Core Viewpoint - The recent developments in nuclear power projects in Guangdong and Guangxi reflect China's commitment to the "active, safe, and orderly development of nuclear power" strategy [4]. Group 1: Project Developments - On December 22, Guangdong's second unit of the Lufeng Nuclear Power Project began construction with the completion of the first concrete pour for the nuclear island, marking the official start of the main engineering work [2]. - The Lufeng Nuclear Power Project in Guangdong plans to build six 1 million kilowatt pressurized water reactor units, with four units already approved [2]. - On the same day, the first unit of the Bailong Nuclear Power Project in Guangxi also commenced construction, with the first concrete pour for the nuclear island [2]. - The Bailong Nuclear Power Project plans to construct six units with a total installed capacity of 8.62 million kilowatts and an estimated total investment of approximately 120 billion yuan [2]. Group 2: Investment and Technology - The total investment for the two new nuclear units (Lufeng 2 and Bailong 1) is estimated to be nearly 40 billion yuan, as each third-generation nuclear unit has an investment of about 20 billion yuan [2]. - The first unit of the Bailong project will utilize domestically designed third-generation advanced nuclear technology, with a single unit capacity of 1.25 million kilowatts [2]. Group 3: Future Plans - In 2025, the company plans to start six new nuclear power units, including the Lufeng 1 unit, Taipingling 3 unit, Zhaoyuan 1 unit, San'ao 3 unit, and Ningde 6 unit [3].

Core Viewpoint - The completion of the first concrete pouring for the nuclear island of the Guangdong Lufeng Nuclear Power Project Unit 2 marks the official commencement of the main construction of the unit, reflecting the company's commitment to advancing major energy projects and boosting economic growth through effective investment [1][5]. Group 1: Project Overview - The Lufeng Nuclear Power Project is located in Shanwei City, Guangdong Province, with plans to construct six million-kilowatt pressurized water reactor units, of which four have been approved [3]. - Units 5 and 6 began construction on September 8, 2022, and August 26, 2023, respectively, while Units 1 and 2 received national approval on August 19, 2024, with Unit 1 expected to start construction on February 24, 2025 [3]. Group 2: Construction Techniques and Innovations - The project employs modular construction techniques that utilize factory prefabrication and on-site assembly, significantly enhancing engineering precision, quality management, and work efficiency while reducing on-site operational risks [4]. - Advanced technologies such as BIM (Building Information Modeling), 3D scanning, and digital simulation are integrated to optimize construction plans and enable comprehensive visual management throughout the process [4]. Group 3: Technological Integration and Safety - The "smart construction site" leverages cutting-edge technologies like 5G networks, cloud computing, big data, and the Internet of Things to monitor and manage core elements in real-time, thereby improving safety levels and management capabilities [4]. - This transformation towards high-end, intelligent, and green nuclear power construction supports the company's goal of becoming a globally competitive clean energy enterprise [4]. Group 4: Strategic Importance - The commencement of this project aligns with the central economic work conference's directives, emphasizing effective investment to expand domestic demand and implement major projects [5]. - In 2025, the company plans to start five new nuclear power units, including those in Guangdong, Shandong, Zhejiang, and Fujian, contributing to energy supply stability and economic growth [5].

Investment Rating - The report maintains an "Overweight" rating for the utility sector [1] Core Insights - The 2026 National Energy Work Conference was held to summarize 2025 and outline key tasks for 2026, focusing on high-quality energy planning, energy security, green transformation, technological independence, and international cooperation [4][6] - The report emphasizes the importance of signing and fulfilling long-term electricity contracts for 2026, with specific guidelines for coal-fired power generation contracts [4] - Key industry data shows a stable increase in electricity consumption and generation, with a notable rise in renewable energy installations [4][13][21] Summary by Sections Industry Trends - The SW utility index decreased by 0.59% from December 15 to December 19, 2025, with mixed performance across sub-sectors [9] - The report highlights a 5.1% year-on-year increase in total electricity consumption for the first ten months of 2025, reaching 8.62 trillion kWh [13] - Cumulative electricity generation for the same period was 8.06 trillion kWh, reflecting a 2.3% year-on-year growth [21] Electricity Pricing - The average electricity purchase price in November 2025 was 401 RMB/MWh, down 2% year-on-year but up 2.8% month-on-month [36] Coal Pricing - As of December 19, 2025, the price of thermal coal at Qinhuangdao port was 703 RMB/ton, a decrease of 8.7% year-on-year and 5.64% week-on-week [45] Hydropower Data - The Three Gorges Reservoir's water level was 171.37 meters as of December 19, 2025, with inflow and outflow rates showing a year-on-year decrease [53][64] Investment Recommendations - The report suggests focusing on green energy companies such as Longyuan Power, Zhongmin Energy, and Three Gorges Energy, while also recommending traditional power companies like Huaneng International and Huadian International for their reliability and flexibility [4]

