格隆汇1月21日丨中广核电力(01816.HK)公告，经董事会审议，委任周建平为公司总法律顾问。 ...

中国广核公告称，为加强汇率风险管理，子公司合营公司和台山核电拟开展外汇衍生品交易，分别为远 期结汇和购汇套期保值业务。2026年1月22日至年底，合营公司交易累计金额不超12.00亿元，台山核电 至11月2日不超1.00亿欧元，交易对手含关联方中广核财务公司。2026年1月21日董事会已通过该议案， 关联董事回避表决。本次交易构成关联交易，但不构成重大资产重组，对公司财务无重大影响。 ...

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） 委任總法律顧問 中國廣核電力股份有限公司（「本公司」）董事會（「董事會」）宣佈，根據《中國廣核 電力股份有限公司章程》（「《公司章程》」），經董事會審議，委任周建平先生（「周 先生」）為本公司總法律顧問。 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。 於本公告日期，除上述披露外，周先生確認其：(i)並無與本公司或其附屬公司之 任何董事、監事、高級管理人員、主要股東或控股股東有任何關係；(ii)並無於本 公司或其附屬公司擔任任何其他職位，亦於過去三年並無在其他香港或海外上市 公司擔任任何董事或監事職務；(iii)根據證券及期貨條例第XV部分所界定權益， 並無於本公司或其相聯法團擁有或視為擁有任何股份、相關股份或債權證中任何 權益；及(iv)概無其他與其委任有關的事宜須敦請本公司股東或香港聯交所垂注或 須根據上市規則第 ...

华泰联合证券有限责任公司 关于中国广核电力股份有限公司下属子公司 开展套期保值外汇衍生品交易业务暨关联交易的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券"或"保荐人"）作 为中国广核电力股份有限公司（以下简称"中国广核"、"上市公司"或"公司"） 向不特定对象发行 A 股可转换公司债券的保荐人，根据《证券发行上市保荐业 务管理办法》《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监 管指引第 1 号——主板上市公司规范运作》等相关法律、法规和规范性文件的规 定，对中国广核下属子公司开展套期保值外汇衍生品交易业务暨关联交易进行了 核查，核查情况及核查意见如下： 一、概述 1、为加强汇率风险管理，防范汇率波动对经营的不利影响，中国广核的子 公司广东核电合营有限公司（以下简称"合营公司"）和台山核电合营有限公司 （以下简称"台山核电"）拟开展外汇衍生品交易，交易品种分别为远期结汇套 期保值业务和远期购汇套期保值业务。合营公司 2026 年 1 月 22 日至 2026 年 12 月 31 日交易累计金额不超过 12.00 亿元人民币，台山核电 2026 年 1 月 22 日至 2026 年 ...

Investment Rating - The report maintains an "Overweight" rating for the public utility sector and the power generation sector [2]. Core Viewpoints - The report argues that the core logic determining the valuation of power stocks has changed in the new energy era, with expectations of a rebound in electricity prices and stock valuations as coal prices stabilize [4][6]. - It highlights that the most challenging phase for electricity supply and demand in China has passed, with expectations of a recovery in demand starting in 2026 [4][7]. - The report emphasizes that the valuation gap between U.S. and Chinese power stocks has widened significantly, with U.S. power stocks trading at 2-4 times the price-to-book (PB) ratio of their Chinese counterparts [4][6][7]. Summary by Sections Investment Recommendations - The report recommends several undervalued power operators, including Huaneng International, Guodian Power, and China Power [3][8]. - It suggests that the capacity price increase in 2026 will benefit thermal power, while the stabilization of energy prices will favor nuclear, green, and hydropower [8]. Market Dynamics - The report notes that both China and the U.S. are experiencing similar electricity shortages due to a slowdown in the growth of base-load power sources, with structural demand exceeding expectations potentially leading to supply crises [5][26]. - It discusses the significant differences in electricity pricing structures between the two countries, with U.S. electricity prices being significantly higher due to various systemic costs [56][58]. Price Trends and Projections - The report predicts that by 2026, the industrial electricity prices in China will be significantly lower than those in the U.S., enhancing the competitiveness of Chinese manufacturing [6][11]. - It highlights that the electricity price gap between the two countries is expected to continue to widen, benefiting China's manufacturing sector [6][8]. Supply and Demand Outlook - The report indicates that the most severe supply-demand imbalance in China has passed, with expectations of a recovery in electricity demand driven by increased manufacturing investment [7][8]. - It also notes that the U.S. is facing a similar situation, with a projected decline in gas-fired electricity generation and a potential increase in coal-fired generation [5][30].

