Group 1 - The State Intellectual Property Office of China granted a patent titled "Document Acquisition Method, Device, Computer Equipment and Storage Medium" to China General Nuclear Power Engineering Co., Ltd., Shenzhen China General Nuclear Power Engineering Design Co., Ltd., China General Nuclear Power Group Co., Ltd., and China General Nuclear Power Corporation [1] - China General Nuclear Power Engineering Co., Ltd. was established in 1997, located in Shenzhen, with a registered capital of 3.886 billion RMB, involved in 5,000 bidding projects, and holds 3,717 patents [1] - Shenzhen China General Nuclear Power Engineering Design Co., Ltd. was established in 2005, also located in Shenzhen, with a registered capital of 79.36 million RMB, involved in 1,518 bidding projects, and holds 1,277 patents [1] Group 2 - China General Nuclear Power Group Co., Ltd. was established in 1994, located in Shenzhen, with a registered capital of 14.87337 billion RMB, involved in 1,486 bidding projects, and holds 5,000 patents [2] - China General Nuclear Power Corporation was established in 2014, located in Shenzhen, with a registered capital of 50.49861 billion RMB, involved in 352 bidding projects, and holds 5,000 patents [2]

证券代码：003816 证券简称：中国广核 公告编号：2025-040 中国广核电力股份有限公司 2024 年年度权益分派实施公告 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。 中国广核电力股份有限公司（以下简称"公司"或"本公司"）2024 年年度 权益分派方案已经 2025 年 5 月 21 日召开的公司 2024 年度股东大会（以下简称 "股东大会"）审议通过，现将权益分派事宜公告如下： 一、股东大会审议通过权益分派方案情况 1. 2025 年 5 月 21 日，公司股东大会审议通过了《2024 年度利润分配方案》 的议案：公司以实施分配方案时股权登记日的总股本为基数，以现金形式派发 2024 年度末期股息予于股权登记日名列公司名册的股东。2024 年度现金股息以 人民币计值及宣派，每 10 股股息为人民币 0.95 元（含税）。本次权益分配不送 红股，不以公积金转增股本。 2. 自分配方案披露至实施期间公司股本总额未发生变化。 3. 本次实施的分配方案与股东大会审议通过的分配方案一致。 4. 本次实施方案距离股东大会审议通过的时间未超过两个月。 二、 ...

Group 1 - The Shanghai Composite Index opened lower but rose throughout the day, with the CSI 300 Utilities (secondary industry) index reported at 2669.83 points [1] - The CSI 300 Utilities index has decreased by 1.10% over the past month, increased by 5.80% over the past three months, and has declined by 1.36% year-to-date [1] - The CSI 300 index categorizes its 300 sample stocks 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] Group 2 - The top ten holdings in the CSI 300 Utilities index are: Changjiang Electric (49.31%), China Nuclear Power (10.16%), Three Gorges Energy (8.03%), Guodian Power (5.52%), State Power Investment (4.65%), Huaneng International (4.17%), Chuanwei Energy (4.09%), China General Nuclear Power (3.81%), Zhejiang Energy (2.82%), and Huadian International (2.5%) [1] - The market share of the CSI 300 Utilities index is dominated by the Shanghai Stock Exchange at 95.87%, while the Shenzhen Stock Exchange accounts for 4.13% [2] - In terms of industry composition, hydropower constitutes 60.36%, thermal power 15.01%, nuclear power 13.97%, wind power 8.36%, and gas power 2.31% of the index [2] Group 3 - 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 adjusted in accordance with the regular sample adjustments, which occur at the same time as the index sample adjustments [2] - Temporary adjustments to the index samples occur when the CSI 300 index undergoes changes, and special events affecting sample companies may also lead to corresponding adjustments in the CSI 300 industry index [2]

