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 ...

智通财经APP讯，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。 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。 ...

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） 內幕消息 惠州1號及2號機組建設進展 中國廣核電力股份有限公司（「本公司」及其附屬公司，統稱「本集團」）根據香港聯 合交易所有限公司證券上市規則第13.09條及香港法例第571章《證券及期貨條例》 第XIVA部項下之內幕消息條文而刊發本公告。 1 本公司的股東及潛在投資者應注意以上資料只代表本集團之核電站的當前建設進 展，而不是本集團截至本公告日期所產生或衍生之收入或溢利的參考或計算基 礎。因此，本公司股東及╱或潛在投資者於買賣本公司股份時務請審慎行事。 承董事會命 中國廣核電力股份有限公司 尹恩剛 茲提述本公司日期為2025年9月18日的通函和日期為2025年8月27日、2025年10 月14日及2025年10月31日的有關公告，中廣核惠州核電有限公司為本公司的附屬 ...

Investment Rating - The report does not explicitly state an overall investment rating for the industry, but it provides specific recommendations for various sectors within the energy industry, indicating a positive outlook for certain companies and sectors [2][3]. Core Insights - The report highlights a slowdown in electricity generation growth in November 2025, with total generation at 779.2 billion kWh, a year-on-year increase of 2.7%. The growth was primarily driven by hydropower and wind power, while thermal power saw a decline [5][6]. - Natural gas prices in the U.S. and Europe have shown slight fluctuations, with U.S. Henry Hub spot prices at $3.58/mmBtu, reflecting a 12.1% weekly decline. Northeast Asia's LNG prices have also decreased, reaching $9.50/mmBtu, marking a 5% drop [18][19]. - The report emphasizes the increasing contribution of renewable energy sources, particularly wind and solar, to the overall electricity generation mix, with significant year-on-year growth rates [6][12]. Summary by Sections 1. Electricity Generation - November 2025 saw total electricity generation of 779.2 billion kWh, up 2.7% year-on-year. Thermal power generation decreased by 4.2% to 497.0 billion kWh, while hydropower increased by 17.1% to 96.7 billion kWh. Wind power grew by 22.0% to 104.6 billion kWh, and solar power rose by 23.4% to 41.2 billion kWh [5][7]. - From January to November 2025, total electricity generation reached 88,567 billion kWh, a 2.4% increase year-on-year, with significant contributions from hydropower, nuclear, wind, and solar energy [12][13]. 2. Natural Gas Market - As of December 19, 2025, U.S. Henry Hub spot prices were $3.58/mmBtu, down 12.1% from the previous week. European gas prices showed slight increases, with the Dutch TTF price at €28.10/MWh, up 2.0% [18][19]. - The report notes that the supply of natural gas remains high, with U.S. production at historical levels, contributing to the downward pressure on prices [18][19]. 3. Investment Recommendations - For thermal power, companies like Guodian Power and Inner Mongolia Huadian are recommended due to their integrated coal and power operations. For hydropower, companies such as Yangtze Power and State Power Investment Corporation are highlighted for their potential in the upcoming winter and spring [16][38]. - In the nuclear sector, China National Nuclear Power and China General Nuclear Power are suggested as key players due to their stable cost structures and growth potential [16][38]. - Renewable energy operators like Xinneng Green Energy and Longyuan Power are recommended as the market for green certificates and environmental values continues to grow [16][38].

Group 1 - The core viewpoint of the article highlights a significant rise in Hong Kong nuclear power stocks, with notable increases in shares of China General Nuclear Power Corporation (CGN) and its subsidiaries [1][2] - China General Nuclear Power Corporation's mining subsidiary saw a 5.8% increase, while its international and electricity generation arms rose by 2.28% and 1% respectively [2] - The article notes a resurgence in nuclear power construction in China, with the completion of the first concrete pour for the No. 6 unit at the Ningde Nuclear Power Station, marking the official start of the main construction [2] Group 2 - The article mentions that the recent initiation of new nuclear units is relatively rare, indicating a strong project reserve held by CGN, the largest nuclear power company in China [2] - Predictions suggest that during the 14th Five-Year Plan period, China is expected to become the only country globally with over 100 operational nuclear power units [2]

Group 1 - The core viewpoint of the article highlights the rise in Hong Kong nuclear power stocks, indicating positive market sentiment towards this sector [1] Group 2 - China General Nuclear Power Corporation (CGN) Mining increased by 5.8% [1] - China National Nuclear Corporation (CNNC) International rose by 2.28% [1] - China General Nuclear Power Corporation (CGN) Electric Power saw an increase of 1% [1]

Core Insights - The article highlights the transformation of Baise City into a modern industrial hub, focusing on the development of four key industries: aluminum, forestry, new energy, and new materials [1][2][3] Group 1: Aluminum Industry - Baise City has established a complete industrial chain from bauxite to high-end aluminum products, attracting leading companies like Geely and Aotai Aluminum [2] - The aluminum industry has seen a significant increase in transaction value, surpassing 110 billion yuan since the start of the 14th Five-Year Plan [2] - The production process has been optimized, with over 50% of the electricity used in aluminum production coming from clean energy sources [1] Group 2: Forestry Industry - The forestry sector in Baise has shifted from selling raw timber to selling products and brands, with a total output value reaching 850 billion yuan [2] - The city produces approximately 1 cubic meter of timber for every 15 cubic meters produced nationwide, indicating its significant role in the national timber market [2] - The industry has expanded from basic wood products to include plywood, custom furniture, and whole-house customization, enhancing the value chain [2] Group 3: New Energy Sector - Baise's main power grid now sources over 80% of its energy from clean energy, with annual electricity transmission exceeding 300 billion kilowatt-hours [3] - The city has attracted major companies in the renewable energy sector, forming clusters for wind turbine blades, photovoltaic components, and energy storage devices [3] - The continuous expansion of renewable energy installations has positioned Baise as a leader in Guangxi for two consecutive years [3] Group 4: New Materials Industry - The new materials industry in Baise has an annual output value exceeding 10 billion yuan, with multiple specialized industrial chains [3] - A notable project, the Shanghai Rongrong aluminum oxide continuous fiber product facility, has a total investment of 10.7 billion yuan and aims to become the largest of its kind in the country [3] - The restructuring of Baise's industrial framework has enhanced its resilience and competitiveness, moving from an aluminum-dominated economy to a diversified industrial base [3]