本文源自：市场资讯 作者：情报员 资料显示，中广核惠州第三核电有限公司成立于2025年2月16日，法定代表人为章国强，注册资本 180000万人民币，公司位于惠州市，许可项目：发电业务、输电业务、供（配）电业务、港口经营。 （依法须经批准的项目，经相关部门批准后方可开展经营活动，具体经营项目以相关部门批准文件或许 可证件为准）发电机及发电机组销售、技术服务、技术开发、技术咨询、技术交流、技术转让、技术推 广、货物进出口、技术进出口。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 天眼查工商信息显示，近日，中国广核电力股份有限公司出资180000万元成立中广核惠州第三核电有限 公司，持股100%，所属行业为电力、热力生产和供应业。 ...

Core Viewpoint - China General Nuclear Power Corporation (CGN) is currently not involved in nuclear fusion-related business and is focused on promoting market-oriented trading policies for nuclear power to ensure sustainable development in the industry [1] Group 1: Company Position - CGN is actively communicating with the national government and relevant provincial regions regarding market-oriented trading for nuclear power [1] - The company aims to accelerate the development of trading policies that cater to the characteristics of nuclear power [1] - CGN is committed to tracking the implementation of market-oriented trading plans for nuclear power and adapting to market changes to secure more electricity generation [1] Group 2: Industry Context - The company supports the establishment of a scientifically sound and reasonable national unified electricity market [1] - CGN is striving for increased output and full capacity operation of its nuclear power units [1]

Core Viewpoint - China General Nuclear Power Corporation (CGN) is currently not involved in nuclear fusion-related business and is focused on promoting market-oriented trading policies for nuclear power to ensure sustainable development in the industry [1] Group 1: Company Positioning - The company is actively communicating with national and regional authorities to accelerate the development of market-oriented trading policies specific to nuclear power [1] - CGN aims to secure more grid-connected electricity generation and strives for higher operational efficiency of its nuclear power units [1] Group 2: Industry Context - The company is closely monitoring the implementation of market-oriented trading schemes for nuclear power and is adapting to changes in market conditions [1] - CGN supports the establishment of a scientifically sound and reasonably unified national electricity market [1]

Group 1 - The core viewpoint of the report emphasizes the importance of uranium as a strategic mineral resource, highlighting its role in the nuclear fuel cycle and its cost structure in nuclear energy generation [1][5]. - The cost of uranium accounts for approximately 51% of the nuclear fuel cost, with the total cost of uranium fuel cycle estimated at $1,663 per kilogram of uranium dioxide [5]. - According to the 2024 annual report of China General Nuclear Power Corporation, the cost of nuclear fuel constitutes about 17% of the electricity sales cost, leading to an estimated 9% contribution of natural uranium to the overall cost of nuclear power generation [1][5]. Group 2 - Uranium is classified as a critical mineral by the United States, China, and Canada, reflecting its strategic significance in energy security and the transition to cleaner energy sources [4]. - The report notes that various countries are implementing favorable policies to promote nuclear energy, driven by factors such as energy security and carbon neutrality goals, with around 30 countries considering or initiating nuclear energy projects [4]. - The nuclear fuel cycle is described as a vital technology chain, with natural uranium being referred to as the "grain store" for nuclear power, underscoring its essential role in the energy landscape [4].

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [6][8]. Core Views - The report highlights that coal and electricity prices are declining simultaneously, which is expected to maintain reasonable profitability for thermal power companies. Recommendations include major thermal power companies such as Huadian International and Shanghai Electric [4][20]. - Continuous government policies supporting the development of renewable energy are anticipated to lead to stable profitability in renewable power generation. Recommended companies include Longyuan Power, Three Gorges Energy, and regional offshore wind power companies [4][20]. - The report notes that the growth in installed capacity and power generation will offset the downward pressure on electricity prices, with nuclear power companies expected to maintain stable profitability. Recommended companies include China Nuclear Power and China General Nuclear Power [4][20]. - The report emphasizes the defensive attributes of hydropower stocks in a global interest rate decline environment, recommending Jiangsu Yangtze Power as a stable and growth-oriented hydropower leader [4][20]. - The environmental sector is entering a mature phase, with significant improvements in free cash flow. The report suggests focusing on "utility-like investment opportunities" in the environmental sector, recommending companies such as China Everbright Environment and Shanghai Industrial Holdings [21]. Summary by Sections Market Review - The Shanghai Composite Index rose by 0.57%, while the public utility index increased by 0.06% and the environmental index by 0.27%. The relative returns for public utilities and environmental sectors were 0.63% and 0.84%, respectively [13][22]. Important Events - Shanxi Province initiated a bidding process for the 2026 incremental renewable energy project mechanism, with a total bidding scale of 9.576 billion kWh, including 3.527 billion kWh from wind power and 6.049 billion kWh from solar power. The bidding price range is set between 0.2 and 0.32 yuan/kWh [2][14]. Special Research - The report outlines that over 26 cities in China have raised water prices in 2025, with adjustments primarily between 10% and 30%. The report emphasizes the necessity of price adjustments due to rising costs faced by water supply companies [3][17][19]. Investment Strategy - The report recommends various companies across different sectors, including thermal power, renewable energy, nuclear power, hydropower, and environmental services, based on their expected performance and market conditions [4][20][21].