Core Viewpoint - China General Nuclear Power Corporation (CGN 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 announcement pertains to the issuance of A-share convertible bonds by the company [1] - The convertible bonds are issued to unspecified investors according to relevant regulations [1] - The conversion feature allows bondholders to convert their bonds into equity, potentially impacting the company's capital structure [1]

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.* 財務總監、聯席公司秘書及董事會秘書 中國，2026年1月12日 關於A股可轉換公司債券開始轉股的公告 茲提述中國廣核電力股份有限公司（「本公司」）日期為2024年6月21日的公告、日 期為2024年7月5日的通函、日期為2024年8月8日、2025年7月6日的公告和公司 日期為今日的海外監管公告，內容有關A股可轉換公司債券（「A股可轉債」）。 根據相關規定和公司向不特定對象發行A股可轉債募集說明書的有關規定，A股可 轉債自2026年1月15日起可轉換為公司A股股票。 承董事會命 中國廣核電力股份有限公司 尹恩剛 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） 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 ...

Investment Rating - The report maintains a positive outlook on the industry, indicating a "Look Favorably" investment rating [1]. Core Insights - The report highlights the release of the "Comprehensive Solid Waste Management Action Plan," which aims to enhance solid waste management and promote a circular economy by 2030, targeting a comprehensive utilization of 4.5 billion tons of major solid waste and 510 million tons of recyclable resources annually [2][6][8]. - Global natural gas prices have generally declined, influenced by mild weather conditions, with significant drops in prices across various markets, including a 28.24% decrease in the US Henry Hub spot price [11][12][18]. - The hydrogen energy sector is evolving towards becoming a key regulator in the power grid, with initiatives to integrate clean hydrogen production and utilization into microgrid systems, enhancing energy storage capabilities [35][37]. Summary by Sections 1. Environmental Protection - The "Comprehensive Solid Waste Management Action Plan" aims for significant improvements in solid waste management by 2030, with specific targets for waste recycling and resource utilization [2][6]. - The plan emphasizes the need for a circular economy that does not rely on subsidies, focusing on industrial collaboration and technological innovation to create a sustainable waste management system [7][8]. 2. Natural Gas - Natural gas prices have seen a significant decline, with the US Henry Hub spot price at $2.87/mmBtu, reflecting a 28.24% week-over-week drop [11][12]. - The report notes that the demand for natural gas is expected to remain weak in Northeast Asia, contributing to a slight decrease in LNG prices [11][30]. - Recommendations include focusing on integrated natural gas companies that are expected to benefit from cost reductions and improved profitability [32]. 3. Hydrogen Energy - The report discusses the strategic positioning of hydrogen energy as a flexible load regulator within the power grid, highlighting its potential to enhance energy storage and consumption efficiency [35][37]. - It emphasizes the importance of hydrogen energy in achieving energy security and autonomy, recommending companies involved in hydrogen production [35][37]. 4. Weekly Market Review - The report indicates that the electricity equipment, gas, and environmental protection sectors outperformed the Shanghai and Shenzhen 300 index during the review period [38]. 5. Company and Industry Dynamics - The report outlines significant developments in the renewable energy sector, including the establishment of national zero-carbon parks and the increase in green electricity trading volumes, which are expected to enhance market opportunities for leading companies in the sector [44][48].

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the environmental and public utility sector [7] Core Insights - The report highlights significant price increases for second and third-generation biodiesel (HVO and SAF) in 2025, with HVO reaching a peak of $2853.38 per ton and SAF at $2900.95 per ton, reflecting increases of 69.2% and 69.1% from their lowest points respectively [1][17] - The demand for SAF is driven by the EU's ReFuelEU Aviation Regulation, which mandates a gradual increase in SAF content in aviation fuel, leading to an estimated demand increase of approximately 1.4 million tons in 2025 [1][19] - The report emphasizes the scarcity of used cooking oil (UCO) as a raw material for HVO and SAF, suggesting that companies with waste oil resources and production capacity should be closely monitored [3][39] Summary by Sections 1. Special Research - The report discusses the upward trend in biodiesel prices due to downstream demand, particularly for SAF and HVO, with significant price increases observed in 2025 [1][17] - It notes that multiple countries are implementing policies to increase biodiesel blending ratios, with global biodiesel consumption expected to exceed 75.77 million tons by 2030 [2][25] - UCO is identified as a critical raw material with limited supply, highlighting the need to focus on companies that can efficiently utilize waste oil resources [3][39] 2. Market Review - The report provides a market performance overview, indicating that the Shanghai Composite Index rose by 4.06% from December 26 to January 9, with various sector performances detailed [4][42] 3. Industry Dynamics - The report outlines recent legislative progress in the EU regarding renewable energy, particularly the RED III directive, which aims to increase the share of renewable energy in the EU's energy consumption to 42.5% by 2030 [19][20] - It highlights the growing demand for advanced biofuels and the expected increase in biodiesel consumption in developing countries, which may take over as the main growth area for biofuels [2][23] 4. Investment Portfolio and Recommendations - The report suggests focusing on companies with strong capabilities in waste oil production and technology, such as Shanhigh Environmental, Longkun Technology, and Zhuoyue New Energy, due to the anticipated growth in SAF and HVO demand [3][39]

