人民财讯12月29日电，近日，中广核苏州院下属中广核检测技术有限公司与华能石岛湾核电开发有限公 司在石岛湾核电基地正式签署合同，将为华能石岛湾核电站压水堆扩建一期工程1、2号机组提供核岛役 前检查服务。双方将立足各自优势，持续深化资源共享与技术协同，携手推动核电技术服务高质量发 展，共筑核能安全发展屏障。 ...

证券研究报告 | 行业策略 gszqdatemark 2025 12 29 年 月 日 电力 2026 电力行业年度策略：火绿重构，水核筑基，燃气优化 行情回顾：板块盈利稳健，市场表现跑输大盘。2025 年 1-9 月，公用事业 (SW) 板块上涨 0.92%，位列全行业第 27 名，跑输沪深 300 指数 17.02pcts。实现营业收入 13817.83 亿元，同比增长 0.02%，归母净利 1723.24 亿元，同比提高 8.43%。2025 前三季度火电业绩稳健，成本低位 支撑盈利，实现归母净利 711.23 亿元，同比增长 15.83%；新能源发电低 电价压力下业绩仍维持高增，风电板块实现归母净利润 220.31 亿元，同 比提高 31.67%；水电经营稳健但增速有所放缓，实现归母净利 513.22 亿 元，同比增长 3.30%；核电相对承压，实现归母净利 165.78 亿元，同比 下降 12.36%。 市场回顾：电力供需转向平衡，电改进一步推进。2025 年前三季度用电 量增速 4.6%，电力消费弹性系数明显下滑至 0.88。二产用电需求疲软拖 累整体用电，一、三产业及居民用电仍具韧性，信息类行业 ...

Group 1 - Japan has abandoned plans to build a large-scale nuclear power plant in Vietnam, marking another setback for its efforts to export nuclear technology following similar project cancellations in Turkey, the UK, and France [1][5] - The Vietnamese government had initially planned to construct eight nuclear power plants by 2030, with a total capacity of 15-16 million kilowatts, but the project was suspended in 2016 due to safety and budget concerns [2] - Japan's withdrawal from the Ninh Thuan 2 nuclear project is attributed to the tight completion timeline, with the two reactors expected to be operational by 2035, but actual operation may not occur until closer to 2040 [2] Group 2 - The exit from the Ninh Thuan 2 project may force Vietnam to revise its long-term electricity planning, as the country faces increasing electricity demand amid climate-related challenges [4] - Vietnam's total electricity generation is projected to reach 85,000 megawatts in 2024, with plans to increase to 150,000 megawatts by 2030 and 400,000-500,000 megawatts by 2050 [4] - The Vietnamese Prime Minister emphasized the urgent need for stable electricity supply to support economic development, particularly for industries like semiconductor manufacturing and high-speed rail systems [4] Group 3 - Japan's nuclear power export ambitions have faced significant challenges, with previous projects in Lithuania, France, and the UK also being shelved, leading to substantial financial losses for companies like Toshiba [5] - The Japanese government is rethinking its nuclear export strategy, considering the development of small modular reactors as a potential solution to its export challenges [6] - Despite Japan's withdrawal from the large-scale project in Vietnam, there are still plans to explore the possibility of building other nuclear facilities in the country, particularly focusing on small modular reactors [6] Group 4 - The Japanese nuclear industry is currently more focused on domestic issues, with companies expressing doubts about the viability of nuclear exports [7] - Challenges such as unresolved issues regarding the decommissioning of nuclear plants and the disposal of spent fuel continue to hinder Japan's nuclear power sector [7]

Group 1 - The article highlights the trend of nuclear power module construction becoming a significant industry focus, with a leading company successfully entering the China General Nuclear Power Group supply chain [1] - The new production capacity of the company occupies an area three times larger than that of existing major bases, indicating substantial growth potential [1] - The company possesses its own dock advantages, enabling it to undertake the transportation of oversized modules directly, which enhances operational efficiency [1]

宣布国家自主贡献 能源产业重任在肩 今年9月，我国宣布2035年国家自主贡献目标。这是我国首次提出碳达峰阶段后全经济范围、全温室气体净排放下降等一揽子应对气 候变化目标，系统性构建了涵盖能源和产业转型、政策工具创新等多维度指标的行动纲领，标志着我国迈入更加系统全面的低碳韧性 发展新征程。 国家自主贡献，既是对《巴黎协定》目标的有力承接，也为全球气候合作注入关键的确定性。我国以实际行动表明，最大发展中国家 有能力走出一条兼顾气候责任与繁荣未来的新路，同时以此次承诺向世界传递明确信号——低碳发展不是应对国际压力的权宜之计， 而是自身现代化进程的内在逻辑。 展望前路，这份自主贡献已触动能源版图深层变革的"开关"。"风光"将以前所未有的速度铺展，电网调度智慧化升级，氢能、储能等 新兴赛道蓄势待发。与此同时，碳市场将更深融入经济周期，绿色金融则为这场转型输送"源源活水"。一个用清洁能源驱动、由韧性 政策护航的发展新时代，正随这份庄严承诺，由蓝图渐次落地成景。 规划首提能源强国 标明行业奋进方向 党的二十届四中全会审议通过的"十五五"规划建议，首次将"建设能源强国"纳入五年规划，标志着能源从经济社会发展的"保障基 石"跃 ...

