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 2025年第三季度報告 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13.09條及第13.10B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作出。 以下為本公司於深圳證券交易所網站發佈之《2025年第三季度報告》（「2025年第三 季度報告」或「本報告」），載列本公司及其附屬公司截至2025年9月30日之九個月 的未經審計業績，僅供參閱。本報告內所載財務數據根據中華人民共和國企業會 計準則而編製。 本報告由中文及英文編寫。如有歧義，以中文版為準。 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10月28日 於本公告日期，本公司董事會成員 ...

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第四屆 董事會第十六次會議決議公告》，僅供參閱。 承董事會命 中國廣核電力股份有限公司 证券代码：003816 证券简称：中国广核 公告编号：2025-070 债券代码：127110 债券简称：广核转债 中国广核电力股份有限公司 第四届董事会第十六次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 尹恩剛 財務總監、聯席公司秘書及董事會秘書 中國，2025年10月28日 於本公告日期，本公司董事會成員包括執行董事為高立剛先生 ...

Investment Rating - The report maintains an "Overweight" rating for the utility sector [1] Core Insights - The construction of a new energy system is accelerating, with a focus on achieving carbon peak and promoting a green lifestyle [4] - In the first nine months of 2025, total electricity consumption increased by 4.6% year-on-year, totaling 77,675 billion kWh [4] - The electricity spot market is rapidly starting continuous settlement trials, with several provinces transitioning to formal operations [4] Summary by Sections 1. Industry Overview - The report highlights the importance of accelerating the construction of a new energy system as outlined in the recent Communist Party meeting [4] 2. Electricity Consumption - Total electricity consumption for January to September 2025 reached 77,675 billion kWh, reflecting a year-on-year growth of 4.6% [15] - Breakdown of consumption growth: - Primary industry: +10.2% - Secondary industry: +3.4% - Tertiary industry: +7.5% - Urban and rural residential consumption: +5.6% [4][15] 3. Power Generation - Cumulative power generation for January to September 2025 was 72,600 billion kWh, with a year-on-year increase of 1.6% [22] - Specific generation changes: - Thermal power: -1.2% - Hydropower: -1.1% - Nuclear power: +9.2% - Wind power: +10.1% - Solar power: +24.2% [22] 4. Electricity Prices - The average electricity purchase price in June 2025 was 389 RMB/MWh, down 1% year-on-year and 1.3% month-on-month [38] 5. Coal Prices - As of October 24, 2025, the price of thermal coal at Qinhuangdao port was 770 RMB/ton, up 9.07% year-on-year and increased by 22 RMB/ton week-on-week [45] 6. Hydropower Conditions - As of October 24, 2025, the water level at the Three Gorges Reservoir was 175 meters, with inflow and outflow rates increasing by 92% and 70% year-on-year, respectively [54] 7. Investment Recommendations - Focus on investment opportunities in hydropower and thermal power during peak summer demand [4] - Recommended companies include: - Thermal Power: JianTou Energy, Huadian International, Huaneng International, Guodian Power, Sheneng Shares, and Waneng Power [4] - Hydropower: Yangtze Power [4] - Nuclear Power: China National Nuclear Power and China General Nuclear Power [4] - Green Energy: Longi Green Energy and others [4]

Core Viewpoint - The Hong Kong nuclear power sector is experiencing a significant rise, with multiple companies showing substantial stock price increases [1] Company Performance - Harbin Electric has seen its stock price increase by over 13% [1] - Dongfang Electric's stock price has risen by more than 9% [1] - Shanghai Electric and China National Nuclear Power have both increased by over 5% [1] - China National Nuclear International and China General Nuclear Power are also following the upward trend [1]

