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]

Core Viewpoint - The company reported a slight increase in revenue for Q1 2025, but a significant decline in net profit, attributed to lower electricity prices and increased expenses [1][2]. Financial Performance - In Q1 2025, the company achieved operating revenue of 20.028 billion yuan, a year-on-year increase of 4.41% [1]. - The net profit attributable to shareholders was 3.026 billion yuan, a year-on-year decrease of 16.07% [1]. - The net profit excluding non-recurring items was 2.928 billion yuan, a year-on-year decrease of 15.94% [1]. Operational Highlights - The total power generation from nuclear units managed by the company was approximately 60.174 billion kWh, a year-on-year increase of 9.25% [1]. - The total grid-connected power was about 56.689 billion kWh, a year-on-year increase of 9.41% [1]. - The increase in power generation was primarily due to reduced maintenance downtime compared to the same period in 2024 [1]. Market Conditions - Revenue growth was impacted by a decline in electricity prices, with the average transaction price in Guangdong province for the 2025 electricity year being 0.392 yuan/kWh, down over 0.07 yuan from 2024 [1]. - The company’s R&D expenses rose to 0.292 billion yuan, a year-on-year increase of 158.45%, mainly due to differences in R&D progress [2]. Future Growth Prospects - The company has 16 nuclear units under construction, with steady progress and approvals for new units expected to support long-term growth [2]. - The Taishan 3 and 4 units, along with the Fangchenggang 5 and 6 units, have received approval from the State Council, all utilizing Hualong One nuclear technology [2]. - Profit forecasts for 2025-2027 estimate net profits of 10.8 billion, 11.2 billion, and 12.1 billion yuan, with year-on-year changes of +0.30%, +3.60%, and +7.28% respectively [2].

科技日报讯 （记者罗云鹏 通讯员朱丹）4月22日，记者从中国广核集团有限公司（以下简称"中广核"） 获悉，截至目前，中广核已累计为马来西亚供电超2000亿千瓦时，累计供电量减排效益相当于种植18万 公顷森林。 据介绍，中广核已在马来西亚投资建设5座电站，电力总装机达507.7万千瓦，是马来西亚第二大独立发 电商。2024年，中广核为当地供电271亿千瓦时。 随着我国能源领域技术革新，绿色技术"走出去"步伐加快。中广核充分发挥专业化和产业链整合优势， 实现本地化深度合作。中广核建成投产马来西亚规模最大的电厂——EMPP燃气电厂，其总装机224.2万 千瓦，采用全球最先进的H级燃气轮机技术，以高效稳定的电力保障了马来西亚半岛11%电力需求。在 阳光充沛的吉打州，中广核建成海外首个绿地光伏项目——吉打太阳能电站。这迈出了马来西亚可再生 能源发展的重要一步，也是马来半岛投运的首个大型地面光伏项目。 在项目建设运维过程中，中广核积极为当地工业发展提供专业技术和知识转让，向当地分包商和供应商 采购设备及技术服务，携手当地产业链企业共同成长，为H级机组建设运维积累了行业经验。 (责任编辑：罗伯特) 截至目前，中广核已与80 ...

Core Viewpoint - The Chinese government has approved several new nuclear power projects, continuing a trend of annual approvals for over ten new nuclear units, with a total of 10 new units approved in 2025, marking a significant expansion in the country's nuclear energy capacity [1][2][4]. Group 1: Project Approvals - The State Council has approved five new nuclear projects, including the third phase of the Zhejiang Sanmen project and the third phase of the Guangxi Fangchenggang project, totaling 10 new units [1][2]. - The approved units primarily utilize the "Hualong One" nuclear technology, which accounts for 80% of the new approvals [2][3]. Group 2: Capacity and Technology - The approved units include the Taishan 3 and 4 units with a capacity of 1200 MW each and the Fangchenggang 5 and 6 units with a capacity of 1208 MW each, all employing "Hualong One" technology [2]. - The Sanmen 5 and 6 units will have a capacity of 1215 MW each and are expected to generate an annual output of 20 billion kWh [2][3]. - The Haiyang 5 and 6 units will utilize the domestically developed "CAP1000" technology, with a capacity of 1300 MW each, and are projected to generate 60.9 billion kWh annually [3]. Group 3: Market Potential - The average market space for nuclear power equipment is estimated to be around 100 billion yuan annually, with each nuclear unit valued between 18 billion to 20 billion yuan [4]. - By 2030, China's operational nuclear capacity is expected to lead globally, with projections indicating a need for 200 million kW of nuclear capacity by 2040, contributing approximately 10% to the energy mix [4][5]. Group 4: Current Status and Future Developments - As of the end of 2024, China has 57 operational nuclear units with a total capacity of 59.76 million kW, ranking third globally, and 28 units under construction, maintaining the highest construction capacity worldwide [5]. - The investment in nuclear engineering reached a record high of 146.9 billion yuan in 2024, reflecting a significant increase from the previous year [5].