（原标题：中广核风电等成立新能源公司，含充电桩销售业务） 企查查APP显示，近日，广和新能源（如东）有限公司成立，法定代表人为徐成根，注册资本为5000万 元，经营范围包含：发电业务、输电业务、供（配）电业务；风力发电技术服务；充电桩销售；储能技 术服务等。企查查股权穿透显示，该公司由中广核风电有限公司全资子公司中广核（江苏）新能源有限 公司、Huamei Holding Company Limited共同持股。 ...

人民财讯12月22日电，企查查APP显示，近日，广和新能源(如东)有限公司成立，法定代表人为徐成 根，注册资本为5000万元，经营范围包含：发电业务、输电业务、供(配)电业务；风力发电技术服务； 充电桩销售；储能技术服务等。企查查股权穿透显示，该公司由中广核风电有限公司全资子公司中广核 (江苏)新能源有限公司、Huamei Holding Company Limited共同持股。 ...

格隆汇12月22日丨中广核电力(01816.HK)宣布，公司附属公司中广核陆丰核电有限公司的陆丰2号机组 已于2025年12月22日进行核反应堆主厂房第一罐混凝土浇筑(FCD)，即陆丰2号机组于该日开始全面建 设，进入土建施工阶段。 陆丰2号机组的装机容量为1,245MW。 ...

智通财经APP讯，中广核电力(01816)发布公告，本公司附属公司中广核陆丰核电有限公司的陆丰2号机 组已于2025年12月22日进行核反应堆主厂房第一罐混凝土浇筑(FCD)，即陆丰2号机组于该日开始全面 建设，进入土建施工阶段。陆丰2号机组的装机容量为1245MW。 ...

中广核电力(01816)发布公告，本公司附属公司中广核陆丰核电有限公司的陆丰2号机组已于2025年12月 22日进行核反应堆主厂房第一罐混凝土浇筑(FCD)，即陆丰2号机组于该日开始全面建设，进入土建施 工阶段。陆丰2号机组的装机容量为1245MW。 ...

集团将继续积极协调各方资源力量，加强项目的安全、质量、进度、投资等方面的控制和管理，推进惠 州1号及2号机组工程建设的顺利进行。 中广核电力(01816)发布公告，中广核惠州核电有限公司为公司的附属公司，其拥有的惠州1号及2号机 组均采用华龙一号技术，分别于2019年12月26日及2020年10月15日进行核反应堆主厂房第一罐混凝土浇 筑(FCD)，开始全面建设，原定预期投入运行日期分别为2025年下半年及2026年上半年。集团近日对惠 州1号及2号机组建设完成了整体评估，为实现机组高质量投产，保障机组投产后的安全稳定运行，经过 审慎考虑，决定对机组建设计划进行调整，惠州1号及2号机组预计投入运行时间分别调整为2026年上半 年及2026年下半年。截至本公告日期，惠州1号及2号机组均处于调试阶段。 ...

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） 中國廣核電力股份有限公司（「本公司」）董事會（「董事會」）欣然宣佈，本公司附 屬公司中廣核陸豐核電有限公司的陸豐2號機組已於2025年12月22日進行核反應 堆主廠房第一罐混凝土澆築(FCD)，即陸豐2號機組於該日開始全面建設，進入土 建施工階段。 陸豐2號機組的裝機容量為1,245MW。 本公司目前無其他任何應披露而未披露的信息。有關本公司信息以本公司在香港 聯合交易所有限公司已發佈的相關公告為準，敬請廣大投資者理性投資，注意投 資風險。 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 陸豐2號機組開始全面建設 中國，2025年12月22日 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 ...