Core Viewpoint - The recent "opening red" in the A-share market reflects a favorable macroeconomic environment and abundant liquidity, which supports market risk appetite and attracts incremental capital inflow, creating a positive feedback loop between capital inflow and market rise [2][18]. Group 1: Market Dynamics - The A-share market has experienced a strong start with the Shanghai Composite Index breaking key levels and achieving a "sixteen consecutive days" rise, exceeding many investors' expectations [1][19]. - Historical data indicates that after a single-day trading volume exceeds 3 trillion yuan, there is typically at least a monthly-level market rally [19]. - Various types of trading funds have shown signs of accelerated entry, including a net inflow of 78.9 billion yuan in margin financing since the beginning of the year and a return of retail investor net inflow to around 30 billion yuan daily [2][5]. Group 2: Structural Characteristics - The inflow structure of different funds shows a strong consensus on key themes, primarily focusing on TMT (storage, AI applications), military industry (commercial aerospace), non-ferrous metals, new energy (controlled nuclear fusion), machinery (robots), and pharmaceuticals (innovative drugs, brain-machine interfaces) [5][36]. - The global stock market has also seen a strong start in 2026, driven by macroeconomic and industrial narratives, with A-shares reflecting similar trends [13][18]. Group 3: Future Directions - As companies begin to disclose annual reports, earnings will become a key factor driving market dynamics, leading to a structural adjustment where previously hot sectors face performance validation, while some low-performing sectors may attract new capital inflows [36]. - Industries with significant upward revisions in profit forecasts since November include technology (consumer electronics, computing), advanced manufacturing (new energy, military), cyclical sectors (building materials, non-ferrous metals), and consumer sectors (food processing, retail) [37][38].

Market Performance - The Hong Kong stock market experienced a mixed performance with the Hang Seng Index rising by 82.48 points, or 0.32%, closing at 26,231.79 points [1] - The Hang Seng Tech Index increased by 8.8 points, or 0.15%, to 5,687.14 points, while the China Enterprises Index rose by 9.19 points, or 0.1%, to 9,048.53 points [1] - Major tech stocks showed varied movements, with Alibaba up 2.73%, Tencent down 0.81%, and JD.com up 2.6% [1] Company News - Fast Retailing (迅销) reported a revenue of 1,027.745 billion yen for the first quarter ending November 30, 2025, a year-on-year increase of 14.8%, and a net profit of 147.445 billion yen, up 11.7% year-on-year [2] - Baidu Cloud (百融云) repurchased 4.15 million shares for a total of 51.783 million HKD at a price range of 12.41-12.51 HKD [3] - Tencent Holdings (腾讯控股) repurchased 1.636 billion HKD worth of shares, buying back 1.034 million shares at a price range of 610.5-618.5 HKD [4] - Xiaomi Group (小米集团) repurchased 5 million shares for 191 million HKD at a price range of 38.04-38.16 HKD [5] - Vanke Enterprises (万科企业) announced the retirement of Yu Liang, who stepped down from his roles as director and executive vice president [7] Industry Insights - CITIC Securities forecasts that the Hong Kong stock market may see a second round of valuation recovery and performance revival in 2026, driven by internal and external economic factors [13] -招商证券 suggests that the market will enter a phase of structural differentiation, focusing on quality-driven growth, and recommends a dual strategy of focusing on both rebound opportunities and growth stocks [13] - Zheshang International maintains a cautiously optimistic outlook for the Hong Kong market, highlighting sectors benefiting from policy support such as new energy, innovative pharmaceuticals, and AI technology [14]

