Core Viewpoint - The Guangdong Marine Energy Industry Technology Innovation High-Quality Development Seminar highlights Guangdong's achievements in marine energy development and aims to explore new technologies, models, and business formats for high-quality development in the marine energy sector [2][4]. Group 1: Government and Policy Support - Guangdong is accelerating the transformation of marine resource advantages into development advantages, aiming to inject new momentum into the high-quality development of the economy and society [4]. - The provincial government has made the construction of a strong marine province a key breakthrough in its strategic deployment [4]. Group 2: Industry Growth and Achievements - By 2024, Guangdong's marine production value is expected to exceed 2 trillion yuan, with traditional marine industries' added value reaching 680 billion yuan, a year-on-year increase of 7.5% [6]. - The emerging marine industries' added value is projected to reach 41.1 billion yuan, with a year-on-year growth of 8.3% [6]. - The offshore wind power industry has seen a tenfold increase in installed capacity, reaching 12.51 million kilowatts, making Guangdong the leader in the nation [6]. Group 3: Technological Innovations - Guangdong has established a comprehensive offshore wind power industry chain, including research, manufacturing, installation, operation, and testing [6]. - Innovative projects such as the "Fuxi No. 1" wind-fishing integration platform and the world's first 11,000-meter ultra-deepwater drilling vessel have been launched [8]. - The province is also pioneering in hydrogen energy with large-scale electrolysis projects and exploring synergies between offshore wind power and hydrogen production [8]. Group 4: Collaborative Initiatives - Several strategic cooperation projects were signed during the seminar, including partnerships for green ship fuel production and offshore wind power-driven hydrogen production technology [10]. - The establishment of the Greater Bay Area Green Ship Fuel Industry Innovation Consortium reflects Guangdong's leadership in energy technology innovation and industrial collaboration [10]. Group 5: Future Directions - The National Energy Administration emphasizes the importance of developing marine energy for energy security and transition, with Guangdong playing a crucial role in offshore wind power development [11]. - The focus on innovative development models such as "energy-fishing-tourism" and "wind-hydrogen-methanol-shipping" showcases the potential for a restructured marine industry ecosystem [9].

证券研究报告 公用事业 | 电力 非金融|公司点评报告 hyzqdatemark 2025 年 09 月 02 日 证券分析师 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 邹佩轩 SAC：S1350524070004 zoupeixuan01@huayuanstock.com 戴映炘 SAC：S1350524080002 daiyingxin@huayuanstock.com 蔡思 SAC：S1350524070005 caisi@huayuanstock.com 联系人 市场表现： | 基本数据 | 月 | 29 | | 2025 | 年 | 08 | | 日 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | 3.84 | | | | | | | 年 内 / 最 低 | | | | | ...

公用环保 2025 年 9 月投资策略 优于大市 全国碳市场建设持续推进，推动城市绿色低碳转型发展 市场回顾：8 月沪深 300 指数上涨 10.33%，公用事业指数上涨 2.53%，环 保指数上涨 5.28%，月相对收益率分别为-7.81%和-5.06%。申万 31 个一 级行业分类板块中，公用事业及环保涨幅处于第 25 和第 21 名。分板块 看，环保板块上涨 5.28%；电力板块子板块中，火电上涨 4.69%；水电 下跌 1.17%，新能源发电上涨 2.26%；水务板块下跌 0.24%；燃气板块上 涨 4.50%。 重要事件：中共中央办公厅、国务院办公厅印发《关于推进绿色低碳转 型加强全国碳市场建设的意见》提出，到 2027 年，全国碳排放权交易 市场基本覆盖工业领域主要排放行业，全国温室气体自愿减排交易市场 实现重点领域全覆盖。中共中央、国务院发布《关于推动城市高质量发 展的意见》提出推动城市发展绿色低碳转型，具体包括推进生产领域节 能降碳、践行绿色低碳生活方式以及加强城市生态环境治理三方面政策 举措。 证券研究报告 | 2025年09月01日 专题研究：2025 年是"十四五"规划收官之年，也是"十 ...

