Core Viewpoint - China General Nuclear Power Group (CGN) has achieved significant milestones in clean energy development during the 14th Five-Year Plan, with a total of 16 nuclear power units approved and a clean energy installed capacity exceeding 110 million kilowatts [1][5]. Group 1: Nuclear Power Development - CGN has approved 16 nuclear power units and commenced construction on 10 new units, with 20 units currently under construction [1] - The total number of operational nuclear power units has reached 28, with a total installed capacity exceeding 56 million kilowatts, maintaining the top position in the country [2] - The "Hualong One" technology is being utilized in 18 of the units under construction, achieving international certification and recognition [2][4] Group 2: Clean Energy Capacity - During the 14th Five-Year Plan, CGN's clean energy installed capacity increased from 62 million kilowatts to 113 million kilowatts, with domestic renewable energy capacity surpassing 70 million kilowatts [1][5] - The company has achieved nearly threefold growth in domestic renewable energy capacity compared to the end of the 13th Five-Year Plan, with over 370 billion kilowatt-hours of cumulative power generation [5] Group 3: Technological Innovation - CGN has invested 3.8% of its revenue in research and development, with a workforce of over 8,600 technology professionals [9] - The company has developed a fully domestic digital control platform for nuclear power, achieving 100% localization [10] - CGN's innovative technologies have led to significant operational efficiencies, including a 40% increase in inspection efficiency through the use of smart inspection robots and AI technologies [10] Group 4: International Expansion - CGN has expanded its overseas renewable energy footprint to 18 countries, providing over 370 billion kilowatt-hours of clean electricity [8][9] - The company is transitioning from being an investor in power plants to providing localized energy solutions in collaboration with partner countries [9] Group 5: Safety and Reliability - CGN maintains high safety standards, with 82% of operational indicators meeting world-class levels, and the Lingao Nuclear Power Station has set a record for continuous safe operation exceeding 7,000 days [4] - The company has implemented a digital monitoring system for major equipment across its 28 operational units, enhancing predictive maintenance capabilities [4][10]

中新网北京1月28日电 (陶思阅)中国广核集团(下称"中广核")日前在北京举办2026年度媒体见面会暨"十 四五"高质量发展成果通报会。中广核党委副书记、董事李历在会上透露，"十四五"期间，中广核累计 核准16台核电机组，新开工10台，在建达到20台。截至目前，核电在运机组28台，在建机组20台，总装 机容量超5600万千瓦。 据悉，作为中国核电走向世界的"国家名片"，"华龙一号"12项主要技术指标达国际最优水平，成功通过 欧洲用户要求认证和英国通用设计审查，是目前唯一无审查重大问题、无审查重大遗留问题的堆型。 中广核工程有限公司党委书记、董事长宁小平介绍，中广核"华龙一号"示范工程——广西防城港核电 3、4号机组于2024年投产，验证了该技术的安全性、先进性和可靠性。 目前，中广核旗下在建核电机组共18台采用"华龙一号"，进入快速批量化建设阶段。截至2025年底，中 广核工程同时建设的机组达22台。宁小平透露，"华龙一号"技术持续迭代升级，2.0版融合创新项目即 将进入示范工程建设阶段。 同时，中广核新能源境内在运装机容量较"十三五"末增长近三倍，累计上网电量超3700亿千瓦时，新能 源设备可利用率保持在9 ...

新能源方面，"十四五"期间，中广核境内新能源在运装机容量突破7000万千瓦，较"十三五"末增长近三 倍，累计上网电量超3700亿千瓦时，新能源设备可利用率保持在99%以上。 "5年来中广核累计上网电量超1.67万亿千瓦时，等效减少标煤消耗5.1亿吨，相当于种植森林375万公 顷。"李历说。 北京1月27日电 中国广核集团有限公司27日通报，"十四五"期间，中广核清洁能源在运装机容量从6200 万千瓦增长至1.13亿千瓦，其中境内新能源在运装机容量突破7000万千瓦。 中广核党委副书记李历介绍，"十四五"期间中广核共有16台核电机组获得核准，新开工10台，建成投产 4台。截至目前，核电在运机组28台，在建机组20台，总装机容量超5600万千瓦。 ...

