证券代码：003816 证券简称：中国广核 公告编号：2025-039 中国广核电力股份有限公司 关于董事会获得回购股份一般性授权通知债权人的公告 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"）于 2025 年 5 月 21 日召开的 2024 年度股东大会、2025 年第一次 A 股类别股东大会及 2025 年 第一次 H 股类别股东大会，授予公司董事会回购股份一般性授权，由公司董事 会在相关授权期间内适时决定回购不超过《关于授予董事会回购股份一般性授权 的议案》通过年度股东大会、A 股类别股东大会及 H 股类别股东大会批准之日 已发行 A 股及/或 H 股股份总额的 10%，以及决定回购股份的条款及条件。详细 内容见公司于 2025 年 3 月 26 日、2025 年 5 月 21 日登载于巨潮资讯网 （www.cninfo.com.cn）、《证券时报》《中国证券报》《上海证券报》《证券日报》 的《中国广核电力股份有限公司第四届董事会第十二次会议决议公告》（公告编 号：2025-018）、《中国广核 ...

证券代码：003816 证券简称：中国广核 公告编号：2025-038 中国广核电力股份有限公司 2024 年度股东大会、2025 年第一次 A 股类别股东大会及 2025 年第一次 H 股类别股东大会决议公告 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"）已于 2025 年 5 月 21 日召 开公司 2024 年度股东大会（以下简称"年度股东大会"）、2025 年第一次 A 股 类别股东大会（以下简称"A 股类别股东大会"）及 2025 年第一次 H 股类别股 东大会（以下简称"H 股类别股东大会"），有关会议的决议及表决情况如下： 一、特别提示 1. 会议召开方式：现场及网络投票相结合 2. 会议召开时间： （1）现场会议时间：2025 年 5 月 21 日（星期三）下午 14:30 开始依次召开 年度股东大会、H 股类别股东大会及 A 股类别股东大会会议。 （2）网络投票时间：公司 A 股股东通过深圳证券交易所交易系统进行网络 投票的具体时间为 2025 年 5 月 21 日上午 9:15 至 9:25，9 ...

北京市金杜（深圳）律师事务所 关于中国广核电力股份有限公司 2024 年度股东大会、2025 年第一次 A 股类别股东大会、2025 年第 一次 H 股类别股东大会 之法律意见书 致：中国广核电力股份有限公司 北京市金杜（深圳）律师事务所（以下简称本所）接受中国广核电力股份有 限公司（以下简称公司）委托，根据《中华人民共和国证券法》（以下简称《证 券法》）、《中华人民共和国公司法》（以下简称《公司法》）、中国证券监督管理委 员会颁布的《上市公司股东会规则》（以下简称《股东会规则》）等中华人民共和 国境内（以下简称中国境内，仅为本法律意见书之目的，本法律意见书中提及的 "中国境内"不包括中国香港特别行政区、中国澳门特别行政区和中国台湾地区） 现行有效的法律、行政法规、规章和规范性文件和现行有效的《中国广核电力股 份有限公司章程》（以下简称《公司章程》）有关规定，指派律师出席了公司于 2025 年 5 月 21 日召开的 2024 年度股东大会、2025 年第一次 A 股类别股东大会、2025 年第一次 H 股类别股东大会（以下简称本次股东大会），并就本次股东大会相关 事项出具本法律意见书。 公司关于召开 202 ...

Investment Rating - The report indicates a positive outlook for the electricity industry, suggesting it is entering a phase of high prosperity due to policy catalysts and fundamental improvements [2][11]. Core Insights - The implementation of the capacity price mechanism starting in 2024 is expected to restructure the revenue model for coal power companies, reducing reliance on energy sales and stabilizing income expectations [11][21]. - The auxiliary service market mechanism has been officially released, accelerating the construction of the spot market, which will support high-quality development in the electricity sector [12]. - Overall electricity demand is recovering, with a reported increase in national electricity consumption of 4.28% year-on-year as of March 2025, indicating a positive trend for the industry [13]. - Hydropower generation is expected to improve due to favorable water conditions, while coal-fired power plants are experiencing reduced fuel cost pressures, enhancing profitability [15][17]. Summary by Sections 1. Policy Catalysts and Fundamental Resonance - The capacity price mechanism will optimize the profit model for coal power, ensuring sustainable operation [11]. - The auxiliary service market will provide new revenue channels for electricity companies, enhancing income diversity [12]. - Electricity demand is on the rise, supporting industry prosperity [13]. 2. Investment Value Analysis of the CSI All-Share Power Index - The CSI All-Share Power Index consists mainly of stocks from the power utility sector, with 98.92% of its components in power generation and grid industries [3][29]. - As of April 30, 2025, the index's P/E ratio is 16.65 and P/B ratio is 1.69, indicating relatively suitable valuation levels [31]. - The index has shown strong profitability and a high willingness to distribute dividends, with a 12-month dividend yield of 2.80% [35]. 3. Analysis of the GF CSI All-Share Power Utility ETF - The GF CSI All-Share Power Utility ETF was established on December 29, 2021, and aims to closely track the CSI All-Share Power Utility Index [45]. - As of May 14, 2025, the ETF has a scale of 3.489 billion yuan and a daily average trading volume of 193 million yuan, indicating good market liquidity [45]. - The fund is managed by an experienced manager with over 25 years in the securities industry [46].

