Investment Rating - Maintain "Buy" rating for the industry [10] Core Viewpoints - The report highlights a mixed performance across various sectors within the public utility and environmental protection industry, with coal prices declining and water supply improving, reshaping the defensive value of water and coal [3] - The overall electricity consumption growth slowed down due to a warm winter and high base effects from the previous year, impacting thermal power generation negatively [4][29] - The renewable energy sector faces profit pressure due to declining utilization rates and electricity prices, despite significant installed capacity growth [4][52] - Hydropower benefits from improved water supply and reservoir management, leading to increased revenue and profit in early 2025 [5][7] - The environmental sector shows stable performance in water and solid waste operations, with a recovery in water profitability in early 2025 [5][6] Summary by Sections 1. Overview of 2024 Reports and 2025 Q1 - The electricity industry saw a 6.7% growth in consumption in 2024, driven by structural optimization and rising demand for new energy sources [16] - The environmental sector experienced a revenue decline of 2.7% and a net profit drop of 31% in 2024, with operational efficiency improvements in existing assets [16] 2. Sector Performance from 2024 to Q1 2025 2.1 Thermal Power - Thermal power generation faced pressure from electricity prices and demand, but benefited from lower coal prices, leading to a net profit increase of 6.5% in Q1 2025 [4][36][37] 2.2 Renewable Energy - The renewable energy sector's profit was under pressure due to declining utilization rates and electricity prices, despite a 15.7% increase in wind power generation in 2024 [4][52] 2.3 Hydropower - Hydropower generation increased by 11.7% in 2024, with a significant profit increase in Q1 2025 due to improved water supply [5][7] 2.4 Environmental Protection - The environmental sector showed stable performance in water and solid waste operations, with a recovery in profitability in early 2025 [5][6] 3. Key Companies in the Sector - Focus on leading companies in thermal power, hydropower, and nuclear power, such as Huadian International, Yangtze Power, and China Nuclear Power, respectively [8]

Group 1 - The China Power Utility Index has seen a decline of 0.85% as of April 30, 2025, with mixed performance among constituent stocks, including Shenzhen Energy leading with a rise of 2.73% [1] - The Power ETF (159611) has shown a cumulative increase of 0.63% over the past week, with a trading volume of 188 million yuan and a turnover rate of 5.64% on the latest trading day [1] - The Power ETF has experienced significant growth in scale, increasing by 1.641 billion yuan over the past six months, ranking first among comparable funds [1] Group 2 - The top ten weighted stocks in the China Power Utility Index account for 55.94% of the index, with major players including Changjiang Electric Power and China Nuclear Power [2] - The five major power generation groups reported profits in 2024, with Guodian Power distributing cash dividends of 3.567 billion yuan, representing 36.28% of its net profit [2] - The power and utility sector is recognized for its stability and defensive characteristics, with expectations for favorable fiscal and monetary policies in 2025 to support high dividend, low valuation assets [2] Group 3 - The National Energy Administration anticipates a rapid increase in national electricity load during the summer of 2025, with a projected year-on-year increase of approximately 10 million kilowatts [3] - The total electricity consumption in China is expected to reach 10.4 trillion kilowatt-hours in 2025, with a growth rate of around 6% [3] - Recommendations have been made to focus on investment opportunities in the power sector, particularly in light of potential supply pressures during peak periods [3]

