Core Viewpoint - China General Nuclear Power (01816) experienced a decline of over 4%, with a current price of HKD 2.98 and a trading volume of HKD 246 million, as Citigroup maintains a "Sell" rating due to the absence of power shortages in China [1] Group 1: Company Performance - China General Nuclear Power's total electricity generation increased by 2% year-on-year to 247 billion kWh, while total grid electricity increased by 2.36% year-on-year to 232.6 billion kWh [1] - The company is expected to see a recovery in profitability from nuclear power in Guangdong province, which contributes 70-80% of its total profits [1] Group 2: Market Conditions - Citigroup notes that while global markets are becoming more optimistic about nuclear power investments, the competitive landscape in Guangdong may lead to lower-than-expected electricity prices [1] - The company will incur higher sales and distribution costs in local electricity sales due to increased competition [1] Group 3: Future Projections - China General Nuclear Power's unit uranium fuel costs are expected to rise annually by 2026, although the increase may be limited as only 25% of uranium fuel needs to be replaced this year [1] - CICC has raised the profit forecast for the company by 2.5% to HKD 10.3 billion for this year, with an introduction of a profit estimate of HKD 11.5 billion for 2027 [1]

Group 1 - The core viewpoint of the article is that while global stock markets are becoming more optimistic about nuclear power investments due to increased development in places like the U.S. to meet rising electricity demands from data centers, Citigroup maintains a "Sell" rating on China General Nuclear Power (01816) due to the absence of power shortages in China [1] - Citigroup indicates that electricity prices for China General Nuclear Power in Guangdong province, which contributes 70-80% of its total profits, may be lower than expected due to increased competition, and the company will take on more sales and distribution costs in local electricity sales [1] - It is anticipated that the unit cost of uranium fuel will rise year-on-year by 2026, although the increase may be limited as only 25% of uranium fuel needs to be replaced this year [1] Group 2 - For investors looking to capture the growth in U.S. electricity demand, Citigroup recommends Hyundai Electric (267260.KS) and LS Electric (010120.KS) [1] - For those interested in the growth of capital expenditure in China's nuclear power sector, Citigroup favors Dongfang Electric (600875) (01072) [1]

Core Viewpoint - Citi maintains a "Sell" rating on China General Nuclear Power (01816) despite a more optimistic global outlook for nuclear power investments, primarily due to the lack of power shortages in China. The target price is set at HKD 2.6 [1] Group 1: Company Analysis - China General Nuclear Power's profitability is heavily reliant on Guangdong Province, which contributes 70-80% of its total earnings [1] - The electricity prices in Guangdong may be lower than expected due to increased competition, leading the company to incur higher sales and distribution costs [1] - The unit cost of uranium fuel is expected to rise year-on-year by 2026, although the increase may be limited as only 25% of uranium fuel needs to be replaced this year [1] Group 2: Investment Recommendations - For investors looking to capitalize on the growth in electricity demand in the U.S., Citi recommends Hyundai Electric (267260.KS) and LS Electric (010120.KS) [1] - For those interested in capturing the growth in nuclear power capital expenditure in China, Citi favors Dongfang Electric (01072) [1]

Core Viewpoint - CICC's report indicates that China General Nuclear Power Corporation (CGN) experienced a 2% year-on-year increase in total power generation to 247 billion kWh and a 2.36% increase in total grid-connected power generation to 232.6 billion kWh [1] Group 1: Financial Performance - The report highlights that the electricity price in Guangdong has been implemented as expected, leading to a recovery in profitability for nuclear power within the province [1] - CICC has raised its profit forecast for CGN by 2.5% to 10.3 billion yuan for this year, considering the asset transfer of Huizhou Nuclear Power [1] - The expected contribution from Huizhou Units 1 and 2, which are anticipated to commence operations this year, is factored into the profit forecast [1] Group 2: Industry Outlook - CICC maintains a positive outlook on the stable growth and dividend value of the nuclear power industry [1] - The target price for CGN's H-shares has been increased by 11% to HKD 3.99, while the target price for A-shares remains unchanged at RMB 5.07 [1]