Market Overview - A-shares experienced a slight decline, ending a streak of gains, with the Shanghai Composite Index down 0.07% at 4,082.98 points[16] - The Hang Seng Index fell 1.17% to 26,149 points, with all three major indices in Hong Kong closing lower[11] - U.S. markets showed mixed results, with the Dow Jones up 0.55% at 49,266 points, while the Nasdaq dropped 0.44% to 23,480 points[9] Fixed Income - U.S. Treasury yields rose by 2-3 basis points, with the 10-year yield at 4.17%[28] - A total of $48.21 billion in new bonds was issued on Thursday, bringing the weekly total to $952.21 billion[28] - The Asian bond market remained resilient, with mixed performance across bonds and spreads remaining stable[28] Commodities - Oil prices surged over 3%, with WTI crude closing at $57.76 per barrel, driven by geopolitical tensions and supply concerns[25] - Gold prices remained stable, closing at $4,460.7 per ounce, as the market awaited U.S. non-farm payroll data[25] Economic Indicators - The U.S. labor market showed resilience, with a decrease in layoffs and an increase in hiring plans, marking the highest level since 2022[5] - The U.S. trade deficit narrowed by nearly 40% in October due to a significant drop in imports[5] Sector Performance - In the U.S., the energy sector led gains with a 3.20% increase, while technology stocks faced pressure, particularly Nvidia, which fell 2.15%[9] - In Hong Kong, high-dividend sectors like coal and electricity stocks performed well, while technology and financial sectors struggled[11]

Market Overview - The Hong Kong stock market opened higher but experienced a downward trend, with the Hang Seng Index up 0.03% at 26,158.21 points, the Hang Seng Tech Index down 0.06% at 5,674.78 points, and the National Enterprises Index up 0.04% at 9,042.8 points [1] - Major tech stocks showed mixed performance, with Alibaba up 2.81%, Tencent down 0.73%, JD.com up 2.95%, Xiaomi down 0.42%, NetEase down 1.64%, Meituan down 2.38%, Kuaishou up 2.85%, and Bilibili up 3.32% [1] - The commercial aerospace sector was strong, with Asia Pacific Satellite rising over 15%, while gold stocks saw gains, with Shandong Gold up over 6% [1] - Solar energy stocks weakened, with GCL-Poly Energy down over 8%, and real estate and aviation stocks showed collective weakness [1] - MiniMax, a large model enterprise, saw its stock rise over 78% on its first trading day, reaching 294 HKD [1] Company News - Fast Retailing (迅销) reported Q1 earnings for the period ending November 30, 2025, with revenue of 1,027.745 billion JPY, a year-on-year increase of 14.8%, and net profit of 147.445 billion JPY, up 11.7% year-on-year [2] - Bairong Cloud (百融云) repurchased 4.15 million shares for 51.783 million HKD at a price range of 12.41-12.51 HKD [3] - Xianjian Technology (先健科技) received formal registration approval from the National Medical Products Administration for its G-iliacTM Pro iliac artery stent system [4] - Tencent Holdings (腾讯控股) repurchased 1.036 million shares for 636 million HKD at a price range of 610.5-618.5 HKD [4] - Xiaomi Group (小米集团) repurchased 5 million shares for 191 million HKD at a price range of 38.04-38.16 HKD [5] - Giant Bio (巨子生物) repurchased 400,000 shares for 13.7106 million HKD at a price range of 34.12-34.44 HKD [6] - Vanke Enterprises (万科企业) announced the resignation of Yu Liang due to retirement [7] - Baolong Real Estate (宝龙地产) reported a total contract sales amount of approximately 7.272 billion CNY for 2025, a year-on-year decrease of 43.13% [8] - China General Nuclear Power (中广核电力) projected a total on-grid electricity of approximately 2,326.48 billion kWh for 2025, a year-on-year increase of 2.36% [9] - Jieli Trading Treasure (捷利交易宝) reported an increase of 7 institutional clients in December 2025, a year-on-year increase of 1, with registered users at approximately 886,700, up 6.2% year-on-year [9] - CWT International (CWT INT'L) signed a memorandum of cooperation with SF Express Singapore to jointly build a one-stop local and international logistics service [10] - Merui Health International (美瑞健康国际) plans to acquire 100% equity of Jiangsu Yide for 125 million CNY [11] - Dimi Life Holdings (迪米生活控股) entered into a strategic cooperation framework agreement with partners to enter the electronic vaporization industry [12] Institutional Insights - Everbright Securities indicated that domestic policy support combined with a weaker US dollar may lead to continued upward movement in the Hong Kong stock market, highlighting strong overall profitability and the relative scarcity of assets in internet, new consumption, and innovative pharmaceuticals [13] - Galaxy Securities expects active trading in the Hong Kong market to persist due to multiple positive factors, projecting an overall upward trend [13] - Dongwu Securities noted that the Hong Kong market is entering a period of upward fluctuation, emphasizing the importance of dividends as a base and the potential for technology growth in the first half of the year [13]

