（文章来源：证券日报） 证券日报网讯 12月4日，中国广核在互动平台回答投资者提问时表示，公司主要业务是建设、运营及管 理核电站，核电站电力销售，组织开发核电站的设计及科研工作。公司将继续聚焦长期稳健经营，在确 保安全的前提下做好在运机组安全稳定运行，在建机组高质量建设，持续为所在区域供应清洁电力，促 进公司可持续发展，为股东等各利益相关方提供长期稳定的回报。 ...

Core Points - The National Energy Administration has announced adjustments to the members of the Electric Power Industry Network and Information Security Joint Conference [2][3] - The conference aims to enhance network and information security within the electric power sector [2] Group 1: Leadership Structure - The convener of the conference is He Yang, a member of the Party Leadership Group and Deputy Director of the National Energy Administration [2] - The deputy conveners include key figures from major energy companies such as Huang Xue'nong from the National Energy Administration and Wang Gang from State Grid Corporation [2] Group 2: Member Units - The member units consist of high-ranking officials from various energy companies, including China Southern Power Grid, China Huaneng Group, and China Datang Corporation [2][3] - The list includes representatives from regulatory offices across different regions, ensuring comprehensive coverage of the electric power industry [3] Group 3: Office Structure - The Electric Power Industry Network and Information Security Joint Conference Office is established within the Electric Power Safety Supervision Department of the National Energy Administration [3] - The office is led by Wang Yongjun, who also serves as the Director of the Electric Power Safety Supervision Department [3]

Core Viewpoint - The National Energy Administration has announced adjustments to the members of the Electricity Industry Network and Information Security Joint Conference, indicating a focus on enhancing cybersecurity within the energy sector [1][5]. Group 1: Leadership Structure - The convenor of the conference is He Yang, a member of the Party Leadership Group and Deputy Director of the National Energy Administration [1]. - The deputy conveners include key figures from major energy companies, such as Huang Xue'nong from the National Energy Administration and Wang Gang from State Grid Corporation [1][2]. Group 2: Member Composition - The member list includes high-ranking officials from various energy companies, such as Li Xinsong from China Energy Construction Group and Meng Yanbin from China National Nuclear Corporation, highlighting a collaborative approach to cybersecurity [2][3]. - The conference also includes representatives from regulatory bodies within the National Energy Administration, ensuring a comprehensive oversight mechanism [2][3]. Group 3: Operational Details - The Electricity Industry Network and Information Security Joint Conference Office is established within the Electric Safety Supervision Department of the National Energy Administration, indicating a structured approach to managing cybersecurity initiatives [3][5]. - The office is led by Wang Yongjun, the Director of the Electric Safety Supervision Department, ensuring that cybersecurity efforts are aligned with regulatory standards [5].

Group 1 - The nuclear power industry chain in China is experiencing significant breakthroughs with the commencement of new projects in Shandong and Zhejiang, marking a full-scale launch of new constructions [1] - China Uranium Industry's IPO has been successfully launched, enhancing upstream resource security for the nuclear power sector [1][4] - The international fusion cooperation project BEST has been initiated, accelerating the layout of cutting-edge technologies in the nuclear energy field [1][2] Group 2 - Since 2022, China has consistently approved more than 10 nuclear power units annually, indicating a normalization of project approvals and strong investment momentum in the nuclear sector [3] - The total investment for the newly approved 10 nuclear units in April is estimated to exceed 200 billion yuan, reflecting robust demand for nuclear power construction [3] - In the first nine months of 2025, domestic nuclear power investment reached 990.9 billion yuan, a year-on-year increase of 23.3% [3] Group 3 - China Uranium Industry holds significant mining rights and advanced extraction technologies, which will enhance domestic uranium production capacity and supply security [4] - The IPO aims to raise 4.11 billion yuan to fund several projects, including the Nalinggou uranium mine, thereby strengthening the upstream resource support for the nuclear power industry [4] Group 4 - As of October 2023, China operates 59 nuclear power units with a total installed capacity of 62.48 million kilowatts, maintaining the world's largest scale [5] - China's nuclear power generation accounts for only 5% of total electricity generation, indicating substantial growth potential compared to other regions [5] Group 5 - The first fourth-generation nuclear power plant is set to be operational by December 2023, showcasing advancements in safety and efficiency [6] - The BEST project is progressing, with significant investments in fusion energy technologies, indicating a clear roadmap for nuclear energy development in China [7] Group 6 - Investment opportunities are identified in various segments of the nuclear power industry, including equipment manufacturers, operators, and uranium resource companies [8] - Companies such as China Nuclear Power, China General Nuclear Power, and China Uranium Industry are highlighted as key players to watch in the evolving market [8]

