中金则表示，中广核电力去年总发电量按年增2%至2470亿度，总上网电量按年增2.36%至2326亿度。报 告提及，广东电量电价落地、符合预期，省内核电盈利见底回升。中金表示，考虑到惠州核电资产交 割，惠州1-2号有望今年投产贡献增量，上调集团今年盈测2.5%至103亿元，引入2027年盈利115亿元。 花旗发布研报称，虽然全球股市对核电相关投资概念变得更为乐观，但维持对中广核电力"沽售"评级， 因中国目前并无电力短缺情况。该行指，中广核电力在广东省(贡献其70-80%总盈利)的电价可能低于预 期，因为竞争加剧，公司宣布将在当地电力销售中承担更多销售及分销成本；预计2026年单位铀燃料成 本将按年上升，虽然升幅可能有限，因今年仅需更换25%的铀燃料。 智通财经APP获悉，中广核电力(01816)午后跌超4%，截至发稿，跌4.49%，报2.98港元，成交额港2.46 亿港元。 ...

对于希望捕捉美国电力需求增长的投资者，花旗推荐韩国Hyundai Electric(267260.KS)及LS Electric(010120.KS)。对于希望捕捉中国核电资本开支增长的投资者，则看好东方电气（600875） (01072) 。 该行指，中广核电力在广东省(贡献其70-80%总盈利)的电价可能低于预期，因为竞争加剧，公司宣布将 在当地电力销售中承担更多销售及分销成本；预计2026年单位铀燃料成本将同比上升，虽然升幅可能有 限，因今年仅需更换25%的铀燃料。 花旗发布研报称，虽然全球股市对核电相关投资概念变得更为乐观，主要受惠于美国等地核电厂开发增 加，以满足数据中心日益增长的电力需求，但该行维持对中广核电力(01816) "沽售"评级，因中国目前 并无电力短缺情况。目标价2.6港元。 ...

对于希望捕捉美国电力需求增长的投资者，花旗推荐韩国Hyundai Electric(267260.KS)及LS Electric(010120.KS)。对于希望捕捉中国核电资本开支增长的投资者，则看好东方电气(01072) 。 该行指，中广核电力在广东省(贡献其70-80%总盈利)的电价可能低于预期，因为竞争加剧，公司宣布将 在当地电力销售中承担更多销售及分销成本；预计2026年单位铀燃料成本将同比上升，虽然升幅可能有 限，因今年仅需更换25%的铀燃料。 智通财经APP获悉，花旗发布研报称，虽然全球股市对核电相关投资概念变得更为乐观，主要受惠于美 国等地核电厂开发增加，以满足数据中心日益增长的电力需求，但该行维持对中广核电力(01816) "沽 售"评级，因中国目前并无电力短缺情况。目标价2.6港元。 ...

Group 1: Operational Performance - In 2025, the company achieved a total electricity generation of 232.648 billion kWh, representing a year-on-year increase of 2.36% [1] - The average utilization hours of the units were 7,767 hours, an increase of 57 hours compared to the previous year [1] - The company conducted 19 major overhauls in 2025, with a total overhaul duration of approximately 655 days, which is a reduction of about 58 days compared to 2024 [2] Group 2: Market Performance - The market-based electricity generation was approximately 130.85 billion kWh, accounting for about 56.2% of the total, showing a slight increase year-on-year [2] - The average market price of electricity decreased due to lower trading prices in Guangdong and Guangxi regions [2] Group 3: Dividend Policy - The company plans to maintain a moderate increase in the dividend payout ratio from the 2020 level of 42.25%, with projected ratios of 43.44%, 44.09%, 44.26%, and 44.36% for the years 2021 to 2024 respectively [2] Group 4: Future Projects and Maintenance - In Q1 2026, the company plans to complete one major overhaul that started in 2025 and initiate 7 new major overhauls, including 4 annual and 3 decadal overhauls [2] - The company is preparing for the approval of multiple nuclear power projects, with several projects meeting the preliminary requirements for submission to national authorities [3] - The expected commissioning dates for Huizhou Unit 1 and 2, and Cangnan Unit 1 are in 2026 [3]

中金发表研报指，中广核电力去年总发电量按年增2%至2470亿度，总上网电量按年增2.36%至2326亿 度。报告提及，广东电量电价落地、符合预期，省内核电盈利见底回升。中金表示，考虑到惠州核电资 产交割，惠州1-2号有望今年投产贡献增量，上调集团今年盈测2.5%至103亿元，引入2027年盈利115亿 元。中金看好核电行业稳健成长派息价值，维持该股"跑赢行业"评级，上调H股目标价11%至3.99港 元、维持A股目标价5.07元不变。 ...