Group 1 - The core objective of the central enterprises is to strengthen, optimize, and expand state-owned enterprises and state capital, focusing on enhancing value creation capabilities and planning major projects and landmark projects to achieve qualitative and quantitative growth [1] - Central enterprises have completed fixed asset investments of 3.3 trillion yuan (approximately 0.5 trillion USD) in the first 11 months before 2025, with an average annual growth rate of over 20% in emerging industries during the 14th Five-Year Plan period [1] - The State-owned Assets Supervision and Administration Commission (SASAC) emphasizes the need for effective investment to accumulate development potential, focusing on key areas such as industrial chain strengthening, infrastructure construction, energy resource security, and forward-looking industrial layout [1] Group 2 - In the first quarter of 2026, the Southern Power Grid plans to invest over 24 billion yuan (approximately 3.7 billion USD) in power grid infrastructure construction, reflecting a year-on-year increase of over 20% [2] - Major engineering projects are progressing, including the first "Hualong One" nuclear power project in the Greater Bay Area and the expansion of the Wanzhou Power Plant by the State Energy Group, with total investments reaching 7 billion yuan (approximately 1.1 billion USD) [2] - The promotion of major projects by central enterprises is expected to effectively invest and accumulate development potential, enhancing consumer vitality through urban renewal, affordable housing, and new infrastructure in smart logistics and 5G [2] Group 3 - The discussions emphasize the need for optimizing the layout and structural adjustment of state-owned economies, focusing on core responsibilities, integrating technological and industrial innovation, and accelerating the transformation and upgrading of traditional industries [3] - There is a call for deeper reforms to establish a modern enterprise system with Chinese characteristics, improve corporate governance structures, and address deep-seated issues that hinder enterprise development [3] - The goal is to build more world-class enterprises while balancing high-quality development and high-level security [3]

Investment Rating - The report maintains an "Overweight" rating for the utility sector [1] Core Insights - The commercial operation of the Zhangzhou Nuclear Power Unit 2 commenced on January 1, 2026, completing the first phase of the Zhangzhou Nuclear Power project, which is expected to provide approximately 60 billion kWh of clean electricity annually [4] - The first green electricity direct connection project in Shandong and Hubei has been approved, with a total scale of 345 MW of new energy facilities, including 75 MW of wind power and 270 MW of photovoltaic power [4] - The average national grid purchase price of electricity in January 2026 decreased by 8% year-on-year [4] - The price of thermal coal at Qinhuangdao port increased by 17 RMB per ton week-on-week, reaching 699 RMB per ton as of January 9, 2026, a year-on-year decrease of 8.98% [4][43] - The inflow and outflow of the Three Gorges Reservoir showed a decrease in inflow by 6.3% and an increase in outflow by 7.2% as of January 9, 2026 [4][50] Industry Data Tracking - Electricity Consumption: In the first eleven months of 2025, total electricity consumption reached 9.46 trillion kWh, a year-on-year increase of 5.2% [12] - Power Generation: Cumulative power generation in the first eleven months of 2025 was 8.86 trillion kWh, with a year-on-year increase of 2.4% [22] - Installed Capacity: As of November 30, 2025, the cumulative installed capacity of thermal power reached 1.52 billion kW, with a year-on-year increase of 5.9% [44] - Hydropower: The cumulative installed capacity of hydropower reached 440 million kW, with a year-on-year increase of 3.0% [54]