Investment Rating - The report maintains an "Overweight" rating for the utility sector [1]. Core Insights - The National Development and Reform Commission has revised the pricing methods for transmission and distribution costs, aiming to promote the consumption of renewable energy and enhance power supply security [4]. - The highest electricity load during the heating season is expected to reach a historical peak, indicating a balanced energy supply and demand overall [4]. Industry Data Tracking - **Electricity Price**: The average electricity purchase price in November 2025 was 401 RMB/MWh, a year-on-year decrease of 2% and a month-on-month increase of 2.8% [33]. - **Coal Price**: As of November 28, 2025, the price of thermal coal at Qinhuangdao port was 816 RMB/ton, a year-on-year decrease of 0.49% [43]. - **Water Conditions**: The water level at the Three Gorges Reservoir was 173.41 meters, with inflow and outflow rates increasing by 2.7% and 36.44% year-on-year, respectively [53]. - **Electricity Consumption**: Total electricity consumption from January to October 2025 was 8.62 trillion kWh, a year-on-year increase of 5.1% [13]. - **Power Generation**: Cumulative power generation from January to October 2025 was 8.06 trillion kWh, a year-on-year increase of 2.3% [20]. - **Installed Capacity**: As of September 30, 2025, the cumulative installed capacity of thermal power reached 1.5 billion kW, with a year-on-year increase of 5.7% [47]. Investment Recommendations - **Thermal Power**: Focus on undervalued investment opportunities in thermal power, particularly in the Beijing-Tianjin-Hebei region, recommending companies like Jingtou Energy, Jingneng Power, and Datang Power [4]. - **Charging Pile Equipment**: Suggesting attention to companies like Teruid and Shenghong Shares [4]. - **Photovoltaic Assets**: Emphasizing the potential for value reassessment in photovoltaic and charging pile assets, recommending companies like Southern Power Grid Energy and Longxin Group [4]. - **Green Electricity**: Anticipating improvements in asset quality and growth potential in green electricity, recommending companies like Longyuan Power and China Minmetals Energy [4]. - **Hydropower**: Highlighting the benefits of marketization and low-cost advantages, recommending Changjiang Power [4]. - **Nuclear Power**: Noting the growth potential and expected increases in profitability and dividends, recommending China Nuclear Power and China General Nuclear Power [4].

Core Insights - The integration of AI and nuclear technology is driving a significant transformation in the nuclear technology application industry, which has a market size of several hundred billion yuan and an annual growth rate exceeding 15% [1] - This convergence is expected to enhance efficiency, precision, and expand application scenarios across various sectors of the national economy [1] Group 1: AI and Nuclear Technology in Public Safety - AI-enabled nuclear technology is revolutionizing public safety, particularly in security checks, by improving efficiency and convenience for travelers [2] - The intelligent security system developed by Tongfang Weishi for Hong Kong International Airport exemplifies this integration, utilizing AI algorithms for efficient collaboration among various security devices [2] - The new security solution is projected to simplify the security process significantly by 2026, allowing travelers to keep liquids and gels in their bags, thus enhancing the overall experience [2] Group 2: Food Safety and Quality Enhancement - The fusion of AI and nuclear technology is addressing traditional challenges in food safety, particularly in non-destructive testing methods [3] - The durian quality CT detection system represents a significant advancement, allowing for non-invasive inspection of durians, thus eliminating the "blind box" market issue [3] - This technology boasts an accuracy rate exceeding 98%, which is 40 times more accurate than manual inspections [3] Group 3: Advancements in New Energy Sector - The integration of AI and nuclear technology is also showing strong potential in the new energy sector, particularly in lithium battery quality assurance [4] - Tongfang Weishi's technology can identify micron-level defects, thereby reducing the risk of battery fires and enhancing safety [4] - Collaborations with leading lithium battery manufacturers like CATL highlight the practical applications of this technology [4] Group 4: Market Expansion and Future Directions - The new industrialization strategy encompasses multiple dimensions, including technology, manufacturing, and quality, providing a broad market space for nuclear technology applications [5] - Challenges such as insufficient industrialization and innovation capabilities, as well as a shortage of interdisciplinary talent, need to be addressed for future development [6] - Key strategic directions include enhancing top-level planning, implementing action plans for high-quality development, and fostering innovation through collaborative efforts [6] Group 5: Key Companies in Nuclear Technology - Tongfang Co., Ltd. (600100) is a leader in security checks, providing solutions that integrate radiation imaging and AI for various applications [7] - China General Nuclear Power Corporation (000881) focuses on non-power nuclear technology applications, including industrial irradiation and medical accelerators [7] - China Nuclear Power (601985) operates multiple nuclear power plants and leverages group resources for nuclear technology applications [7]