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][5][8]. Core Insights - The report emphasizes the importance of the "environment + resource" investment logic, highlighting that many environmental companies possess resource attributes, which can lead to stable profit models through the extraction of valuable materials from waste [2][16][18]. - The report notes a decline in the utilization rates of photovoltaic and wind power generation in 2025, with photovoltaic utilization at 94.8% and wind power at 94.3% for the year-to-date [1][14]. Summary by Sections Investment Strategy - Public Utilities: Recommendations include major thermal power companies like Huadian International and Shanghai Electric, as well as leading renewable energy firms such as Longyuan Power and Three Gorges Energy [3][22]. - Environmental Sector: Focus on mature sectors like water and waste incineration, with recommendations for companies like China Everbright Environment and Shanghai Industrial Holdings [3][23]. Market Performance - The report indicates that the Shanghai Composite Index rose by 2.79%, with the public utility index increasing by 2.54% and the environmental index by 3.88% [1][24]. - In the power sector, thermal power saw a 2.40% increase, while renewable energy generation rose by 3.74% [1][25]. Key Data Overview - In November, the national electricity generation reached 779.2 billion kWh, with a year-on-year growth of 2.7% [45]. - The report highlights that the total electricity consumption for the year-to-date is 9,460.2 billion kWh, reflecting a 5.2% increase year-on-year [58]. Company Profit Forecasts and Ratings - Specific companies are highlighted with their respective ratings and financial metrics, such as Huadian International with a PE ratio of 10.2 for 2024 and 8.1 for 2025 [8]. - Other recommended companies include Longyuan Power, Three Gorges Energy, and China Nuclear Power, all rated as "Outperform" [8][22]. Special Research - The report discusses the shift from viewing environmental companies as cost centers to recognizing their potential for value creation through resource recovery and recycling [2][16]. - It also outlines the significant price increases in metals due to geopolitical tensions and supply chain concerns, which could benefit resource-oriented environmental companies [2][21].

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][8]. Core Insights - The report emphasizes the importance of the "environment + resource products" investment logic, highlighting that many environmental companies possess resource attributes and can extract valuable materials from waste [2][16]. - The report notes a decline in the utilization rates of photovoltaic and wind power generation in 2025, with a focus on the implications for investment strategies in the sector [1][14]. Summary by Sections Market Review - The Shanghai Composite Index rose by 2.79%, while the public utility index increased by 2.54% and the environmental index by 3.88% [1][24]. - In the power sector, coal and electricity prices are expected to decline, but profitability for thermal power is anticipated to remain reasonable [22]. Important Events - From January to November 2025, the national photovoltaic and wind power generation utilization rates were 94.8% and 94.3%, respectively, showing a year-on-year decline [1][14]. - The report discusses the implementation of the "Renewable Energy Green Power Certificate Management Implementation Rules," which will affect the issuance of green certificates for renewable energy [15]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and Shanghai Electric, as well as leading renewable energy firms such as Longyuan Power and Three Gorges Energy [22]. - The report suggests focusing on environmental companies with stable cash flows and growth potential, such as China Everbright Environment and Shanghai Industrial Holdings [23]. Key Company Profit Forecasts and Investment Ratings - Huadian International (600027.SH) is rated "Outperform" with an expected EPS of 0.46 for 2024 and a PE ratio of 10.2 [8]. - Longyuan Power (001289.SZ) is also rated "Outperform," with an expected EPS of 0.75 for 2024 and a PE ratio of 20.4 [8]. - China Nuclear Power (601985.SH) is rated "Outperform" with an expected EPS of 0.46 for 2024 and a PE ratio of 21.2 [8].