Core Viewpoint - Liaoning is leveraging the construction of a 131 million kilowatt offshore wind power project to transition from an old industrial base to a green economy, aligning with the "dual carbon" goals of China [2][3]. Group 1: Offshore Wind Power Development - The offshore wind power industry is becoming a key driver for economic growth and energy security globally, with China establishing a significant advantage in this sector [3]. - Liaoning has a vast marine resource base with over 50 million kilowatts of economically viable offshore wind energy, supported by a coastline of 2,290 kilometers [3][4]. - The province aims to develop two large offshore wind power bases, each exceeding 5 million kilowatts, contributing to a new production capacity worth over 1 trillion yuan [7]. Group 2: Economic Impact - The initiation of the 131 million kilowatt offshore wind power project is expected to attract nearly 1 trillion yuan in investments, generate an annual output value exceeding 100 billion yuan, and create over 100,000 jobs [4]. - The wind power industry is anticipated to become a significant force in driving the economic prosperity of Liaoning and establishing it as a maritime powerhouse [4][5]. Group 3: Industrial Transformation - The development of the offshore wind power sector is part of a broader strategy to upgrade traditional industries in Liaoning, which have historically relied on resource-intensive practices [5][6]. - Liaoning's industrial base includes over 150 enterprises in the wind power supply chain, with strengths in advanced equipment manufacturing [5]. - The province is focusing on green alternatives in traditional sectors like metallurgy and petrochemicals, while also fostering new industries such as hydrogen and ammonia production [6].

Investment Rating - The report maintains an "Overweight" rating for the utility sector [1]. Core Insights - In May 2025, the total electricity consumption increased by 4.4% year-on-year, with a total of 809.6 billion kWh consumed [4][6]. - The electricity price in May 2025 saw a year-on-year decrease of 3% but a slight month-on-month increase of 0.4% [40]. - The report highlights significant growth in various sectors, with the first industry showing an 8.4% increase, the second industry at 2.1%, and the third industry at 9.4% [4][13]. Summary by Sections 1. Market Review - The SW utility index decreased by 1.13% during the week of June 16-20, 2025, with notable declines in nuclear, water, and thermal power sectors [9][12]. 2. Electricity Sector Tracking 2.1. Electricity Consumption - Total electricity consumption from January to April 2025 reached 3.16 trillion kWh, reflecting a year-on-year increase of 3.1% [13]. - The growth rates for different sectors were: first industry +10.0%, second industry +2.3%, third industry +6.0%, and urban-rural residential consumption +2.5% [13][14]. 2.2. Power Generation - Cumulative power generation from January to April 2025 was 2.98 trillion kWh, with a slight year-on-year increase of 0.1% [22]. - The breakdown of generation by source showed thermal power down by 4.1%, water power up by 2.2%, nuclear power up by 12.7%, wind power up by 10.9%, and solar power up by 19.5% [22]. 2.3. Electricity Prices - The average grid purchase price in May 2025 was 394 RMB/MWh, down 3% year-on-year [40]. 2.4. Thermal Power - As of June 20, 2025, the price of thermal coal was 609 RMB/ton, a decrease of 29.84% year-on-year [45]. - The cumulative installed capacity of thermal power reached 1.46 billion kW, with a year-on-year increase of 4.1% [47]. 2.5. Hydropower - The water level at the Three Gorges Reservoir was 149.15 meters, consistent with previous years, and inflow and outflow rates increased by 19.72% and 63.96% respectively [53]. 2.6. Nuclear Power - In 2024, 11 new nuclear units were approved, indicating a positive growth trajectory for the sector [22]. 2.7. Renewable Energy - Wind and solar power saw significant increases in installed capacity, with wind power up by 18.5% and solar power up by 74.6% [22]. 3. Investment Recommendations - The report suggests focusing on investment opportunities in hydropower and thermal power during the peak summer season, recommending specific companies such as China Yangtze Power and Huaneng International [4].