驶入库布其沙漠腹地，格桑光伏电站的蓝色光伏板在沙海中铺展。黄芩吐露嫩芽，草方格里的沙蒿随风 轻摆，勾勒出生机盎然的治沙画卷。在鄂尔多斯库布其沙漠腹地，中广核建成格桑、白鹭、明德、朔 方、卓越、锦帆等6座光伏电站，采用"板上发电、板下修复、板间种树、治沙改土"的立体化新型产业 循环方案进行沙漠治理。 "我们已完成有效治沙面积达3.4万亩，植被覆盖率从不足15%跃升至65%，为当地荒漠化环境改善和建 设国家'绿色北疆'作出了积极贡献。"中广核新能源格桑光伏电站负责人樊宝泉说。 中广核核硕风电场 中广核格桑光伏电站 ◎记者 王子霖 日前，上海证券报记者跟随国务院国资委新闻中心与中国广核集团联合举办的"走进新国企·中广核青山 绿水行"活动来到了中广核旗下位于鄂尔多斯库布其沙漠腹地的光伏站，以及位于兴安盟的风电运维基 地。在这里，中广核正以新发展理念为内蒙古绿色发展而奋斗。 中广核新能源内蒙古公司副总经理孟勇介绍，中广核业务已覆盖自治区12个盟市，累计为电网输送绿电 近800亿千瓦时，有效治沙超18万亩，并且在兴安盟布局建设了"一园一校一地二场"，为当地能源结构 优化和经济社会高质量发展提供了强劲支撑。 生态效益与经济 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 3.30, indicating a potential upside of 31.5% from the recent closing price of HKD 2.51 [1][4][6]. Core Insights - The company reported a revenue of CNY 20.028 billion in Q1 2025, a year-on-year increase of 4.41%, driven by increased power generation from subsidiaries [2][4]. - However, the company's profit faced pressure, with a net profit of CNY 3.026 billion, down 16.07% year-on-year, primarily due to increased market trading volumes, declining market prices, and a significant rise in R&D expenses [2][4]. - The approval of four new nuclear units is expected to provide stable growth for the company's future capacity [3][4]. - The company has 16 units under construction, with a total capacity of 19,406 MW, indicating substantial growth potential [3][4]. Revenue and Profitability - The company’s revenue projections for 2025-2027 are CNY 89.4 billion, CNY 93.6 billion, and CNY 99.2 billion, with growth rates of 2.96%, 4.69%, and 6.1% respectively [4][9]. - The net profit forecasts for the same period are CNY 11 billion, CNY 11.7 billion, and CNY 12.2 billion, with growth rates of 2.08%, 5.73%, and 4.90% respectively [4][9]. Dividend Policy - The company plans to distribute a final dividend of CNY 0.095 per share for 2024, maintaining a payout ratio of 44.36%, which is an increase of 0.1 percentage points year-on-year [4][6].

证券代码：003816 证券简称：中国广核 公告编号：2025-036 中国广核电力股份有限公司 1. 发行人：中国广核电力股份有限公司 关于公司 2024 年度第三期超短期融资券到期兑付的公告 5. 发行总额：人民币 10 亿元 二、兑付办法 本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。 托管在银行间市场清算所股份有限公司的债券，其兑付资金由发行人在规定 的时间之前划付至银行间市场清算所股份有限公司指定的收款账户后，由银行间 市场清算所股份有限公司在兑付日划付至债券持有人指定的银行账户。 中国广核电力股份有限公司（以下简称"公司"或"本公司"）于 2024 年 8 月 13 日完成了 2024 年度第三期超短期融资券（以下简称"本期超短融"）的发 行。本期超短融发行金额为人民币 10 亿元，期限为 268 天，票面利率为 1.97%， 面值为人民币 100 元，由中信银行股份有限公司、兴业银行股份有限公司承销。 鉴于本期超短融将于 2025 年 5 月 9 日到期兑付，为保证兑付工作的顺利进 行，方便投资者及时领取兑付资金，现将有关事宜公告如下： 2. ...

