海通国际发布中国核电研报：中国核电龙头，核电主业稳步推进

Group 1 - The core viewpoint of the report is that Haitong International has given China Nuclear Power (601985.SH) an "outperform" rating with a target price of 11.44 yuan [1] - China Nuclear Power is a major subsidiary of China National Nuclear Corporation, primarily engaged in nuclear power generation and sales, and is one of the leading companies in the nuclear power sector in China [1] - As of September 30, 2025, the company will have 26 operational nuclear power units with a total installed capacity of 25 GW, and the cumulative electricity generation for the first three quarters of 2025 is expected to reach 151.008 billion kWh, representing a year-on-year increase of 11.33% [1] - The cumulative on-grid electricity volume is projected to be 141.283 billion kWh, with a year-on-year growth of 11.44%, and the average utilization hours of nuclear power units are estimated at 6046 hours [1] - The nuclear business is expected to achieve a net profit attributable to shareholders of 7.467 billion yuan, reflecting a year-on-year increase of 2.81%, indicating stable performance despite some market price fluctuations [1] Group 2 - The report highlights potential risks, including slower-than-expected progress in nuclear power capacity construction, declining market prices for nuclear power transactions, and reduced profitability in the renewable energy sector [1]