Core Insights - China General Nuclear Power Corporation (CGN) reported a total electricity generation of approximately 182.822 billion kilowatt-hours from its nuclear power units for the period from January to September 2025, representing a year-on-year increase of 2.67% [1] - The total grid-connected electricity volume was about 172.179 billion kilowatt-hours, which is a year-on-year increase of 3.17% [1] Summary by Category - **Electricity Generation** - Total electricity generation for the first nine months of 2025 was approximately 182.822 billion kilowatt-hours, up 2.67% compared to the same period last year [1] - **Grid-Connected Electricity Volume** - Total grid-connected electricity volume reached around 172.179 billion kilowatt-hours, reflecting a 3.17% increase year-on-year [1]

2025年7月14日，陆丰6号机组实现穹顶吊装，进入设备安装阶段。 （原标题：中广核电力(01816)前9个月总上网电量约为1721.79亿千瓦时 同比增长3.17%） 智通财经APP讯，中广核电力(01816)公布，2025年1月至9月份，该集团运营管理的核电机组总发电量约 为1,828.22亿千瓦时，较去年同期增长2.67%。总上网电量约为1,721.79亿千瓦时，较去年同期增长 3.17%。 2025年第三季度，集团按计划完成了4个年度换料大修和1个首次换料大修。 截至2025年9月30日，集团已按计划完成12个年度换料大修(其中包括1个跨年年度换料大修)、2个十年 大修和1个首次换料大修。 2025年第四季度，除了继续进行已开始的换料大修外，集团计划新开展2个年度换料大修。 2025年7月30日，惠州2号机组完成了热态功能试验，为机组后续商运打下坚实的基础。 2025年9月27 日，苍南2号机组开始冷态功能试验，进入调试阶段。 截至2025年9月30日，该集团共管理20台在建核电机组(包括公司控股股东委托公司管理的8台机组)，4 台处于调试阶段，2台处于设备安装阶段，3台处于土建施工阶段，11台处于F ...

Core Viewpoint - China General Nuclear Power Corporation (CGN) reported an increase in electricity generation and grid-connected power for the period from January to September 2025 compared to the same period last year [1] Summary by Category Electricity Generation - The total electricity generation from nuclear power units operated by CGN and its subsidiaries reached approximately 182.82 billion kilowatt-hours, representing a year-on-year increase of 2.67% [1] Grid-Connected Power - The total grid-connected power volume was about 172.18 billion kilowatt-hours, showing a year-on-year growth of 3.17% [1]

证券代码：003816 证券简称：中国广核 公告编号：2025-067 债券代码：127110 债券简称：广核转债 中国广核电力股份有限公司 关于2025年第三季度运营情况的公告 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。 一、2025 年 1 月至 9 月份发电量及上网电量情况 根据中国广核电力股份有限公司（以下简称"本公司"）之统计，2025 年 1 月至 9 月份，本公司及其子公司（以下简称"本集团"）运营管理的核电机组总 发电量约为 1,828.22 亿千瓦时，较去年同期增长 2.67%。总上网电量约为 1,721.79 亿千瓦时，较去年同期增长 3.17%。 | 核电站名称 | 截至 2025 年 9 月 30 | | 发电量 （亿千瓦时）1 | | | 上网电量 （亿千瓦时）1 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 日装机容量 | 年 2025 | 年 2024 | 同比 | 年 2025 | 年 2024 | 同比 | | | （兆瓦）1 | 1-9 月 | 1-9 ...

Core Points - China General Nuclear Power Corporation (CGN) reported a total electricity generation of approximately 182.82 billion kWh from its operational nuclear units from January to September 2025, representing a year-on-year increase of 2.67% [1] - The total grid electricity output was approximately 172.18 billion kWh, reflecting a year-on-year growth of 3.17% [1] Operational Updates - In Q3 2025, CGN successfully completed 4 annual refueling outages and 1 first-time refueling outage as planned [1] - As of September 30, 2025, the company had completed 12 annual refueling outages (including 1 cross-year outage), 2 ten-year overhauls, and 1 first-time refueling outage [1] - For Q4 2025, CGN plans to continue ongoing refueling outages and initiate 2 new annual refueling outages [1] Project Development - On July 14, 2025, the Lu Feng Unit 6 achieved dome lifting, entering the equipment installation phase [1] - On July 30, 2025, the Huizhou Unit 2 completed its hot functional test, laying a solid foundation for subsequent commercial operation [1] - On September 27, 2025, the Cangnan Unit 2 began its cold functional test, entering the debugging phase [1] - As of September 30, 2025, CGN managed a total of 20 nuclear units under construction, with 4 in the debugging phase, 2 in the equipment installation phase, 3 in civil construction, and 11 in the FCD preparation phase [1]

