2025年7月14日，陆丰6号机组实现穹顶吊装，进入设备安装阶段。 （原标题：中广核电力(01816)前9个月总上网电量约为1721.79亿千瓦时 同比增长3.17%） 智通财经APP讯，中广核电力(01816)公布，2025年1月至9月份，该集团运营管理的核电机组总发电量约 为1,828.22亿千瓦时，较去年同期增长2.67%。总上网电量约为1,721.79亿千瓦时，较去年同期增长 3.17%。 2025年第三季度，集团按计划完成了4个年度换料大修和1个首次换料大修。 截至2025年9月30日，集团已按计划完成12个年度换料大修(其中包括1个跨年年度换料大修)、2个十年 大修和1个首次换料大修。 2025年第四季度，除了继续进行已开始的换料大修外，集团计划新开展2个年度换料大修。 2025年7月30日，惠州2号机组完成了热态功能试验，为机组后续商运打下坚实的基础。 2025年9月27 日，苍南2号机组开始冷态功能试验，进入调试阶段。 截至2025年9月30日，该集团共管理20台在建核电机组(包括公司控股股东委托公司管理的8台机组)，4 台处于调试阶段，2台处于设备安装阶段，3台处于土建施工阶段，11台处于F ...

Core Viewpoint - China General Nuclear Power Corporation (CGN) reported an increase in electricity generation and grid-connected power for the period from January to September 2025 compared to the same period last year [1] Summary by Category Electricity Generation - The total electricity generation from nuclear power units operated by CGN and its subsidiaries reached approximately 182.82 billion kilowatt-hours, representing a year-on-year increase of 2.67% [1] Grid-Connected Power - The total grid-connected power volume was about 172.18 billion kilowatt-hours, showing a year-on-year growth of 3.17% [1]

证券代码：003816 证券简称：中国广核 公告编号：2025-067 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 关于2025年第三季度运营情况的公告 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、误导性陈述或者重大遗漏。 一、2025 年 1 月至 9 月份发电量及上网电量情况 根据中国广核电力股份有限公司（以下简称"本公司"）之统计，2025 年 1 月至 9 月份，本公司及其子公司（以下简称"本集团"）运营管理的核电机组总 发电量约为 1,828.22 亿千瓦时，较去年同期增长 2.67%。总上网电量约为 1,721.79 亿千瓦时，较去年同期增长 3.17%。 | 核电站名称 | 截至 2025 年 9 月 30 | | 发电量 （亿千瓦时）1 | | | 上网电量 （亿千瓦时）1 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 日装机容量 | 年 2025 | 年 2024 | 同比 | 年 2025 | 年 2024 | 同比 | | | （兆瓦）1 | 1-9 月 | 1-9 ...

Core Points - China General Nuclear Power Corporation (CGN) reported a total electricity generation of approximately 182.82 billion kWh from its operational nuclear units from January to September 2025, representing a year-on-year increase of 2.67% [1] - The total grid electricity output was approximately 172.18 billion kWh, reflecting a year-on-year growth of 3.17% [1] Operational Updates - In Q3 2025, CGN successfully completed 4 annual refueling outages and 1 first-time refueling outage as planned [1] - As of September 30, 2025, the company had completed 12 annual refueling outages (including 1 cross-year outage), 2 ten-year overhauls, and 1 first-time refueling outage [1] - For Q4 2025, CGN plans to continue ongoing refueling outages and initiate 2 new annual refueling outages [1] Project Development - On July 14, 2025, the Lu Feng Unit 6 achieved dome lifting, entering the equipment installation phase [1] - On July 30, 2025, the Huizhou Unit 2 completed its hot functional test, laying a solid foundation for subsequent commercial operation [1] - On September 27, 2025, the Cangnan Unit 2 began its cold functional test, entering the debugging phase [1] - As of September 30, 2025, CGN managed a total of 20 nuclear units under construction, with 4 in the debugging phase, 2 in the equipment installation phase, 3 in civil construction, and 11 in the FCD preparation phase [1]