Core Insights - The integration of AI and nuclear technology is driving a significant transformation in the nuclear technology application industry, which has a market size of several hundred billion yuan and an annual growth rate exceeding 15% [1] - AI is enhancing the efficiency and precision of nuclear technology applications across various sectors, including public safety, food safety, and new energy [1][5] Group 1: AI and Nuclear Technology in Public Safety - The combination of AI and nuclear technology is revolutionizing traditional security checks, improving efficiency and convenience for travelers [2] - The intelligent security system developed by Tongfang Weishi for Hong Kong International Airport exemplifies this integration, significantly increasing the throughput of security checks from 240 to 360 passengers per hour, a 50% efficiency improvement [2] - The new security solutions are expected to be fully implemented by 2026, allowing travelers to keep liquids and gels in their bags, thus simplifying the security process [2] Group 2: AI and Nuclear Technology in Food Safety - The fusion of AI and nuclear technology is addressing traditional challenges in food safety testing, particularly in non-destructive testing methods [3] - The durian quality CT detection system represents a significant advancement, achieving over 98% accuracy in quality grading, which is 40 times more accurate than manual inspections [3] Group 3: AI and Nuclear Technology in New Energy - In the new energy sector, Tongfang Weishi is utilizing industrial CT imaging technology combined with AI to create a quality assurance system for lithium batteries, capable of identifying micron-level defects [4] - This technology aims to reduce the risk of battery fires and has established partnerships with leading lithium battery manufacturers [4][5] Group 4: Market Expansion and Challenges - The new industrialization efforts in China are creating direct demand and broad market opportunities for nuclear technology applications, particularly in manufacturing upgrades and digital economy development [6] - Challenges such as insufficient industrialization and innovation capabilities, interdisciplinary collaboration issues, and talent shortages need to be addressed for future growth [6] - Key strategic directions include enhancing top-level planning, implementing regulatory frameworks, focusing on technological breakthroughs, and promoting open cooperation [6] Group 5: Key Companies in Nuclear Technology - Tongfang Co., Ltd. (600100) is a leader in security checks, providing solutions that integrate radiation imaging and AI for various applications [8] - China General Nuclear Power Corporation (000881) focuses on non-power nuclear technology applications, including industrial irradiation and medical accelerators [8] - China National Nuclear Corporation (01763.HK) specializes in medical isotopes and nuclear medical equipment, while China Nuclear Power (601985) operates multiple nuclear power plants [8]

Investment Rating - The report maintains a "Recommendation" rating for the industry, indicating a positive outlook for the sector's fundamentals and an expectation that the industry index will outperform the benchmark index [3]. Core Insights - The world's first engineering-scale supercritical carbon dioxide (sCO2) power generation system, "Super Carbon No. 1," has completed grid debugging and is expected to achieve full power generation within the year. This technology offers significant advantages over traditional steam turbine generation, including higher efficiency, faster response times, and lower carbon emissions [7]. - The sCO2 technology is particularly well-suited for applications in nuclear power, solar thermal power, and industrial waste heat recovery, with the potential to enhance efficiency in these sectors [7]. - The report highlights the advancements in sCO2 technology in China, positioning the country as a global leader in this field, with ongoing projects and collaborations aimed at further development and application [7]. Industry Overview - The industry comprises 242 listed companies, with a total market capitalization of 4,017.6 billion and a circulating market capitalization of 3,721.7 billion [3]. - Recent performance metrics indicate a 1-month absolute performance of -2.3%, a 6-month performance of 14.3%, and a 12-month performance of 18.4%, reflecting a generally positive trend over the longer term [5]. - The report references several related studies that provide insights into the electricity consumption growth and the performance of various energy sectors, indicating a robust environment for investment in the power industry [6].

