Investment Rating - The report maintains an "Overweight" rating for the utility sector [1] Core Insights - The commercial operation of the Zhangzhou Nuclear Power Unit 2 commenced on January 1, 2026, completing the first phase of the Zhangzhou Nuclear Power project, which is expected to provide approximately 60 billion kWh of clean electricity annually [4] - The first green electricity direct connection project in Shandong and Hubei has been approved, with a total scale of 345 MW of new energy facilities, including 75 MW of wind power and 270 MW of photovoltaic power [4] - The average national grid purchase price of electricity in January 2026 decreased by 8% year-on-year [4] - The price of thermal coal at Qinhuangdao port increased by 17 RMB per ton week-on-week, reaching 699 RMB per ton as of January 9, 2026, a year-on-year decrease of 8.98% [4][43] - The inflow and outflow of the Three Gorges Reservoir showed a decrease in inflow by 6.3% and an increase in outflow by 7.2% as of January 9, 2026 [4][50] Industry Data Tracking - Electricity Consumption: In the first eleven months of 2025, total electricity consumption reached 9.46 trillion kWh, a year-on-year increase of 5.2% [12] - Power Generation: Cumulative power generation in the first eleven months of 2025 was 8.86 trillion kWh, with a year-on-year increase of 2.4% [22] - Installed Capacity: As of November 30, 2025, the cumulative installed capacity of thermal power reached 1.52 billion kW, with a year-on-year increase of 5.9% [44] - Hydropower: The cumulative installed capacity of hydropower reached 440 million kW, with a year-on-year increase of 3.0% [54]

Investment Rating - The report rates the gaming industry as "high" for investment [1] Core Views - The report emphasizes the importance of the "Solid Waste Comprehensive Treatment Action Plan," which aims for significant improvements in solid waste management by 2030, including a target of 4.5 billion tons of comprehensive utilization of major solid waste and 510 million tons of recycling of key resources [2][5][7] - It highlights the shift in the energy sector towards diversified revenue models for thermal power companies, recommending several key players in the industry [8] - The report discusses the current trends in natural gas pricing, noting a general decline in global gas prices due to mild weather conditions and stable supply [10][29] - It outlines the transition of hydrogen energy towards becoming a "regulator" of the power grid, emphasizing its role in energy storage and management [31][33] Summary by Sections 1. Environmental Protection - The "Solid Waste Comprehensive Treatment Action Plan" was released on January 4, aiming to enhance solid waste management and promote a green economy [5] - By 2030, the plan targets a comprehensive utilization of 4.5 billion tons of major solid waste and 510 million tons of recycling of key resources [2][6] - The focus is on industrial, urban, and agricultural waste, with a comprehensive governance approach to illegal dumping and construction waste [6][7] 2. Natural Gas - As of January 9, the Henry Hub spot price in the U.S. was $2.87/mmBtu, reflecting a weekly decline of 28.24% [10][11] - The report notes that the European gas prices have also decreased, with the TTF spot price at €29.00/MWh, down 1.43% week-on-week [10][16] - The overall gas market is characterized by stable supply and mild weather, leading to lower demand and prices [10][29] 3. Hydrogen Energy - The report discusses the integration of hydrogen energy into the power grid, highlighting its potential for large-scale energy storage and management [31] - It emphasizes the role of hydrogen in addressing renewable energy challenges and improving grid stability [31][33] - The report recommends companies involved in hydrogen production and technology as key investment opportunities [33] 4. Weekly Market Review - The report notes that the electric power equipment, gas, and environmental protection sectors outperformed the Shanghai and Shenzhen 300 index during the week of January 5 to January 9 [34] - It provides insights into the performance of various sectors, indicating a positive trend for certain energy and environmental stocks [36][39] 5. Company and Industry Dynamics - The report highlights the establishment of national zero-carbon parks, which will receive significant support for green energy initiatives [39] - It mentions the successful completion of green power transactions in Gansu, indicating a growing market for renewable energy [40][43] - The report includes updates on major companies' performance and strategic developments in the energy sector [44]

海外監管公告 本公告由中國廣核電力股份有限公司（「本公司」）根據香港聯合交易所有限公司證 券上市規則第13.10B條作出。 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。 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） （股份代號：1816） 以下為本公司於深圳證券交易所網站發佈之《中國廣核電力股份有限公司關於「廣 核轉債」開始轉股的提示性公告》，僅供參閱。 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 中國，2026年1月12日 证券代码：003816 证券简称：中国广核 公告编号：2026-002 债券代码：127110 债券简称：广核转债 中国广核电力股份有限公司 於本公告日期，本公司董事會成員包括執行董事為龐松濤先生；非執行董事為楊 長利先生、李歷女士、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。 * 僅供識別 关 ...

格隆汇1月12日丨中广核电力(01816.HK)公告，根据相关规定和公司向不特定对象发行A股可转债募集 说明书的有关规定，A股可转债自2026年1月15日起可转换为公司A股股票。 ...