Core Points - The Shanghai Composite Index opened lower and the CSI 300 Utilities Index reported at 2662.05 points [1] - The CSI 300 Utilities Index has increased by 5.17% over the past month, 3.49% over the past three months, and has decreased by 1.65% year-to-date [1] Index Composition - The CSI 300 Utilities Index is composed of 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] - The top ten weights in the CSI 300 Utilities Index are: - Changjiang Electric Power (48.06%) - China Nuclear Power (10.21%) - Three Gorges Energy (8.19%) - Guodian Power (5.41%) - State Power Investment Corporation (4.87%) - Sichuan Investment Energy (4.38%) - Huaneng International (4.22%) - China General Nuclear Power (3.74%) - Zhejiang Energy Power (3.11%) - Huadian International (2.71%) [1] Market Distribution - The market distribution of the CSI 300 Utilities Index shows that the Shanghai Stock Exchange accounts for 95.91% and the Shenzhen Stock Exchange accounts for 4.09% [2] - In terms of industry composition within the index: - Hydropower accounts for 59.59% - Thermal power accounts for 15.45% - Nuclear power accounts for 13.96% - Wind power accounts for 8.54% - Gas accounts for 2.47% [2] Sample Adjustment - The index samples are adjusted every six months, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made in response to changes in the CSI 300 Index samples [2]

Core Insights - The controllable nuclear fusion industry chain is characterized by high technical content, with downstream applications not yet commercialized [1] Group 1: Industry Chain Overview - The upstream of the controllable nuclear fusion industry includes various raw materials such as superconducting magnet materials, rare metals like tungsten and tantalum, special steel, and fuels like deuterium and tritium [1] - The midstream involves equipment and reactor engineering construction, with common devices including tokamak fusion experimental devices, magnetic systems, vacuum systems, heating and current drive systems, and other essential equipment [1] - The downstream primarily focuses on nuclear power plant operations for research and power generation [1] Group 2: Key Enterprises in Upstream and Midstream - Key upstream companies providing superconducting magnet materials include Jiuli New Materials, Shanghai Superconductor, and Lianchuang Superconductor; companies producing cladding materials include Zhangyuan Tungsten and Chujian New Materials [2] - In the midstream equipment manufacturing sector, West Superconductor's Nb3Sn superconducting wire is widely adopted; Antai Technology's low-noise antenna tungsten string limiter is used in the EAST superconducting tokamak fusion experimental device [2] - China National Nuclear Corporation is a major player in the engineering construction of controllable nuclear fusion, with significant advancements in its fusion device, "China Circulation No. 3" [2] Group 3: Downstream Applications and Current Status - Controllable nuclear fusion is still in the critical technology research phase and has not yet achieved commercial power generation; current projects include the China Fusion Engineering Test Reactor (CFETR) and the Compact Fusion Energy Experimental Device (BEST) [3] - Ongoing technological breakthroughs and experimental validations are expected to provide solid technical support for future clean energy supply and enhance the industry chain layout [3] Group 4: Regional Distribution of the Industry - As of March 25, 2025, there are 170 institutions related to controllable nuclear fusion in China, with the highest concentration in Anhui Province (24 institutions), followed by Guangdong (19) and Beijing (17) [7] - The distribution of listed companies related to controllable nuclear fusion includes 47 companies across 15 provinces, with Jiangsu Province having the most at 8 companies, including Yongding Co., Ltd. [9] - A significant industrial cluster is forming around Hefei and Shanghai, with a focus on the Jiangsu-Zhejiang-Shanghai-Huai region and Chengdu and Xi'an as key areas for fusion equipment [10]

Core Viewpoint - The company reported a slight increase in revenue for Q1 2025, but a significant decline in net profit, attributed to lower electricity prices and increased expenses [1][2]. Financial Performance - In Q1 2025, the company achieved operating revenue of 20.028 billion yuan, a year-on-year increase of 4.41% [1]. - The net profit attributable to shareholders was 3.026 billion yuan, a year-on-year decrease of 16.07% [1]. - The net profit excluding non-recurring items was 2.928 billion yuan, a year-on-year decrease of 15.94% [1]. Operational Highlights - The total power generation from nuclear units managed by the company was approximately 60.174 billion kWh, a year-on-year increase of 9.25% [1]. - The total grid-connected power was about 56.689 billion kWh, a year-on-year increase of 9.41% [1]. - The increase in power generation was primarily due to reduced maintenance downtime compared to the same period in 2024 [1]. Market Conditions - Revenue growth was impacted by a decline in electricity prices, with the average transaction price in Guangdong province for the 2025 electricity year being 0.392 yuan/kWh, down over 0.07 yuan from 2024 [1]. - The company’s R&D expenses rose to 0.292 billion yuan, a year-on-year increase of 158.45%, mainly due to differences in R&D progress [2]. Future Growth Prospects - The company has 16 nuclear units under construction, with steady progress and approvals for new units expected to support long-term growth [2]. - The Taishan 3 and 4 units, along with the Fangchenggang 5 and 6 units, have received approval from the State Council, all utilizing Hualong One nuclear technology [2]. - Profit forecasts for 2025-2027 estimate net profits of 10.8 billion, 11.2 billion, and 12.1 billion yuan, with year-on-year changes of +0.30%, +3.60%, and +7.28% respectively [2].

