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]

证券代码：003816 证券简称：中国广核 公告编号：2025-046 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 发行提示性公告 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— —业务办理（2025 年 ...

Group 1: Company Overview - China General Nuclear Power Corporation (CGN) manages 28 operational nuclear units and 20 under construction, with a total installed capacity exceeding 5,600 MW, accounting for approximately 45% of the national total [2]. - The company focuses on the construction, operation, and management of nuclear power plants, as well as the sale of electricity generated from these plants [1]. Group 2: Convertible Bond Issuance - The total amount to be raised from the issuance of A-share convertible bonds is RMB 4.9 billion, with a proposed issuance of 49 million bonds, and a maturity period of 6 years [2]. - The initial conversion price for the convertible bonds is set at RMB 3.67 per share, based on the average trading price of the company's A-shares prior to the announcement [2]. - The minimum subscription unit for investors is 1 lot (10 bonds, RMB 1,000), with a maximum subscription limit of 1,000 lots (RMB 1 million) per account [3][4]. Group 3: Financial Performance - In the first half of 2025, the total electricity generated by the managed nuclear units was 1,133.60 billion kWh, representing a year-on-year increase of 6.93% [5]. - The average utilization hours of the units increased by 125 hours, reaching 3,784 hours [5]. Group 4: Market Conditions - The average market price of electricity in the first half of 2025 decreased compared to the same period last year, primarily due to declines in the Guangdong and Guangxi markets [5]. - In the regions where the company operates, market prices in Guangdong and Guangxi are nearing the lower limit for market transactions, while prices in Fujian and Liaoning remain stable [5]. Group 5: Future Projects and Approvals - As of April 27, 2025, the State Council approved five projects, including CGN's Fangchenggang Units 5 and 6, indicating a return to a normalized approval process for nuclear power projects [6]. - The company is well-positioned with a strong reserve of potential project sites and is actively preparing for future project approvals [6]. Group 6: Dividend Policy - According to the dividend plan approved at the 2020 annual general meeting, the company aims to maintain a moderate increase in the dividend payout ratio from 42.25% in 2020 to 44.36% by 2025 [6]. - The company emphasizes balancing development, performance growth, and shareholder returns to enhance the stability and predictability of cash dividends [6].

Core Viewpoint - The article emphasizes the robust measures taken by state-owned enterprises to ensure energy supply stability during the peak summer demand period, highlighting the significant contributions of various energy sectors, including traditional and renewable sources [1][2][3][4][5]. Group 1: Energy Supply Measures - National Energy Group's electricity generation in June reached 1,025.8 billion kilowatt-hours, marking a 1.6% year-on-year increase [2]. - The State Grid has completed 140 key projects for summer peak supply, with a total investment exceeding 30 billion yuan, enhancing power supply capacity by over 30 million kilowatts [1][2]. - Southern Power Grid's highest electricity load reached 240 million kilowatts, a 6.1% increase year-on-year, with projections of 270 million kilowatts during peak summer [2]. Group 2: Renewable Energy Contributions - Clean energy supply capabilities are continuously improving, with offshore gas fields and LNG import operations significantly contributing to natural gas supply [3]. - New energy sources, particularly wind and solar, are becoming the main contributors to electricity generation, with a notable increase in their share of total generation [4]. - The Three Gorges Group's hydropower stations are prepared for peak demand, with expected maximum output exceeding 70 million kilowatts this summer [3]. Group 3: Future Energy Strategy - The article suggests accelerating the establishment of a reliable renewable energy-based supply system to balance energy supply and emissions reduction [4]. - The National Development and Reform Commission anticipates a year-on-year increase of approximately 10 million kilowatts in the highest electricity load during the summer peak [4][5]. - Financial support is being mobilized, with energy companies issuing special bonds to bolster supply efforts [4].

根据中国广核电力股份有限公司（以下简称"本公司"）之统计，2025年1月至6月份，本公司及其子公司 （以下简称"本集团"）运营管理的核电机组总发电量约为1,203.11亿千瓦时，较去年同期增长6.11%。总 上网电量约为1,133.60亿千瓦时，较去年同期增长6.93%。 2025年1月至6月份发电量及上网电量详情如下： ■ 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：003816 证券简称：中国广核 公告编号：2025-045 中国广核电力股份有限公司 关于2025年第二季度运营情况的公告 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。 一、2025年1月至6月份发电量及上网电量情况 注： 1.本公告中提供的数字经过整数调整。 2.大亚湾核电站于2025年1月至6月份换料大修总时间少于2024年同期。 3.岭澳核电站于2025年1月至6月份换料大修总时间多于2024年同期。 4.岭东核电站于2025年1月至6月份换料大修总时间少于2024年同期。 5.防城港4号机组于2024年5月25日投入商业运营。 二、2025年第二季度运营情况 本公告同 ...

关于2025年第二季度运营情况的公告 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。 一、2025 年 1 月至 6 月份发电量及上网电量情况 根据中国广核电力股份有限公司（以下简称"本公司"）之统计，2025 年 1 月至 6 月份，本公司及其子公司（以下简称"本集团"）运营管理的核电机组总 发电量约为 1,203.11 亿千瓦时，较去年同期增长 6.11%。总上网电量约为 1,133.60 亿千瓦时，较去年同期增长 6.93%。 证券代码：003816 证券简称：中国广核 公告编号：2025-045 中国广核电力股份有限公司 | 核电站名称 | 截至 2025 | | 发电量 （亿千瓦时）1 | | | 上网电量 （亿千瓦时）1 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 年 月 6 30 | | | | | | | | | 日装机容量 | 2025 年 | 2024 年 | 同比 | 2025 年 | 2024 年 | 同比（%） | | | （兆瓦）1 | 月 1-6 | 月 1- ...

