| | | 中国广核电力股份有限公司 关于召开 2025 年第一次临时股东大会、2025 年第二次 A 股类 别股东大会、2025 年第二次 H 股类别股东大会的通知 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"本公司"或"公司"）董事会决定召集 2025 年第一次临时股东大会、2025 年第二次 A 股类别股东大会、2025 年第二次 H 股类别股东大会（以下简称"本次股东大会"）。本次股东大会采用现场投票与网络 投票相结合的方式，现将有关事项通知如下： 一、召开会议的基本情况 1. 股东大会届次：2025 年第一次临时股东大会、2025 年第二次 A 股类别股东 大会、2025 年第二次 H 股类别股东大会。 2. 股东大会的召集人：公司董事会。 2025 年 8 月 27 日，公司第四届董事会第十五次会议审议通过了《关于批准召 开 2025 年第一次临时股东大会、2025 年第二次 A 股类别股东大会和 2025 年第二次 H 股类别股东大会的议案》。 3. 会议召开的合法、合规性： 债券代码：127110 债券简 ...

Core Viewpoint - The article highlights the innovative integration of desertification control and agricultural photovoltaic power generation in the Taklamakan Desert, showcasing the successful transformation of barren land into a green oasis through advanced technology and sustainable practices [1][4][12]. Group 1: Project Overview - The project covers a total area of 22,000 acres, equivalent to 2,054 standard soccer fields, with specific planting areas designated for drought-resistant plants and windbreak forests [4]. - The project aims to combat desertification while generating renewable energy, with a focus on the "photovoltaic + ecological governance" model [13]. - The project is part of China's broader initiative to address desertification, particularly in the "Three North" project, with a strategic cooperation agreement signed between China General Nuclear Power Group and the Xinjiang government [4][12]. Group 2: Technological Innovations - The project employs a self-developed "sand membrane" technology that enhances soil conditions for plant growth by retaining moisture and nutrients [9]. - High-efficiency photovoltaic panels are installed to convert solar energy into electricity while also providing a protective cover for the soil, reducing evaporation and promoting plant growth [9][13]. - The project utilizes a combination of biological and engineering methods for sand control, integrating modern agricultural techniques to improve productivity and sustainability in desert areas [12]. Group 3: Environmental and Economic Impact - The project is expected to produce approximately 1,000 tons of forage annually, sufficient to meet the feed needs of 140 cattle or 1,660 sheep [8]. - Once operational, the adjacent 500,000 kW photovoltaic desertification control project will provide 963 million kWh of clean electricity annually, equivalent to saving 289,600 tons of standard coal and reducing CO2 emissions by approximately 805,100 tons [14]. - The restoration of vegetation has led to increased biodiversity and improved local ecosystems, contributing to sustainable economic benefits for the region [12].

Core Insights - The 2025 Yantai International Nuclear Power Industry and Equipment Expo will be held from September 15 to 17 in Yantai, Shandong, focusing on the theme of "Green Development, Low-Carbon Future" [1] - The expo will feature over 300 exhibitors, including major state-owned enterprises and innovative companies, showcasing the entire nuclear power industry chain from design and manufacturing to operation and maintenance [1] - The event aims to promote the nuclear energy sector's transition towards a "dual carbon" era, emphasizing safety, low-carbon benefits, and a sustainable future [1] Group 1 - The exhibition area will cover 20,000 square meters, highlighting technological advancements and industry upgrades in the nuclear energy sector [1] - Major participants include China National Nuclear Corporation, State Power Investment Corporation, China General Nuclear Power Group, and China Huaneng Group, each presenting various models and technologies [1] - The expo will feature models such as "Hualong One," "China's Circulating Three," and advanced technologies in clean energy like wind, solar, and energy storage [1] Group 2 - A series of supporting activities will take place during the expo, including conferences on digital transformation, safety, and innovation in nuclear power [2] - Over 30 representatives from research institutions, state-owned enterprises, and industry leaders will discuss key topics such as digitalization, safety, and collaborative innovation in the nuclear power industry [2] - The event is organized by the China Machinery Industry Federation and supported by various industry associations and research institutions [2]

