Core Points - The National Development Bank's Guangxi branch has issued the first project loan of 24.7 million yuan for the Baise pumped storage power station, accelerating project progress and supporting the optimization of Guangxi's energy structure [1] - The Baise pumped storage power station has a total installed capacity of 1.2 million kilowatts and a total investment of over 7.9 billion yuan, making it the first million-kilowatt pumped storage power station of China General Nuclear Power Group [1] - The project is included in the National Energy Administration's "14th Five-Year Plan" key project list for pumped storage development from 2021 to 2035 [1] Financial Support and Project Details - The National Development Bank's Guangxi branch has tailored a loan combination plan of "pre-loan + medium and long-term loan" to meet the project's funding needs, ensuring efficient loan disbursement [1] - The project will provide approximately 1.136 billion kilowatt-hours of clean electricity annually, saving about 590,000 tons of standard coal and significantly reducing emissions of carbon dioxide, sulfur dioxide, and nitrogen oxides [1] Green Finance Initiatives - The National Development Bank's Guangxi branch is committed to increasing green credit investments and promoting green financial products and services to support the comprehensive green transformation of Guangxi's economic and social development [2]

Core Viewpoint - The profitability of China Nuclear Power is significantly impacted by the market-oriented trading of electricity, leading to strategic shifts in project acquisitions and focus areas [1][2]. Group 1: Financial Performance - China Nuclear Power reported a revenue increase of 3.09% to 77.27 billion yuan, but its net profit decreased by 17.38% to 8.78 billion yuan [1]. - China General Nuclear Power (CGN) achieved a revenue growth of 5.16% to 86.80 billion yuan, with a slight net profit increase of 0.83% to 10.81 billion yuan [1]. - Both companies experienced growth in power generation and grid-connected electricity, with China Nuclear Power's total generation reaching a historical high of 216.35 billion kWh, up 3.09% [3]. Group 2: Market Dynamics - The average settlement price for CGN decreased by approximately 3.85% to 0.3869 yuan per kWh due to the decline in market electricity prices [3][4]. - The proportion of market-based electricity transactions for CGN remained stable at around 50.94%, while the comprehensive electricity price for China Nuclear Power fell by 0.8% to 0.416 yuan per kWh [4]. Group 3: Strategic Adjustments - China Nuclear Power plans to shift its strategic focus from solar to wind energy and from the northwest to coastal provinces, pausing acquisitions in areas with high electricity curtailment rates [1][6]. - CGN aims to enhance communication with grid departments to secure favorable power generation arrangements and increase grid-connected electricity [6]. - Both companies are adapting to the evolving electricity market by optimizing their trading strategies and focusing on maintaining revenue while reducing costs [6].

Group 1 - The liquidity of the green power ETF showed a turnover of 2.76% with a transaction volume of 10.0083 million yuan [2] - The green power ETF experienced a significant growth in scale, increasing by 165 million yuan over the past three months [2] - In terms of shares, the green power ETF saw an increase of 18.4 million shares in the last month, indicating substantial growth [2] Group 2 - The latest net inflow of funds into the green power ETF was 9.3737 million yuan, with a total of 19.8745 million yuan accumulated over the last 18 trading days [2] - The price-to-earnings ratio (PE-TTM) of the index tracked by the green power ETF is currently at 18.37, which is in the 12.08% percentile over the past three years, indicating a historical low valuation [2] - As of April 30, 2025, the top ten weighted stocks in the National Green Power Index account for 58.04% of the index, including major companies like Yangtze Power and China Nuclear Power [2] Group 3 - The domestic public bidding market for wind power in Q1 2025 saw a new bidding volume of 28.6 GW, representing a year-on-year increase of 22.7% [3] - Wind turbine exports from China reached 14.6 million USD in March, with a month-on-month increase of 86.81% and a year-on-year increase of 50.54% [3] - The international bidding volume for Chinese wind turbine manufacturers is projected to reach 27.63 GW in 2024, showing a nearly 200% year-on-year growth [3]

Investment Rating - The investment rating for CGN Power Co., Ltd is Overweight [6][68]. Core Viewpoints - The approval of 10 new nuclear reactors in China aligns with expectations, supporting the goal of achieving a total nuclear capacity of 150GW by 2035 [3][4]. - CGN Power Co., Ltd owns four of the new reactor units, which will utilize Hualong No. 1 technology with a capacity of approximately 1.2GW each [2][4]. - China's nuclear capacity is projected to reach 110GW by 2030 and 200GW by 2040, making it the world leader in nuclear energy [4]. Summary by Sections Investment Overview - CGN Power Co., Ltd has a market capitalization of approximately RMB 122.42 billion and an enterprise value of RMB 313.49 billion [6]. - The price target for CGN Power is set at HK$2.81, with the current share price at HK$2.45 [6]. Industry Context - The construction of five new nuclear power projects, totaling 10 reactor units, has been approved, which is a slight decrease from the 11 units approved in 2024 [1][2]. - The trend of annual approvals of 8-10 units is expected to continue, facilitating China's nuclear capacity expansion [3]. Financial Metrics - The average daily trading value for CGN Power is approximately HK$228 million [6]. - The company is applying a P/E multiple of 13x on the estimated EPS for 2025, indicating a positive outlook based on accelerating project trends [10][11].