Investment Rating - The report maintains an "Outperform" rating for the public utilities and environmental sectors [4][18]. Core Views - The report highlights the introduction of detailed rules in Guangdong and Shandong provinces regarding the sustainable development pricing settlement mechanism for new energy projects, marking a significant step towards market-driven reforms in the new energy sector [2][15]. - It emphasizes that coal and electricity prices are declining simultaneously, which is expected to maintain reasonable profitability for thermal power companies [18]. - The report suggests that the continuous support from national policies for new energy development will lead to gradually stable profitability for new energy generation [18]. - It notes that the growth in installed capacity and generation will help offset the downward pressure on electricity prices, predicting stable profitability for nuclear power companies [18]. Summary by Sections Market Review - The Shanghai Composite Index rose by 1.12%, while the public utilities index increased by 0.08%. The environmental index remained unchanged, with relative weekly returns of -1.04% and -1.12% respectively [1][21]. - Among the sub-sectors, thermal power decreased by 0.89%, hydropower increased by 0.87%, and new energy generation rose by 0.08% [1][21]. Important Policies and Events - Guangdong's electricity trading center issued draft rules for the sustainable development pricing settlement mechanism for new energy projects, with the first competitive trading scheduled for mid-2025 [2][14]. - The rules stipulate that projects must be approved and operational by December 31, 2025, to participate in the first auction [2][14]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and Shanghai Electric, as well as leading new energy firms such as Longyuan Power and Three Gorges Energy [18]. - The report also suggests investing in nuclear power operators like China Nuclear Power and China General Nuclear Power, and highlights the defensive attributes of hydropower stocks amid a global interest rate decline [18][19]. Key Company Earnings Forecasts and Investment Ratings - The report provides a detailed table of investment ratings for various companies, all rated as "Outperform," including Huadian International, Longyuan Power, and China Nuclear Power, with projected earnings per share (EPS) growth for 2024 and 2025 [7][18].

广东出台机制电价，东北辅助服务运行愈发完善 2025 年 05 月 18 日 电力及公用事业行业周报(25WK20) ➢ 本周专题：广东省机制电价出炉，保障比例不超过 90%。文件表示，2025 年中期，广东将组织首次竞价交易，范围为 2025 年 6 月 1 日后投产、核准、备 案的新能源项目，参与首次竞价的项目需在 2025 年 12 月 31 日前投产。竞价电 量规模由广东省发改委、能源局确定，并在竞价前公布，申报信息包括机制电量 比例、机制电价等。机制电量比例申报上限与存量项目机制电量比例衔接，不高 于 90%。 东北电力辅助服务规则的升级主要的两方面：1）增设旋转备用交易品种，实现辅 助服务市场"压低谷、顶尖峰"全覆盖。2） 对原有深度调峰补偿机制进行了完 善。《东北电力辅助服务市场运营规则（暂行）》在东北电网经过半年模拟运行， 于 7 月 1 日正式启动试运行并实际结算。4 月 29 日，国家发改委、国家能源局 正式印发《电力辅助服务市场基本规则》，其中明确，经营主体包括发电企业、 售电企业、电力用户和新型经营主体。截至 2024 年，全国已有 16 个省建立调 峰市场、15 个省建立调频市场、6 ...

Meeting Overview - The company will hold the 2024 Annual General Meeting, the first A-share class shareholder meeting of 2025, and the first H-share class shareholder meeting of 2025 on May 21, 2025, in Shenzhen, Guangdong Province [1][2] - The meetings will adopt a combination of on-site voting and online voting [2] Meeting Schedule - The 2024 Annual General Meeting will take place from 14:30 to 15:30 on May 21, 2025 [2] - The H-share class shareholder meeting will be held from 15:30 to 16:00 on the same day [2] - The A-share class shareholder meeting will occur from 16:00 to 16:30 [2] - Online voting for the annual general meeting and A-share class meeting will be available on May 21, 2025, from 9:15 to 15:00 [2] Shareholder Eligibility - A-share shareholders must hold shares by the registration date of May 14, 2025, to attend the meeting [3] - H-share shareholders must be registered by the end of trading on April 18, 2025, to participate [3] Agenda Items - The agenda for the 2024 Annual General Meeting includes several proposals, such as: - Proposal for the registration and issuance of multi-variety debt financing instruments [4] - Proposal to extend the validity period of the resolution for issuing A-share convertible bonds [4] - Proposal for the 2025 investment plan and capital expenditure budget totaling RMB 87.08 billion, with RMB 61.86 billion for fixed asset investment and RMB 19.22 billion for equity investment [5][6] Voting Procedures - A-share shareholders can vote either in person or via proxy, with the requirement that the same voting right can only be exercised once [2][3] - The voting results will be disclosed publicly, with separate counting for small investors [6] Additional Information - The company will provide detailed voting procedures and necessary documentation for participation in the meetings [10][11]