Group 1 - UBS expresses increased optimism regarding China's electricity market demand, forecasting an 8% growth from 2028 to 2030, which is double the previous estimate [1] - The firm identifies structural drivers such as AI data centers, exports, and electrification, with their impact expected to exceed earlier predictions [1] - Adjustments reflect enhanced confidence in the construction of AI data centers, accelerated growth in electricity exports, and rapid electrification, benefiting capital expenditures in power equipment and grids starting next year [1] Group 2 - UBS raises its earnings forecasts for relevant stocks by 2% to 18% for the years 2023 to 2027 [1] - The investment ratings for Daikin Heavy Industries and China General Nuclear Power (01816.HK) are upgraded to "Buy," with a preference for stocks trading at a projected P/E ratio of 15.6 times in 2026, below the historical average of 22 times and the global industry average of 50 times [1] - Preferred stocks include Harbin Electric (1133.HK) and China General Nuclear Power (1816.HK), along with interest in Dongfang Electric (1072.HK), Siyuan Electric, Yingliu Electromechanical, Goldwind (2208.HK), and Daikin Heavy Industries [1]

Core Viewpoint - UBS has become more optimistic about China's electricity market demand, forecasting an 8% growth from 2028 to 2030, which is double the previous estimate [1] Group 1: Stock Performance - Harbin Electric (01133) increased by 13.79%, trading at 13.53 HKD - Dongfang Electric (01072) rose by 11.24%, trading at 20.38 HKD - Shanghai Electric (02727) gained 5.54%, trading at 4.95 HKD [1][1][1] Group 2: Market Drivers - UBS attributes the increased demand to structural drivers such as AI data centers, exports, and electrification, with the impact expected to exceed earlier predictions [1][1] - The adjustments reflect enhanced confidence in the construction of AI data centers, accelerated growth in electricity exports, and faster electrification, benefiting capital expenditures in power equipment and grid starting next year [1][1] Group 3: Policy and Future Outlook - The Central Committee of the Communist Party of China has proposed forward-looking layouts for future industries, promoting nuclear fusion energy as a new economic growth point [1] - Everbright Securities anticipates that since 2025, China's nuclear fusion sector will enter a rapid development phase, with multiple technological routes advancing, including projects like the Circulation No. 4 and Spark No. 1 [1][1] - The domestic market is gradually entering a phase of accelerated bidding and engineering construction for controllable nuclear fusion projects, indicating promising long-term development [1][1]

Core Viewpoint - UBS has released a report expressing increased optimism regarding China's electricity market demand, projecting an 8% growth from 2028 to 2030, which is double the previous forecast [1] Group 1: Company Performance - Harbin Electric (01133) shares rose by 13.79% to HKD 13.53 - Dongfang Electric (600875) shares increased by 11.24% to HKD 20.38 - Shanghai Electric (601727) shares climbed by 5.54% to HKD 4.95 [1] Group 2: Market Drivers - UBS attributes the increased demand forecast to structural drivers such as AI data centers, exports, and electrification, with the impact of these factors exceeding earlier expectations [1] - The report indicates that the adjustments reflect enhanced confidence in the growth of AI data center construction, accelerated electricity export growth, and faster electrification, which will benefit capital expenditures in power equipment and grid starting next year [1] Group 3: Industry Outlook - The Central Committee of the Communist Party of China has proposed forward-looking plans for future industries, promoting nuclear fusion energy as a new economic growth point [1] - Everbright Securities believes that since 2025, China's nuclear fusion sector has entered a rapid development phase in technology breakthroughs and industrial layout, with multiple technological routes advancing simultaneously [1] - The domestic market is gradually entering a phase of accelerated bidding and engineering construction for controllable nuclear fusion projects, indicating promising long-term development [1]

Core Viewpoint - The report from UBS indicates a more optimistic outlook for China's electricity market demand, projecting an 8% growth from 2028 to 2030, which is double the previous forecast [1] Group 1: Stock Performance - Several power equipment stocks have strengthened, with Harbin Electric rising by 13.79% to HKD 13.53, Dongfang Electric increasing by 11.24% to HKD 20.38, and Shanghai Electric up by 5.54% to HKD 4.95 [1] Group 2: Market Drivers - UBS attributes the increased demand forecast to structural drivers such as AI data centers, exports, and electrification, with expectations that these factors will significantly exceed earlier predictions [1] - The report reflects enhanced confidence in the acceleration of AI data center construction, increased power export growth, and faster electrification, which will benefit capital expenditures in power equipment and grid starting next year [1] Group 3: Future Industry Developments - The Central Committee of the Communist Party of China has proposed forward-looking layouts for future industries, promoting nuclear fusion energy as a new economic growth point [1] - Everbright Securities notes that since 2025, China's nuclear fusion sector has entered a rapid development phase in technology breakthroughs and industrial layout, with multiple technological routes advancing simultaneously [1] - The domestic market is gradually entering a phase of accelerated release for controllable nuclear fusion project bidding and engineering construction, indicating promising long-term development [1]