2025年1月至9月份發電量及上網電量詳情如下： 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） 內幕消息 2025年第三季度運營簡報 中國廣核電力股份有限公司（「本公司」及其附屬公司，統稱「本集團」）根據香港聯 合交易所有限公司證券上市規則第13.09條及香港法例第571章《證券及期貨條例》 第XIVA部項下之內幕消息條文而刊發本公告。 發電量及上網電量 本公司董事會（「董事會」）宣佈，根據本公司之統計，2025年1月至9月份，本集團 運營管理的核電機組總發電量約為1,828.22億千瓦時，較去年同期增長2.67%。總 上網電量約為1,721.79億千瓦時，較去年同期增長3.17%。 | 核電站名稱 | 截至2025年 | | | | | | | | --- | --- | --- | --- | --- | -- ...

Investment Rating - The report maintains a positive outlook on the public utility sector, particularly highlighting the recovery in hydropower and the continued cost reduction in thermal power [4][6]. Core Insights - The thermal power sector is experiencing improved profitability due to a decrease in coal prices, with the average spot price of 5500 kcal thermal coal in Qinhuangdao at 672 RMB/ton, down 176 RMB/ton year-on-year [4]. - Hydropower generation is expected to recover in Q4 2025, following a significant improvement in autumn rainfall, which is projected to enhance the generation capacity of major hydropower companies [4]. - Nuclear power generation has shown a year-on-year growth of 11.33% in the first three quarters of 2025, with new units expected to come online, further boosting output [4]. - The natural gas sector is witnessing a gradual recovery in consumption, with a total apparent consumption of 2845.6 billion m³ from January to August 2025, reflecting a slight year-on-year decrease of 0.1% [4]. Summary by Sections Thermal Power - In Q3 2025, the average utilization hours for thermal power equipment were 2783 hours, a decrease of 144 hours year-on-year, but profitability is expected to remain positive [4]. - The report anticipates that thermal power companies in northern China will continue to achieve above-average performance due to stable electricity prices [4]. Hydropower - The report notes a decline in hydropower generation in July and August 2025, with a year-on-year decrease of 9.8% and 10.1% respectively, but forecasts a recovery in Q4 due to improved rainfall [4]. - The Yangtze River power generation saw a slight decline of 0.29% year-on-year from January to September 2025, but significant improvements are expected in October [4]. Nuclear Power - The report highlights that new nuclear units are expected to contribute to steady growth in electricity generation, with a strong approval rate for new projects [4]. - The long-term outlook for nuclear power remains positive, with a strong certainty of growth in installed capacity [4]. Natural Gas - The report indicates that the natural gas consumption has been recovering since May 2025, with a notable increase in demand expected due to stable supply and geopolitical factors [4]. - The report projects that the reduction in LNG prices and the adjustment of residential gas prices will benefit city gas companies' profitability [4]. Company Performance Forecast - The report provides a performance forecast for key companies in the public utility sector for the first nine months of 2025, with notable growth expected for companies like Datang Power and Huaneng International [5]. - The report recommends several companies for investment, including Guotou Power, Chuanwei Energy, and Longjiang Power, based on their expected performance recovery [4][6].

