Market Overview - On October 13, 2025, the A-share market saw all three major indices decline, with the Shanghai Composite Index closing at 3889.50 points, down 0.19%. The Shenzhen Component Index fell 0.93% to 13231.47 points, and the ChiNext Index dropped 1.11% to 3078.76 points. Over 3600 stocks declined, and the total trading volume in the Shanghai and Shenzhen markets was 2.35 trillion yuan, a decrease of 160 billion yuan from the previous trading day [1] - The Hong Kong stock market also faced pressure, with the Hang Seng Index closing down 1.52% at 25889.48 points, after a drop of over 4% during the day. The total trading volume was 490.366 billion HKD [1] - In contrast, U.S. stock markets rebounded strongly, with the Dow Jones Industrial Average rising by 587.98 points (1.29%) to 46067.58 points, the Nasdaq increasing by 490.178 points (2.21%) to 22694.608 points, and the S&P 500 gaining 102.21 points (1.56%) to 6654.72 points [1] New Stock Offerings - One new stock, He Yuan Bio, is available for subscription today. No new stocks are listed [2] - He Yuan Bio, listed on the Sci-Tech Innovation Board with the stock code 688765, has an issue price of 29.06 yuan per share. The company specializes in research and development of plant-based recombinant protein expression technology and has gained attention for its core business of "rice hematopoiesis." It is the first biopharmaceutical company to pass the listing review under the newly announced fifth set of standards for unprofitable companies on the Sci-Tech Innovation Board [3] Important News - On October 13, 2025, the first IEC international standard led by China General Nuclear Power Group was officially released. The standard, IEC 63435, pertains to nuclear facilities and operator support systems, marking a significant achievement for China General Nuclear Power Group in establishing a unified standard for operator support systems in international nuclear facilities [3]

格隆汇10月13日丨中广核电力(01816.HK)公告，公司将于2025年10月28日(星期二)举行董事会会议，其 中议程包括审议并批准公司及其附属公司截至2025年9月30日止9个月第三季度业绩及其相关公告。 ...

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。 董事會會議召開日期 中國廣核電力股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司將 於2025年10月28日（星期二）舉行董事會會議，其中議程包括審議並批准本公司 及其附屬公司截至2025年9月30日止九個月之第三季度業績及其相關公告。 中國，2025年10月13日 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） 於本公告日期，本公司董事會成員包括執行董事為高立剛先生；非執行董事為楊 長利先生、李歷女士、龐松濤先生、馮堅先生及劉煥冰先生；獨立非執行董事為 王鳴峰先生、李馥友先生及徐華女士。 （股份代號：1816） * 僅供識別 承董事會命 中國廣核電力股份有限公司 尹恩剛 財務總監、聯席公司秘書及董事會秘書 ...

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][6]. Core Insights - The report highlights the significant rise in the public utility and environmental indices, with the public utility index increasing by 3.45% and the environmental index by 1.49% during the week [1][31]. - The report emphasizes the ongoing support from national policies for renewable energy development, which is expected to stabilize profitability in the renewable energy sector [3][29]. Summary by Sections Market Review - The Shanghai Composite Index fell by 0.51%, while the public utility index rose by 3.45% and the environmental index by 1.49% [1][31]. - Within the electricity sector, coal-fired power increased by 7.83%, hydropower by 2.30%, and renewable energy generation by 3.72% [1][32]. Important Events - Multiple provinces have released documents related to the "136 Document" and initiated or completed bidding for new energy incremental project pricing mechanisms [1][23]. Investment Strategy - Recommendations include major coal-fired power companies like Huadian International and regional power companies like Shanghai Electric due to stable profitability [3][29]. - The report suggests investing in leading renewable energy companies such as Longyuan Power and Three Gorges Energy, as well as high-quality offshore wind companies [3][29]. - Nuclear power companies like China Nuclear Power and China General Nuclear Power are expected to maintain stable profitability [3][29]. - High-dividend hydropower stocks like Yangtze Power are recommended for their defensive attributes [3][29]. - The report also highlights investment opportunities in the environmental sector, particularly in water and waste incineration industries [3][30]. Key Company Earnings Forecasts - Huadian International (600027.SH) is rated "Outperform" with an expected EPS of 0.49 in 2024 and 0.62 in 2025 [5]. - Longyuan Power (001289.SZ) is also rated "Outperform" with an expected EPS of 0.76 in 2024 and 0.81 in 2025 [5]. - Recommendations extend to companies like Guangxi Energy and Funiu Co., which are positioned well in the renewable energy sector [5][30].