Group 1 - The core viewpoint of the news highlights a surge in Hong Kong nuclear power stocks, with significant increases in share prices for companies such as CGN Mining (up 5.8%), China Nuclear International (up 2.28%), and CGN Power (up 1%) as of December 22 [1][2] - The news indicates a renewed wave of nuclear power construction in China, with CGN's Fujian Ningde Nuclear Power Plant Unit 6 completing its first concrete pouring on December 16, marking the official start of the main construction [1] - The report notes that the recent initiation of new nuclear units is relatively rare, attributed to CGN's status as the largest nuclear power company in China and its leading position in project approvals for new nuclear units in 2024 and 2025 [1] Group 2 - The article predicts that during the 14th Five-Year Plan period, China is expected to become the only country in the world with over 100 operational nuclear power units [1] - The construction activity reflects a broader resurgence in domestic nuclear power development, indicating a peak in nuclear construction in China [1]

Group 1 - The core viewpoint of the news highlights a surge in Hong Kong nuclear power stocks, with significant increases in share prices for companies such as CGN Mining (up 5.8%), China National Nuclear Corporation (up 2.28%), and CGN Power (up 1%) [1][2] - As the year-end approaches, there is a renewed wave of nuclear power project initiations, with CGN's Ningde Nuclear Power Plant Unit 6 completing its first concrete pouring on December 16, marking the official start of its main construction [1] - The initiation of new nuclear units is relatively rare, attributed to CGN's status as the largest nuclear power enterprise in China, which has a robust project reserve. CGN is expected to lead in new nuclear unit approvals in 2024 and 2025 compared to other nuclear groups [1] Group 2 - The domestic nuclear power construction is experiencing a resurgence, indicating a peak in development activity. Industry predictions suggest that during the 14th Five-Year Plan period, China is likely to become the only country globally with over 100 operational nuclear power units [1]

Summary of Key Points from Conference Call Records Industry Overview - The focus is on the public utility and environmental protection sectors, particularly in the context of coal-fired power, renewable energy, and waste-to-energy industries [1][6][10]. Core Insights and Arguments Coal-Fired Power Sector - In 2025, the coal-fired power sector is expected to perform well with a growth rate of approximately 13.3%, primarily due to declining coal prices [2]. - The flexibility and scarcity value of coal-fired power are highlighted, especially in regions with a high proportion of renewable energy [2][3]. - By 2026, the power supply-demand relationship is anticipated to shift towards structural looseness, leading to pressure on coal-fired utilization hours and market prices [1][3]. - New coal-fired power units are projected to peak in 2025-2026, with an annual addition of about 70 GW, increasing revenue pressure due to rising renewable energy installations [3]. Investment Strategies - Investment strategies should focus on companies with controllable electricity price declines, new quality asset additions, or high dividend yields, such as Inner Mongolia Huadian and Huaneng International [1][3]. - Recommended stocks include national players like Huaneng International, Datang Power, and local companies like Inner Mongolia Haitan and Shaanxi Energy [3]. Renewable Energy Sector - The renewable energy sector is characterized by low valuations among Hong Kong-listed wind power operators, benefiting from reduced capital expenditure expectations and accelerated government subsidy recoveries [1][4]. - The cancellation of VAT refund policies in 2025 is expected to lead to more cautious capital expenditures among renewable energy operators [16]. - The sector is projected to see a significant increase in installed capacity, with annual additions expected to be between 150-200 GW over the next decade [16]. Waste-to-Energy and Biomass Diesel - The waste-to-energy sector is highlighted as a key emerging area for 2026, with significant growth potential and policy support [1][5]. - The industry has seen a substantial increase in the number of waste incineration facilities, with capacity rising from 25.59 million tons/day in 2016 to 115 million tons/day by 2024 [8]. - The sector's capital expenditure peaked in 2020 at 22.3 billion yuan, declining to 10.742 billion yuan by 2024, while free cash flow turned positive for the first time in 2024 [8]. Financial Performance and Market Dynamics - The public utility sector overall saw a 3.6% increase in 2025, outperforming the CSI 300 index by 12.8 percentage points, while the environmental sector rose by 16.1% [6]. - Concerns regarding subsidy delays and accounts receivable are gradually easing, with companies exploring new business models to enhance profitability [7][10]. Other Important Insights - The SAF (Sustainable Aviation Fuel) industry is entering a growth phase, with demand expected to rise significantly due to EU regulations [21][22]. - The supply of Yoko (waste cooking oil) is limited, but its price has stabilized, and demand is expected to increase, benefiting companies with expansion plans [23]. - The waste-to-energy sector is also exploring international opportunities, such as projects in Indonesia, which could provide significant growth avenues for Chinese companies [9]. Recommended Companies - Key companies to watch include: - Waste-to-energy: Weiming Environmental, Huaneng International, and Longyuan Power [10][24]. - Gas sector: Hong Kong gas companies like Towngas and integrated gas companies in A-shares [13][24]. - Biomass diesel: Companies with scarce Yoko resources like Shanhai Environmental and Jiaao Environmental [24].