记者 | 杨坪 实习生宋晨曦 编辑 | 张伟贤 近日，中国广核（003816.SZ）发布了2025年半年报。 受电价下滑等因素影响，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%。 "2025年上半年平均市场化电价较去年同期有所降低，主要是受广东、广西市场化电价下降影响。公司 所在的区域中，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。"中国广核高管在投资者交流过程中表示。 不过，由于大亚湾和岭东核电站检修时间同比减少，以及防城港4号核电机组今年5月投运，公司的发电 量持续上涨，在一定程度上缓解了电价下行的压力。 2025年上半年，中国广核管理的在运核电机组实现上网电量1133.60亿千瓦时（含联营企业），同比上 升6.93%；电力销售收入合计约为306.58亿元，同比微增0.93%，占当期营业收入的78.27%。 在半年报发布当晚，中国广核还公告，公司拟从控股股东中国广核集团处收购惠州和湛江共4家核电公 司，这意味着，惠州1至6号核电机组将注入上市公司，进而实现未来核能发电量增长和业绩增长。 截至8月29日 ...

记者 | 杨坪 实习生宋晨曦 编辑 | 张伟贤 "2025年上半年平均市场化电价较去年同期有所降低，主要是受广东、广西市场化电价下降影 响。公司所在的区域中，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。"中国广核高管在投资者交流过程中表示。 不过，由于大亚湾和岭东核电站检修时间同比减少，以及防城港4号核电机组今年5月投运， 公司的发电量持续上涨，在一定程度上缓解了电价下行的压力。 2025年上半年，中国广核管理的在运核电机组实现上网电量1133.60亿千瓦时（含联营企 业），同比上升6.93%；电力销售收入合计约为306.58亿元，同比微增0.93%，占当期营业收 入的78.27%。 在半年报发布当晚，中国广核还公告， 公司拟从控股股东中国广核集团处收购惠州和湛江共4 家核电公司，这意味着，惠州1至6号核电机组将注入上市公司，进而实现未来核能发电量增 长和业绩增长 。 截至8月29日收盘，中国广核股价为3.84元/股，最新市值1810亿元。 近日，中国广核（003816.SZ）发布了2025年半年报。 平均市场电价下滑8 . 2 3% 受电价下滑等因素影响，公司上半年 ...

近日，中国广核（003816）(003816.SZ)发布了2025年半年报。 受电价下滑等因素影响，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%。 "2025年上半年平均市场化电价较去年同期有所降低，主要是受广东、广西市场化电价下降影响。公司 所在的区域中，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。"中国广核高管在投资者交流过程中表示。 不过，由于大亚湾和岭东核电站检修时间同比减少，以及防城港4号核电机组今年5月投运，公司的发电 量持续上涨，在一定程度上缓解了电价下行的压力。 2025年上半年，中国广核管理的在运核电机组实现上网电量1133.60亿千瓦时(含联营企业)，同比上升 6.93%；电力销售收入合计约为306.58亿元，同比微增0.93%，占当期营业收入的78.27%。 在半年报发布当晚，中国广核还公告，公司拟从控股股东中国广核集团处收购惠州和湛江共4家核电公 司，这意味着，惠州1至6号核电机组将注入上市公司，进而实现未来核能发电量增长和业绩增长。平均 市场电价下滑8.23% 与此同时，中国广核 ...

8月31日，由广东省发展和改革委员会、广东省科学技术厅、广东省能源局指导，中国广核集团主办的 广东海洋能源产业科技创新高质量发展研讨会在深圳举行，来自政府单位、高等院校、科研院所、开发 企业、产业链企业的400余名代表参会。本次大会以"向海图强能创未来"为主题，集中展现广东作为海 洋经济大省在海洋能源产业发展中取得的成绩，研究探讨海洋能源发展新技术、新模式、新业态，共绘 广东海洋能源高质量发展新蓝图。 广东省委常委、常务副省长张虎，国家能源局总经济师鲁俊岭，广东省发展改革委党组书记、主任艾学 峰，国家能源局南方监管局党组书记、局长郑毅，深圳市委常委、常务副市长陶永欣，广东省能源局党 组书记、局长刘文胜，中国广核集团党委副书记、总经理高立刚，中国工程院院士、深圳大学特聘教授 谢和平等出席大会，中国广核集团党委常委、副总经理李亦伦主持会议。 广东省委常委、常务副省长张虎表示，广东正加快把海洋资源优势转化为发展优势，为打造"海上新广 东"、推动广东经济社会高质量发展注入新动力。广东愿携手各方，充分发挥海的优势、挖掘海的潜 力，推动蓝色经济高质量发展、海洋文化深度交融、海洋生态持续改善。 锚定海洋强省目标 氢能领域， ...

