Zhong Xin Qi Huo·2025-09-15 12:32Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints France is a developed industrial country with a strong industrial base in sectors such as steel, automotive, and construction, as well as leading industries in aerospace, nuclear energy, and ocean development. It is also a major agricultural producer and exporter in the EU. However, France has limited natural resources and relies heavily on imports for energy and industrial raw materials. The country's energy mix is dominated by nuclear power, and it has been actively involved in international trade and investment [1][2][10]. 3. Summary by Section 3.1 National Overview - Geographical Location: France, the largest country in the EU by area, is located in Western Europe, with a hexagonal mainland bordering multiple countries and facing four major seas. It has diverse climates, including temperate maritime, Mediterranean, and continental [7]. - Economic Overview: In 2024, France's GDP was €2.91 trillion, with a 1.1% year - on - year increase and an inflation rate of 1.3%. The industrial value - added was €3565 billion, and the agricultural value - added was €380 billion. It is highly dependent on imports for minerals and energy, with nuclear power accounting for about 65% of electricity in 2024. It has a high - welfare system and is an attractive destination for foreign investment [10][11][12]. - Historical and Political Situation: France has a long history, with the current Fifth Republic established in 1958. The president has significant powers, and the country has a bicameral parliament. There are multiple political parties with different policy stances [14][15][16]. 3.2 Oil and Other Liquids - As of January 1, 2023, France's proven oil reserves were 83 million barrels. It banned oil and gas production and exploration until 2040, leading to a continuous decline in production. In 2022, its oil consumption was 1.5 million barrels per day, showing a downward trend since 2003 - 2004. Worker strikes in refineries have caused shortages of petroleum products [20][22]. 3.3 Natural Gas - As of January 1, 2023, France's proven natural gas reserves were 590 Bcf. It has almost no dry natural gas production and depends entirely on imports. In 2022, consumption decreased due to high winter temperatures and the Russia - Ukraine conflict. GRTgaz and EDF play important roles in gas distribution and supply [24]. 3.4 Coal - France has no proven coal reserves and does not produce coal, relying entirely on imports. Due to the European energy crisis in 2022, two coal - fired power plants were temporarily restarted and their operation was extended to 2024 [28]. 3.5 Electricity - In 2021, France had a power generation of 530 TWh, an installed capacity of 142 GW, and was one of the largest power - surplus countries. Nuclear power accounted for 68% of electricity generation, with an installed capacity of 61 GW, second only to the US. The Flamanville EPR nuclear reactor started operation in 2024. EDF and its subsidiaries dominate the power market [30][33]. 3.6 Energy Trade - Oil and Other Liquids: In 2022, France imported over 822,000 barrels per day of oil and other liquids, reversing a downward trend since 2017. Its oil product exports have been declining since 2011. It mainly imports from European neighbors and Russia, and refinery strikes have increased its dependence on imports [34][36]. - Natural Gas: In 2021, France imported 1.6 Tcf and exported 188.9 Bcf of natural gas. In 2022, gas flow increased by 32% due to a 203% surge in LNG imports. It mainly imports from Norway and has started re - exporting to neighboring countries [38]. - Electricity: In 2021, France was the world's largest net power exporter, with exports mainly going to Switzerland, the UK, Italy, and Spain [41].