核电巨头上半年业绩承压 中国广核是央企中广核集团旗下核能发电的唯一平台，业务主要包括：建设、运营及管理核电站，销售 该等核电站所发电力，组织开发核电站的设计及科研工作。 2025年上半年，全国全社会用电量同比涨超3%，而核电巨头中国广核业绩并未同步增长，反而出现量 涨价跌的情况——尽管中国广核上半年在运核电机组上网电量同比增长，但营收和利润却都出现下降， 公司上半年实现营业收入391.67亿元，同比下降0.53%；归母净利润59.52亿元，同比下降16.30%。8月 28日，中国广核发布2025年上半年财报，披露上述信息。 中国广核在半年报中指出，2025年上半年，公司核电机组所在部分省区部分时段电力供需宽松；公司核 电机组所在省区电力现货市场陆续铺开运行、新能源全面入市，电力现货价格及中长期合同交易价格同 比下降。 在8月28日召开的业绩会上，中国广核也进一步指出，公司2025年上半年平均市场化电价较去年同期有 所降低，主要受广东、广西市场化电价下降影响。公司所在区域中，广东、广西市场化电价已接近市场 化交易下限，福建、辽宁市场化电价总体相较去年保持平稳。 广东则是中国广核最重要的地区市场。财报显示，202 ...

作为一家以核能为特色的清洁能源企业，中广核始终以高水平安全护航高质量发展，坚决守牢企业发展 生命线。《报告》显示，2024年中广核28台在运核电机组保持安全稳定运行，86.3%的WANO指标达到 世界先进水平，其中14台机组综合指数满分，超90%机组强损指标达世界先进水平，创历史最优。境内 新能源新增装机1153万千瓦，风电利用小时数超行业平均水平5%以上，多项优质工程高效推进。 研发投入强度达3.8%、战新产业（300832）营收占比超过84%、国际业务收入占比超23%……8月29 日，中国广核（003816）集团发布《2024年企业社会责任报告》。据悉，这是中广核连续第14年发布企 业社会责任报告，系统呈现了企业在安全发展、科技创新、绿色低碳、员工成长、社会和谐等方面的履 责实践与成效。 中广核深入实施创新驱动发展战略，积极培育壮大战略新兴产业和未来产业，成效显著。2024年，集团 科技活动经费投入58.6亿元，研发投入强度达3.8%，全年获授权专利1372项，创新动能全面迸发。 在"走出去"方面，中广核持续拓展全球布局，国际业务收入占比超23%，覆盖20多个国家和地区。2024 年，中广核南非TFC一期 ...

证券研究报告·行业跟踪周报·公用事业 公用事业行业跟踪周报 9 月江苏电价不及预期，关注新能源对火电 发电量的挤占影响 增持（维持） [Table_Tag] [◼Table 投资要点 _Summary] 2025 年 09 月 01 日 证券分析师 袁理 -7% -3% 1% 5% 9% 13% 17% 21% 25% 29% 33% 37% 2024/9/2 2024/12/31 2025/4/30 2025/8/28 公用事业 沪深300 相关研究 《2025M1-7 用电增速持续提升，火电 恢复/水电偏弱》 2025-08-25 《气温转凉美国气价回落，欧洲储库 推进气价提升；九丰能源一体化持续 推进 》 2025-08-25 东吴证券研究所 1 / 28 请务必阅读正文之后的免责声明部分 执业证书：S0600511080001 021-60199782 yuanl@dwzq.com.cn 证券分析师 唐亚辉 执业证书：S0600520070005 tangyh@dwzq.com.cn 行业走势 ◼ 本周核心观点：2025 年 9 月江苏电力集中交易结果公示：加权均价 319.48 元/兆瓦时，低于市场 ...

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]