Core Viewpoint - China General Nuclear Power Corporation (CGN) announced that its joint venture, Fujian Ningde Nuclear Power Co., Ltd., has commenced full construction of the Ningde Unit 6 reactor as of December 16, 2025, marking the start of the civil construction phase [1] Group 1 - The Ningde Unit 6 reactor utilizes the Hualong One nuclear technology [1] - The single unit capacity of Ningde Unit 6 is 1,210 MW [1]

Core Viewpoint - China General Nuclear Power Corporation (CGN) announced the commencement of full construction for the Ningde Unit 6 nuclear reactor, marking a significant milestone in its development timeline [1] Group 1: Project Development - The Ningde Unit 6 reactor's first concrete pouring for the main reactor building took place on December 16, 2025, indicating the start of the civil construction phase [1] - The reactor utilizes the Hualong One nuclear technology, with a single unit capacity of 1,210 MW [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。 （股份代號：1816） 寧德6號機組開始全面建設 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，本公司合 營企業福建寧德第二核電有限公司的寧德6號機組已於2025年12月16日進行核反 應堆主廠房第一罐混凝土澆築(FCD)，即寧德6號機組於該日開始全面建設，進入 土建施工階段。 中國廣核電力股份有限公司 尹恩剛 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） 寧德6號機組採用華龍一號核電技術，單台機組容量為1,210MW。 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，2025年12月16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、馮堅先生及劉 ...

2026年核电行业投资机会展望 国投证券(香港)有限公司•研究部 2025年12月16日 分析师： 罗璐 Lilian Luo（中央編號：BAM832） lilianluo@sdicsi.com.hk 请参阅本报告尾部免责声明 核心观点 核电板块景气度提升。AI电力需求的持续增长，三代核电技术的安全性提升，主要国家对核电态度 积极。美国在AI电力需求快速增长，电网日趋老化下，重视核电发展，特朗普提出2050年美国核电 装机400GW的庞大计划。中国自2019年起，核电审批重启，年度审批核电机组数量在10台以上， 明显加快。欧洲法国、英国等均对核电态度转为积极。世界核协会对2040年全球核电装机的预测为 746GW，装机增幅接近90%。 中广核电力1816.HK 上网电量稳步增加，2025新增5个核准项目。公司未来装机容量上涨空间大，短期电价波动等市 场因素影响。预期公司业绩保持稳定略增，股息率约4.5%。优质红利标的。 中广核矿业1164.HK 亚洲市场稀缺标的，优质铀矿资源在手。明年起与中广核集团长协价格上调，利好业绩释放。 核电的未来技术发展：四代核电技术及可控核聚变 中国具备国际领先技术优势。 2 中国 ...

Macro Strategy - The report indicates that the recent Federal Reserve interest rate cut, combined with dovish signals from Powell, has led to a decline in short-term U.S. Treasury yields, despite concerns over an AI investment bubble impacting the stock market [1] - Analysts expect November's non-farm payrolls to show a weak job addition of 50,000, with a high standard deviation of 33,000, indicating significant market divergence [1] - The Consumer Price Index (CPI) is projected to rise by 3.1% year-on-year, with core CPI at 3%, maintaining an inflation center around 3% [1] Financial Products - The A-share market outlook suggests maintaining patience while waiting for stabilization in overseas markets, with a macro timing model scoring -2 for December, indicating a potential adjustment in the A-share index [2] - The report notes a significant inflow into ETFs such as A500 ETF and STAR 50 ETF, indicating some market participants are gradually entering through ETF investments [2] Industry Insights - The Central Economic Work Conference has shifted focus away from M2 and social financing scale, emphasizing stable economic growth and reasonable price recovery as key considerations for monetary policy [4] - The report highlights the importance of effective financing demand over the supply of financial resources, suggesting a continued shift in monetary policy focus for 2026 [4] Fixed Income - The report discusses the impact of recent central meetings on the bond market, suggesting that the flexibility of policies may prevent a repeat of the unilateral interest rate decline seen from 2022 to 2024 [5] - It recommends focusing on convertible bonds in sectors with significant valuation discrepancies, particularly in AI, core materials, and power distribution equipment [5] Utilities Sector - The report emphasizes the deepening of electricity reforms and the significant value of dividend configurations in the power sector, particularly in renewable energy [6] - It recommends companies like Longyuan Power and China Nuclear Power, highlighting their growth potential and dividend capabilities [6] Environmental Sector - The report outlines the Central Economic Work Conference's commitment to a comprehensive green transition and energy independence, which is expected to benefit the environmental sector [8] - It suggests that companies involved in waste resource recovery and clean energy will see growth opportunities due to market reforms and international expansion [8] Gas Industry - The report anticipates a favorable supply environment for gas companies, with cost optimization and demand growth expected in 2025 [9] - It highlights companies like Xinao Energy and China Gas, which are positioned to benefit from ongoing market adjustments [9] Construction Materials - The report notes a potential shift towards high-yield assets during a period of market volatility, recommending companies like Rabbit Baby and Upwind Cement [10] - It emphasizes the importance of domestic and international market dynamics in shaping the construction materials sector [10] Retail Sector - The report discusses the Ministry of Commerce's plans for high-quality development in the retail sector, focusing on opportunities in quality retail transformation [12] - It recommends leading supermarket chains and retail brands that demonstrate strong adaptation capabilities [12] Automotive Sector - The report highlights the regulatory environment for automotive pricing and the ongoing investment opportunities in AI and smart vehicles [13] - It identifies key players in the automotive sector, including Tesla and Xiaopeng Motors, as potential beneficiaries of technological advancements [13] Power Equipment Sector - The report indicates a robust demand for energy storage solutions, projecting a growth rate of over 60% in the coming years [15] - It recommends leading companies in the energy storage and battery sectors, such as CATL and BYD, as key investment opportunities [15] Lithium Battery Industry - The report forecasts a 32% growth in lithium battery demand in 2026, driven by strong market fundamentals and supply-demand dynamics [26] - It highlights leading companies in the lithium battery supply chain, including CATL and Yahua, as attractive investment targets [26] Wind Power Sector - The report anticipates significant growth in offshore wind installations, with a focus on companies like Goldwind and Mingyang Smart Energy [28] - It emphasizes the potential for increased market activity and pricing power in the wind power sector as demand rises [28] Commercial Aerospace - The report discusses the rapid development of the commercial aerospace sector, particularly in reusable rocket technology and satellite launches [22] - It identifies key players in the aerospace supply chain, such as Superjet and Srey New Materials, as beneficiaries of this growth [22]