Core Viewpoint - The conference aims to promote the modernization of the nuclear technology application industry chain in China, fostering high-quality development and creating a robust ecosystem for nuclear technology applications [2][4]. Group 1: Conference Overview - The second Nuclear Technology Application Industry Chain Collaborative Action Conference was held in Nanning, Guangxi, on November 27, focusing on the theme "Nuclear Power Collaborative Chain, Intelligent Creation of the Future" [4][20]. - The conference was organized by China National Nuclear Corporation (CNNC) and other key industry players, highlighting the importance of collaboration in the nuclear technology sector [2][3]. Group 2: Key Announcements - The conference unveiled China's first "Nuclear Technology Application Industry Chain Strong Chain Action Plan" and the "2025 Nuclear Technology Application Industry Yearbook," marking a new phase in the industry's development [4][23]. - A supply-demand list for the nuclear technology application industry for 2025 was also released, along with integrated solutions for nuclear medicine by CNNC [4][20]. Group 3: Industry Significance - The nuclear technology application industry is recognized as a vital component of new productive forces and a strategic emerging industry, contributing significantly to various sectors [4][22]. - The industry is projected to achieve an annual economic output of 400 billion yuan by 2026, with a compound annual growth rate of over 10% in the coming years, potentially reaching 600 billion yuan by the end of the 14th Five-Year Plan [22][23]. Group 4: Collaborative Efforts - CNNC emphasized the importance of collaboration among industry stakeholders to enhance innovation, optimize the industrial chain, and expand the ecosystem [14][23]. - The "Strong Chain Action Plan" aims to strengthen weak links in the industry and ensure a secure and self-reliant nuclear technology application industry chain [23].

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the industry [5]. Core Insights - Molten salt energy storage is pivotal in transforming coal power from a base-load to a flexible power source, addressing the challenges posed by the increasing share of renewable energy and peak load pressures in the power system [1][16]. - The National Development and Reform Commission and the National Energy Administration have set requirements for coal power efficiency, including reducing minimum output for deep peak shaving to 20% and enhancing load change rates [1][16]. - The molten salt storage technology, particularly steam heating, is currently the mainstream approach due to its high compatibility with thermal power plants and engineering maturity [2][26]. Summary by Sections 1. Special Research - Molten salt energy storage aids in the transition of coal power to a flexible power source, overcoming the "heat determines electricity" dilemma [1][16]. - The technology's core is "thermal-electrical decoupling," allowing for energy storage during low demand and release during peak demand [1][16][22]. - The report highlights the successful operation of the Guoneng Suzhou power plant's molten salt storage project as a replicable model for coal power flexibility transformation [1][25]. 2. Market Information Tracking - Electricity prices in Jiangsu and Guangdong for December 2025 are reported at 339.58 RMB/MWh and 372.33 RMB/MWh, respectively, indicating a decrease in Jiangsu and a slight increase in Guangdong compared to benchmark prices [4][39]. - The average price of thermal coal in the Bohai Rim region is reported at 698 RMB/ton, remaining stable [41]. - The report notes a decline in natural gas prices, with Dutch TTF futures at 29 EUR/TWh and China's LNG at 11 USD/MMBtu [43][45]. 3. Industry Dynamics - The report emphasizes the significant growth in renewable energy installations, with a total capacity of 2.22 billion kW, accounting for nearly 60% of the national total [8]. - The introduction of new pricing mechanisms for electricity transmission and distribution aims to support the efficient utilization of renewable energy and reduce system operation costs [9]. - The ecological environment ministry's carbon emissions trading plan aims to incentivize advanced practices and penalize laggards in key industries [10]. 4. Investment Portfolio and Recommendations - The report suggests focusing on coal power companies with high price elasticity, such as Huaneng International and Huadian International, due to expected improvements in profitability [11]. - For hydropower, the report is optimistic about the fourth quarter outlook, recommending attention to companies like Yangtze Power and Sichuan Investment Energy [11]. - The report also highlights the potential for independent energy storage and virtual power plants under market-driven electricity pricing [12].