国家知识产权局信息显示，岭东核电有限公司、广东核电合营有限公司、岭澳核电有限公司、大亚湾核 电运营管理有限责任公司、中国广核集团有限公司取得一项名为"变电站开关状态识别方法、装置、计 算机设备和存储介质"的专利，授权公告号CN115984759B，申请日期为2023年1月。 天眼查资料显示，岭东核电有限公司，成立于2004年，位于深圳市，是一家以从事电力、热力生产和供 应业为主的企业。企业注册资本534800万人民币。通过天眼查大数据分析，岭东核电有限公司参与招投 标项目1690次，专利信息1503条，此外企业还拥有行政许可44个。 广东核电合营有限公司，成立于1985年，位于深圳市，是一家以从事电力、热力生产和供应业为主的企 业。企业注册资本40000万美元。通过天眼查大数据分析，广东核电合营有限公司参与招投标项目2750 次，专利信息1591条，此外企业还拥有行政许可94个。 大亚湾核电运营管理有限责任公司，成立于2003年，位于深圳市，是一家以从事电力、热力生产和供应 业为主的企业。企业注册资本25000万人民币。通过天眼查大数据分析，大亚湾核电运营管理有限责任 公司参与招投标项目4607次，财产线索方 ...

Core Viewpoint - The report highlights significant developments in the utility sector, including the operational commencement of the Zhangzhou Nuclear Power Unit 2 and the establishment of green electricity direct connection projects in Shandong and Hubei, which are expected to enhance clean energy supply and reduce production costs in the hydrogen sector [2][4]. Electricity and Coal Prices - The national average grid purchase electricity price is projected to decrease by 8% year-on-year by January 2026 [3]. - As of January 9, 2026, the price of thermal coal at Qinhuangdao for 5500 kcal is 699 yuan per ton, reflecting a week-on-week increase of 17 yuan [3]. Power Generation and Consumption - Total electricity consumption from January to November 2025 reached 9.46 trillion kilowatt-hours, representing a year-on-year increase of 5.2% [3]. - Cumulative power generation during the same period was 8.86 trillion kilowatt-hours, showing a year-on-year growth of 2.4% [3]. - The breakdown of power generation by source indicates a decline in thermal power by 0.7%, while hydropower, nuclear power, wind power, and solar power saw increases of 2.7%, 8.1%, 9.6%, and 24.8% respectively [3]. New Projects and Developments - The Zhangzhou Nuclear Power Unit 2 commenced commercial operation on January 1, 2026, completing the first phase of the Zhangzhou Nuclear Power project, which is expected to provide approximately 60 billion kilowatt-hours of clean energy annually [2]. - The green electricity direct connection project in Shandong involves a new lithium battery manufacturing base with an annual electricity consumption of 500 million kilowatt-hours and a total scale of 345 MW of renewable energy facilities [2]. - In Hubei, a green hydrogen factory is set to utilize a photovoltaic system on abandoned slopes, aiming to reduce production costs and enhance competitiveness in hydrogen applications [2]. Investment Recommendations - The report suggests focusing on companies in the renewable energy sector, particularly those involved in green electricity and nuclear power, as the market conditions are becoming favorable for high-quality development [4]. - Key recommendations include Dragon Power (001289), Zhongmin Energy (600163), and China Nuclear Power (601985), among others, indicating a positive outlook for these companies based on their growth potential and market positioning [4].

登录新浪财经APP 搜索【信披】查看更多考评等级 ■ 中国广核电力股份有限公司 关于"广核转债"开始转股的提示性公告 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。 特别提示： 1.证券代码：003816 证券简称：中国广核 2.债券代码：127110 债券简称：广核转债 3.转股价格：3.67元/股 4.转股起止日期：2026年1月15日至2031年7月8日 5.转股股份来源：新增股份 一、公司可转债基本情况 （一）可转换公司债券发行情况 经中国证监会《关于同意中国广核电力股份有限公司向不特定对象发行可转换公司债券注册的批复》 （证监许可〔2025〕479号）同意注册，并经深圳证券交易所（以下简称"深交所"）同意，中国广核电 力股份有限公司（以下简称"本公司"或"公司"）于2025年7月9日向不特定对象发行了49,000,000张A股可 转换公司债券，每张面值100元，募集资金总额人民币490,000.00万元。 （二）可转换公司债券上市情况 经深交所同意，公司49,000,000张A股可转换公司债券于2025年7月25日起在深交所挂牌交易，债券简 称"广核 ...