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][5][29]. Core Views - The report highlights the significant growth in the public utility and environmental sectors, with the public utility index rising by 3.45% and the environmental index by 1.49% during the week [1][31]. - The report emphasizes the importance of green methanol production, which significantly reduces carbon emissions throughout its lifecycle, and outlines the two main production routes: biological methanol and electro-methanol [2][15]. - The report suggests that coal and electricity prices are expected to decline simultaneously, allowing thermal power profitability to remain reasonable, and recommends major thermal power companies such as Huadian International and Shanghai Electric [3][29]. Summary by Sections Market Review - The Shanghai Composite Index fell by 0.51%, while the public utility index rose by 3.45% and the environmental index by 1.49%, with respective relative returns of 3.97% and 2.00% [1][31]. - Within the power sector, thermal power increased by 7.83%, hydropower by 2.30%, and renewable energy generation by 3.72% [1][31]. Important Events - As of October 12, 2025, multiple provinces have released documents related to the "136 Document" and initiated or completed competitive pricing for new energy incremental projects [1][23]. Investment Strategy - The report recommends several companies across different sectors: - For thermal power: Huadian International and Shanghai Electric [3][29]. - For renewable energy: Longyuan Power, Three Gorges Energy, and regional offshore wind companies [3][29]. - For nuclear power: China Nuclear Power and China General Nuclear Power [3][29]. - For hydropower: Yangtze Power [3][29]. - For gas: Jiufeng Energy [3][29]. - For environmental services: China Everbright Environment and Zhongshan Public Utilities [3][30]. Key Company Earnings Forecasts - The report provides earnings forecasts and investment ratings for several companies, all rated as "Outperform" [5][8]: - Huadian International (Code: 600027.SH) - Longyuan Power (Code: 001289.SZ) - China Nuclear Power (Code: 601985.SH) - Yangtze Power (Code: 600900.SH) - Jiufeng Energy (Code: 605090.SH) Special Research - The report discusses the production routes for green methanol, emphasizing the need for renewable hydrogen and carbon sources [2][15]. - It also details the competitive pricing results for new energy projects across various provinces, highlighting specific prices and execution periods [23][26].

Investment Rating - The report suggests a positive outlook for the hydropower sector, recommending attention to large hydropower companies due to improved fundamentals [2][5][10]. Core Insights - The report highlights that the autumn floods have positively impacted hydropower generation, with significant increases in water inflow expected to continue [2][5]. - It notes the government's efforts to regulate irrational price competition in the electricity market, which is anticipated to alleviate non-competitive pricing behaviors [6][7]. - The report discusses the fluctuations in global natural gas prices, with U.S. prices remaining low while European prices have rebounded due to geopolitical tensions and increased heating demand [11][19]. Summary by Sections Electricity Sector - The report indicates that the hydropower generation for the first three quarters of 2025 was approximately 235.13 billion kWh, remaining stable compared to the previous year, although Q3 saw a decrease of 5.84% [2][5]. - The government has issued a notice to combat price disorder in the electricity market, promoting fair competition and price stability [6][7]. - Recommendations include focusing on large hydropower companies like Guotou Power and Chuan Investment Energy, as well as green energy firms due to stable returns from existing projects [10]. Natural Gas Sector - As of October 10, 2025, the Henry Hub spot price was $2.90/mmBtu, reflecting a weekly decrease of 9.03%, while European gas prices have seen an increase due to rising demand and geopolitical concerns [11][19]. - The report notes that LNG prices in Northeast Asia have risen to $11.00/mmBtu, influenced by European price trends [26]. - It suggests that the city gas companies are expected to benefit from lower costs and improved profitability due to recent price adjustments [32]. Environmental Sector - The report emphasizes the importance of high-dividend stocks in the environmental sector, recommending companies like Zhongshan Public Utilities and Everbright Environment for their stable performance [10]. - It also highlights the ongoing transition towards cleaner energy sources and the potential for increased returns from environmental value releases [10].

证券研究报告·行业跟踪周报·公用事业 公用事业行业跟踪周报 山东有序推动绿电直连发展，宁电入湘正式 投入商运 增持（维持） [Table_Tag] [投资要点 Table_Summary ] ◼ 投资建议：迎峰度夏关注水电、火电投资机会。1 ）火电： 迎峰度夏建 议关注区域火电投资机会 。 建议关注【建投能源】【华电国际】【华能 国际】【国电电力】【申能股份】【皖能电力】。2 ）水电：量价齐升、 低成本受益市场化。 度电成本所有电源中最低，省内水电市场电价持续 提升，外输可享当地电价。现金流优异分红能力强，折旧期满盈利持续 释放。重点推荐【长江电力】。3 ）核电：成长确定、远期盈利 & 分红提 升。 22/23 年连续两年核准 10 台，24 年再获 11 台核准，成长再提速。 在建机组投运+资本开支逐步见顶。公司 ROE 看齐成熟项目有望翻倍， 分红同步提升。重点推荐【中国核电】【中国广核】，建议关注【中广 核电力 H】。4 ）绿电：化债推进财政发力，绿电国补欠款历史问题有 望得到解决。资产质量见底回升，绿电成长性再次彰显。 重点推荐【龙 净环保】，建议关注【龙源电力 H】【中闽能源】【三峡能源】。5 ）消 ...