Investment Rating - The report rates the gaming industry as "high" for investment [1] Core Views - The report emphasizes the importance of the "Solid Waste Comprehensive Treatment Action Plan," which aims for significant improvements in solid waste management by 2030, including a target of 4.5 billion tons of comprehensive utilization of major solid waste and 510 million tons of recycling of key resources [2][5][7] - It highlights the shift in the energy sector towards diversified revenue models for thermal power companies, recommending several key players in the industry [8] - The report discusses the current trends in natural gas pricing, noting a general decline in global gas prices due to mild weather conditions and stable supply [10][29] - It outlines the transition of hydrogen energy towards becoming a "regulator" of the power grid, emphasizing its role in energy storage and management [31][33] Summary by Sections 1. Environmental Protection - The "Solid Waste Comprehensive Treatment Action Plan" was released on January 4, aiming to enhance solid waste management and promote a green economy [5] - By 2030, the plan targets a comprehensive utilization of 4.5 billion tons of major solid waste and 510 million tons of recycling of key resources [2][6] - The focus is on industrial, urban, and agricultural waste, with a comprehensive governance approach to illegal dumping and construction waste [6][7] 2. Natural Gas - As of January 9, the Henry Hub spot price in the U.S. was $2.87/mmBtu, reflecting a weekly decline of 28.24% [10][11] - The report notes that the European gas prices have also decreased, with the TTF spot price at €29.00/MWh, down 1.43% week-on-week [10][16] - The overall gas market is characterized by stable supply and mild weather, leading to lower demand and prices [10][29] 3. Hydrogen Energy - The report discusses the integration of hydrogen energy into the power grid, highlighting its potential for large-scale energy storage and management [31] - It emphasizes the role of hydrogen in addressing renewable energy challenges and improving grid stability [31][33] - The report recommends companies involved in hydrogen production and technology as key investment opportunities [33] 4. Weekly Market Review - The report notes that the electric power equipment, gas, and environmental protection sectors outperformed the Shanghai and Shenzhen 300 index during the week of January 5 to January 9 [34] - It provides insights into the performance of various sectors, indicating a positive trend for certain energy and environmental stocks [36][39] 5. Company and Industry Dynamics - The report highlights the establishment of national zero-carbon parks, which will receive significant support for green energy initiatives [39] - It mentions the successful completion of green power transactions in Gansu, indicating a growing market for renewable energy [40][43] - The report includes updates on major companies' performance and strategic developments in the energy sector [44]

海外監管公告 本公告由中國廣核電力股份有限公司（「本公司」）根據香港聯合交易所有限公司證 券上市規則第13.10B條作出。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 CGN Power Co., Ltd.* 中國廣核電力股份有限公司 （在中華人民共和國註冊成立的股份有限公司） （股份代號：1816） 以下為本公司於深圳證券交易所網站發佈之《中國廣核電力股份有限公司關於「廣 核轉債」開始轉股的提示性公告》，僅供參閱。 承董事會命 中國廣核電力股份有限公司 尹恩剛 財務總監、聯席公司秘書及董事會秘書 中國，2026年1月12日 证券代码：003816 证券简称：中国广核 公告编号：2026-002 债券代码：127110 债券简称：广核转债 中国广核电力股份有限公司 於本公告日期，本公司董事會成員包括執行董事為龐松濤先生；非執行董事為楊 長利先生、李歷女士、馮堅先生及劉煥冰先生；獨立非執行董事為王鳴峰先生、 李馥友先生及徐華女士。 * 僅供識別 关 ...

Core Viewpoint - China General Nuclear Power (01816.HK) announced that its A-share convertible bonds can be converted into A-share stocks starting from January 15, 2026 [1] Group 1 - The company is issuing A-share convertible bonds to unspecified investors [1] - The announcement is in accordance with relevant regulations and the prospectus for the issuance of A-share convertible bonds [1]

Core Viewpoint - China General Nuclear Power (01816) announced that its A-share convertible bonds will be convertible into A-share stocks starting from January 15, 2026 [1] Group 1 - The company has issued a notice regarding its A-share convertible bonds [1] - The issuance is in accordance with relevant regulations and the prospectus for the public offering of A-share convertible bonds [1] - The conversion feature allows investors to convert their bonds into equity, potentially enhancing liquidity and investment appeal [1]