郭晨凯 制图 ◎记者 张问之 2026年以来，上市公司的回购热潮仍在持续。1月以来，多家A股公司"真金白银"实施回购。其中：步 长制药、兴发集团等在1月披露回购计划后便火速实施；华盛锂电、荣昌生物、依依股份等则因近期公 司股票价格持续超出回购价格上限，为保障回购方案顺利实施而大幅上调回购价格。 梳理可见："基于对公司未来发展前景的信心和对公司内在价值的基本判断"成为多家公司实施回购的重 要缘由；公司回购的股份，多计划用于员工持股计划或股权激励。 以家电龙头美的集团为例，公司最新公告显示，截至1月31日，公司已斥资19.98亿元回购A股股份 2694.37万股。回溯至2025年12月底，公司累计回购股份数量为2056.46万股，支付总金额约为15.10亿 元。这意味着，2026年1月，美的集团回购金额约为4.88亿元。 果链龙头歌尔股份2月2日晚披露，其回购股份比例达到1%。公告显示，截至2月2日，歌尔股份累计回 购股份4054.81万股，斥资约11.08亿元。而截至2025年12月底，其回购股份数量为3449.70万股，支付金 额约9.50亿元。 步长制药、珀莱雅、兴发集团等回购动作则颇为迅速。2月2日晚，步 ...

Core Viewpoint - China Nuclear Power (601985) announced that as of January 31, 2026, it has repurchased a total of 44,901,657 shares, which represents 0.22% of the company's current total share capital [1] Summary by Relevant Sections - **Share Repurchase Details** - The company has repurchased 44,901,657 shares [1] - This repurchase accounts for 0.22% of the total share capital [1]

证券日报网讯2月2日，中国核电（601985）在互动平台回答投资者提问时表示，公司敏捷端业务名称已 调整为战略新兴产业，目前正有序推动相关产业布局。公司控股设立的中核光电科技(上海)有限公司专 注于钙钛矿光伏组件的研发和制造，目前已建成刚性1600×1200mm全自动量产线，是行业内首条全国 产化产线，产品技术指标处于行业领先水平；公司已在秦山核电建成同位素生产基地，目前已实现 碳-14、钇-90、镥-177、锶-90等医用同位素商业化生产，打破源头进口依赖，为健康中国注入强劲动 力，公司未来将继续进行新型堆照同位素的开发，继续建设开发第二套同位素在线辐照生产装置。 ...

证券日报网讯2月2日，中国核电（601985）在互动平台回答投资者提问时表示，截至2026年1月30日， 公司股东人数总计为503291户。 ...

证券日报网讯2月2日，中国核电（601985）在互动平台回答投资者提问时表示，公司计划于2026年4月 30日披露2025年度报告。 ...

Core Viewpoint - China Nuclear Power (601985) emphasizes its commitment to enhancing market value through core business development and research innovation, aiming to solidify performance and operational standards while leveraging capital market platforms to improve management and market capitalization, ultimately focusing on long-term growth and real value creation for investors [1] Group 1 - The company is highly attentive to its market value performance [1] - Future strategies will focus on core business development and research innovation [1] - The company aims to solidify its performance and standardize operations [1] Group 2 - The company plans to utilize capital market platforms to enhance management levels and market capitalization [1] - The goal is to drive long-term development and create real value for investors [1] - Continuous efforts will be made to improve performance in the capital market [1]