据了解，广东产学研协同发展、深度融合，推动形成新质生产力。 广东海洋能源产业科技创新高质量发展研讨会在深举行 中新网深圳8月31日电 (索有为 朱丹)广东海洋能源产业科技创新高质量发展研讨会31日在深圳举行，研 讨会以"向海图强 能创未来"为主题，研究探讨海洋能源发展新技术、新模式、新业态。 中共广东省委常委、常务副省长张虎表示，广东正加快把海洋资源优势转化为发展优势，为打造"海上 新广东"、推动广东经济社会高质量发展注入新动力。广东愿携手各方，充分发挥海的优势、挖掘海的 潜力，推动蓝色经济高质量发展、海洋文化深度交融、海洋生态持续改善。 国家能源局总经济师鲁俊岭表示，"十五五"是中国如期实现碳达峰目标的关键时期，大力发展海洋能源 将是保障能源安全、促进能源转型的重要方向，要加快原创性引领性科技攻关，坚持市场化发展，推动 中国海洋能源产业迈上新台阶，为筑牢国家能源安全屏障、实现"双碳"目标贡献新的更大力量。 研讨会由广东省发展和改革委员会、广东省科学技术厅、广东省能源局指导，中国广核集团主办。(完) 海上风电领域，中广核阳江500千伏海上风电无功补偿站、南方电网三山岛海上风电柔直输电工程、明 阳智慧能源集团" ...

Investment Rating - The report maintains a strong rating for the power sector and recommends specific companies within the sector [4][7][11]. Core Insights - The first central document in the carbon market sector has been issued, marking a new journey in carbon market construction, with significant implications for green investment and industry growth [3][17][18]. - The report emphasizes the importance of promoting high-quality urban development, particularly in the water and solid waste management sectors, which are expected to benefit from new policies [4][21]. Summary by Sections Market Review - From August 25 to August 29, the electricity sector fell by 0.40%, the environmental sector by 1.47%, the gas sector by 1.65%, and the water sector by 2.15%, while the CSI 300 index rose by 2.71% [11][12]. Carbon Market Development - The central government's recent document outlines plans to accelerate the construction of a national carbon market, aiming for comprehensive coverage of major industrial sectors by 2027 and a robust voluntary reduction market [3][17][18]. - As of July 2025, the national carbon emissions trading market has seen a cumulative transaction volume of 681 million tons and a transaction value of 46.784 billion yuan, indicating a growing influence of carbon pricing [3][18]. Urban Development Initiatives - The recent policy encourages green low-carbon transformation in urban development, promoting energy efficiency and waste management [4][21]. - The report identifies opportunities in waste-to-energy applications, industrial wastewater treatment, and the recycling of construction waste, which are expected to enhance profitability for related companies [4][21]. Investment Recommendations - The report recommends specific companies within various sectors: - For the power sector, it suggests Jiangsu Guoxin and cautiously recommends Sheneng Co. and Zhejiang Energy [4]. - In the nuclear power sector, it cautiously recommends China National Nuclear Power and China General Nuclear Power [4]. - For green energy, it suggests focusing on Three Gorges Energy and Jiangsu New Energy [4]. - In the water sector, it recommends Changjiang Electric Power and cautiously suggests Huaneng Hydropower [4]. - In the environmental sector, it recommends Yongxing Co. and Xuedilong, while suggesting attention to Huaguang Huaneng and China Tianying [4].

盈利预测与估值： 我们预计2025-2027 年公司分别实现归母净利润101.25/105.77/113.91 亿元，同比分别 变化-6.37%/+4.47%/+7.69%， 2025年8 月29 日股价对应PE 分别为19.15/18.33/17.02 倍。维持"强烈推 荐"评级。 在建机组建设进展顺利，新机组获核准支撑发展。截至2025 年6 月30 日，公司在建核电机组共20 台， 其中3 台处于调试阶段，2 台处于设备安装阶段，4 台处于土建施工阶段，11 台处于FCD 准备阶段。 2025 年2 月，陆丰1 号机组FCD，惠州2 号机组进入调试阶段；2025 年6 月惠州3 号机组FCD，苍南1 号 机组完成热态功能试验，在建项目均保持稳健推进节奏。整体来看，公司惠州1 号机组有望今年投运， 其余机组投运时间则分布在2026-2030 年。2025 年4 月27 日，国务院核准五个核电工程共10 台机组， 其中就包含公司的台山二期项目（3、4 号机组）和防城港三期项目（5、6 台机组）的4 台机组。 拟斥资收购核电股权，旨在新增储备项目赋能成长。2025 年8 月，公司发布《关于收购惠州核电等四家 ...