Core Insights - The report provides a comprehensive analysis of the Chinese electricity market from 2026 to 2032, focusing on industry trends, market dynamics, and investment opportunities [2][3][11]. Chapter Summaries Chapter 1: Overview of the Electricity Industry - Defines the electricity industry and its classifications, including regulatory frameworks and data sources used in the report [2][3]. Chapter 2: Global Electricity Industry Development - Analyzes the political and legal environment, historical development, market conditions, and competitive landscape of the global electricity sector [3][4]. - Discusses market size and forecasts, highlighting consumption and supply dynamics [3][4]. Chapter 3: Current State of the Chinese Electricity Industry - Examines technological advancements, historical development, and import/export conditions of the Chinese electricity sector [4][5]. - Analyzes market participants, supply and demand conditions, and identifies market pain points [4][5]. Chapter 4: Market Competition and Investment in China - Details the competitive landscape, including major players and their strategic positioning within the market [5][6]. - Discusses investment trends, mergers, and acquisitions in the electricity sector [5][6]. Chapter 5: Industry Chain and Supporting Layout - Provides an overview of the electricity industry chain, including resource distribution and supply conditions for various energy sources [6][7]. - Analyzes the market for upstream generation, transmission, and distribution equipment [6][7]. Chapter 6: Development of Sub-markets - Reviews the current state of various sub-markets, including thermal, hydro, wind, solar, nuclear, and biomass power generation [7][8]. Chapter 7: Regional Market Development - Analyzes the development patterns of the electricity market in key regions, focusing on generation and consumption metrics [8][9]. Chapter 8: Case Studies of Global and Chinese Enterprises - Compares the strategic positioning and operational performance of major electricity companies in China and globally [9][10]. Chapter 9: Environmental Insights and SWOT Analysis - Evaluates the economic, social, and policy environments affecting the electricity industry in China, along with a SWOT analysis [11][12]. Chapter 10: Market Prospects and Trends - Assesses the potential for growth in the Chinese electricity market and forecasts future trends [11][12]. Chapter 11: Investment Strategies and Recommendations - Discusses barriers to entry and exit, investment risks, opportunities, and strategic recommendations for investors in the electricity sector [11][12].

Core Insights - The Central State-Owned Enterprises Modern Energy Index has seen a strong increase of 1.70%, with notable gains from stocks such as China Xidian up 6.61% and Shanghai Electric up 6.40% [3] - The National Development and Reform Commission has released a plan aiming for a new energy storage capacity of over 180 million kilowatts by 2027, enhancing project economics through supportive policies [5] - The demand for energy storage is expected to maintain a high growth rate, with projections indicating a 30%-40% increase in global energy storage installations over the next two years [4] Group 1: Market Performance - The Central State-Owned Enterprises Modern Energy ETF (561790) has increased by 1.63%, marking a three-day consecutive rise, with a latest price of 1.25 yuan [3] - The ETF has seen a weekly cumulative increase of 2.85% as of October 24, 2025, ranking in the top third among comparable funds [3] - The ETF's trading volume reached 416.82 million yuan with a turnover rate of 9.1% [3] Group 2: Policy and Economic Outlook - The new energy storage plan outlines a target of 180 million kilowatts by 2027, with supportive measures from provinces like Henan to enhance project viability [5] - The energy storage market is experiencing robust demand, driven by new pricing policies and increased investment from social capital [4] - The lithium battery demand is projected to exceed 2700 GWh next year, with a year-on-year growth rate of over 30% [4] Group 3: Industry Composition - The top ten weighted stocks in the Central State-Owned Enterprises Modern Energy Index account for 47.72% of the index, including major players like Yangtze Power and China Nuclear Power [6] - The Central State-Owned Enterprises Modern Energy ETF closely tracks the index, which includes 50 listed companies involved in green energy and fossil energy sectors [5]