中国广核（003816）公告，2025年1月至6月份，公司及其子公司运营管理的核电机组总发电量约为 1203.11亿千瓦时，较去年同期增长6.11%。总上网电量约为1133.6亿千瓦时，较去年同期增长6.93%。 ...

Investment Rating - The report maintains a "Positive" investment rating for the power industry [11] Core Insights - The performance outlook for thermal power remains positive despite a decline in electricity prices and generation in Q2, driven by a significant decrease in coal prices [2][6] - Hydropower generation faces pressure due to high base effects and reduced rainfall, but some companies may achieve stable growth through optimized reservoir management [7][28] - Nuclear power generation continues to grow, but performance may vary by region due to differing impacts from market electricity prices [7][29] - Renewable energy generation (wind and solar) shows steady growth, but performance disparities exist across regions, influenced by local utilization hours [8][33] Summary by Sections Thermal Power - Key factors affecting thermal power profitability include coal prices, electricity prices, and generation volume. In Q2, coal prices decreased significantly, with the Qinhuangdao Q5500 coal price averaging 631.61 yuan/ton, down 216.85 yuan/ton year-on-year [20][21] - The overall electricity price across regions has declined, but northern regions like Inner Mongolia and Xinjiang show relatively strong performance [6][17] - Despite a year-on-year decline in thermal power generation hours and prices, the significant drop in coal prices is expected to stabilize thermal power operations, particularly in northern and eastern regions [26][21] Hydropower - Hydropower generation saw a year-on-year decline of 11.02% in April-May due to high base effects and less rainfall [28][31] - Major hydropower companies with better asset quality may still achieve stable growth through effective water management strategies [28] Nuclear Power - Nuclear power generation increased by 9.57% year-on-year in April-May, supported by a larger installed capacity and fewer maintenance days [29][31] - The impact of market electricity price fluctuations varies, with companies like China Nuclear Power being less affected compared to others [29] Renewable Energy - Wind and solar generation increased by 11.87% and 11.68% year-on-year, respectively, but utilization hours have decreased [33][36] - Regional disparities in performance are evident, with eastern and central provinces showing improved wind utilization hours, while coastal provinces like Guangdong and Fujian experienced significant declines [33][39] Investment Recommendations - The report recommends focusing on quality thermal power operators such as Huadian International, Huaneng International, and China Power, as well as major hydropower companies like Yangtze Power and Guotou Power [9][44] - For renewable energy, companies with balanced national layouts like Longyuan Power and China Nuclear Power are expected to perform well [9][44]

Market Overview - In June, the CSI 300 index rose by 2.50%, while the public utility index fell by 0.54% and the environmental index increased by 0.81%, with relative returns of -3.04% and -1.42% respectively [1][14] - Among the 31 primary industry sectors, public utilities and environmental sectors ranked 25th and 19th in terms of growth [1][14] - The environmental sector saw a rise of 1.08%, while within the electricity sector, thermal power decreased by 0.94%, hydropower fell by 1.76%, and renewable energy generation increased by 1.98% [1][26] Important Events - The Central Financial Committee's sixth meeting emphasized strengthening and expanding the marine industry, promoting orderly construction of offshore wind power [15] - National electricity load exceeded 1.465 billion kilowatts on July 4, marking a historical high, with a rise of approximately 200 million kilowatts since the end of June and an increase of nearly 150 million kilowatts year-on-year [15] Supply and Demand Analysis - The electricity industry has experienced three cycles of supply and demand changes since 2000, with future supply expected to increase significantly due to new thermal power units coming online and growth in renewable and nuclear power installations [2][22] - The demand side shows a decline in electricity consumption growth, particularly in high-energy-consuming industries, leading to a stabilization of overall electricity demand growth [2][23] Investment Strategy - Public Utilities: Recommendations include large thermal power companies like Huadian International and Shanghai Electric, as well as leading renewable energy firms such as Longyuan Power and Three Gorges Energy [3][24] - Nuclear power companies like China Nuclear Power and China General Nuclear Power are expected to maintain stable profitability, with a recommendation for China Power Investment Corporation as a restructuring target [3][24] - In the water and waste incineration sectors, companies like China Everbright Environment and Zhongshan Public Utilities are highlighted for their cash flow improvements [3][24] Key Company Profit Forecasts - Huadian International (600027.SH): Expected EPS of 0.46 in 2024, PE ratio of 12.2 [8] - Longyuan Power (001289.SZ): Expected EPS of 0.75 in 2024, PE ratio of 22.3 [8] - China Nuclear Power (601985.SH): Expected EPS of 0.46 in 2024, PE ratio of 20.5 [8] - China Everbright Environment (0257.HK): Expected EPS of 0.55 in 2024, PE ratio of 7.3 [8]

Core Viewpoint - China General Nuclear Power Corporation (CGN) is issuing A-share convertible bonds amounting to 4.9 billion yuan, which has received approval from the China Securities Regulatory Commission [1][2]. Group 1: Issuance Details - The issuance of A-share convertible bonds is aimed at unspecified investors, with a total amount of 490 million yuan [1]. - The bonds will be preferentially allocated to existing A-share shareholders as of the record date, July 8, 2025, after which any remaining bonds will be offered to the public through the Shenzhen Stock Exchange [1][2]. Group 2: Roadshow Information - A roadshow will be held on July 8, 2025, from 15:00 to 17:00 to inform investors about the bond issuance [2]. - The roadshow will be accessible via the Panoramic Roadshow platform [2]. - Key members of the management team from CGN and representatives from the lead underwriter, Huatai United Securities, will participate in the roadshow [2].