Core Insights - China's nuclear power construction has entered a new phase of large-scale development, with the recent approval of five new nuclear projects totaling ten new units, maintaining a consistent pace of approving ten or more units annually for four consecutive years [1] - The scale of nuclear power under construction in China exceeds the total of all other countries combined, highlighting China's leadership in the nuclear energy sector [1][2] - The Ningde Nuclear Power Station in Fujian Province serves as a model for the harmonious coexistence of nuclear energy and nature, featuring a unique white tea garden on-site [2] Industry Developments - The Ningde Nuclear Power Station has achieved over 300 billion kilowatt-hours of electricity generation since its first phase began operations, emphasizing its significant contribution to clean energy [1][2] - The station's four units have met 41 WANO (World Association of Nuclear Operators) safety indicators, showcasing their advanced safety standards [2] - The second phase of the Ningde project, set to begin construction in 2024, will include two additional units expected to generate nearly 10 billion kilowatt-hours annually, sufficient to meet the annual electricity needs of one million people [2][3] Economic Impact - The construction and operation of the Ningde Nuclear Power Station have significantly boosted the local economy, with the village of Baiyang reporting collective income exceeding 10 million yuan in 2022, becoming a model for economic development in the region [4][5] - The establishment of dedicated access roads has facilitated the transportation of local agricultural products, enhancing the economic benefits for surrounding communities [4] - The nuclear power station has also stimulated tourism in nearby areas, with local businesses benefiting from increased visitor interest in the nuclear facility [5]

中国广核电力股份有限公司 关于持股 5%以上股东非公开发行可交换公司债券换股价格 调整的提示性公告 证券代码：003816 证券简称：中国广核 公告编号：2025-041 二、持股 5%以上股东可交换公司债券本次调整换股价格情况 根据公司于 2025 年 6 月 26 日在巨潮资讯网（http://www.cninfo.com.cn）、 《证券时报》《证券日报》《中国证券报》《上海证券报》登载的《中国广核电力 股份有限公司 2024 年年度权益分派实施公告》（公告编号：2025-040）和《广东 恒健投资控股有限公司 2024 年面向专业投资者非公开发行可交换公司债券（第 一期）募集说明书》的约定，"24 恒健 EB"的换股价格自 2025 年 7 月 3 日起由 4.16 元/股调整为 4.07 元/股。 换股期间，恒健投资持有的本公司股份数量可能会因为债券持有人选择换股 而减少。本次可交换公司债券持有人是否选择换股以及实际换股数量等均存在不 确定性。关于恒健投资本次非公开发行可交换公司债券后续事项，公司将根据有 关法律法规及时履行信息披露义务，敬请投资者注意投资风险。 特此公告。 中国广核电力股份有限公司 ...

苏州热工研究院有限公司，成立于2003年，位于苏州市，是一家以从事水利管理业为主的企业。企业注 册资本51395万人民币。通过天眼查大数据分析，苏州热工研究院有限公司共对外投资了3家企业，参与 招投标项目4736次，财产线索方面有商标信息40条，专利信息2553条，此外企业还拥有行政许可56个。 中国广核集团有限公司，成立于1994年，位于深圳市，是一家以从事电力、热力生产和供应业为主的企 业。企业注册资本1487337万人民币。通过天眼查大数据分析，中国广核集团有限公司共对外投资了32 家企业，参与招投标项目1494次，财产线索方面有商标信息662条，专利信息5000条，此外企业还拥有 行政许可56个。 金融界2025年7月1日消息，国家知识产权局信息显示，中广核检测技术有限公司、苏州热工研究院有限 公司、中国广核集团有限公司、中国广核电力股份有限公司取得一项名为"一种多通道涡流仪检定设备 及检定方法"的专利，授权公告号CN115356392B，申请日期为2022年08月。 天眼查资料显示，中广核检测技术有限公司，成立于2007年，位于深圳市，是一家以从事研究和试验发 展为主的企业。企业注册资本23000万 ...

Group 1 - A-share annual report dividend trend continues, with 198 companies distributing nearly 699 billion yuan this week [1] - China Ping An leads with a dividend of 293.34 billion yuan, followed by China General Nuclear Power and GF Securities with 47.97 billion yuan and 30.42 billion yuan respectively [1] - Over 2875 companies have completed annual report dividends, totaling nearly 977.5 billion yuan, accounting for 59.5% of the total annual dividend amount [1] Group 2 - The Shanghai Stock Exchange announced that cash dividends for Shanghai-listed companies in 2024 are expected to reach 1.8 trillion yuan, a historical high, with a dividend payout ratio of 35.6% [1][27] - Approximately 500 companies are set to issue interim dividends to meet investor cash flow needs [27] - In the past three years, 68 companies have cumulatively distributed over 10 billion yuan in cash dividends, and 872 companies have maintained a dividend payout ratio exceeding 30% for three consecutive years [27] Group 3 - The CSI Dividend ETF (515080) announced a dividend of 0.15 yuan per ten shares, with a distribution ratio of 0.99% [24][26] - This marks the 13th dividend distribution since the ETF's inception, with a cumulative dividend amount of 3.5 yuan per ten shares [26] - The ETF's annual dividend ratios over the past five years have been 4.53%, 4.14%, 4.19%, 4.78%, and 4.66% respectively [26] Group 4 - The CSI Dividend Index's total cash dividend for 2024 exceeded 920 billion yuan, setting a new historical high with a payout ratio of over 36% [20][21] - The index includes 100 constituent stocks, with China Shenhua distributing over 449 billion yuan [22][23] - The dividend distribution is part of a broader trend of increasing cash dividends among listed companies [20][21]