Market Overview - The Shanghai Composite Index closed at 3876.34 points, above the annual line, with a change of 0.37% [1] - The total trading volume of A-shares reached 2402.92 billion yuan [1] Stocks Breaking Annual Line - A total of 46 A-shares have surpassed the annual line today, with notable stocks showing significant deviation rates [1] - The stocks with the highest deviation rates include: - Hongli Zhihui: 9.98% deviation, closing price at 7.62 yuan, with a daily increase of 11.40% and turnover rate of 16.56% [1] - Zhejiang Meida: 9.56% deviation, closing price at 7.78 yuan, with a daily increase of 10.04% and turnover rate of 12.95% [1] - Berteli: 6.64% deviation, closing price at 54.53 yuan, with a daily increase of 6.92% and turnover rate of 5.01% [1] Additional Stocks with Minor Deviations - Other stocks that have just crossed the annual line with smaller deviation rates include: - ST Fanli: 4.88% deviation, closing price at 5.52 yuan, with a daily increase of 4.94% [1] - Hisense Video: 4.57% deviation, closing price at 22.15 yuan, with a daily increase of 6.59% [1] - Tiensun Energy: 4.49% deviation, closing price at 7.81 yuan, with a daily increase of 5.68% [1]

Group 1 - The core viewpoint of the report by Founder Securities indicates that despite a potential decrease in nuclear power companies' on-grid electricity prices due to market-driven trading volume growth and annual long-term contract price declines, the steady approval pace of nuclear power projects and the increase in generation capacity from new units are expected to offset price reductions through volume growth. The report suggests focusing on China General Nuclear Power (003816.SZ) and China National Nuclear Power (601985.SH) [1] Group 2 - The current pricing mechanism for nuclear power in China has evolved from a "one plant, one price" system to a market-oriented pricing reform, with significant changes occurring in 2013 and 2020, including the introduction of a benchmark price system and adjustments based on a base price with fluctuations [1] Group 3 - Regional differences in nuclear power pricing exist due to varying progress in marketization and local electricity supply-demand conditions. For instance, Guangdong, Guangxi, and Zhejiang have government-authorized contracts, while Fujian and Liaoning allow full market participation for nuclear power [2][3] - In Guangdong, a one-way price difference settlement mechanism is applied, while Guangxi determines prices monthly based on market averages. Zhejiang combines government contracts with a percentage of spot market trading [2] - In Jiangsu, approximately 300 billion kilowatt-hours are expected to participate in market trading by 2025, with other on-grid electricity being guaranteed at fixed prices [3]

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。 CGN Power Co., Ltd.* 中國廣核電力股份有限公司 （在中華人民共和國註冊成立的股份有限公司） （股份代號：1816） 延遲刊發通函 茲提述中國廣核電力股份有限公司（「本公司」）日期為2025年8月27日有關本公司 (1)有關收購惠州核電等四家公司股權的須予披露的交易及關連交易(2)有關持續關 連交易年度上限的修訂之公告（「該公告」），如披露，(i)本公司擬向中國廣核集團 有限公司（「中廣核」）收購其持有的中廣核惠州核電有限公司82%股權、中廣核惠 州第二核電有限公司100%股權、中廣核惠州第三核電有限公司100%股權及中廣 核湛江核電有限公司100%股權；及(ii)本公司擬修訂2025年至2027年技術支持與 維修服務框架協議下本集團接受技術支持與維修服務各年年度上限。除文義另有 所指外，本公告所用詞彙與該公告所界定者具有相同涵義。 財務總監、聯席公司秘書及董事會秘書 中國，2025年 ...

