Investment Rating - The report maintains a positive outlook on the nuclear power sector, recommending a "Buy" rating for specific companies such as China Nuclear Power and China General Nuclear Power [1][10]. Core Insights - The State Council approved five nuclear power projects on April 27, 2025, which includes a total of 10 units, continuing the trend of regular approvals in recent years [3][4]. - China's nuclear power capacity is projected to reach 113 million kilowatts by 2025, making it the largest in the world, with expectations to further increase by 2030 [2][3]. - The report highlights the diversification of technology and participants in the nuclear power sector, with a focus on domestically developed third-generation technologies like "Hualong One" and CAP1000 [3][4]. - The financing environment for nuclear projects is improving, with decreasing interest rates and diversified funding channels, which will alleviate the financial pressure on nuclear companies [3][10]. Summary by Sections Project Approvals - The report details the approval of 10 nuclear units, including projects in Guangxi, Guangdong, Zhejiang, Shandong, and Fujian, with a mix of domestic and advanced foreign technologies [3][4]. Capacity and Technology - As of 2024, China has 102 operational, under-construction, and approved nuclear units, with a total capacity of 113 million kilowatts, positioning it as a global leader in nuclear energy [2][5]. - The report emphasizes the rapid development of nuclear technology in China, showcasing a blend of imported and indigenous technologies [3][5]. Financial Outlook - The average cost of constructing a third-generation nuclear unit is approximately 16,000 yuan per kilowatt, with significant capital expenditure expected [3]. - Recent interest rate cuts are expected to lower financing costs for nuclear projects, enhancing the financial viability of upcoming constructions [3][10]. Company Recommendations - The report recommends investment in China Nuclear Power, China General Nuclear Power, and Funiu Co., which has stakes in the Xiapu Nuclear Power project, citing their growth potential during the upcoming production phase [3][10].

Core Viewpoint - The State Council of China has approved five new nuclear power projects, indicating a significant step in the country's nuclear energy development strategy [1][2]. Group 1: Project Details - The approved projects include the Zhejiang Sanmen Phase III, Fujian Xiapu Units 1 and 2, Shandong Haiyang Phase III, Guangdong Taishan Phase II, and Guangxi Fangchenggang Phase III, contributing to a total nuclear power capacity exceeding 120 million kilowatts [1][2]. - The Taishan and Fangchenggang projects are under China General Nuclear Power Group, with Taishan featuring two EPR units and Fangchenggang utilizing the "Hualong One" technology for its new units [1][2]. - The Sanmen project in Zhejiang plans to build six units with a total capacity of 7.4 million kilowatts, while the Xiapu project in Fujian will have five units with a total investment exceeding 110 billion yuan [2]. Group 2: Industry Impact - The nuclear power sector is expected to significantly reduce coal consumption and carbon emissions, with projections indicating a reduction of approximately 14 million tons of coal and 37 million tons of CO2 emissions in 2024 [3]. - China aims to enhance its nuclear safety culture and adhere to the highest global safety standards in nuclear power operations, ensuring the safety and efficiency of its nuclear projects [3]. - The government is also focusing on the development of advanced nuclear technologies, including fourth-generation reactors and small modular reactors, to optimize energy structure and address climate change [3].

Performance Overview - In Q1 2025, the company's subsidiaries achieved a total electricity generation of 452.18 billion kWh, a year-on-year increase of 14.06% [1] - Including the joint venture Hongyanhe Nuclear Power, total electricity generation reached 566.89 billion kWh, a year-on-year growth of 9.41% [1] - The company reported operating revenue of RMB 20.028 billion, an increase of 4.41% year-on-year [2] - The net profit attributable to shareholders was RMB 3.026 billion, a decrease of 16.07% year-on-year [2] - After excluding non-recurring gains and losses, the net profit attributable to shareholders was RMB 2.928 billion, down 15.94% year-on-year [2] Project Approvals and Management - As of April 27, 2025, the State Council approved five projects, including the Fangchenggang Units 5 and 6, and Taishan Units 3 and 4 [2] - The company currently manages 20 units under construction, including 8 units entrusted by the controlling shareholder, with overall project progress on track [2] Market and Pricing Insights - The market transaction ratio for nuclear power units managed by the company has increased, particularly in Guangdong, while units in Guangxi and Fujian have fully entered market transactions [3] - The average market transaction price for electricity in Guangdong province was RMB 0.37 per kWh, approximately 0.02 lower than the same period last year [3] - The market transaction price in Guangxi was around RMB 0.34 per kWh, while prices in Fujian and Liaoning remained stable compared to the previous year [3] Financial Challenges - The decline in net profit was attributed to increased market transaction ratios and a decrease in average market prices, which affected the gross profit from electricity sales [3] - The net cash flow from operating activities decreased year-on-year due to reduced payments received from projects and increased prepayments for nuclear fuel [3] Maintenance and Financing - In Q1 2025, the company conducted 6 major repairs, including 1 annual overhaul from 2024, completing 5 annual repairs and 1 ten-year overhaul, with a total of approximately 156 days of maintenance, a reduction of about 142 days compared to the previous year [3] - The average financing cost in Q1 2025 was 2.73%, down 30 basis points from the 3.03% recorded for the entire year of 2024 [3]

