Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating a favorable investment environment for these industries [4]. Core Insights - In August, the average daily power generation exceeded 30 billion kilowatt-hours for the first time, with total industrial power generation reaching 936.3 billion kilowatt-hours, a year-on-year increase of 1.6% [9][57]. - The report highlights the continued growth of thermal power and the significant contribution of renewable energy sources, particularly wind and solar power, to the overall power generation increase [10][11]. - Global gas prices are experiencing narrow fluctuations, with a stable supply-demand balance in the market, particularly in the U.S. and Europe [20][29]. Summary by Sections 1. Power Generation - In August, the total power generation was 936.3 billion kilowatt-hours, with a daily average of 30.2 billion kilowatt-hours, marking a 1.6% increase year-on-year [9][57]. - The breakdown of power generation types shows thermal power at 6,274 billion kilowatt-hours (up 1.7%), hydropower at 1,479 billion kilowatt-hours (down 10.1%), nuclear power at 645 billion kilowatt-hours (up 5.9%), wind power at 738 billion kilowatt-hours (up 20.2%), and solar power at 538 billion kilowatt-hours (up 15.9%) [11][58]. - The report emphasizes the strong growth of renewable energy, with wind and solar power showing significant year-on-year increases of 20.2% and 15.9%, respectively [10][11]. 2. Natural Gas - As of September 19, the Henry Hub spot price was $2.89/mmBtu, reflecting a weekly decrease of 1.80%, while the TTF spot price in Europe remained stable at €32.00/MWh [20][21]. - The report notes that U.S. natural gas production remains high, contributing to a stable supply-demand balance and low price fluctuations [23][29]. - The LNG ex-factory price in China was 4,019 yuan/ton, with a weekly decrease of 0.84%, indicating a softening market due to weak domestic demand [41][44]. 3. Investment Recommendations - For hydropower, the report recommends companies like Guotou Power, Chuan Investment Energy, and Yangtze Power due to stable growth and financial benefits from interest rate cuts [18]. - In the renewable energy sector, companies such as Xintian Green Energy and Funi Co. are highlighted for their stable returns and high profitability [18]. - The report suggests focusing on integrated natural gas traders like New Hope Energy and Shenzhen Gas, as well as city gas companies benefiting from cost reductions [44].

证券研究报告·行业跟踪周报·公用事业 公用事业行业跟踪周报 广东 136 号文正式发布，藏粤直流特高压开 工 增持（维持） [Table_Tag] [投资要点 Table_Summary ] ◼ 投资建议：迎峰度夏关注水电、火电投资机会。1 ）火电： 迎峰度夏建 议关注区域火电投资机会 。 建议关注【建投能源】【华电国际】【华能 国际】【国电电力】【申能股份】【皖能电力】。2 ）水电：量价齐升、 低成本受益市场化。 度电成本所有电源中最低，省内水电市场电价持续 提升，外输可享当地电价。现金流优异分红能力强，折旧期满盈利持续 释放。重点推荐【长江电力】。3 ）核电：成长确定、远期盈利 & 分红提 升。 22/23 年连续两年核准 10 台，24 年再获 11 台核准，成长再提速。 在建机组投运+资本开支逐步见顶。公司 ROE 看齐成熟项目有望翻倍， 分红同步提升。重点推荐【中国核电】【中国广核】，建议关注【中广 核电力 H】。4 ）绿电：化债推进财政发力，绿电国补欠款历史问题有 望得到解决。资产质量见底回升，绿电成长性再次彰显。 重点推荐【龙 净环保】，建议关注【龙源电力 H】【中闽能源】【三峡能源】。5 ）消 ...