Investment Rating - Maintain "Buy" rating for the industry [10] Core Viewpoints - The report highlights a mixed performance across various sectors within the public utility and environmental protection industry, with coal prices declining and water supply improving, reshaping the defensive value of water and coal [3] - The overall electricity consumption growth slowed down due to a warm winter and high base effects from the previous year, impacting thermal power generation negatively [4][29] - The renewable energy sector faces profit pressure due to declining utilization rates and electricity prices, despite significant installed capacity growth [4][52] - Hydropower benefits from improved water supply and reservoir management, leading to increased revenue and profit in early 2025 [5][7] - The environmental sector shows stable performance in water and solid waste operations, with a recovery in water profitability in early 2025 [5][6] Summary by Sections 1. Overview of 2024 Reports and 2025 Q1 - The electricity industry saw a 6.7% growth in consumption in 2024, driven by structural optimization and rising demand for new energy sources [16] - The environmental sector experienced a revenue decline of 2.7% and a net profit drop of 31% in 2024, with operational efficiency improvements in existing assets [16] 2. Sector Performance from 2024 to Q1 2025 2.1 Thermal Power - Thermal power generation faced pressure from electricity prices and demand, but benefited from lower coal prices, leading to a net profit increase of 6.5% in Q1 2025 [4][36][37] 2.2 Renewable Energy - The renewable energy sector's profit was under pressure due to declining utilization rates and electricity prices, despite a 15.7% increase in wind power generation in 2024 [4][52] 2.3 Hydropower - Hydropower generation increased by 11.7% in 2024, with a significant profit increase in Q1 2025 due to improved water supply [5][7] 2.4 Environmental Protection - The environmental sector showed stable performance in water and solid waste operations, with a recovery in profitability in early 2025 [5][6] 3. Key Companies in the Sector - Focus on leading companies in thermal power, hydropower, and nuclear power, such as Huadian International, Yangtze Power, and China Nuclear Power, respectively [8]

Group 1 - The China Power Utility Index has seen a decline of 0.85% as of April 30, 2025, with mixed performance among constituent stocks, including Shenzhen Energy leading with a rise of 2.73% [1] - The Power ETF (159611) has shown a cumulative increase of 0.63% over the past week, with a trading volume of 188 million yuan and a turnover rate of 5.64% on the latest trading day [1] - The Power ETF has experienced significant growth in scale, increasing by 1.641 billion yuan over the past six months, ranking first among comparable funds [1] Group 2 - The top ten weighted stocks in the China Power Utility Index account for 55.94% of the index, with major players including Changjiang Electric Power and China Nuclear Power [2] - The five major power generation groups reported profits in 2024, with Guodian Power distributing cash dividends of 3.567 billion yuan, representing 36.28% of its net profit [2] - The power and utility sector is recognized for its stability and defensive characteristics, with expectations for favorable fiscal and monetary policies in 2025 to support high dividend, low valuation assets [2] Group 3 - The National Energy Administration anticipates a rapid increase in national electricity load during the summer of 2025, with a projected year-on-year increase of approximately 10 million kilowatts [3] - The total electricity consumption in China is expected to reach 10.4 trillion kilowatt-hours in 2025, with a growth rate of around 6% [3] - Recommendations have been made to focus on investment opportunities in the power sector, particularly in light of potential supply pressures during peak periods [3]

