Group 1 - UBS report indicates that China General Nuclear Power (01816) management believes the current nuclear power pricing policy in Guangdong province negatively impacts operators, expecting improvements in related policies [1] - The company anticipates that Guangdong province may consider revising nuclear power pricing rules in the 2026 electricity trading scheme, with approximately 70% of its equity installed capacity located in Guangdong [1] - UBS also suggests that upstream nuclear equipment suppliers such as Harbin Electric (01133), Yingli Green Energy (603308), and Dongfang Electric (600875) may benefit indirectly due to improved project visibility and potential recovery in profit margins [1] Group 2 - Although details of the 2026 electricity trading scheme have not been finalized, preliminary analysis indicates that a complete removal of the current deduction rules could provide a potential upside of 289 million RMB or 3% to China General Nuclear Power's profit forecast for the 2026 fiscal year [1]
瑞银：若2026年广东省核电电价调整 将有利中广核电力及上游供应商