Investment Rating - The report maintains a positive outlook on the nuclear power sector, recommending a "Buy" rating for specific companies such as China Nuclear Power and China General Nuclear Power [1][10]. Core Insights - The State Council approved five nuclear power projects on April 27, 2025, which includes a total of 10 units, continuing the trend of regular approvals in recent years [3][4]. - China's nuclear power capacity is projected to reach 113 million kilowatts by 2025, making it the largest in the world, with expectations to further increase by 2030 [2][3]. - The report highlights the diversification of technology and participants in the nuclear power sector, with a focus on domestically developed third-generation technologies like "Hualong One" and CAP1000 [3][4]. - The financing environment for nuclear projects is improving, with decreasing interest rates and diversified funding channels, which will alleviate the financial pressure on nuclear companies [3][10]. Summary by Sections Project Approvals - The report details the approval of 10 nuclear units, including projects in Guangxi, Guangdong, Zhejiang, Shandong, and Fujian, with a mix of domestic and advanced foreign technologies [3][4]. Capacity and Technology - As of 2024, China has 102 operational, under-construction, and approved nuclear units, with a total capacity of 113 million kilowatts, positioning it as a global leader in nuclear energy [2][5]. - The report emphasizes the rapid development of nuclear technology in China, showcasing a blend of imported and indigenous technologies [3][5]. Financial Outlook - The average cost of constructing a third-generation nuclear unit is approximately 16,000 yuan per kilowatt, with significant capital expenditure expected [3]. - Recent interest rate cuts are expected to lower financing costs for nuclear projects, enhancing the financial viability of upcoming constructions [3][10]. Company Recommendations - The report recommends investment in China Nuclear Power, China General Nuclear Power, and Funiu Co., which has stakes in the Xiapu Nuclear Power project, citing their growth potential during the upcoming production phase [3][10].

Core Viewpoint - The State Council of China has approved five new nuclear power projects, indicating a significant step in the country's nuclear energy development strategy [1][2]. Group 1: Project Details - The approved projects include the Zhejiang Sanmen Phase III, Fujian Xiapu Units 1 and 2, Shandong Haiyang Phase III, Guangdong Taishan Phase II, and Guangxi Fangchenggang Phase III, contributing to a total nuclear power capacity exceeding 120 million kilowatts [1][2]. - The Taishan and Fangchenggang projects are under China General Nuclear Power Group, with Taishan featuring two EPR units and Fangchenggang utilizing the "Hualong One" technology for its new units [1][2]. - The Sanmen project in Zhejiang plans to build six units with a total capacity of 7.4 million kilowatts, while the Xiapu project in Fujian will have five units with a total investment exceeding 110 billion yuan [2]. Group 2: Industry Impact - The nuclear power sector is expected to significantly reduce coal consumption and carbon emissions, with projections indicating a reduction of approximately 14 million tons of coal and 37 million tons of CO2 emissions in 2024 [3]. - China aims to enhance its nuclear safety culture and adhere to the highest global safety standards in nuclear power operations, ensuring the safety and efficiency of its nuclear projects [3]. - The government is also focusing on the development of advanced nuclear technologies, including fourth-generation reactors and small modular reactors, to optimize energy structure and address climate change [3].

Performance Overview - In Q1 2025, the company's subsidiaries achieved a total electricity generation of 452.18 billion kWh, a year-on-year increase of 14.06% [1] - Including the joint venture Hongyanhe Nuclear Power, total electricity generation reached 566.89 billion kWh, a year-on-year growth of 9.41% [1] - The company reported operating revenue of RMB 20.028 billion, an increase of 4.41% year-on-year [2] - The net profit attributable to shareholders was RMB 3.026 billion, a decrease of 16.07% year-on-year [2] - After excluding non-recurring gains and losses, the net profit attributable to shareholders was RMB 2.928 billion, down 15.94% year-on-year [2] Project Approvals and Management - As of April 27, 2025, the State Council approved five projects, including the Fangchenggang Units 5 and 6, and Taishan Units 3 and 4 [2] - The company currently manages 20 units under construction, including 8 units entrusted by the controlling shareholder, with overall project progress on track [2] Market and Pricing Insights - The market transaction ratio for nuclear power units managed by the company has increased, particularly in Guangdong, while units in Guangxi and Fujian have fully entered market transactions [3] - The average market transaction price for electricity in Guangdong province was RMB 0.37 per kWh, approximately 0.02 lower than the same period last year [3] - The market transaction price in Guangxi was around RMB 0.34 per kWh, while prices in Fujian and Liaoning remained stable compared to the previous year [3] Financial Challenges - The decline in net profit was attributed to increased market transaction ratios and a decrease in average market prices, which affected the gross profit from electricity sales [3] - The net cash flow from operating activities decreased year-on-year due to reduced payments received from projects and increased prepayments for nuclear fuel [3] Maintenance and Financing - In Q1 2025, the company conducted 6 major repairs, including 1 annual overhaul from 2024, completing 5 annual repairs and 1 ten-year overhaul, with a total of approximately 156 days of maintenance, a reduction of about 142 days compared to the previous year [3] - The average financing cost in Q1 2025 was 2.73%, down 30 basis points from the 3.03% recorded for the entire year of 2024 [3]

