研报掘金丨长江证券：维持中国核电“买入”评级，核电主业经营稳健

Core Viewpoint - China Nuclear Power's operational performance shows a positive outlook for the future, driven by capacity expansion and the normal operation of the Fuqing Nuclear Power Plant [1] Group 1: Operational Performance - Cumulative electricity generation for the first three quarters of 2025 reached 184.364 billion kWh, representing a year-on-year increase of 14.95% [1] - The on-grid electricity volume was 174.095 billion kWh, with a year-on-year growth of 15.20% [1] - In the third quarter alone, electricity generation from nuclear units was 51.147 billion kWh, up 10.03% year-on-year, attributed to the normal operation of Fuqing Nuclear Power Unit 4 and the commencement of commercial operation of Zhangzhou Unit 1 [1] Group 2: Future Outlook - The strong performance in electricity generation supports a positive outlook for the nuclear power sector's financial performance [1] - Despite the positive electricity generation results, the renewable energy sector is expected to face significant pressure, which may impact the company's third-quarter financial performance [1] - The company has a robust reserve of green nuclear projects, ensuring growth potential in the long term [1] - The investment rating is maintained at "Buy" [1]