证券代码：003816 证券简称：中国广核 公告编号：2025-037 中国广核电力股份有限公司 关于召开 2024 年度股东大会、2025 年第一次 A 股类别股东 大会、2025 年第一次 H 股类别股东大会的提示性公告 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。 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 4 月 11 日发布了《关于召开 2024 年度股东大会、2025 年第一次 A 股类别股东大会、 2025 年第一次 H 股类别股东大会的通知》（公告编号：2025-030）。公司将于 2025 年 5 月 21 日在广东省深圳市深南大道 2002 号中广核大厦南楼举行公司 2024 年度 股东大会、2025 年第一次 A 股类别股东大会、2025 年第一次 H 股类别股东大会（以 下简称"本次股东大会"）。 公司现就本次股东大会相关事项发布提示性公告，提醒公司股东参加本次股东 大会并行使表决权，相关事项如下： 一、召开会议的基本情况 1. 股东大会届次：2024 年度股东大会、2025 年第一次 A 股类别股东大会 ...

Investment Rating - The report maintains a "Buy" rating for the electricity and public utilities sector, focusing on the recovery of thermal power profitability and the catalytic effects of green energy policies [1]. Core Insights - The report highlights the potential for significant profit recovery in the thermal power sector due to declining coal prices, which are expected to enhance profitability for thermal power companies [4][12]. - Water power companies are experiencing growth driven by improved water inflow, with some companies showing substantial profit increases [24][25]. - Nuclear power is facing short-term performance volatility but has long-term growth potential due to new unit installations [40][41]. - Green energy, particularly offshore wind, is anticipated to enter a new growth cycle, while traditional green energy companies are under pressure but may see a restructuring of market order [4][24]. Summary by Sections Thermal Power - **Performance**: In 2024, companies like Huadian Energy and Datang Power saw significant profit increases of 281.93% and 229.70%, respectively, driven by lower coal costs and increased electricity demand [7][8]. - **Outlook**: Continued decline in coal prices is expected to lead to excess profits for thermal power companies, with coal prices dropping significantly from 855 RMB/ton in 2024 to 721 RMB/ton in Q1 2025 [12][15]. Hydropower - **Performance**: In 2024, companies such as Shaoneng Co. and Guizhou Power reported profit increases of 128.83% and 86.26%, respectively, due to improved water inflow [24][26]. - **Outlook**: The potential for further profit improvement exists if water inflow during the flood season exceeds expectations [35]. Nuclear Power - **Performance**: In 2024, China Nuclear Power reported a revenue increase of 3.09% but a profit decline of 17.38% due to rising tax expenses [40]. - **Outlook**: The long-term growth potential remains strong with new nuclear units expected to come online, enhancing future profitability [41]. Green Energy - **Performance**: Offshore wind companies like Fujian Haifeng showed impressive growth, with some companies reporting a 43% increase in Q1 2025 [4][24]. - **Outlook**: The report suggests focusing on policy catalysts for offshore wind and the potential restructuring of traditional green energy companies due to market pressures [4][24].

Group 1 - The core viewpoint highlights the significant growth and low valuation of the green power ETF, indicating a potential investment opportunity in the renewable energy sector [3] - The green power ETF has seen a trading turnover of 3.91% and a transaction volume of 14.43 million yuan, with an average daily transaction of 24.55 million yuan over the past week [3] - The ETF's scale has increased by 131 million yuan over the past six months, ranking first among comparable funds, while its share count has grown by 10.6 million shares in the last three months, also leading in its category [3] Group 2 - The current price-to-earnings ratio (PE-TTM) of the index tracked by the green power ETF is 18.81, which is in the 15.99% percentile over the past three years, indicating a valuation lower than 84.01% of the historical period [3] - The top ten weighted stocks in the index account for 58.04% of the total, including major companies such as Yangtze Power, China Nuclear Power, and Three Gorges Energy [3] - The recent recognition of China's green certificate by the global renewable energy consumption initiative (RE100) marks a significant advancement in the country's renewable energy transition [3] Group 3 - The value of green electricity and energy storage is expected to be reassessed, with the intrinsic value of renewable energy adjusted for its volatility and enhanced by its green attributes [4] - Investors can access investment opportunities through the corresponding green power ETF linked fund (017057) [4]