Core Viewpoint - The report highlights the growth of China's nuclear power generation, indicating a positive trend in the industry with significant year-on-year increases in output [1]. Group 1: Industry Overview - In November 2025, China's nuclear power generation reached 39.8 billion kilowatt-hours, representing a year-on-year growth of 4.7% [1]. - From January to November 2025, the cumulative nuclear power generation in China was 436.56 billion kilowatt-hours, showing an 8.1% increase compared to the previous year [1]. Group 2: Companies Involved - Listed companies in the nuclear power sector include China General Nuclear Power (003816), China National Nuclear Power (601985), Sheneng Co., Ltd. (600642), Zhejiang Energy Power (600023), Hubei Energy (000883), Huaneng International (600011), Datang Power (601991), Jiangsu Guoxin (002608), China Nuclear Technology (000777), and Funiu Co., Ltd. (600483) [1]. Group 3: Market Research - The report titled "2026-2032 China Nuclear Power Industry Market Development Scale and Investment Opportunity Analysis" by Zhiyan Consulting provides insights into the market trends and investment opportunities in the nuclear power sector [1].

Investment Rating - The report suggests a "Buy" rating for several companies in the power sector, including Huaneng International, Huadian International, Guodian Power, and Datang Power, among others [9]. Core Insights - The National Energy Administration has released detailed regulations for green certificate management, which is expected to reshape market rules and enhance the trading price of green certificates by 2026 [2][14]. - The new regulations clarify that independent energy storage discharge will no longer be eligible for green certificate issuance, which may lead to a reduction in the overall circulation of green certificates and an increase in their trading prices [2][14]. - The guidelines for industrial microgrid construction require that new renewable energy generation in industrial parks must have a self-consumption ratio of at least 60% annually, promoting local production and consumption of green electricity [6][16]. Summary by Sections Green Certificate Regulations - The new regulations maintain the core measurement standard of issuing one green certificate for every 1,000 kWh of renewable energy generated [2][14]. - Independent energy storage discharge will not receive green certificates, and projects must measure generation and storage separately [2][17]. - From January 1, 2026, the production year of the electricity must match the consumption year for green certificate cancellation, changing the previous practice of purchasing historical certificates [2][17]. Industrial Microgrid Guidelines - The guidelines aim to enhance the capacity for local production and consumption of green electricity in industrial sectors [6][16]. - New renewable energy projects in industrial parks must achieve a minimum self-consumption ratio of 60% [6][16]. - The guidelines introduce a requirement for integrating various systems, including renewable energy generation and energy management technologies [6][16]. Market Performance - The report notes that the Shanghai Composite Index rose by 3.82% during the week of January 5-9, with the power and utilities sector index increasing by 2.4%, underperforming the broader market [66][67]. - The report highlights that most listed companies in the power and utilities sector experienced stock price increases during this period [66].

Investment Rating - The report maintains a "Positive" outlook for the utility sector, indicating that the expected settlement price for thermal power in 2026 is likely to be better than market expectations [7]. Core Insights - The long-term contract electricity price risk has materialized, and the average reduction in long-term contract electricity prices for 2026 is estimated to be around 3-4 cents per kilowatt-hour. However, the capacity price for coal-fired power is expected to increase by at least 65 yuan per kilowatt per year, which may lead to a lower-than-expected decline in thermal power settlement prices [7]. - The report highlights that the performance expectations for the utility sector have reached a low point, making low-priced utility assets worth considering for investment [7]. - The report suggests that the utility sector remains a quality dividend asset for long-term allocation, especially under the trend of low interest rates and policies encouraging long-term capital market entry [7]. Summary by Sections Electricity Price Dynamics - The average clearing price for the Guangdong electricity market from January 3 to January 9, 2026, was 321 yuan per megawatt-hour, down 51 yuan year-on-year (-13.7%) [10]. - The average price for Shanxi during the same period was 234 yuan per megawatt-hour, down 107 yuan year-on-year (-31.4%) [10]. Coal Price Trends - As of January 9, 2026, the price of Q5500 thermal coal in Qinhuangdao was 699 yuan per ton, reflecting a week-on-week increase of 17 yuan (+2.5%) [15]. - The coal inventory at Qinhuangdao port decreased by 11.6% week-on-week, indicating a tightening supply situation [21]. Performance of Utility Sector - The utility sector index increased by 2.5% during the week of January 5 to January 9, 2026, underperforming compared to the Shanghai Composite Index, which rose by 2.8% [35]. - The report notes that the gas sector within utilities showed the highest weekly increase of 4.8% [37]. Investment Recommendations - The report recommends focusing on quality dividend assets in the utility sector, particularly in thermal power, hydropower, and nuclear power, with specific stocks highlighted for potential investment [7].