【环球网报道 记者 王莉兰】在大亚湾核能科技馆内，一张张见证历史的老照片，一本本纸张略微泛黄的法语手册，都在无声诉说中法核能合作的源远流长。9月18日，"走读中国"法国媒体团来 来源：环球网 "走读中国"法国媒体团在中国广核集团工程公司留影 在大亚湾核能科技馆内，讲解员陈语嫣向法国媒体团介绍，作为中国大陆首座百万千瓦级商用核电站，大亚湾核电站于1987年开工建设，其间在技术上获得法国专家的大力支持。如今，中广核 中国广核集团有限公司党群工作部副主任黄超表示，中广核正起源于中法合作的大亚湾核电站建设，并持续推进消化、吸收和再创新，成功研发中国自主知识产权的三代核电技术"华龙一号"。法 法国媒体团与中国广核集团工作人员举行座谈交流 参访过程中，塔谢特别注意到人员交流的变化。"那些曾被派往法国接受培训的中国工程师回国后获得了高度重视。如今，法国技术人员也来到大亚湾进行技术学习。"他认为这种角色转换体现了 除核能领域外，法国媒体团同样关注中法在可再生能源方面的合作前景。塔谢坦言："法国在光伏、太阳能和海上风电等领域已显落后，我们需要与中国携手合作。" 此次核能探索之行不仅展现了中法两国在核能领域长期合作的成果，更展望 ...

中国广核集团有限公司党群工作部副主任黄超表示，中广核正起源于中法合作的大亚湾核电站建设，并 持续推进消化、吸收和再创新，成功研发中国自主知识产权的三代核电技术"华龙一号"。法国网红孵化 公司Trendl首席执行官马克西姆·萨巴尔克（Maxime Sabahec）感叹："中广核的创立曾得益于法国的支 持，这让我们深感荣幸。随后企业实现了迅猛发展——中国从未停止创新。如今的中广核已作为（行 业）领军者参与全球核能重大议题讨论。" 来源：环球网 【环球网报道 记者 王莉兰】在大亚湾核能科技馆内，一张张见证历史的老照片，一本本纸张略微泛黄 的法语手册，都在无声诉说中法核能合作的源远流长。9月18日，"走读中国"法国媒体团来到深圳，参 访大亚湾核电基地，并相继走访中国广核集团研究院机器人实验室、热工水力实验室、核电安全技术与 装备全国重点实验室等重要研究机构。从科技馆到实验室，媒体团成员通过实地探访，深切感受中法核 能合作的历史厚度与创新活力。 "走读中国"法国媒体团在中国广核集团工程公司留影 在大亚湾核能科技馆内，讲解员陈语嫣向法国媒体团介绍，作为中国大陆首座百万千瓦级商用核电站， 大亚湾核电站于1987年开工建设， ...

Core Viewpoint - The decline in on-grid electricity prices has significantly impacted the performance of major power generation companies, exceeding expectations [1] Group 1: Financial Performance of Major Power Companies - All five major power generation companies reported a year-on-year decline in revenue for the first half of the year, compared to only three companies experiencing a decline in the same period last year [1] - Huaneng International (600011.SH) reported revenue of 112.032 billion yuan, a decrease of 5.7% year-on-year, primarily due to a drop in both electricity volume and price, with an average on-grid price of 485.27 yuan/MWh, down 2.69% [2] - Guodian Power (600795.SH) saw revenue of 77.655 billion yuan, down 9.52% year-on-year, attributed to a decrease in the selling price of electricity, with an average on-grid price of 409.7 yuan/MWh, down 6.72% [2] - Huadian International (600027.SH) reported revenue of 59.953 billion yuan, a decrease of 8.98%, mainly due to reduced power generation and lower electricity prices, with an average on-grid price of 516.8 yuan/MWh, down approximately 1.44% [2] - Datang Power (601991.SH) had operating revenue of 57.193 billion yuan, down 1.93%, with an average on-grid settlement price of 444.48 yuan/MWh, a decrease of about 3.95% [2] - China Power (02380.HK) reported main business revenue of 23.858 billion yuan, down 9.87%, with wind power average price at 410.66 yuan/MWh, down 8.05%, and solar power at 376.80 yuan/MWh, down 5.97% [3] Group 2: Market Dynamics and Price Trends - The decline in on-grid electricity prices is attributed to the accelerated construction of a unified national electricity market, increasing market-based trading volumes, and the entry of renewable energy sources, which have led to intensified competition and lower prices [4][8] - During peak output periods for renewable energy, aggressive pricing strategies are employed to ensure power clearance, with some regions reporting prices as low as 0.04 yuan/kWh, and instances of negative pricing [4][5] - The current market environment has resulted in a competitive landscape where renewable energy sources are prioritized for dispatch due to their lower marginal costs, leading to a homogenized competition pattern across different power sources [5] - The performance of nuclear power companies has also been affected, with China General Nuclear Power (003816.SZ) reporting revenue of 39.167 billion yuan, down 0.53%, and China Nuclear Power (601985.SH) seeing a decline in net profit margins due to falling electricity prices [6] - The overall electricity supply has outpaced demand growth, contributing to the downward pressure on prices, with total installed capacity reaching 3.65 billion kW, a year-on-year increase of 18.7% [7] Group 3: Regulatory Changes and Future Outlook - Recent regulatory changes, including the issuance of documents promoting market-oriented pricing for renewable energy, are expected to further influence electricity pricing dynamics [8] - The transition to a spot market for electricity trading is anticipated to enhance price discovery and reflect supply-demand relationships more accurately, potentially leading to continued price declines [8][9] - The current trend of declining electricity prices may persist unless new supportive policies are introduced to stabilize the market [9]