Investment Rating - The report maintains a "Positive" outlook on the hydropower sector, particularly large hydropower projects, due to improved fundamentals and favorable weather conditions [2][6]. Core Insights - The report highlights that the autumn floods have positively impacted hydropower generation, with significant increases in water inflow expected in the coming days [2][6]. - The announcement from the National Development and Reform Commission regarding the regulation of price competition is expected to alleviate irrational competition in the electricity market [2][8]. - Global natural gas prices are experiencing fluctuations, with U.S. prices remaining low while European prices are rebounding due to geopolitical tensions and increased heating demand [12][21]. Summary by Sections Electricity Sector - The report notes that hydropower generation in the Yangtze River basin has reached historical highs due to concentrated rainfall, with a total generation of approximately 235.13 billion kWh in the first three quarters of 2025, remaining stable compared to the previous year [2][6]. - The announcement on regulating price competition aims to create a fair market environment, which is expected to reduce irrational pricing behaviors in the electricity sector [7][8]. - Recommendations include focusing on large hydropower companies such as Guotou Power, Chuan Investment Energy, and Yangtze Power, as well as green energy firms like Xintian Green Energy and Longyuan Power [11]. Natural Gas Sector - As of October 10, 2025, U.S. Henry Hub spot prices were $2.90/mmBtu, reflecting a weekly decrease of 9.03%, while European gas prices, such as the TTF, saw an increase of 5.26% to €32.63/MWh [12][14]. - The report indicates that the natural gas consumption in August 2025 showed a year-on-year increase of 1.8%, with total consumption reaching 364.1 billion m³ [34]. - Investment recommendations include focusing on integrated natural gas companies like Kunlun Energy and New Hope Energy, as well as gas trading firms [36]. Environmental Sector - The report suggests that companies with stable performance and high dividend yields, such as Zhongshan Public Utilities and Everbright Environment, should be monitored for potential investment opportunities [11]. - The ongoing development of carbon trading markets and environmental regulations is expected to enhance the performance of companies in the environmental sector [46].

【深圳商报讯】（记者 张妍 通讯员 朱丹）10月10日，由中国广核（003816）集团所属苏州热工研究院 有限公司（以下简称"苏州院"）牵头自主研发的核用富集硼酸正式交付广东陆丰核电5号机组。 国产核用富集硼酸将装入"华龙一号"机组 据介绍，由于其生产工艺复杂、质量标准严苛，此前我国长期依赖进口。 这是继2024年11月在阳江核电3号机组、防城港核电4号机组运行期间小批量示范应用后，富集硼酸国产 化的又一次重大突破——向新建的"华龙一号"机组的规模化供货，标志着国产核用富集硼酸供应链已实 现自主可控，我国在关键核用化学材料研制领域又迈出坚实一步。 此次国产核用富集硼酸的规模化交付，标志着我国在富集硼酸领域实现供应稳定、质量可靠、价格合理 的产业化能力，有力保障了我国核电发展在关键核材料领域的供应链安全。 富集硼酸是通过同位素分离技术将硼-10丰度由天然不足20%提升到96%以上的特殊化工产品，在核电站 中扮演"智能刹车"角色，主要用于吸收压水堆核电站反应堆堆芯产生的部分中子，通过化学方式补充控 制堆芯的链式反应，是保障核安全不可或缺的"镇定剂"。 ...

为攻克技术壁垒，苏州热工院自2022年起牵头开展"核电站一回路用富集硼酸国产化研发"项目，联合山 东合益气体股份有限公司等化工企业开展工艺创新与产业转化。研发团队攻克了传统生产方法中工序 繁、能耗高、废料多等问题，创新采用新型络合剂分离技术及全物料循环利用合成技术，通过近百次模 拟实验与工艺优化，最终实现硼同位素分离效率提升20%以上，杂质含量降低超50%，产品同位素丰度 控制偏差小于1%，产品质量达到国际先进水平。(完) 10月10日，中国产核用富集硼酸正式交付广东陆丰核电5号机组。(中国广核集团供图) 富集硼酸是通过同位素分离技术将硼-10丰度由天然不足20%提升到96%以上的特殊化工产品，在核电站 中扮演"智能刹车"角色，主要用于吸收压水堆核电站反应堆堆芯产生的部分中子，通过化学方式补充控 制堆芯的链式反应，是保障核安全不可或缺的"镇定剂"。由于其生产工艺复杂、质量标准严苛，此前中 国长期依赖进口，随着核电建设规模的不断扩大，供应链安全问题日益突出。 中新社深圳10月10日电 (索有为 朱丹)由总部位于深圳的中国广核集团所属苏州热工研究院有限公司(简 称"苏州热工院")牵头自主研发的核用富集硼酸，10日 ...