科技日报讯 （记者罗云鹏 通讯员朱丹）4月22日，记者从中国广核集团有限公司（以下简称"中广核"） 获悉，截至目前，中广核已累计为马来西亚供电超2000亿千瓦时，累计供电量减排效益相当于种植18万 公顷森林。 据介绍，中广核已在马来西亚投资建设5座电站，电力总装机达507.7万千瓦，是马来西亚第二大独立发 电商。2024年，中广核为当地供电271亿千瓦时。 随着我国能源领域技术革新，绿色技术"走出去"步伐加快。中广核充分发挥专业化和产业链整合优势， 实现本地化深度合作。中广核建成投产马来西亚规模最大的电厂——EMPP燃气电厂，其总装机224.2万 千瓦，采用全球最先进的H级燃气轮机技术，以高效稳定的电力保障了马来西亚半岛11%电力需求。在 阳光充沛的吉打州，中广核建成海外首个绿地光伏项目——吉打太阳能电站。这迈出了马来西亚可再生 能源发展的重要一步，也是马来半岛投运的首个大型地面光伏项目。 在项目建设运维过程中，中广核积极为当地工业发展提供专业技术和知识转让，向当地分包商和供应商 采购设备及技术服务，携手当地产业链企业共同成长，为H级机组建设运维积累了行业经验。 (责任编辑：罗伯特) 截至目前，中广核已与80 ...

Core Viewpoint - The Chinese government has approved several new nuclear power projects, continuing a trend of annual approvals for over ten new nuclear units, with a total of 10 new units approved in 2025, marking a significant expansion in the country's nuclear energy capacity [1][2][4]. Group 1: Project Approvals - The State Council has approved five new nuclear projects, including the third phase of the Zhejiang Sanmen project and the third phase of the Guangxi Fangchenggang project, totaling 10 new units [1][2]. - The approved units primarily utilize the "Hualong One" nuclear technology, which accounts for 80% of the new approvals [2][3]. Group 2: Capacity and Technology - The approved units include the Taishan 3 and 4 units with a capacity of 1200 MW each and the Fangchenggang 5 and 6 units with a capacity of 1208 MW each, all employing "Hualong One" technology [2]. - The Sanmen 5 and 6 units will have a capacity of 1215 MW each and are expected to generate an annual output of 20 billion kWh [2][3]. - The Haiyang 5 and 6 units will utilize the domestically developed "CAP1000" technology, with a capacity of 1300 MW each, and are projected to generate 60.9 billion kWh annually [3]. Group 3: Market Potential - The average market space for nuclear power equipment is estimated to be around 100 billion yuan annually, with each nuclear unit valued between 18 billion to 20 billion yuan [4]. - By 2030, China's operational nuclear capacity is expected to lead globally, with projections indicating a need for 200 million kW of nuclear capacity by 2040, contributing approximately 10% to the energy mix [4][5]. Group 4: Current Status and Future Developments - As of the end of 2024, China has 57 operational nuclear units with a total capacity of 59.76 million kW, ranking third globally, and 28 units under construction, maintaining the highest construction capacity worldwide [5]. - The investment in nuclear engineering reached a record high of 146.9 billion yuan in 2024, reflecting a significant increase from the previous year [5].