Investment Rating - The industry investment rating is maintained as "Increase" [4][3] Core Views - The "136 Document" catalyzes rapid growth in new energy this year, with accelerated electricity market reforms and the southern regional market starting continuous settlement, leading to more flexible electricity pricing reflecting supply and demand changes [3][10] - The cumulative installed capacity of solar power reached 1.08 billion kilowatts by the end of May, with a year-on-year increase of 56.9%, while the share of thermal power generation capacity decreased to approximately 40% [15][67] - The southern regional electricity market officially transitioned to continuous settlement, allowing for daily trading and better reflection of supply-demand dynamics [15][10] Summary by Sections Industry Overview - As of the end of May, the total installed power generation capacity in China reached 3.61 billion kilowatts, a year-on-year increase of 18.8% [15][67] - In the first five months of the year, solar power added 197.85 GW of new capacity, a year-on-year increase of 149.97%, while wind power added 46.28 GW, a year-on-year increase of 134.21% [15][67] Market Dynamics - The average daily trading volume in the southern regional electricity market is expected to reach 3.8 billion kilowatt-hours after the transition to continuous settlement [15][10] - The coal price rebounded to 620 yuan per ton, impacting the thermal power sector [11][3] Key Stocks - Recommended stocks include Huaneng International, Jingtou Energy, Huadian International, Sheneng Co., and Baoneng New Energy, focusing on those with flexible quarterly performance [3][7] - Emphasis on undervalued green electricity operators, particularly in Hong Kong stocks and wind power operators, such as Xintian Green Energy and Zhongmin Energy [3][7] Carbon Market - The national carbon market trading price increased by 4.83% this week, with a total trading volume of 6.68 billion tons and a cumulative trading amount of 458.99 billion yuan [52][69]

Group 1 - The State Intellectual Property Office of China granted a patent titled "Document Acquisition Method, Device, Computer Equipment and Storage Medium" to China General Nuclear Power Engineering Co., Ltd., Shenzhen China General Nuclear Power Engineering Design Co., Ltd., China General Nuclear Power Group Co., Ltd., and China General Nuclear Power Corporation [1] - China General Nuclear Power Engineering Co., Ltd. was established in 1997, located in Shenzhen, with a registered capital of 3.886 billion RMB, involved in 5,000 bidding projects, and holds 3,717 patents [1] - Shenzhen China General Nuclear Power Engineering Design Co., Ltd. was established in 2005, also located in Shenzhen, with a registered capital of 79.36 million RMB, involved in 1,518 bidding projects, and holds 1,277 patents [1] Group 2 - China General Nuclear Power Group Co., Ltd. was established in 1994, located in Shenzhen, with a registered capital of 14.87337 billion RMB, involved in 1,486 bidding projects, and holds 5,000 patents [2] - China General Nuclear Power Corporation was established in 2014, located in Shenzhen, with a registered capital of 50.49861 billion RMB, involved in 352 bidding projects, and holds 5,000 patents [2]

证券代码：003816 证券简称：中国广核 公告编号：2025-040 中国广核电力股份有限公司 2024 年年度权益分派实施公告 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（以下简称"公司"或"本公司"）2024 年年度 权益分派方案已经 2025 年 5 月 21 日召开的公司 2024 年度股东大会（以下简称 "股东大会"）审议通过，现将权益分派事宜公告如下： 一、股东大会审议通过权益分派方案情况 1. 2025 年 5 月 21 日，公司股东大会审议通过了《2024 年度利润分配方案》 的议案：公司以实施分配方案时股权登记日的总股本为基数，以现金形式派发 2024 年度末期股息予于股权登记日名列公司名册的股东。2024 年度现金股息以 人民币计值及宣派，每 10 股股息为人民币 0.95 元（含税）。本次权益分配不送 红股，不以公积金转增股本。 2. 自分配方案披露至实施期间公司股本总额未发生变化。 3. 本次实施的分配方案与股东大会审议通过的分配方案一致。 4. 本次实施方案距离股东大会审议通过的时间未超过两个月。 二、 ...