Market Overview - The Hong Kong stock market opened higher on January 9, with the Hang Seng Index rising by 0.47% to 26,272.54 points, the Hang Seng Tech Index increasing by 0.38% to 5,699.97 points, the State-Owned Enterprises Index up by 0.35% to 9,070.91 points, and the Red Chip Index gaining 0.45% to 4,112.86 points [1] - Major technology stocks saw positive movement, with Alibaba up 3.79%, JD Group up 3.31%, and Bilibili up 2.95%. However, Meituan and Kuaishou experienced declines of 0.99% and 0.90%, respectively [1] - Oil stocks generally rose, with PetroChina increasing by over 1%. Chinese brokerage stocks were active, with Dongfang Securities rising by nearly 1% [1] - The biopharmaceutical sector saw a pullback, with BeiGene down over 3% [1] - Three new stocks were listed today, all opening higher: Reborn Bio-B surged over 29%, MINIMAX soared over 42%, and Jinxun Resources rose over 26% [1] Company News - Fast Retailing (06288.HK) reported first-quarter earnings for the period ending November 30, 2025, with revenue of 1,027.745 billion yen, a year-on-year increase of 14.8%, and net profit of 147.445 billion yen, up 11.7% year-on-year [2] - Vanke Enterprises (02202.HK) announced that Yu Liang has resigned from his positions as director and executive vice president due to retirement [3] - Baolong Real Estate (01238.HK) projected a total contract sales amount of approximately 7.272 billion yuan for 2025, a year-on-year decrease of 43.13% [4] - China General Nuclear Power (01816.HK) expects a total on-grid electricity of approximately 2,326.48 billion kilowatt-hours for 2025, a year-on-year increase of 2.36% [4] - Meirui Health International (02327.HK) plans to acquire 100% equity of Jiangsu Yide for 125 million yuan [5] Strategic Developments - CWT International (00521.HK) has formalized a memorandum of cooperation with SF Express Singapore to jointly build a one-stop local and international logistics service [6] - Dimy Life Holdings (01667.HK) has entered into a strategic cooperation framework agreement with partners to venture into the electronic vaporization industry [7] - Xianjian Technology (01302) received formal registration approval from the National Medical Products Administration for its G-iliacTM Pro iliac artery stent system [8] Stock Buybacks - Tencent Holdings (00700.HK) repurchased 1.034 million shares for 636 million HKD at prices ranging from 610.5 to 618.5 HKD [8] - Xiaomi Group (01810.HK) repurchased 5 million shares for 191 million HKD at prices between 38.04 and 38.16 HKD [9] - Bairong Cloud (06608.HK) repurchased 415,000 shares for 51.783 million HKD at prices between 12.41 and 12.51 HKD [10] - Juzhi Biotechnology (02367.HK) repurchased 40,000 shares for 13.7106 million HKD at prices between 34.12 and 34.44 HKD [11] Institutional Insights - Everbright Securities suggests that domestic policy initiatives combined with a weaker US dollar may lead to continued upward movement in the Hong Kong stock market, highlighting strong overall profitability and relatively low valuations [12] - Dongwu Securities anticipates significant catalysts for the commercial aerospace industry in 2026, particularly with the launch of multiple reusable and large-capacity commercial rockets [12] - Kaiyuan Securities notes a "dual-drive" investment logic in semiconductor materials and equipment, driven by supply chain security concerns and recent capital investments in domestic manufacturing [12]

责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 香港联交所最新资料显示，1月6日，中信证券-云帆单一资产管理计划增持中广核电力（01816）2888.6 万股，每股作价2.999港元，总金额约为8662.91万港元。增持后最新持股数目约为5.79亿股，最新持股 比例为5.18%。 香港联交所最新资料显示，1月6日，中信证券-云帆单一资产管理计划增持中广核电力（01816）2888.6 万股，每股作价2.999港元，总金额约为8662.91万港元。增持后最新持股数目约为5.79亿股，最新持股 比例为5.18%。 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 责任编辑：卢昱君 ...