2025年8月27日，核电巨头中国广核电力股份有限公司（下称"中国广核"，003816.SZ）宣布，公司与中 国广核集团有限公司（下称"中广核"）订立股权转让协议，拟向中广核收购其持有的中广核惠州核电有 限公司（下称"惠州核电"）、中广核惠州第二核电有限公司（下称"惠州第二核电"）、中广核惠州第三 核电有限公司（下称"惠州第三核电"）、中广核湛江核电有限公司（下称"湛江核电"）四家公司股权。 8月29日上午，记者从中国广核相关人员处获悉，惠州一期计划今年投产，二号机组计划明年投产，惠 州第二核电的三号机组计划2030年投产。理论上讲，如果当年投产，实现商运或发电，就会产生利润和 收入。 避免同业竞争 记者了解到，本次交易标的为中广核持有的惠州核电82%股权、惠州第二核电100%股权、惠州第三核 电100%股权、湛江核电100%股权。值得一提的是，这四家公司的实际控制人均为国资委。由于中广核 持有中国广核58.89%的股份，是其控股股东，此次交易构成关联交易，尚需获得公司股东大会的批 准。 惠州核电设立于2013年，其股权结构为中广核持股82%，大唐核电持股18%。惠州1、2号机组正在建设 过程中，尚未投入运营 ...

Core Insights - China General Nuclear Power Group (CGN) has released its 2024 Corporate Social Responsibility Report, marking the 14th consecutive year of such reports, highlighting its commitment to safety, technological innovation, green development, employee growth, and social harmony [1][2] Group 1: Operational Performance - CGN's operational nuclear power units achieved a WANO indicator of 86.3%, reaching world-class levels, with 28 units maintaining safe and stable operations [1] - The company reported that 14 of its units achieved a comprehensive index score of full marks, and over 90% of its units' strong damage indicators met world advanced levels, marking a historical best [1] Group 2: Research and Development - In 2024, CGN invested 5.86 billion yuan in R&D, with an R&D intensity of 3.8%, and received 1,372 authorized patents, including one gold and one silver award at the China Patent Awards [2] - The company is advancing three major R&D platforms focused on nuclear energy, new energy, nuclear technology, and digitalization in key regions such as the Guangdong-Hong Kong-Macao Greater Bay Area and Yangtze River Delta [2] Group 3: International Expansion - CGN's international business revenue accounted for over 23%, with projects spanning over 20 countries and regions, including new solar and clean energy projects in South Africa and Laos [2] - The company is actively pursuing global expansion under the Belt and Road Initiative, achieving significant milestones in green field development [2] Group 4: Environmental Impact - By the end of 2024, CGN's clean energy operational capacity is expected to reach nearly 100 million kilowatts, generating 3,494 billion kilowatt-hours of electricity, which equates to a reduction of approximately 270 million tons of CO2 emissions [3] - The company is exploring innovative "new energy+" models, promoting ecological governance and demonstrating a path of coordinated ecological, economic, and social benefits [3] Group 5: Social Responsibility - CGN is committed to local economic development and social welfare, with investments exceeding 48 billion yuan in poverty alleviation and rural revitalization across several provinces [3] - The company has implemented various international responsibility initiatives, such as educational programs in Malaysia and infrastructure projects in Laos and Brazil, showcasing its commitment to global social responsibility [3]

Core Viewpoint - China General Nuclear Power Corporation (CGN) reported its 1H25 performance, with revenue and profit showing slight declines compared to the previous year, aligning with market expectations [1][2]. Financial Performance - 1H25 revenue decreased by 0.5% year-on-year to 39.2 billion yuan, while profit fell by 16.3% to 5.95 billion yuan. In 2Q25, revenue dropped by 5.2% to 19.1 billion yuan, and profit decreased by 16.5% to 2.93 billion yuan [1]. - The average financing cost for the company in 1H25 was 2.64%, down 39 basis points from 2024. Financial expenses decreased by 8.8% to 2.28 billion yuan, with the financial expense ratio down by 0.5 percentage points to 5.8% [2]. Electricity Pricing and Volume - The average market transaction price for electricity in 1H25 fell by 3.2 cents to 0.36 yuan per kilowatt-hour, remaining stable compared to the first quarter. In Guangdong, the average price was approximately 0.33 yuan per kilowatt-hour, down 6.5 cents year-on-year [1]. - The company completed 8 annual overhauls and 2 ten-year overhauls in the first half of the year, with total overhaul days at 414, a reduction of 109 days year-on-year. This led to an 8.8% increase in online electricity volume to 89.3 billion kilowatt-hours [1]. Development Trends - The company plans to acquire equity in four companies for 9.4 billion yuan, which includes four under-construction and approved units, potentially enriching its operational and construction unit portfolio. The acquisition includes 82% of Huizhou Nuclear Power and 100% of Huizhou Second, Huizhou Third, and Zhanjiang Nuclear Power [2]. - The company has not yet initiated the acquisition of Cangnan Phase I due to various factors, with expected operational dates for Cangnan units 1 and 2 around 2026 and 2027 [2]. Profit Forecast and Valuation - The company has adjusted its profit forecasts for 2025-26 down by 10.9% and 13.5% to 9.6 billion yuan. The current A-share price corresponds to a 20.2 times and 20.1 times price-to-earnings ratio for 2025-26, while the H-share price corresponds to 14.5 times and 14.2 times [2]. - The company maintains a positive outlook on the long-term stable dividend investment value of high-quality nuclear power assets, with target prices for A/H shares remaining unchanged at 5.07 yuan and 3.59 HKD, indicating potential upside of 33% and 20% respectively [2].