Investment Rating - The report maintains a positive outlook on the public utility sector, particularly highlighting the recovery in hydropower and the continued cost reduction in thermal power [4][6]. Core Insights - The thermal power sector is experiencing improved profitability due to a decrease in coal prices, with the average spot price of 5500 kcal thermal coal in Qinhuangdao at 672 RMB/ton, down 176 RMB/ton year-on-year [4]. - Hydropower generation is expected to recover in Q4 2025, following a significant improvement in autumn rainfall, which is projected to enhance the generation capacity of major hydropower companies [4]. - Nuclear power generation has shown a year-on-year growth of 11.33% in the first three quarters of 2025, with new units expected to come online, further boosting output [4]. - The natural gas sector is witnessing a gradual recovery in consumption, with a total apparent consumption of 2845.6 billion m³ from January to August 2025, reflecting a slight year-on-year decrease of 0.1% [4]. Summary by Sections Thermal Power - In Q3 2025, the average utilization hours for thermal power equipment were 2783 hours, a decrease of 144 hours year-on-year, but profitability is expected to remain positive [4]. - The report anticipates that thermal power companies in northern China will continue to achieve above-average performance due to stable electricity prices [4]. Hydropower - The report notes a decline in hydropower generation in July and August 2025, with a year-on-year decrease of 9.8% and 10.1% respectively, but forecasts a recovery in Q4 due to improved rainfall [4]. - The Yangtze River power generation saw a slight decline of 0.29% year-on-year from January to September 2025, but significant improvements are expected in October [4]. Nuclear Power - The report highlights that new nuclear units are expected to contribute to steady growth in electricity generation, with a strong approval rate for new projects [4]. - The long-term outlook for nuclear power remains positive, with a strong certainty of growth in installed capacity [4]. Natural Gas - The report indicates that the natural gas consumption has been recovering since May 2025, with a notable increase in demand expected due to stable supply and geopolitical factors [4]. - The report projects that the reduction in LNG prices and the adjustment of residential gas prices will benefit city gas companies' profitability [4]. Company Performance Forecast - The report provides a performance forecast for key companies in the public utility sector for the first nine months of 2025, with notable growth expected for companies like Datang Power and Huaneng International [5]. - The report recommends several companies for investment, including Guotou Power, Chuanwei Energy, and Longjiang Power, based on their expected performance recovery [4][6].

Investment Rating - The report rates the public utility industry as "Overweight" indicating an expectation for the industry to outperform the overall market [2][14]. Core Insights - The report highlights improvements in hydropower water inflow and continued cost reductions in thermal power generation, suggesting a positive outlook for the industry [5]. - It notes that the average utilization hours for thermal power equipment in China decreased by 144 hours year-on-year, but the profitability per kilowatt-hour is expected to maintain positive growth [5]. - The report anticipates a recovery in hydropower generation due to improved autumn rainfall, which is expected to enhance the financial performance of hydropower companies [5]. - Nuclear power generation is projected to grow steadily with new units coming online, contributing to overall electricity generation growth [5]. - The natural gas sector is seeing a gradual recovery in consumption, with expectations for continued cost reductions due to falling LNG prices and improved supply conditions [5]. Summary by Sections Thermal Power - In Q3 2025, the average spot price of 5500 kcal thermal coal was 672 RMB/ton, down 176 RMB/ton year-on-year but up 41 RMB/ton quarter-on-quarter [5]. - The report predicts that thermal power companies in northern China will continue to achieve above-average performance due to stable electricity prices [5]. Hydropower - The report indicates a 9.8% and 10.1% year-on-year decline in hydropower generation in July and August 2025, respectively, due to poor rainfall during the main flood season [5]. - However, significant improvements in autumn rainfall are expected to enhance hydropower generation capacity in Q4 2025 [5]. Nuclear Power - Nuclear power generation in China increased by 11.33% year-on-year in the first three quarters of 2025 [5]. - The report mentions that new nuclear units are expected to come online in Q4 2025, further boosting generation capacity [5]. Natural Gas - The apparent consumption of natural gas in China for January to August 2025 was 284.56 billion cubic meters, a slight decrease of 0.1% year-on-year [5]. - The report notes that natural gas prices are expected to decline further due to increased supply from major exporting regions [5]. Company Performance Forecast - The report provides performance forecasts for key companies in the public utility sector, indicating varying growth rates across different segments [6]. - For instance, Datang Power is expected to see a profit growth rate of 20%-50%, while companies like China Nuclear Power and China General Nuclear Power are projected to have negative growth [6]. Investment Recommendations - The report recommends several companies for investment based on their expected performance, including Guodian Power, Huaneng International, and China Nuclear Power, among others [5][7].