Core Insights - The Guangdong Taipingling Nuclear Power Project Unit 1 and the Zhejiang San'ao Nuclear Power Project Unit 1 have received operating licenses and commenced the first nuclear fuel loading, marking their entry into the nuclear commissioning phase [1] - China Dongfang Electric Corporation has provided core equipment for these "Hualong One" units, achieving breakthroughs in domestic production [1] Group 1: Project Details - The Taipingling and San'ao nuclear power stations are located in Huizhou, Guangdong Province, and Cangnan County, Zhejiang Province, respectively, with plans to construct six 1,000 MW pressurized water reactor units at each site [1] - Dongfang Electric and its subsidiaries have achieved breakthroughs in the independent production and mass supply of several key components for the "Hualong One" nuclear island and conventional island [1] Group 2: Technological Achievements - During the development of the reactor pressure vessel and stabilizer equipment, Dongfang Heavy Machinery overcame several technical challenges, including automatic TIG welding and deformation prevention welding [1] - In the development of reactor coolant pumps, Dongfang Famatong achieved full domestic production of key components, breaking through core technologies for full-size processing of impeller flow passages [1] - In the manufacturing of nuclear control rod drive mechanisms, Dongfang Turbine conquered core technologies for high-precision part processing and dissimilar material cladding, achieving full domestic production of key components [1] - The R&D team has established a patent layout around relevant core technologies [1] Group 3: Environmental Impact - Once operational, each unit is expected to provide nearly 10 billion kWh of clean electricity annually, sufficient to meet the annual electricity needs of 1 million people [2] - The projects are expected to reduce standard coal consumption by over 3 million tons and decrease carbon dioxide emissions by 9.24 million tons, equivalent to afforesting 22,500 hectares [2]

Group 1 - CITIC Securities' Yunfan single asset management plan increased its stake in China General Nuclear Power (01816) by 28.886 million shares at a price of HKD 2.999 per share, totaling approximately HKD 86.6291 million [1] - After the increase, the latest number of shares held by CITIC Securities is approximately 579 million, representing a holding ratio of 5.18% [1]

Group 1 - The core viewpoint of the article is that China General Nuclear Power Corporation (CGN) has reported an increase in electricity generation and grid-connected power for the year 2025 compared to the previous year [1] Group 2 - The total electricity generation from nuclear power units operated by the company and its subsidiaries is approximately 247.013 billion kilowatt-hours, representing a 2% increase year-on-year [1] - The total grid-connected electricity volume is approximately 232.648 billion kilowatt-hours, reflecting a 2.36% increase compared to the same period last year [1]