Investment Rating - The report maintains an "Accumulate" rating for the public utility sector [1]. Core Insights - The State Council approved 10 new nuclear power units for 2025, enhancing the growth potential of nuclear energy [3]. - As of Q1 2025, China's installed capacity for wind and solar power reached 1.482 billion kilowatts, surpassing thermal power for the first time [3]. - The report suggests focusing on regional thermal power companies, particularly JianTou Energy, due to its strategic location near coal-producing areas [3]. Industry Data Tracking Electricity Price - In April 2025, the average grid purchase price was 393 RMB/MWh, a year-on-year decrease of 5% and a slight month-on-month decrease of 0.5% [40]. Coal Price - As of April 25, 2025, the price of thermal coal at Qinhuangdao port was 655 RMB/ton, down 19.33% year-on-year and 1.2% week-on-week [48]. Hydrology - As of April 25, 2025, the water level at the Three Gorges Reservoir was 157 meters, with inflow and outflow rates showing a year-on-year decrease of 15% and 42%, respectively [56]. Electricity Consumption - From January to March 2025, total electricity consumption was 2.38 trillion kWh, a year-on-year increase of 2.5% [14]. Power Generation - Cumulative power generation from January to March 2025 was 2.27 trillion kWh, reflecting a year-on-year increase of 1.5% [22]. Installed Capacity - As of March 31, 2025, China's thermal power installed capacity reached 1.45 billion kW, with a year-on-year increase of 3.9% [50]. Investment Recommendations - The report recommends focusing on hydropower and thermal power investment opportunities, particularly in JianTou Energy and Changjiang Power [3]. - For nuclear power, companies like China National Nuclear Power and China General Nuclear Power are highlighted for their growth potential [3]. - In the green energy sector, Longjing Environmental Protection is recommended, with attention to Longyuan Power and other related companies [3].

Core Viewpoint - The nuclear power industry in China is expected to experience significant growth, with a strong investment rating maintained by Zhongyuan Securities, highlighting the importance of nuclear power in future energy supply [1][3] Group 1: Project Approvals - On April 27, 2025, the State Council approved five nuclear power projects, totaling ten nuclear units, with China General Nuclear Power Group (CGN) and China National Nuclear Power (CNNP) being the primary beneficiaries [1] - CGN received approval for four units, including two units in Guangdong and two in Guangxi, all utilizing Hualong One technology, with capacities of 1.2 million kW and 1.208 million kW respectively [1] - CNNP was approved for two units in the Zhejiang Sanmen project, also using Hualong One technology, with a capacity of 1.215 million kW each [2] Group 2: Industry Growth and Capacity - Nuclear power is recognized as a stable energy source in China's new power system, with a utilization hour rate of 7,805.74 hours in 2024, contributing 4.73% to the national power generation [3] - The "14th Five-Year Plan" aims for a nuclear power installed capacity of approximately 70 million kW by 2025, with a focus on coastal projects [3] - As of April 27, 2025, China has approved 28 new nuclear projects since 2022, with a total of 102 operational, under construction, and approved units, making it the world's largest nuclear power capacity at 113 million kW [3] Group 3: Regional Developments - Currently, there are no nuclear projects approved or under construction in Henan Province, which is not included in the national nuclear construction plan due to cautious evaluation policies for inland nuclear development [4]

Core Viewpoint - The Shanghai Composite Index opened lower and fluctuated, with the CSI 300 Utilities Index reported at 2638.18 points, reflecting a 3.14% increase over the past month, a 4.64% increase over the past three months, and a 2.53% decline year-to-date [1] Group 1: Index Performance - The CSI 300 Utilities Index is categorized 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] - The index is based on a sample of 300 stocks from the CSI 300, with a base date of December 31, 2004, and a base point of 1000.0 [1] Group 2: Index Holdings - The top ten weights in the CSI 300 Utilities Index are: - Changjiang Electric Power (48.17%) - China Nuclear Power (10.24%) - Three Gorges Energy (8.19%) - Guodian Power (5.45%) - State Power Investment (4.79%) - Sichuan Investment Energy (4.38%) - Huaneng International (4.21%) - China General Nuclear Power (3.7%) - Zhejiang Energy Power (3.12%) - Huadian International (2.67%) [1] Group 3: Market Composition - The market composition of the CSI 300 Utilities Index shows that the Shanghai Stock Exchange accounts for 95.94%, while the Shenzhen Stock Exchange accounts for 4.06% [2] - In terms of industry composition, hydropower constitutes 59.60%, thermal power 15.45%, nuclear power 13.94%, wind power 8.55%, and gas power 2.46% [2] Group 4: Sample Adjustment - 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 generally fixed until the next scheduled adjustment, with temporary adjustments made in response to changes in the CSI 300 Index samples or special events affecting sample companies [2]