Core Viewpoint - The recent notice from the National Development and Reform Commission and the Energy Administration aims to enhance the price mechanism to promote the nearby consumption of renewable energy, requiring that the annual self-consumption of renewable energy should account for no less than 60% of the total available generation capacity and 30% of total electricity consumption, with new projects starting from 2030 required to meet at least 35% [1] Investment Highlights - The notice recommends commercial rooftop photovoltaics and highlights the potential of companies like Ankerui. It emphasizes the need for projects to have metering conditions and for grid companies to install metering devices to accurately measure electricity data at various stages [1] - The bidding for large-scale energy storage in August exceeded expectations, with a recommendation for storage operators like Southern Grid Storage. The combination of AI and the finalized document No. 136 is expected to drive the economic viability of large-scale storage, with domestic demand exceeding expectations [1] - Southern Grid Storage is positioned to benefit significantly as a large-scale storage operator within the Southern Grid, with a projected cumulative installed capacity of 654,200 kW and 1,298,300 kWh by the first half of 2025, alongside 10.28 million kW of pumped storage capacity [1] Industry Core Data Tracking - Electricity prices saw a 2% year-on-year decrease and a 1.3% month-on-month increase in August 2025. The price of thermal coal was reported at 680 RMB/ton as of September 12, 2025, reflecting a week-on-week increase of 1 RMB/ton [2] - The water level at the Three Gorges Reservoir was recorded at 162.88 meters, with inflow and outflow rates showing significant year-on-year increases of 33.59% and 198.15%, respectively [2] - Total electricity consumption from January to July 2025 reached 5.86 trillion kWh, a year-on-year increase of 4.5%, with various sectors showing different growth rates [2] - Cumulative power generation for the same period was 5.47 trillion kWh, with a year-on-year increase of 1.3%, while installed capacity additions in the first half of 2025 showed significant growth in renewable sources like wind and solar [2] Investment Recommendations - Companies within the Southern Grid system, such as Southern Grid Energy, Southern Grid Storage, and Southern Grid Technology, are recommended for investment opportunities [3] - The green electricity sector is expected to see improvements in asset quality and growth potential, with specific companies highlighted for attention [3] - The value of photovoltaic assets and charging station assets is anticipated to be reassessed positively due to regulatory support and market dynamics [3] - Investment opportunities in thermal power, particularly in the Beijing-Tianjin-Hebei region, are also recommended [3] - The hydropower sector is expected to benefit from rising prices and low costs, with strong cash flow and dividend capabilities [3] - The nuclear power sector is projected to grow, with multiple approvals for new units expected to enhance profitability and dividends [3]

Core Viewpoint - China General Nuclear Power Corporation (CGN) is the largest nuclear power operator in China, managing a significant portion of the country's nuclear capacity [1] Group 1: Company Overview - As of June 30, 2025, CGN operates 28 nuclear power units and has 20 units under construction, with a total installed capacity of 31.796 million kW and 24.222 million kW respectively, accounting for 44.46% of the national total for operational and under-construction nuclear power units [1] Group 2: Financial Performance - In the first half of 2025, CGN's net profit attributable to shareholders decreased by 16.30% year-on-year, primarily due to a significant drop in market-based electricity prices in Guangdong and Guangxi [1] - Looking ahead to 2026, the decline in electricity prices in Guangdong and Guangxi is expected to be limited, which may lead to a reduction in the volatility of the company's electricity prices compared to the previous year [1] Group 3: Future Outlook - The value of CGN is anticipated to increase as the nuclear power units currently under construction are gradually put into operation, supporting a positive investment outlook [1]

Group 1 - UBS report indicates that China General Nuclear Power (01816) management believes the current nuclear power pricing policy in Guangdong province negatively impacts operators, expecting improvements in related policies [1] - The company anticipates that Guangdong province may consider revising nuclear power pricing rules in the 2026 electricity trading scheme, with approximately 70% of its equity installed capacity located in Guangdong [1] - UBS also suggests that upstream nuclear equipment suppliers such as Harbin Electric (01133), Yingli Green Energy (603308), and Dongfang Electric (600875) may benefit indirectly due to improved project visibility and potential recovery in profit margins [1] Group 2 - Although details of the 2026 electricity trading scheme have not been finalized, preliminary analysis indicates that a complete removal of the current deduction rules could provide a potential upside of 289 million RMB or 3% to China General Nuclear Power's profit forecast for the 2026 fiscal year [1]

Group 1 - UBS reports that China General Nuclear Power (01816) management indicated that the current nuclear power pricing policy in Guangdong Province negatively impacts operators, but improvements in related policies are expected [1] - The firm anticipates that Guangdong Province may consider revising nuclear power pricing rules in the 2026 electricity trading scheme, with the company potentially being a major beneficiary as approximately 70% of its equity installed capacity is located in Guangdong [1] - The report also suggests that upstream nuclear equipment suppliers such as Harbin Electric (01133), Yingli Green Energy (603308.SH), and Dongfang Electric (01072) may benefit indirectly due to improved project execution visibility and potential recovery in profit margins [1] Group 2 - Although the details of the 2026 electricity trading scheme have not been finalized, preliminary analysis indicates that if the current deduction rules are completely removed, it could provide a profit forecast increase of 289 million RMB or 3% for China General Nuclear Power in the 2026 fiscal year [1]