Investment Rating - The report maintains an "Overweight" rating for the utility sector [1] Core Insights - The Central Economic Work Conference has elevated the status of dual carbon goals and the construction of an energy powerhouse, emphasizing the need for comprehensive green transformation and energy system upgrades [4] - Key industry data shows a stable increase in electricity consumption and generation, with a notable rise in renewable energy capacity [4][13][21] Industry Data Summary Electricity Consumption - Total electricity consumption from January to October 2025 reached 8.62 trillion kWh, a year-on-year increase of 5.1%, with growth rates for various sectors: primary industry +10.5%, secondary industry +3.7%, tertiary industry +8.4%, and urban-rural residential +6.9% [13][14] Power Generation - Cumulative power generation from January to October 2025 was 8.06 trillion kWh, reflecting a year-on-year increase of 2.3%. The breakdown includes: thermal power -0.4%, hydropower +1.6%, nuclear power +8.7%, wind power +7.6%, and solar power +23.2% [21][22] Electricity Prices - 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][41] Coal Prices - As of December 12, 2025, the price of thermal coal at Qinhuangdao port was 745 RMB/ton, a decrease of 6.17% year-on-year and 5.10% week-on-week [44][47] Hydropower Conditions - As of December 12, 2025, the water level at the Three Gorges Reservoir was 172.03 meters, with inflow and outflow rates showing a year-on-year decrease of 7.7% and 7.56%, respectively [52][58] Installed Capacity - New installed capacity from January to September 2025 included: thermal power +5,668 MW (up 69.5%), hydropower +716 MW (down 10.1%), nuclear power +153 MW, wind power +6,109 MW (up 56.2%), and solar power +24,027 MW (up 49.3%) [4][45] Investment Recommendations - Focus on green electricity, with recommendations for companies such as Longyuan Power, Zhongmin Energy, and Three Gorges Energy. Emphasis on the transformation of thermal power and the potential of hydropower and nuclear power for stable returns [4]

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） 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。 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完 成工商變更登記及公司章程備案的公告》，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，2025年12月15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 证券代码：003816 证券简称：中国广核 公告编号：2025-078 债券代码：127110 债券简称：广核转债 中国广核电力股份有限公 ...