Core Viewpoint - The China General Nuclear Power Group's Yantai Zhaoyuan 400 MW offshore photovoltaic project has successfully achieved full-capacity grid-connected power generation, marking a significant milestone in China's offshore solar energy development [3][4][6]. Project Overview - The project consists of 760,000 offshore photovoltaic modules and has a total sea area of 512.7 hectares, which is 25 times the area of the National Stadium (Bird's Nest) [4][5]. - It is the first fully grid-connected pile foundation offshore photovoltaic project in China, utilizing domestically developed bifacial double-glass photovoltaic modules [3][4]. Energy Production and Environmental Impact - The project is expected to generate an average annual power output of 694 million kWh, sufficient to meet the electricity needs of approximately 400,000 households [4][5]. - The annual power generation can reduce coal consumption by about 208,700 tons and cut carbon dioxide emissions by approximately 535,800 tons, equivalent to afforestation of 1,562 hectares [5]. Technical Innovations - The project employs a nearshore pile foundation structure, which is more resilient to typhoons and ocean currents compared to floating structures, making it suitable for complex marine environments [5][6]. - It has developed innovative technologies, including a large-span bolt-ball steel grid and spiral tapered steel pipe piles, enhancing the stability and load-bearing capacity of the photovoltaic support structures [12][13]. Construction Challenges and Solutions - The project faced significant construction challenges due to deep water conditions (8.5 to 11 meters) and harsh marine environments, including high winds and tidal influences [11][15]. - To address these challenges, the project team implemented a construction method that combines land assembly and offshore installation, significantly improving efficiency and safety [16]. Industry Implications - The successful implementation of this project contributes to the establishment of a complete set of construction processes for offshore photovoltaic projects, which can be replicated in similar future projects [16][17]. - The project aligns with China's dual carbon goals and is expected to drive the development of offshore photovoltaic energy as a key component of the energy transition in coastal provinces [9][20].

Investment Rating - The report maintains a recommendation for companies such as Funiu Co., Ltd. and Shenneng Co., Ltd. while cautiously recommending China General Nuclear Power and Anhui Energy [4][21]. Core Viewpoints - In May, the total electricity consumption reached 809.6 billion kWh, showing a year-on-year growth of 4.4%. The first industry saw an increase of 8.4%, the second industry 2.1%, the third industry 9.4%, and urban and rural residents' consumption 9.6% [2][22]. - The report highlights that coal prices are expected to remain low, benefiting thermal power generation, which is anticipated to improve performance in Q2. Companies are actively investing in wind power and cogeneration assets for long-term growth potential [4][19]. Summary by Sections Weekly Market Review - The electricity sector underperformed the broader market, with the public utility sector closing at 2355.40 points, down 1.13%, and the electricity sub-sector at 3131.64 points, down 1.31% [1][8]. - Among the electricity sub-sectors, photovoltaic generation fell by 1.57%, wind power by 1.28%, while thermal services rose by 2.08% [1][13]. Industry Data Tracking - The average price of thermal coal in the Bohai Rim region was 663.00 RMB/ton, with no change week-on-week [48]. - The report notes that the electricity market is experiencing a decline in coal and gas prices, with the average transaction price for coal in Guangdong dropping by 28.43% [69]. Investment Recommendations - The report recommends focusing on companies with stable performance and growth potential, particularly in thermal power and hydropower sectors, such as Changjiang Electric Power and Sichuan Investment Energy [4][20]. - It also suggests monitoring companies involved in asset restructuring and mergers, as these are expected to gain traction this year [20].

Core Viewpoint - China General Nuclear Power Group (CGN) is actively expanding its offshore clean energy applications, focusing on the integration of marine ecological protection and sustainable development [1][2] Group 1: Offshore Clean Energy Projects - CGN has developed nearly 20 offshore wind and solar projects with a total installed capacity of 4.74 million kilowatts, expected to generate 14.8 billion kilowatt-hours annually, sufficient to meet the annual electricity needs of over 8 million households [1] - The company has established over 50 integrated development projects across water, offshore, and land [2] Group 2: Innovative Development Models - CGN is exploring a diversified sustainable development model combining "blue energy + offshore farming," exemplified by the Laizhou 304 MW offshore wind project, which integrates wind turbine foundations with aquaculture facilities [1] - This project aims to create a symbiotic relationship between energy generation and marine resource cultivation, promoting a sustainable development path of "using fish to promote electricity and using electricity to support fish" [1] Group 3: Marine Biodiversity Protection - The French Green Ocean Research Institute released the "CGN Marine Biodiversity Protection White Paper," highlighting CGN's practices in achieving synergy between offshore clean energy development and marine ecological protection [2] - CGN has established a comprehensive ecological monitoring and assessment system around its nuclear power bases, promoting a long-term mechanism for marine biodiversity protection [2] - Over 200 species of flora and fauna thrive in the marine areas surrounding the Daya Bay nuclear power base, including 15 species of nationally protected coral, supported by the establishment of coral conservation zones [2]