Investment Rating - The report maintains an "Accumulate" rating for the public utility sector [1]. Core Insights - The State Council approved 10 new nuclear power units for 2025, enhancing the growth potential of nuclear energy [3]. - As of Q1 2025, China's installed capacity for wind and solar power reached 1.482 billion kilowatts, surpassing thermal power for the first time [3]. - The report suggests focusing on regional thermal power companies, particularly JianTou Energy, due to its strategic location near coal-producing areas [3]. Industry Data Tracking Electricity Price - In April 2025, the average grid purchase price was 393 RMB/MWh, a year-on-year decrease of 5% and a slight month-on-month decrease of 0.5% [40]. Coal Price - As of April 25, 2025, the price of thermal coal at Qinhuangdao port was 655 RMB/ton, down 19.33% year-on-year and 1.2% week-on-week [48]. Hydrology - As of April 25, 2025, the water level at the Three Gorges Reservoir was 157 meters, with inflow and outflow rates showing a year-on-year decrease of 15% and 42%, respectively [56]. Electricity Consumption - From January to March 2025, total electricity consumption was 2.38 trillion kWh, a year-on-year increase of 2.5% [14]. Power Generation - Cumulative power generation from January to March 2025 was 2.27 trillion kWh, reflecting a year-on-year increase of 1.5% [22]. Installed Capacity - As of March 31, 2025, China's thermal power installed capacity reached 1.45 billion kW, with a year-on-year increase of 3.9% [50]. Investment Recommendations - The report recommends focusing on hydropower and thermal power investment opportunities, particularly in JianTou Energy and Changjiang Power [3]. - For nuclear power, companies like China National Nuclear Power and China General Nuclear Power are highlighted for their growth potential [3]. - In the green energy sector, Longjing Environmental Protection is recommended, with attention to Longyuan Power and other related companies [3].

Core Viewpoint - The nuclear power industry in China is expected to experience significant growth, with a strong investment rating maintained by Zhongyuan Securities, highlighting the importance of nuclear power in future energy supply [1][3] Group 1: Project Approvals - On April 27, 2025, the State Council approved five nuclear power projects, totaling ten nuclear units, with China General Nuclear Power Group (CGN) and China National Nuclear Power (CNNP) being the primary beneficiaries [1] - CGN received approval for four units, including two units in Guangdong and two in Guangxi, all utilizing Hualong One technology, with capacities of 1.2 million kW and 1.208 million kW respectively [1] - CNNP was approved for two units in the Zhejiang Sanmen project, also using Hualong One technology, with a capacity of 1.215 million kW each [2] Group 2: Industry Growth and Capacity - Nuclear power is recognized as a stable energy source in China's new power system, with a utilization hour rate of 7,805.74 hours in 2024, contributing 4.73% to the national power generation [3] - The "14th Five-Year Plan" aims for a nuclear power installed capacity of approximately 70 million kW by 2025, with a focus on coastal projects [3] - As of April 27, 2025, China has approved 28 new nuclear projects since 2022, with a total of 102 operational, under construction, and approved units, making it the world's largest nuclear power capacity at 113 million kW [3] Group 3: Regional Developments - Currently, there are no nuclear projects approved or under construction in Henan Province, which is not included in the national nuclear construction plan due to cautious evaluation policies for inland nuclear development [4]

Core Viewpoint - The Shanghai Composite Index opened lower and fluctuated, with the CSI 300 Utilities Index reported at 2638.18 points, reflecting a 3.14% increase over the past month, a 4.64% increase over the past three months, and a 2.53% decline year-to-date [1] Group 1: Index Performance - The CSI 300 Utilities Index is categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries, providing a comprehensive analysis tool for investors [1] - The index is based on a sample of 300 stocks from the CSI 300, with a base date of December 31, 2004, and a base point of 1000.0 [1] Group 2: Index Holdings - The top ten weights in the CSI 300 Utilities Index are: - Changjiang Electric Power (48.17%) - China Nuclear Power (10.24%) - Three Gorges Energy (8.19%) - Guodian Power (5.45%) - State Power Investment (4.79%) - Sichuan Investment Energy (4.38%) - Huaneng International (4.21%) - China General Nuclear Power (3.7%) - Zhejiang Energy Power (3.12%) - Huadian International (2.67%) [1] Group 3: Market Composition - The market composition of the CSI 300 Utilities Index shows that the Shanghai Stock Exchange accounts for 95.94%, while the Shenzhen Stock Exchange accounts for 4.06% [2] - In terms of industry composition, hydropower constitutes 59.60%, thermal power 15.45%, nuclear power 13.94%, wind power 8.55%, and gas power 2.46% [2] Group 4: Sample Adjustment - The index samples are adjusted biannually, 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 or special events affecting sample companies [2]