转自：新华财经 图为中广核浙江三澳核电项目"华龙一号"建设现场（中广核供图） 中广核工程有限公司党委书记、董事长宁小平介绍，中广核"华龙一号"示范工程——广西防城港核电3、4号机组于2024年高质量投产，全面验证了该技术的 安全性、先进性和可靠性。目前，中广核旗下在建核电机组共18台采用"华龙一号"，批量化建设进入快车道。截至2025年底，中广核工程同时建设的机组达 22台，包括向华能山东石岛湾扩建工程提供设计总包和设备成套服务，实现了设计建造能力的外溢。 同时，中广核在运核电机组保持高水平安全稳定运行，平均82%的指标达到世界先进水平。其中，广东岭澳核电站1号机组已连续安全运行超过7000天，不 断刷新国际同类型机组安全运行纪录，成为世界核电运营领域的"示范标杆"。苏州热工研究院有限公司党委书记、董事长郝志坚表示，通过自主研发的"核 电关键敏感部件信息化技术平台"，中广核已为28台机组重大设备装上"数字监护仪"，推动运维模式从被动检修转向主动预测，为卓越运营提供了核心技术 支撑。 境内新能源在运装机突破7000万千瓦 境外业务覆盖18个国家和地区 新华财经北京1月27日电（记者 安娜）中国广核集团党委副书记 ...

中广核在绿色电力与氢能等前沿领域也积极布局，如建成国内首个全绿电供应虚拟电厂。五年来公司市 场化交易电量超2100亿千瓦时，累计绿电交易量超300亿千瓦时，CCER碳资产对外销售量突破500万 吨。同时，公司积极布局未来产业，已建成首个制氢站并成功研制海水直接制氢试验样机。 数据显示，"十四五"期间，中广核加快培育战略性新兴产业，充分发挥产业链龙头作用，目前已累计带 动产业链上下游超17000家企业共同高质量发展，引领"华龙一号"、光热、质子医疗等产业链全面推进 固链补链强链塑链。 中国广核（003816）新能源控股有限公司新闻发言人陈公全表示，为系统应对新型电力系统构建中的稳 定性、生态协同与产业拓展等挑战，中广核创新性提出并深入实施"热海绿沙氢"发展战略，该系统性实 践已入选"2025年中央企业绿色可持续发展优秀十佳案例"。 具体来看，在光热领域，目前，中广核在运在建光热总装机达55万千瓦，位居行业前列。其中，德令哈 50兆瓦光热示范电站作为我国首个大型商业化项目，2025年上网电量创历史新高，利用小时数连续两年 位居行业第一，为电网提供了稳定的清洁基荷与调峰能力。在风电、光伏领域，"十四五"期间，中广核 ...

1月27日消息，从中广核获悉，"十四五"期间，中国广核集团（以下简称"中广核"）累计核准16台核电 机组，新开工10台，在建达到20台。得益于核电和新能源产业的快速发展，"十四五"期间，中广核清洁 能源上网电量超1.67万亿千瓦时，在运装机容量从6200万千瓦增长至1.13亿千瓦，其中境内新能源在运 装机容量突破7000万千瓦，海外新能源业务拓展到18个国家，连续12年获国务院国资委经营业绩考核A 级。 "十四五"期间，中广核共有16台核电机组获得核准，新开工10台，建成投产4台。截至目前，核电在运 机组28台，在建机组20台，总装机容量超5600万千瓦。作为我国核电走向世界的"国家名片"，"华龙一 号"12项主要技术指标达国际最优水平，成功通过欧洲用户要求认证和英国通用设计审查，是目前唯一 无审查重大问题、无审查重大遗留问题的堆型。 中广核工程有限公司党委书记、董事长宁小平介绍，中广核"华龙一号"示范工程——广西防城港核电 3、4号机组于2024年高质量投产，全面验证了该技术的安全性、先进性和可靠性。目前，中广核旗下在 建核电机组共18台采用"华龙一号"，批量化建设进入快车道。截至2025年底，中广核工程同 ...

Core Viewpoint - The meeting between the leaders of State Power Investment Corporation and China General Nuclear Power Group focuses on deepening cooperation in the energy sector, particularly in nuclear power and new energy project development [1] Group 1 - The discussion was held on January 26, with key figures including Liu Mingsheng, Chairman of State Power Investment Corporation, and Yang Changli, Chairman of China General Nuclear Power Group [1] - Both parties expressed intentions to enhance practical cooperation in the development and construction of nuclear power and new energy projects [1]

Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating a favorable investment environment for renewable energy and gas companies [2][3]. Core Insights - The report highlights a slight increase in overall power generation in 2025, primarily driven by wind and solar energy contributions, while traditional coal power generation shows a decline [8][9]. - The extreme cold weather in the U.S. has led to a significant spike in natural gas prices due to increased demand and supply constraints [18][22]. - The report suggests various investment opportunities across different segments of the energy sector, including coal power, hydropower, nuclear power, renewable energy, and gas companies [18][43]. Summary by Sections 1. Power Generation - In December 2025, total power generation was 858.6 billion kWh, a year-on-year increase of 0.1%. Coal power generation decreased by 3.2%, while renewable sources like wind and solar saw significant growth [10][11]. - For the entire year of 2025, total power generation reached 9715.9 billion kWh, up 2.2% from the previous year, with coal power down by 1.0% and solar power up by 24.4% [15][19]. 2. Natural Gas - As of January 23, 2026, the Henry Hub spot price surged to $30.72/mmBtu, reflecting a week-on-week increase of 903.53%. European gas prices also rose significantly due to low inventory levels and increased demand [20][28]. - The report notes that the extreme cold weather has tightened supply and demand dynamics, leading to higher global gas prices, particularly in Europe and Northeast Asia [22][37]. 3. Investment Recommendations - For coal power, companies like Guodian Power and Inner Mongolia Huadian are recommended due to their integrated coal and power operations [18]. - Hydropower companies such as Yangtze Power and State Power Investment Corporation are favored due to favorable conditions for energy storage and reduced capital expenditures [19]. - Nuclear power companies like China National Nuclear Power and China General Nuclear Power are highlighted for their stable cost structures and growth potential [18]. - Renewable energy operators such as Xinte Energy and Longyuan Power are recommended as new market rules enhance the stability of returns [18]. - Gas companies like Kunlun Energy and New Hope Liuhe are suggested for their potential recovery in profitability due to cost reductions and improved pricing mechanisms [43].

证券日报网讯 1月23日，中国广核在互动平台回答投资者提问时表示，截至2025年12月31日，公司共管 理在建机组20台，详见公司于2026年1月8日发布的《关于2025年第四季度运营情况的公告》。公司将紧 跟"双碳"战略机遇，积极推进核电新项目核准前准备和厂址开发等工作，适时提交项目核准申请，保持 公司在运在建装机规模处于行业领先地位。公司作为专注于核能发电的公司，属于资金密集的大型公用 设施企业，一般采用长债为主、长短结合的债务融资结构。公司持有一定余额的短期借款，主要是为满 足日常经营周转需要。公司根据核电项目建设运营期的资金需求设置合适的融资模式，并持续加强与银 行合作，适时开展债务置换和债务重组，降低融资成本，确保公司现金流满足公司发展需求。 （文章来源：证券日报） ...

Core Viewpoint - The development of nuclear power in China is primarily focused on the application of third-generation nuclear technology, which enhances safety through passive safety concepts and upgrades in structure, materials, and manufacturing precision, leading to reduced maintenance costs and extended maintenance cycles [1][16]. Overview - Nuclear pumps are specialized equipment used in nuclear power plants to transport coolant and media under extreme conditions, ensuring nuclear safety and system circulation. They must withstand high temperatures, pressures, radiation, and corrosion, with capabilities for zero or low leakage and long-term stable operation [2][3]. Industry Barriers - The nuclear pump industry has high entry barriers due to the need for advanced technology and manufacturing precision, requiring strong R&D capabilities and long-term investment. New entrants face challenges in meeting industry standards quickly, creating significant technical barriers [9][10]. Industry Chain - The upstream of the nuclear pump industry includes suppliers of nuclear-grade materials and components, while the midstream involves R&D, design, manufacturing, and testing. The downstream market primarily targets nuclear power plants [11][12]. Current Development - As of November 2025, China's nuclear power installed capacity is projected to reach 62.48 million kilowatts, with a continuous increase in demand for nuclear pumps driven by new installations and maintenance needs of existing plants [13][14]. Competitive Landscape - The nuclear pump industry has high entry barriers, with only four companies qualified to design and manufacture nuclear main pumps. Competition is more intense for secondary and tertiary pumps, with several companies dominating the market [15][17]. Industry Trends - The nuclear pump sector is expected to evolve towards high-end, intelligent upgrades, focusing on performance and safety improvements. The industry will also see a shift towards domestic production to break the monopoly of foreign suppliers, enhancing the competitiveness of domestic products [20][21][22]. - The industry is transitioning from equipment manufacturing to a full lifecycle service model, integrating R&D, production, operation, and maintenance to provide comprehensive solutions for nuclear power operators [23].