Core Viewpoint - China General Nuclear Power Group (CGN) is actively promoting green development in Inner Mongolia, focusing on renewable energy projects and desertification control, contributing significantly to local environmental improvements and economic growth [1][2][3]. Group 1: Green Development Initiatives - CGN has established six solar power stations in the Kubuqi Desert, utilizing a multi-faceted approach to desertification control, which includes planting drought-resistant plants under solar panels [2]. - The company has effectively treated over 34,000 acres of desert, increasing vegetation coverage from less than 15% to 65%, thus contributing to the improvement of the local environment [2]. - CGN's projects in Inner Mongolia have achieved a total installed capacity of 7.78 million kilowatts, saving 24.06 million tons of standard coal and reducing carbon dioxide emissions by 64.59 million tons, equivalent to planting 180,000 hectares of trees [3]. Group 2: Technological Innovation and Achievements - The 3 million kilowatt wind and solar integration project in Xingan League is set to be one of the largest land-based wind power bases in China, with an expected annual output of 10 billion kilowatt-hours [4]. - CGN has received 25 provincial and ministerial-level science and technology awards and 11 invention patents, highlighting its commitment to technological research and development [4]. - The company has been recognized with several national-level honors for its engineering projects, including the National Quality Engineering Award and the China Electric Power Quality Engineering Award [4]. Group 3: Economic Impact and Employment - CGN's initiatives in Inner Mongolia have led to the establishment of a clean energy high-end industrial cluster, generating a cumulative production value exceeding 13.1 billion yuan and creating over 1,000 jobs [6][7]. - The wind power equipment manufacturing innovation demonstration industrial park in Xingan League has produced a total output value of over 13.1 billion yuan and generated 600 million yuan in tax revenue [7]. - A low-carbon project in Arxan City, with an investment of approximately 194 million yuan, aims to create a clean energy system and is expected to reduce carbon dioxide emissions by over 3,000 tons annually [7].

Core Viewpoint - The approval of 10 new nuclear power units in China marks a significant shift from "importing and digesting" technology to "independent output," showcasing the advancement of domestic nuclear technology [3][4]. Group 1: Nuclear Power Project Approvals - The recent approval includes 10 nuclear power units across five projects, with significant participation from major state-owned enterprises such as China National Nuclear Corporation and China General Nuclear Power Group [3]. - The approved units consist of 8 "Hualong One" reactors and 2 CAP1000 reactors, indicating a strong emphasis on domestically developed technology [3][4]. - The approval process for nuclear projects has accelerated, with 31 units approved from 2022 to 2024, of which 20 are based on "Hualong One" technology [3]. Group 2: Investment and Economic Impact - The total investment for the newly approved nuclear units is estimated to reach approximately 200 billion yuan, with equipment investment accounting for over 40% of this total [5]. - The nuclear power sector is expected to drive significant investment, with the construction of these units benefiting established players in the supply chain due to high barriers for new entrants [5]. Group 3: International Trends and Domestic Position - The global consensus on the revival of nuclear energy is reflected in commitments made by 31 countries to triple nuclear capacity by 2050 [7]. - China's nuclear power capacity has surpassed that of traditional nuclear power leaders like Russia, France, and the United States, with a total operational capacity of 113 million kilowatts [7]. - The rapid pace of nuclear project approvals positions China as a leader in nuclear energy development, with a total of 112 units either operational or under approval [7]. Group 4: Contribution to Energy Supply - Nuclear power has become a crucial baseload power source in China's eastern coastal regions, contributing nearly 5% of the national electricity generation despite only accounting for less than 2% of installed capacity [8].

4月27日，经国务院常务会议审议，决定核准浙江三门三期工程等核电项目。随后，网传此次核准的项 目具体为浙江三门三期工程，福建霞浦压水堆1、2号机组，山东海阳三期工程，广东台山二期工程，广 西防城港三期工程等5个核电项目共计10台机组。对此，中国证券报.中证金牛座记者向中国核电 （601985）方面求证，中国核电方面独家回应称，此次获批的机组确为10台。至于10台机组最终以什么 渠道正式发布，公司目前不太清楚，中国核电会公告本公司获核准的核电机组。4月28日早间，中国核 电、中国广核（003816）相继公告旗下核电项目获核准。截至目前，两家上市公司公告的核电机组数合 计为6台。(中证金牛座) ...

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