登录新浪财经APP 搜索【信披】查看更多考评等级 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"）董事会决定召集2025年第一次临时股东大 会、2025年第二次A股类别股东大会、2025年第二次H股类别股东大会（以下简称"本次股东大会"）。 本次股东大会采用现场投票与网络投票相结合的方式，现将有关事项通知如下： 一、召开会议的基本情况 1. 股东大会届次：2025年第一次临时股东大会、2025年第二次A股类别股东大会、2025年第二次H股类 别股东大会。 2. 股东大会的召集人：公司董事会。 2025年8月27日，公司第四届董事会第十五次会议审议通过了《关于批准召开2025年第一次临时股东大 会、2025年第二次A股类别股东大会和2025年第二次H股类别股东大会的议案》。 3. 会议召开的合法、合规性： 本次股东大会的召开符合有关法律、行政法规、部门规章、规范性文件、业务规则和《中国广核电力股 份有限公司章程》（以下简称"《公司章程》"）的规定。 4. 会议召开的日期、时间： （1）临时股东大会： 现场会 ...

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the nuclear power industry in China, highlighting the development trajectory and current market dynamics of nuclear power companies, particularly China National Nuclear Corporation (CNNC) and China General Nuclear Power Group (CGN) [1][2][4]. Core Insights and Arguments - **Nuclear Power Development Phases**: The development of nuclear power in China has experienced a peak period from 2006 to 2011, followed by a freeze from 2016 to 2018. Since 2019, the approval speed for new units has accelerated, with over 10 new units approved annually expected to continue until 2025 [1][2]. - **Market Share**: CNNC and CGN dominate the nuclear power market, holding approximately 90% of the market share, while the state-owned nuclear power company has a relatively small market presence [1][4]. - **Characteristics of Nuclear Power**: Nuclear power is characterized as clean and stable, unaffected by fluctuations in natural resources. The government guarantees 100% consumption of nuclear power, which is advantageous compared to other seasonal energy sources [1][5]. - **Cost Structure**: The cost structure of nuclear power involves significant upfront investment, with decreasing financial and depreciation costs over time. Fuel costs account for about 20% of total costs, with only 10% being influenced by uranium prices, as fuel prices are often locked in through long-term contracts [1][9]. - **Electricity Pricing**: Nuclear electricity pricing is determined by the generation type, with second-generation nuclear power priced at 0.43 yuan per kWh. Third-generation nuclear power can be priced higher due to increased costs. The market trading ratio is about 50%, and while coal price fluctuations can impact nuclear pricing, extreme scenarios affecting CNNC and CGN are unlikely [1][7]. Additional Important Insights - **Investment Opportunities**: Despite slightly lower return on equity (ROE) compared to other power companies, CGN presents significant investment opportunities due to its low valuation in the Hong Kong market and ongoing construction projects that support ROE [3][11]. - **Future Development Trends**: The introduction of domestically developed technologies, such as the Hualong One, has significantly reduced construction costs and improved profitability. The future outlook for nuclear power is positive, driven by carbon emission targets and ongoing technological advancements [10][15]. - **Dividend and Financing Strategies**: CGN has a higher dividend payout ratio and faces more financing pressure due to a slower approval pace for new units, while CNNC has alleviated its financing pressure after a significant capital increase [14]. Conclusion - The nuclear power sector in China is poised for growth, with strong government support and a favorable market environment. The focus on technological advancements and cost reductions will likely enhance the competitiveness of major players like CNNC and CGN in the coming years [15].