驶入库布其沙漠腹地，格桑光伏电站的蓝色光伏板在沙海中铺展。黄芩吐露嫩芽，草方格里的沙蒿随风 轻摆，勾勒出生机盎然的治沙画卷。在鄂尔多斯库布其沙漠腹地，中广核建成格桑、白鹭、明德、朔 方、卓越、锦帆等6座光伏电站，采用"板上发电、板下修复、板间种树、治沙改土"的立体化新型产业 循环方案进行沙漠治理。 "我们已完成有效治沙面积达3.4万亩，植被覆盖率从不足15%跃升至65%，为当地荒漠化环境改善和建 设国家'绿色北疆'作出了积极贡献。"中广核新能源格桑光伏电站负责人樊宝泉说。 中广核核硕风电场 中广核格桑光伏电站 ◎记者 王子霖 日前，上海证券报记者跟随国务院国资委新闻中心与中国广核集团联合举办的"走进新国企·中广核青山 绿水行"活动来到了中广核旗下位于鄂尔多斯库布其沙漠腹地的光伏站，以及位于兴安盟的风电运维基 地。在这里，中广核正以新发展理念为内蒙古绿色发展而奋斗。 中广核新能源内蒙古公司副总经理孟勇介绍，中广核业务已覆盖自治区12个盟市，累计为电网输送绿电 近800亿千瓦时，有效治沙超18万亩，并且在兴安盟布局建设了"一园一校一地二场"，为当地能源结构 优化和经济社会高质量发展提供了强劲支撑。 生态效益与经济 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 3.30, indicating a potential upside of 31.5% from the recent closing price of HKD 2.51 [1][4][6]. Core Insights - The company reported a revenue of CNY 20.028 billion in Q1 2025, a year-on-year increase of 4.41%, driven by increased power generation from subsidiaries [2][4]. - However, the company's profit faced pressure, with a net profit of CNY 3.026 billion, down 16.07% year-on-year, primarily due to increased market trading volumes, declining market prices, and a significant rise in R&D expenses [2][4]. - The approval of four new nuclear units is expected to provide stable growth for the company's future capacity [3][4]. - The company has 16 units under construction, with a total capacity of 19,406 MW, indicating substantial growth potential [3][4]. Revenue and Profitability - The company’s revenue projections for 2025-2027 are CNY 89.4 billion, CNY 93.6 billion, and CNY 99.2 billion, with growth rates of 2.96%, 4.69%, and 6.1% respectively [4][9]. - The net profit forecasts for the same period are CNY 11 billion, CNY 11.7 billion, and CNY 12.2 billion, with growth rates of 2.08%, 5.73%, and 4.90% respectively [4][9]. Dividend Policy - The company plans to distribute a final dividend of CNY 0.095 per share for 2024, maintaining a payout ratio of 44.36%, which is an increase of 0.1 percentage points year-on-year [4][6].

证券代码：003816 证券简称：中国广核 公告编号：2025-036 中国广核电力股份有限公司 1. 发行人：中国广核电力股份有限公司 关于公司 2024 年度第三期超短期融资券到期兑付的公告 5. 发行总额：人民币 10 亿元 二、兑付办法 本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。 托管在银行间市场清算所股份有限公司的债券，其兑付资金由发行人在规定 的时间之前划付至银行间市场清算所股份有限公司指定的收款账户后，由银行间 市场清算所股份有限公司在兑付日划付至债券持有人指定的银行账户。 中国广核电力股份有限公司（以下简称"公司"或"本公司"）于 2024 年 8 月 13 日完成了 2024 年度第三期超短期融资券（以下简称"本期超短融"）的发 行。本期超短融发行金额为人民币 10 亿元，期限为 268 天，票面利率为 1.97%， 面值为人民币 100 元，由中信银行股份有限公司、兴业银行股份有限公司承销。 鉴于本期超短融将于 2025 年 5 月 9 日到期兑付，为保证兑付工作的顺利进 行，方便投资者及时领取兑付资金，现将有关事宜公告如下： 2. ...

Core Points - The Shanghai Composite Index opened lower and the CSI 300 Utilities Index reported at 2662.05 points [1] - The CSI 300 Utilities Index has increased by 5.17% over the past month, 3.49% over the past three months, and has decreased by 1.65% year-to-date [1] Index Composition - The CSI 300 Utilities Index is composed of 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] - The top ten weights in the CSI 300 Utilities Index are: - Changjiang Electric Power (48.06%) - China Nuclear Power (10.21%) - Three Gorges Energy (8.19%) - Guodian Power (5.41%) - State Power Investment Corporation (4.87%) - Sichuan Investment Energy (4.38%) - Huaneng International (4.22%) - China General Nuclear Power (3.74%) - Zhejiang Energy Power (3.11%) - Huadian International (2.71%) [1] Market Distribution - The market distribution of the CSI 300 Utilities Index shows that the Shanghai Stock Exchange accounts for 95.91% and the Shenzhen Stock Exchange accounts for 4.09% [2] - In terms of industry composition within the index: - Hydropower accounts for 59.59% - Thermal power accounts for 15.45% - Nuclear power accounts for 13.96% - Wind power accounts for 8.54% - Gas accounts for 2.47% [2] Sample Adjustment - The index samples are adjusted every six months, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made in response to changes in the CSI 300 Index samples [2]