"A 股可转换公司债券"、"A 股可转债" 或"可转债" ...

Group 1 - China Resources Sanjiu (华润三九) acquired 28% stake in Tianshili (天士力) to strengthen its full industry chain layout in traditional Chinese medicine [1] - Luxshare Precision (立讯精密) acquired part of the subsidiary equity of Wentai Technology (闻泰科技) to enhance its ODM resources in the Android ecosystem [1] - Zhizheng Co., Ltd. (至正股份) plans to acquire 99.97% of Advanced Packaging Materials International Ltd. to transition from rubber and plastic manufacturing to semiconductor packaging materials and specialized equipment [1] Group 2 - Since the release of the "Six Merger Rules" by the China Securities Regulatory Commission (证监会), Shenzhen's merger and acquisition market has seen a surge, with 263 new disclosed M&A transactions and a total transaction amount exceeding 57 billion yuan [1][4] - The "Six Merger Rules" aim to enhance the role of the capital market in M&A, support the injection of quality assets into listed companies, and improve investment value [2][3] - The Shenzhen Municipal Financial Office has proposed an action plan to promote high-quality development of M&A, introducing 14 innovative measures [2] Group 3 - The M&A market in Shenzhen is characterized by strong chain reinforcement, accelerated business integration among state-owned enterprises, and cross-industry mergers aiding transformation and upgrading [4] - Notable cases include China General Nuclear Power (中国广核) acquiring 100% of the subsidiary Taishan Nuclear Power, enhancing its nuclear energy project reserves and market share [4] Group 4 - Shenzhen is recognized for its unique ecological conditions supporting M&A, with over 20,000 national high-tech enterprises and more than 1,020 national specialized and innovative "little giant" companies [6] - The city has a robust private equity and venture capital fund management scale exceeding 1.5 trillion yuan, fostering a fertile environment for M&A activities [6] Group 5 - The Shenzhen Securities Regulatory Bureau has established a merger and acquisition project resource library, collecting over 500 potential M&A targets, including more than 460 specialized and innovative enterprises [7] - Future plans include enhancing the resource library and facilitating project matching and roadshows to better serve various M&A needs [7]

Group 1 - The core viewpoint of the articles highlights the surge in mergers and acquisitions (M&A) activity in Shenzhen following the release of the "Six M&A Guidelines" by the China Securities Regulatory Commission (CSRC), which aims to enhance the role of capital markets in corporate restructuring and support the integration of quality assets [1][2][3] - Since the introduction of the "Six M&A Guidelines," Shenzhen listed companies have disclosed 263 new M&A transactions, with 196 transactions revealing a total deal value exceeding 57 billion yuan [1][3] - The policies encourage companies to pursue strategic mergers and acquisitions, particularly in emerging industries, to enhance their business layouts and drive high-quality development [2][3] Group 2 - Specific examples of recent M&A activities include China Resources Sanjiu acquiring 28% of Tianshili's shares to strengthen its position in the traditional Chinese medicine sector, and Luxshare Precision acquiring part of Wentai Technology to enhance its resources in the Android ecosystem [1][3] - The articles emphasize the role of state-owned enterprises in accelerating business integration, with China General Nuclear Power Corporation acquiring 100% of the shares of Taishan Nuclear Power, which will help increase its nuclear power generation capacity and market share [3] - Shenzhen's unique ecosystem, characterized by a high concentration of high-tech enterprises and a robust private equity market, provides fertile ground for M&A activities, with over 20,000 national high-tech enterprises and more than 1.5 trillion yuan in private equity fund management [4][5] Group 3 - The establishment of the Shenzhen M&A Fund Alliance, which includes 240 participating institutions, aims to enhance collaboration among various financial entities to support M&A activities [5] - The Shenzhen Securities Regulatory Bureau is actively building a resource database for M&A projects, which currently includes over 500 potential acquisition targets, primarily focusing on specialized and innovative technology companies [5][6] - Future initiatives will include ongoing policy promotion, resource database enhancement, and targeted matchmaking events to facilitate M&A transactions [6]