Core Viewpoint - China General Nuclear Power (01816) announced that its A-share convertible bonds will be convertible into A-share stocks starting from January 15, 2026 [1] Group 1 - The company has issued a notice regarding its A-share convertible bonds [1] - The issuance is in accordance with relevant regulations and the prospectus for the public offering of A-share convertible bonds [1] - The conversion feature allows investors to convert their bonds into equity, potentially enhancing liquidity and investment appeal [1]

Core Viewpoint - China General Nuclear Power Corporation (CGN Power, 01816) announced that its A-share convertible bonds will be convertible into A-share stocks starting from January 15, 2026 [1] Group 1 - The announcement pertains to the issuance of A-share convertible bonds by the company [1] - The convertible bonds are issued to unspecified investors according to relevant regulations [1] - The conversion feature allows bondholders to convert their bonds into equity, potentially impacting the company's capital structure [1]

债券代码：127110 债券简称：广核转债 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。 证券代码：003816 证券简称：中国广核 公告编号：2026-002 特别提示： 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"广核转债"，债券代码"127110"。 （三）可转换公司债券转股期限 1. 证券代码：003816 证券简 ...

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。 CGN Power Co., Ltd.* 財務總監、聯席公司秘書及董事會秘書 中國，2026年1月12日 關於A股可轉換公司債券開始轉股的公告 茲提述中國廣核電力股份有限公司（「本公司」）日期為2024年6月21日的公告、日 期為2024年7月5日的通函、日期為2024年8月8日、2025年7月6日的公告和公司 日期為今日的海外監管公告，內容有關A股可轉換公司債券（「A股可轉債」）。 根據相關規定和公司向不特定對象發行A股可轉債募集說明書的有關規定，A股可 轉債自2026年1月15日起可轉換為公司A股股票。 承董事會命 中國廣核電力股份有限公司 尹恩剛 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） （股份代號：1816） 於本公告日期，本公司董事會成員包括執行董事為龐松濤先生；非執行董事為楊 長利先生、李歷女士、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 ...

Investment Rating - The report maintains a positive outlook on the industry, indicating a "Look Favorably" investment rating [1]. Core Insights - The report highlights the release of the "Comprehensive Solid Waste Management Action Plan," which aims to enhance solid waste management and promote a circular economy by 2030, targeting a comprehensive utilization of 4.5 billion tons of major solid waste and 510 million tons of recyclable resources annually [2][6][8]. - Global natural gas prices have generally declined, influenced by mild weather conditions, with significant drops in prices across various markets, including a 28.24% decrease in the US Henry Hub spot price [11][12][18]. - The hydrogen energy sector is evolving towards becoming a key regulator in the power grid, with initiatives to integrate clean hydrogen production and utilization into microgrid systems, enhancing energy storage capabilities [35][37]. Summary by Sections 1. Environmental Protection - The "Comprehensive Solid Waste Management Action Plan" aims for significant improvements in solid waste management by 2030, with specific targets for waste recycling and resource utilization [2][6]. - The plan emphasizes the need for a circular economy that does not rely on subsidies, focusing on industrial collaboration and technological innovation to create a sustainable waste management system [7][8]. 2. Natural Gas - Natural gas prices have seen a significant decline, with the US Henry Hub spot price at $2.87/mmBtu, reflecting a 28.24% week-over-week drop [11][12]. - The report notes that the demand for natural gas is expected to remain weak in Northeast Asia, contributing to a slight decrease in LNG prices [11][30]. - Recommendations include focusing on integrated natural gas companies that are expected to benefit from cost reductions and improved profitability [32]. 3. Hydrogen Energy - The report discusses the strategic positioning of hydrogen energy as a flexible load regulator within the power grid, highlighting its potential to enhance energy storage and consumption efficiency [35][37]. - It emphasizes the importance of hydrogen energy in achieving energy security and autonomy, recommending companies involved in hydrogen production [35][37]. 4. Weekly Market Review - The report indicates that the electricity equipment, gas, and environmental protection sectors outperformed the Shanghai and Shenzhen 300 index during the review period [38]. 5. Company and Industry Dynamics - The report outlines significant developments in the renewable energy sector, including the establishment of national zero-carbon parks and the increase in green electricity trading volumes, which are expected to enhance market opportunities for leading companies in the sector [44][48].

新浪财经ESG评级中心提供包括资讯、报告、培训、咨询等在内的14项ESG服务，助力上市公司传播ESG理念，提升ESG可持续发展表现。点 击查看【 ESG评级中心服务手册】 在全球可持续发展浪潮席卷而来的当下，ESG（环境、社会、公司治理）已成为衡量企业高质量发展的核心标尺，更是连接企业价值与社会价值的关键纽 带。随着国内ESG生态体系的加速完善，政策监管持续收紧、资本市场对ESG表现的关注度不断飙升，企业的可持续发展能力愈发成为其核心竞争力的重 要组成部分。 在此行业背景下，新浪财经重磅发布"2025中国企业ESG百强"榜单。该榜单依托新浪财经专业的ESG评级体系，以5000余家A股上市公司及在港上市内地 企业为评价对象，创新性搭建18套行业ESG评价模型，纳入150余项ESG指标，通过量化模型综合演算，对企业ESG表现进行全面、客观的综合评价，最 终筛选出中国ESG实践的标杆企业。榜单不仅为行业树立了发展典范，更为投资者提供了极具参考价值的决策依据。 中国广核在环境、社会、公司治理领域开展了大量工作，积累了丰富的创新实践与扎实的落地成果。凭借在ESG各领域的卓越表现，中国广核成功入选本 次新浪财经"2025 ...