Investment Rating - The report rates the public utility industry as "Overweight" indicating an expectation for the industry to outperform the overall market [2][14]. Core Insights - The report highlights improvements in hydropower water inflow and continued cost reductions in thermal power generation, suggesting a positive outlook for the industry [5]. - It notes that the average utilization hours for thermal power equipment in China decreased by 144 hours year-on-year, but the profitability per kilowatt-hour is expected to maintain positive growth [5]. - The report anticipates a recovery in hydropower generation due to improved autumn rainfall, which is expected to enhance the financial performance of hydropower companies [5]. - Nuclear power generation is projected to grow steadily with new units coming online, contributing to overall electricity generation growth [5]. - The natural gas sector is seeing a gradual recovery in consumption, with expectations for continued cost reductions due to falling LNG prices and improved supply conditions [5]. Summary by Sections Thermal Power - In Q3 2025, the average spot price of 5500 kcal thermal coal was 672 RMB/ton, down 176 RMB/ton year-on-year but up 41 RMB/ton quarter-on-quarter [5]. - The report predicts that thermal power companies in northern China will continue to achieve above-average performance due to stable electricity prices [5]. Hydropower - The report indicates a 9.8% and 10.1% year-on-year decline in hydropower generation in July and August 2025, respectively, due to poor rainfall during the main flood season [5]. - However, significant improvements in autumn rainfall are expected to enhance hydropower generation capacity in Q4 2025 [5]. Nuclear Power - Nuclear power generation in China increased by 11.33% year-on-year in the first three quarters of 2025 [5]. - The report mentions that new nuclear units are expected to come online in Q4 2025, further boosting generation capacity [5]. Natural Gas - The apparent consumption of natural gas in China for January to August 2025 was 284.56 billion cubic meters, a slight decrease of 0.1% year-on-year [5]. - The report notes that natural gas prices are expected to decline further due to increased supply from major exporting regions [5]. Company Performance Forecast - The report provides performance forecasts for key companies in the public utility sector, indicating varying growth rates across different segments [6]. - For instance, Datang Power is expected to see a profit growth rate of 20%-50%, while companies like China Nuclear Power and China General Nuclear Power are projected to have negative growth [6]. Investment Recommendations - The report recommends several companies for investment based on their expected performance, including Guodian Power, Huaneng International, and China Nuclear Power, among others [5][7].

Core Insights - The average national grid purchase electricity price is expected to decrease by 1% year-on-year and 1.3% month-on-month by June 2025 [3] - The price of thermal coal has increased by 4 CNY/ton to 705 CNY/ton as of October 10, 2025 [3] - The water level at the Three Gorges Reservoir is at 170 meters, which is within the normal range compared to previous years [3] Investment Highlights - Shandong Province is promoting green electricity direct connection projects, focusing on four types of projects including new load supporting renewable energy projects and existing load with self-supplied power plants [2] - The "Ningdian into Hunan" project has officially commenced commercial operation, capable of delivering 8 million kilowatts of electricity, significantly increasing Hunan's power supply [2] Industry Data Tracking - Total electricity consumption from January to July 2025 reached 5.86 trillion kWh, a year-on-year increase of 4.5% [3] - Cumulative power generation from January to July 2025 was 5.47 trillion kWh, with various energy sources showing different growth rates [3] - New installed capacity in the first half of 2025 included significant increases in wind and solar power, with wind power up by 99% and solar power up by 107% year-on-year [3] Investment Recommendations - Focus on investment opportunities in hydropower and thermal power during peak summer demand [4] - Recommended companies include JianTou Energy, Huadian International, and Huaneng International for thermal power investments [4] - For hydropower, Longjiang Power is highlighted as a key recommendation due to its low cost and strong cash flow [4] - Nuclear power companies such as China National Nuclear Power and China General Nuclear Power are recommended for their growth potential [4] - Green electricity companies like Longjing Environmental Protection are also recommended as the sector shows renewed growth potential [4]

10月14日，中国广核盘中上涨2.09%，截至09:54，报3.91元/股，成交2.61亿元，换手率0.17%，总市值 1974.50亿元。 资金流向方面，主力资金净流出390.95万元，特大单买入1324.26万元，占比5.07%，卖出1689.67万元， 占比6.47%；大单买入5355.50万元，占比20.52%，卖出5381.05万元，占比20.62%。 分红方面，中国广核A股上市后累计派现260.57亿元。近三年，累计派现139.38亿元。 机构持仓方面，截止2025年6月30日，中国广核十大流通股东中，香港中央结算有限公司位居第二大流 通股东，持股81.07亿股，相比上期减少8.58亿股。华泰柏瑞沪深300ETF（510300）位居第九大流通股 东，持股1.41亿股，相比上期增加1222.36万股。易方达沪深300ETF（510310）位居第十大流通股东， 持股9989.79万股，相比上期增加999.13万股。华夏沪深300ETF（510330）退出十大流通股东之列。 责任编辑：小浪快报 中国广核今年以来股价跌3.10%，近5个交易日涨7.71%，近20日涨5.68%，近60日涨4.55%。 资料 ...