Investment Rating - The report maintains a positive outlook on the power sector, particularly following the increase in coal power capacity pricing in Yunnan, which is expected to stabilize revenue for coal power companies [6][8]. Core Insights - Yunnan has announced an increase in the coal power capacity price recovery of fixed costs to 100%, effective from 2026, which will enhance the stability of coal power revenues and support the integration of renewable energy sources [6][7]. - The report highlights a significant drop in natural gas prices in the U.S. and Northeast Asia, with the latter reaching a 20-month low, indicating a favorable environment for gas companies [10][24]. - The investment analysis suggests a diversified revenue model for coal power companies, transitioning from reliance on electricity sales to a combination of electricity, capacity, and ancillary service revenues [8]. Summary by Sections 1. Power Sector - Yunnan's new policy sets the coal power capacity price at 330 RMB per kilowatt per year, allowing full recovery of fixed costs, which is expected to improve the profitability of coal power plants [6][7]. - The province's total installed power capacity exceeds 168 million kilowatts, with over 90% being green energy, necessitating coal power for peak load support [7]. - The report recommends several companies, including Guodian Power and Inner Mongolia Huadian, for their integrated coal power operations [8]. 2. Natural Gas Sector - U.S. Henry Hub spot prices fell to $4.07/mmBtu, a decrease of 21.56% week-on-week, while Northeast Asia LNG prices dropped to $10/mmBtu, down 6.19% [10][11]. - The report notes that strong supply and high inventory levels in Northeast Asia are contributing to the price decline, with expectations of further price sensitivity from buyers as prices approach $10/mmBtu [24][26]. - Investment recommendations include companies like Kunlun Energy and New Hope Energy, which are expected to benefit from lower costs and improved margins [31][32]. 3. Market Performance - The report indicates that the power and equipment sectors outperformed the Shanghai Composite Index during the review period, while the gas and environmental sectors lagged [34]. - It provides a detailed valuation table for key utility companies, highlighting their earnings per share (EPS) and price-to-earnings (PE) ratios [46]. 4. Company and Industry Dynamics - Recent government policies emphasize the development of a clean, low-carbon energy system, with a target of 25% non-fossil energy consumption by 2030 [40][41]. - The report discusses the ongoing transition in the energy sector towards market-driven growth, particularly in new energy storage solutions [41].

Investment Rating - The report maintains a "Buy" rating for several companies in the power and gas sectors, including China Power Investment Corporation, Inner Mongolia Huadian, and China Resources Power [48]. Core Insights - Yunnan Province has increased the coal power capacity price recovery of fixed costs to 100%, which is expected to stabilize revenue for coal power companies and enhance their role in supporting renewable energy integration [7][8]. - The report highlights a significant drop in natural gas prices, with Northeast Asia LNG prices reaching a 20-month low, driven by strong supply and mild weather conditions [12][26]. - The investment analysis suggests a diversified revenue model for coal power companies, transitioning from reliance on electricity sales to a combination of electricity revenue, capacity income, and ancillary service income [9]. Summary by Sections 1. Power: Yunnan Increases Coal Power Capacity Price - Yunnan has announced a new mechanism for coal power capacity pricing, allowing for full recovery of fixed costs starting in 2026, set at 330 RMB per kilowatt per year [7][8]. - The province's total installed power capacity exceeds 168 million kilowatts, with over 90% from green energy sources, necessitating coal power for peak load support [8]. 2. Gas: Global Gas Price Trends - As of December 12, the Henry Hub spot price in the U.S. was $4.07/mmBtu, down 21.56% week-on-week, while Northeast Asia LNG prices fell to $10/mmBtu, a decrease of 6.19% [12][13]. - The report notes that the overall supply of natural gas remains robust, contributing to lower prices in Northeast Asia [26][28]. 3. Weekly Market Review - The power and power equipment sectors outperformed the CSI 300 index, while the public utility, gas, and environmental protection sectors lagged behind [36]. 4. Company and Industry Dynamics - Recent government meetings and policy announcements emphasize the importance of a clean, low-carbon energy system and the development of a new energy system by 2030 [40][43]. - The report includes updates on major companies, such as China Resources Power and Longyuan Power, highlighting their financial activities and operational performance [44][46].

Core Insights - The article highlights the top short-selling stocks in the market, indicating significant investor sentiment and potential market movements [1][2]. Short-Selling Ratios - Anta Sports (82020) has the highest short-selling ratio at 100.00%, followed by China Mobile (80941) at 86.71% and BYD Company (81211) at 82.34% [1][2]. - Other notable companies with high short-selling ratios include China Resources Beer (80291) at 74.99% and JD.com (89618) at 71.60% [2]. Short-Selling Amounts - Xiaomi Group (01810) leads in short-selling amount with 2.798 billion, followed by Tencent Holdings (00700) at 1.686 billion and Ping An Insurance (02318) at 1.465 billion [1][2]. - Alibaba (09988) and Meituan (03690) also feature prominently with short-selling amounts of 1.424 billion and 1.253 billion respectively [2]. Deviation Values - China Sanjiang Chemical (02198) has the highest deviation value at 41.73%, indicating a significant difference from its average short-selling ratio over the past 30 days [1][2]. - Other companies with high deviation values include Television Broadcasts (00511) at 38.56% and China Mobile (80941) at 38.41% [2].