Core Viewpoint - China General Nuclear Power Corporation (CGN) reported an increase in total electricity generation and grid-connected electricity for the year 2025, indicating steady operational growth in its nuclear power segment [1] Group 1: Operational Performance - The total electricity generation from nuclear power units managed by the company is approximately 2470.13 billion kWh for the year 2025, representing a growth of 2.00% compared to the previous year [1] - The total grid-connected electricity is approximately 2326.48 billion kWh for the year 2025, reflecting a growth of 2.36% year-on-year [1] Group 2: Maintenance and Upgrades - In the fourth quarter of 2025, the company successfully completed four annual refueling outages as planned [1] - By December 31, 2025, the company had completed a total of 16 annual refueling outages (including one cross-year outage), two ten-year overhauls, and one first-time overhaul [1] - In the first quarter of 2026, the company plans to initiate four new annual refueling outages and three ten-year overhauls in addition to ongoing refueling outages [1] Group 3: Construction Progress - On November 18, 2025, the construction of Unit 1 in Zhaoyuan commenced, entering the civil construction phase [1] - On November 19, 2025, the construction of Unit 3 in Cangnan began, also entering the civil construction phase [1] - On December 16, 2025, the construction of Unit 6 in Ningde started, entering the civil construction phase [1] - On December 22, 2025, the construction of Unit 2 in Lufeng began, entering the civil construction phase [1] - As of December 31, 2025, the company manages a total of 20 nuclear power units under construction, with four in the commissioning phase, two in the equipment installation phase, seven in the civil construction phase, and seven in the FCD preparation phase [1]

Group 1 - The core viewpoint of the articles is that China General Nuclear Power Corporation (CGN) has reported significant operational updates regarding its nuclear power generation and ongoing construction projects for the year 2025 [1][2][3][4] Group 2 - For the year 2025, the total electricity generation from nuclear power units managed by the company is approximately 247.013 billion kWh, representing a 2.00% increase compared to the previous year [1] - The total grid electricity output is about 232.648 billion kWh, which is a 2.36% increase year-on-year [1] - In the fourth quarter of 2025, the company successfully completed four annual refueling outages as planned [1] - By December 31, 2025, the company had completed a total of 16 annual refueling outages, including one that crossed over into the next year, along with two ten-year overhauls and one first overhaul [1] - In the first quarter of 2026, the company plans to initiate four new annual refueling outages and three ten-year overhauls, in addition to ongoing refueling outages [1] - The construction of the Zhaoyuan Unit 1 commenced on November 18, 2025, entering the civil construction phase [2] - The construction of the Cangnan Unit 3 began on November 19, 2025, also entering the civil construction phase [3] - The construction of the Ningde Unit 6 started on December 16, 2025, entering the civil construction phase [3] - The construction of the Lufeng Unit 2 began on December 22, 2025, entering the civil construction phase [4] - As of December 31, 2025, the company manages a total of 20 nuclear power units under construction, including four units entrusted by the company's controlling shareholder [4] - Among the units under construction, four are in the commissioning phase, two are in the equipment installation phase, seven are in the civil construction phase, and seven are in the FCD preparation phase [4]

Group 1 - The core viewpoint of the article is that China General Nuclear Power Corporation (CGN Power) has announced an increase in electricity generation for the year 2025, indicating positive growth in its operational performance [1] Group 2 - The total electricity generation from nuclear power units operated by the company is projected to be approximately 247.013 billion kilowatt-hours, representing a year-on-year growth of 2.00% [1] - The total grid-connected electricity volume is expected to be around 232.648 billion kilowatt-hours, which is a year-on-year increase of 2.36% [1]

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) 內幕消息 2025年第四季度運營簡報 中國廣核電力股份有限公司（「本公司」及其附屬公司，統稱「本集團」）根據香港聯 合交易所有限公司證券上市規則（「上市規則」）第13.09條及香港法例第571章《證 券及期貨條例》第XIVA部項下之內幕消息條文而刊發本公告。 發電量及上網電量 本公司董事會（「董事會」）宣佈，根據本公司之統計，2025年1月至12月份，本集 團運營管理的核電機組總發電量約為2,470.13億千瓦時，較去年同期增長2.00%。 總上網電量約為2,326.48億千瓦時，較去年同期增長2.36%。 2025年1月至12月份發電量及上網電量詳情如下： | 核電站名稱 | 截至2025年 12月31日裝 機容量（兆 | | 發電量 （億千瓦時）1 | | | 上網 ...