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][5][7]. Core Views - The report highlights the ongoing pilot projects for hydrogen energy initiated by the National Energy Administration, focusing on large-scale hydrogen production integrated with renewable energy sources [2][14]. - The waste incineration industry is entering a mature phase, with a significant increase in cash flow for listed companies, indicating a positive trend in financial health [15][22]. - The report emphasizes the importance of carbon neutrality, recommending investments in the new energy industry chain and comprehensive energy management [25][26]. Summary by Sections Market Review - The Shanghai Composite Index fell by 0.25%, while the public utility index rose by 0.26%, and the environmental index dropped by 1.19% [1][13]. - Among the 31 primary industry sectors, public utilities and environmental sectors ranked 10th and 22nd in terms of performance [1][27]. Important Events - The National Energy Administration has launched pilot projects in the hydrogen energy sector, focusing on large-scale hydrogen production in areas rich in wind, solar, hydro, nuclear, and biomass resources [2][14]. Specialized Research - The report analyzes the free cash flow of 15 major A-share listed companies in the waste incineration sector, noting that many have achieved positive cash flow by 2024 [15][22]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and regional power companies like Shanghai Electric due to stable profitability [3][25]. - The report suggests investing in leading new energy companies such as Longyuan Power and Three Gorges Energy, as well as high-dividend hydroelectric stocks like Yangtze Power [3][25]. - In the environmental sector, it recommends companies like China Science Instruments and Shandong High Energy Environmental for their growth potential [26]. Company Profit Forecasts and Investment Ratings - A detailed table lists various companies with their investment ratings, market capitalization, earnings per share (EPS), and price-to-earnings (PE) ratios, indicating a generally positive outlook for the sector [7][23].

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][5][7]. Core Views - The report highlights the ongoing pilot projects for hydrogen energy initiated by the National Energy Administration, focusing on large-scale hydrogen production integrated with renewable energy sources [2][14]. - The waste incineration industry is entering a mature phase, with a significant increase in cash flow for listed companies, indicating a positive trend in financial health [15][22]. - The report emphasizes the importance of carbon neutrality, recommending investments in the new energy industry chain and comprehensive energy management [25][26]. Summary by Sections Market Review - The Shanghai Composite Index fell by 0.25%, while the public utility index rose by 0.26%, and the environmental index dropped by 1.19% [1][13]. - Among the 31 first-level industry classifications, public utilities and environmental sectors ranked 10th and 22nd in terms of growth [1][27]. Important Events - The National Energy Administration has launched pilot projects in the hydrogen energy sector, focusing on large-scale hydrogen production in areas rich in wind, solar, hydro, nuclear, and biomass resources [2][14]. Specialized Research - The report analyzes the free cash flow of 15 major A-share listed companies in the waste incineration sector, noting that many have achieved positive cash flow by 2024 [15][22]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and regional power companies like Shanghai Electric due to stable profitability [3][25]. - The report suggests investing in leading new energy companies such as Longyuan Power and Three Gorges Energy, as well as high-dividend hydroelectric stocks like Yangtze Power [3][25]. - In the environmental sector, it recommends companies like China Science Instruments and Shandong High Energy for their growth potential [26]. Company Profit Forecasts and Investment Ratings - A detailed table lists various companies with their investment ratings, market capitalization, earnings per share (EPS), and price-to-earnings (PE) ratios, indicating a generally positive outlook for the sector [7][23].