Group 1 - The Shanghai Composite Index opened lower but rose throughout the day, with the CSI 300 Utilities (secondary industry) index reported at 2669.83 points [1] - The CSI 300 Utilities index has decreased by 1.10% over the past month, increased by 5.80% over the past three months, and has declined by 1.36% year-to-date [1] - The CSI 300 index categorizes its 300 sample stocks 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] Group 2 - The top ten holdings in the CSI 300 Utilities index are: Changjiang Electric (49.31%), China Nuclear Power (10.16%), Three Gorges Energy (8.03%), Guodian Power (5.52%), State Power Investment (4.65%), Huaneng International (4.17%), Chuanwei Energy (4.09%), China General Nuclear Power (3.81%), Zhejiang Energy (2.82%), and Huadian International (2.5%) [1] - The market share of the CSI 300 Utilities index is dominated by the Shanghai Stock Exchange at 95.87%, while the Shenzhen Stock Exchange accounts for 4.13% [2] - In terms of industry composition, hydropower constitutes 60.36%, thermal power 15.01%, nuclear power 13.97%, wind power 8.36%, and gas power 2.31% of the index [2] Group 3 - 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 adjusted in accordance with the regular sample adjustments, which occur at the same time as the index sample adjustments [2] - Temporary adjustments to the index samples occur when the CSI 300 index undergoes changes, and special events affecting sample companies may also lead to corresponding adjustments in the CSI 300 industry index [2]

Core Viewpoint - Liaoning is leveraging the construction of a 131 million kilowatt offshore wind power project to transition from an old industrial base to a green economy, aligning with the "dual carbon" goals of China [2][3]. Group 1: Offshore Wind Power Development - The offshore wind power industry is becoming a key driver for economic growth and energy security globally, with China establishing a significant advantage in this sector [3]. - Liaoning has a vast marine resource base with over 50 million kilowatts of economically viable offshore wind energy, supported by a coastline of 2,290 kilometers [3][4]. - The province aims to develop two large offshore wind power bases, each exceeding 5 million kilowatts, contributing to a new production capacity worth over 1 trillion yuan [7]. Group 2: Economic Impact - The initiation of the 131 million kilowatt offshore wind power project is expected to attract nearly 1 trillion yuan in investments, generate an annual output value exceeding 100 billion yuan, and create over 100,000 jobs [4]. - The wind power industry is anticipated to become a significant force in driving the economic prosperity of Liaoning and establishing it as a maritime powerhouse [4][5]. Group 3: Industrial Transformation - The development of the offshore wind power sector is part of a broader strategy to upgrade traditional industries in Liaoning, which have historically relied on resource-intensive practices [5][6]. - Liaoning's industrial base includes over 150 enterprises in the wind power supply chain, with strengths in advanced equipment manufacturing [5]. - The province is focusing on green alternatives in traditional sectors like metallurgy and petrochemicals, while also fostering new industries such as hydrogen and ammonia production [6].

Investment Rating - The report maintains an "Overweight" rating for the utility sector [1]. Core Insights - In May 2025, the total electricity consumption increased by 4.4% year-on-year, with a total of 809.6 billion kWh consumed [4][6]. - The electricity price in May 2025 saw a year-on-year decrease of 3% but a slight month-on-month increase of 0.4% [40]. - The report highlights significant growth in various sectors, with the first industry showing an 8.4% increase, the second industry at 2.1%, and the third industry at 9.4% [4][13]. Summary by Sections 1. Market Review - The SW utility index decreased by 1.13% during the week of June 16-20, 2025, with notable declines in nuclear, water, and thermal power sectors [9][12]. 2. Electricity Sector Tracking 2.1. Electricity Consumption - Total electricity consumption from January to April 2025 reached 3.16 trillion kWh, reflecting a year-on-year increase of 3.1% [13]. - The growth rates for different sectors were: first industry +10.0%, second industry +2.3%, third industry +6.0%, and urban-rural residential consumption +2.5% [13][14]. 2.2. Power Generation - Cumulative power generation from January to April 2025 was 2.98 trillion kWh, with a slight year-on-year increase of 0.1% [22]. - The breakdown of generation by source showed thermal power down by 4.1%, water power up by 2.2%, nuclear power up by 12.7%, wind power up by 10.9%, and solar power up by 19.5% [22]. 2.3. Electricity Prices - The average grid purchase price in May 2025 was 394 RMB/MWh, down 3% year-on-year [40]. 2.4. Thermal Power - As of June 20, 2025, the price of thermal coal was 609 RMB/ton, a decrease of 29.84% year-on-year [45]. - The cumulative installed capacity of thermal power reached 1.46 billion kW, with a year-on-year increase of 4.1% [47]. 2.5. Hydropower - The water level at the Three Gorges Reservoir was 149.15 meters, consistent with previous years, and inflow and outflow rates increased by 19.72% and 63.96% respectively [53]. 2.6. Nuclear Power - In 2024, 11 new nuclear units were approved, indicating a positive growth trajectory for the sector [22]. 2.7. Renewable Energy - Wind and solar power saw significant increases in installed capacity, with wind power up by 18.5% and solar power up by 74.6% [22]. 3. Investment Recommendations - The report suggests focusing on investment opportunities in hydropower and thermal power during the peak summer season, recommending specific companies such as China Yangtze Power and Huaneng International [4].