Core Viewpoint - China General Nuclear Power Corporation (CGN) is issuing A-share convertible bonds to unspecified investors, with a total issuance amount of 490,000 million yuan, equivalent to 4,900 million bonds at a price of 100 yuan each [7][8]. Summary by Sections Issuance Details - The A-share convertible bonds will be offered to existing A-share shareholders for priority subscription, with any remaining bonds available for public investors through the Shenzhen Stock Exchange [4][5]. - The priority subscription date for existing shareholders is set for July 8, 2025, and the public subscription period ended on July 9, 2025 [7]. Subscription Results - Total priority subscription from existing A-share shareholders amounted to 3,321,021,800 yuan, or 33,210,218 bonds, representing 67.78% of the total issuance [8]. - The public subscription resulted in 15,789,780 bonds being allocated, which is 1,578,978,000 yuan, accounting for 32.22% of the total issuance, with a public subscription success rate of 0.0186422035% [8][9]. Underwriting and Allocation - If the total subscription amount falls below 70% of the issuance, the issuer and underwriter may consider suspending the issuance and will report to the Shenzhen Stock Exchange [5]. - The underwriter, Huatai United Securities, will underwrite any shortfall in subscription, with a maximum underwriting limit of 30% of the total issuance, equating to 147,000 million yuan [6][9]. Future Actions - The final allocation results will be announced on July 11, 2025, following a lottery draw on July 10, 2025 [8][9]. - The listing date for the convertible bonds will be announced separately [9].

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 证券代码：003816 证券简称：中国广核 公告编号：2025-047 网上发行中签率及优先配售结果公告 保荐人（主承销商）：华泰联合证券有限责任公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示 中国广核电力股份有限公司（以下简称"中国广核"或"发行人"）和华泰 联合证券有限责任公司（以下简称"华泰联合证券"或"保荐人（主承销商）" 或"主承销商"），根据《中华人民共和国证券法》、《证券发行与承销管理办 法》（证监会令〔第 228 号〕）、《上市公司证券发行注册管理办法》（证监会 令〔第 227 号〕）、《可转换公司债券管理办法》（证监会令〔第 227 号〕）、 《深圳证券交易所上市公司证券发行与承销业务实施细则》（深证上〔2025〕268 号）、《深圳证券交易所可转换公司债券交易实施细则》（深证上〔2025〕223 号）、《深圳证券交易所上市公司自律监管指引第 15 号——可转换公司债券》 （深证上〔2025〕223 号）和《深圳证券交易所上市公司自律监管指南第 1 号— —业务 ...

Group 1 - China General Nuclear Power Corporation (CGN) has officially launched a public offering of convertible bonds valued at 4.9 billion yuan, with an initial conversion price set at 3.67 yuan per share [1] - The interest rates for the convertible bonds are structured to increase over six years, starting from 0.2% in the first year to 2.0% in the sixth year [1] - The funds raised from this issuance will be used entirely for the construction of the Guangdong Lufeng Nuclear Power Plant Units 5 and 6 after deducting related issuance costs [1] Group 2 - As of July 9, CGN's market capitalization stands at 186.8 billion yuan, and the company has not conducted any additional share issuance since its IPO in 2019, which raised 12.574 billion yuan [2] - CGN is the largest publicly listed nuclear power company in terms of operational and under-construction nuclear power capacity, managing 28 operational units and 20 under construction, accounting for approximately 45% of the national total [2] - The company's financial performance has remained stable, with projected revenues of 80.68 billion yuan in 2021, increasing to 86.8 billion yuan in 2024, and net profits expected to rise from 9.764 billion yuan in 2021 to 10.81 billion yuan in 2024 [2] Group 3 - CGN has a strong dividend profile, with cash dividends consistently representing 44% of net profit over the past three years, and a stable dividend yield of over 2.5% [3] - The demand for electricity is expected to rise during the summer, positioning CGN as a key player in the nuclear power sector due to its reliable and efficient power supply capabilities [3]