Core Viewpoint - The article highlights the ecological sampling investigation conducted by the Wenzhou Marine Center and Nanjing Marine Station in the intertidal zone of the San'ao Nuclear Power area, aiming to assess the environmental impact of nuclear power construction on marine ecology [2] Group 1: Ecological Sampling - Staff from the Wenzhou Marine Center and Nanjing Marine Station are actively engaged in biological sampling in the intertidal zone of the San'ao Nuclear Power area [2] - The intertidal zone is described as a sensitive ecological area that reflects the marine ecological status and is crucial for understanding environmental changes [2] Group 2: Purpose and Importance - The sampling aims to accurately assess the ecological conditions of the San'ao Nuclear Power intertidal zone and evaluate the actual impact of nuclear power construction on the surrounding marine ecology [2] - The investigation is intended to provide solid scientific support for developing targeted marine ecological protection measures and ensuring the environmental compliance of the nuclear power project [2]

Core Insights - China's technology sector is experiencing significant growth, with major innovations such as the C919 aircraft and Chang'e 6 lunar mission showcasing the country's advancements in technology and innovation [1][3] - Cities like Hangzhou and Hefei are emerging as innovation hubs, demonstrating the effectiveness of China's technology-driven development model [2][6] - The "14th Five-Year Plan" emphasizes innovation as a key strategy for national development, leading to increased R&D investment and improved global rankings in innovation [3][5] Group 1: Investment and Growth - China's R&D expenditure reached a new high, with a nearly 50% increase compared to the end of the "13th Five-Year Plan," amounting to an additional 1.2 trillion yuan [3] - The intensity of R&D investment rose to 2.68%, approaching the OECD average, reflecting a strong commitment to innovation [3] - The high-tech manufacturing sector's added value grew by 42% compared to the end of the "13th Five-Year Plan," indicating robust industrial growth [11] Group 2: Technological Achievements - Major technological breakthroughs include the operation of the first fourth-generation nuclear power plant and the successful launch of the domestic large aircraft [5][9] - China's achievements in artificial intelligence, quantum technology, and space exploration have led to multiple global firsts, showcasing the country's technological prowess [9][11] - The number of innovative drugs in development has reached over 4,000, accounting for approximately 30% of the global total, highlighting advancements in the pharmaceutical sector [11] Group 3: Policy and Institutional Support - The Chinese government has prioritized innovation in its national development strategy, with a focus on high-level self-reliance in technology [6][12] - The establishment of a supportive innovation ecosystem is crucial, with efforts to enhance the role of enterprises in technological innovation and improve the business environment [12] - The emphasis on cultivating high-level innovative talent is essential for sustaining technological advancements and achieving self-reliance [12]

Group 1 - Nuclear power concept stocks are active, with significant gains observed in several companies [1] - Degu Technology reached the daily limit increase, indicating strong market interest [1] - Other companies such as New Lai Fu, He Duan Intelligent, An Tai Technology, Chu Jiang New Materials, and China Nuclear Construction also hit the daily limit increase [1] Group 2 - Additional companies including China Electric Xilong, China Electric Research Institute, Jiu Sheng Electric, Western Superconducting, Wu Jin Stainless Steel, and Tian Gang Co., Ltd. experienced upward movement in their stock prices [1]

Group 1 - The core viewpoint of the article highlights the significant rise in nuclear power stocks in Hong Kong, driven by a report from Goldman Sachs indicating that the key bottleneck for AI development is not capital but electricity supply [1] - Goldman Sachs forecasts that global data center electricity demand will grow explosively, with a projected increase of 50% by 2027, and 60% of this demand will require new capacity [1] - By 2030, the total electricity demand from data centers is expected to surge to 160% [1] Group 2 - Tyler Miller, the global head of power utilities at Goldman Sachs, emphasizes the importance of nuclear power, particularly small modular reactors and nuclear fusion technology, which have received substantial investment [1] - Despite the investment, the long construction periods and high costs of nuclear projects necessitate customized capital solutions and potentially government support to mitigate risks [1] - Rebecca Kruger, a partner in Goldman Sachs' natural resources division, notes that the era of stable electricity demand has ended, with data centers emerging as the primary growth engine for the industry, leading to a large-scale infrastructure investment boom [1]