於2025年10月16日（星期四）舉行的2025年第二次H股類別股東大會 致：中國廣核電力股份有限公司（「貴公司」） 本人╱吾等（附註1 （中文名稱）： ） （英文名稱）： 地址為： 為 貴公司股本中每股面值人民幣1.00元的H股股份共 股（附註2） 的登記持有人，現僅通知 貴公司本人 ╱ 吾等擬出席（親身或委派代表） 貴公司於2025年10 月16日（星期四）下午三時於中國廣東省深圳市深南大道2002號中廣核大廈南樓舉行的2025年 第二次H股類別股東大會。 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） 回條 日期： 簽署： 附註： * 僅供識別 1. 請用正楷填寫股東名冊所示之中文及英文全名及登記地址。 2. 請填上 閣下名下登記之股份數目。 3. 請填妥及簽署本確認回條，並於2025年9月26日（星期五）下午四時三十分或之前由專人或以郵寄或傳真方式 送達本公司於香港之H股股份過戶登記處香港中央證券登記有限公司，地址為香港灣仔皇后大道東183號合和 中心17M樓，或傳真至：(852) 2865 0990。 ...

地址為： 為本人╱吾等的代表，代表本人╱吾等出席本公司於2025年10月16日（星期四）下午三時於中國廣東省深圳市深南 大道2002號中廣核大廈南樓舉行的2025年第二次H股類別股東大會（「H股類別大會」）（及其任何續會），藉以審議及 酌情通過H股類別大會通告所載各決議案（附註4），並在H股類別大會（及其任何續會）上按以下指示為本人╱吾等及以 本人╱吾等名義就下列決議案投票。除另有指明外，在本代表委任表格及以下決議案所用詞彙與本公司日期為2025 年9月18日的H股類別大會通函所定義者具有相同涵義。 | | 特別決議案（附註4） | 贊成（附註5） | 反對（附註5） | 棄權（附註5） | | --- | --- | --- | --- | --- | | 1. | 審議及批准修訂《中國廣核電力股份有限公司章程》類別股東 | | | | | | 會相關條款 | | | | | 2. | 審議及批准修訂《中國廣核電力股份有限公司股東大會議事規 | | | | | | 則》類別股東會相關條款 | | | | 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 ...

（在中華人民共和國註冊成立的股份有限公司） （股份代號：1816） CGN Power Co., Ltd. * 中國廣核電力股份有限公司 回條 於2025年10月16日（星期四）舉行的2025年第一次臨時股東大會 致：中國廣核電力股份有限公司（「貴公司」） 本人╱吾等（附註1 （中文名稱）： ） （英文名稱）： 地址為： 為 貴公司股本中每股面值人民幣1.00元的H股股份共 股（附註2） 的登記持有人，現僅通知 貴公司本人 ╱ 吾等擬出席（親身或委派代表） 貴公司於2025年10 月16日（星期四）下午二時三十分於中國廣東省深圳市深南大道2002號中廣核大廈南樓舉行的 2025年第一次臨時股東大會。 日期： 簽署： 附註： * 僅供識別 1. 請用正楷填寫股東名冊所示之中文及英文全名及登記地址。 2. 請填上 閣下名下登記之股份數目。 3. 請填妥及簽署本確認回條，並於2025年9月26日（星期五）下午四時三十分或之前由專人或以郵寄或傳真方式 送達本公司於香港之H股股份過戶登記處香港中央證券登記有限公司，地址為香港灣仔皇后大道東183號合和 中心17M樓，或傳真至：(852) 2865 0990。 ...