Investment Rating - The report provides a positive outlook on the electricity and natural gas sectors, highlighting stable revenue mechanisms and growth potential in consumption and pricing [1][10]. Core Insights - The report emphasizes the importance of a refined capacity pricing mechanism for electricity generation, which aims to stabilize revenue and ensure fair compensation for various power sources [4][6]. - It notes that natural gas consumption is expected to grow, supported by favorable weather conditions and improved economic indicators, despite short-term price fluctuations [10][29]. Summary by Sections 1. Electricity: Improved Capacity Pricing Mechanism - The National Development and Reform Commission and the National Energy Administration have issued a notification to enhance the capacity pricing mechanism for electricity generation, addressing mismatches in supply and demand within the new power system [4]. - The new mechanism aims to ensure that different types of power generation, including coal, gas, and new energy sources, receive fair compensation based on their peak supply capabilities [6][7]. - The report highlights that the refined pricing structure will lead to more predictable revenue for power generation companies, reducing volatility in earnings [7]. 2. Natural Gas: Continued Growth in Consumption - The report indicates that the apparent consumption of natural gas in China is projected to grow by 0.1% in 2025, with December consumption reaching 38.57 billion cubic meters, a year-on-year increase of 1.9% [29]. - It notes that the recent cold weather has supported high natural gas prices, with the U.S. Henry Hub spot price at $7.18/mmBtu, while European prices remain elevated due to low inventory levels and geopolitical tensions [10][12]. - The report suggests that the natural gas sector will benefit from a combination of lower costs and improved pricing mechanisms, leading to a recovery in profitability for city gas companies [31]. 3. Investment Recommendations - For coal-fired power, companies like Guodian Power and Inner Mongolia Huadian are recommended due to their stable revenue sources [8]. - Hydropower companies such as Yangtze Power and State Power Investment Corporation are highlighted for their potential to improve profit margins through reduced capital expenditures [8]. - In the nuclear sector, China National Nuclear Power and China General Nuclear Power are suggested for their growth potential as new units are approved [8]. - The report also recommends focusing on integrated natural gas companies like ENN Energy and China Gas Holdings, which are expected to benefit from lower costs and increased sales [31].

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 完善发电侧容量电价机制，2025 年新增光伏 /风电装机 315/119GW 增持（维持） [Table_Tag] [投资要点 Table_Summary] 2026 年 02 月 02 日 执业证书：S0600522030002 renyx@dwzq.com.cn 行业走势 -5% -2% 1% 4% 7% 10% 13% 16% 19% 22% 25% 2025/2/5 2025/6/4 2025/10/1 2026/1/28 公用事业 沪深300 相关研究 《寒潮退潮，美气价格高位回落；欧 洲&国内气价相对平稳》 2026-02-02 《关注火箭可回收路径中稀缺耗材， 九丰能源推进剂特气份额&价值量提 升，全国冬季用电负荷首破 14 亿千 瓦》 证券分析师 袁理 2026-01-27 执业证书：S0600511080001 021-60199782 yuanl@dwzq.com.cn 证券分析师 任逸轩 东吴证券研究所 1 / 20 请务必阅读正文之后的免责声明部分 ◼ 本周核心观点：1）《关于完善发电侧容量电价机制的通知》发布。国 家发展改革 ...

Core Viewpoint - The company is actively developing its strategic emerging industries, previously referred to as the agile end business, and has made significant advancements in various projects [1] Group 1: Business Development - The company has rebranded its agile end business to strategic emerging industries and is systematically promoting its related industrial layout [1] - The company has established a wholly-owned subsidiary, China Nuclear Power Technology (Shanghai) Co., Ltd., focusing on the research and manufacturing of perovskite photovoltaic components [1] - The company has built the first fully automated production line in the industry for rigid 1600×1200mm² components, which is the first domestically produced line in the country and has leading technical indicators in the industry [1] Group 2: Isotope Production - The company has established a medical isotope production base at Qinshan Nuclear Power, achieving commercial production of isotopes such as Carbon-14, Yttrium-90, Lutetium-177, and Strontium-90 [1] - This initiative has broken the dependency on imported sources, contributing significantly to the health sector in China [1] - The company plans to continue the development of new type pile irradiation isotopes and is working on the construction of a second online irradiation production facility for isotopes [1]

Group 1 - China Nuclear Power announced that as of January 31, 2026, it has repurchased approximately 44.9 million shares, accounting for 0.22% of the company's total share capital [1] - The highest purchase price for the repurchased shares was 9.65 yuan per share, while the lowest was 8.4 yuan per share [1] - The total amount spent on the share repurchase is approximately 405 million yuan [1] Group 2 - Automotive sales giant Baolide, known for selling luxury cars like Rolls-Royce and Porsche, is now undergoing bankruptcy liquidation [1] - The headquarters in Hangzhou has been vacated, and the subsidiary in Yiwu has been sealed [1]