2024年度海南省科学技术奖是《海南省科学技术奖励办法》及实施细则修订后第一次授奖。在提名 项目较上一年度增长30%，获奖比例控制在35%以下(比此前下降了约十个百分点)的情况下，获奖难度 更高，项目含金量相应提升。此次获奖项目技术创新突出，推动行业进步作用明显，产生了显著的社会 和经济效益，充分彰显了海南在吸引和培育创新团队、激发创新动能方面的成效。总体上看呈现以下特 点： 1 契合我省产业布局和发展需求。获奖项目涉及面较广，覆盖深海、能源、核电、油气、信息、新 材料、生态环境、热带特色高效农业、医疗健康民生等重点领域，体现了我省特色优势产业布局和未来 发展方向，也反映了科研工作者在保障国家战略落地实施、科技惠民行动中的担当作为。 2 反映出我省企业创新能力显著提升。在省科学技术进步奖中，企业牵头获奖共计16项，占比近三 分之一，达到历史最高水平。首次设立企业创新奖，5个获奖企业及组织在技术创新、产品创新、推动 行业技术进步、促进相关产业发展等方面表现突出，效益显著。各奖项获奖项目累计产生直接经济效益 总计达1189.5亿元，较2023年度获奖项目的经济效益增长66.5%，创下近三年新高。 3 青年人才与梯 ...

Group 1: Technological Breakthroughs - China has achieved a world record in superconducting electric magnetic levitation, accelerating a test vehicle weighing tons to 700 km/h in just two seconds, marking the fastest speed for this type of platform globally [1] - The world's first methanol dual-fuel intelligent super-large oil tanker, "Kai Tuo," has been successfully delivered, featuring a length of approximately 333 meters and a capacity to carry about 2.1 million barrels of crude oil [2] - The first near-zero carbon steel production line in China has been fully connected, capable of reducing carbon emissions by over 3.14 million tons annually, equivalent to reforesting 2,000 square kilometers [3] Group 2: Energy and Infrastructure Developments - China's largest offshore oil field, Bohai Oilfield, is projected to produce over 40 million tons of oil and gas equivalent by 2025, providing a solid guarantee for national energy security [6] - The "Linglong No. 1," the world's first land-based commercial modular small reactor, successfully completed its non-nuclear commissioning test, laying a solid foundation for future nuclear operations [8] - The first unit of China's largest pumped storage power station has been connected to the grid, marking a significant breakthrough in hydropower equipment and engineering [13] Group 3: Transportation Expansion - Multiple high-speed rail lines have been opened, including the Guangzhou-Zhanjiang high-speed rail, which can reach Zhanjiang in as little as 1 hour and 32 minutes [20] - The Shantou-Shantou South high-speed rail has officially commenced operations, with a total length of 162 kilometers and a design speed of 350 km/h [21] - The Baotou-Yinchuan high-speed rail has achieved full operation, bringing high-speed rail access to Inner Mongolia [23] - The Xi'an to Yan'an high-speed railway has been opened, contributing to a total high-speed rail network exceeding 50,000 kilometers [24] - The Wuhan to Yichang section of the Huhangyu Railway has been opened, enhancing rapid passenger transport in the Jianghan Plain and western Hubei [25] - The Hangzhou to Quzhou high-speed rail has been opened, adding a new artery to the Yangtze River Delta intercity rapid transit network [26] - The Ankang to Lanhua Expressway has been completed, becoming an important inter-provincial passage between Shaanxi and Chongqing [27] - The world's longest highway tunnel, the Tianshan Victory Tunnel, has been opened, significantly reducing travel time between Urumqi and Korla [28] - The Cangzhou-Zhao Expressway has been officially opened, ending reliance on ferry transport for over 10,000 residents [29] - The Guiyang to Beihai Expressway has been opened, providing a new north-south route to the Beibu Gulf [30] - The first "6-lane to 12-lane" expressway expansion project in China has been completed, enhancing the capacity of the Jing-Tai Expressway [31]

【#日本民众集会反对重启核电站##日本广岛市长称无核三原则不可动摇#】12月26日，日本民众在日本 首相官邸前举行抗议集会，反对重启柏崎刈羽核电站。22日日本新潟县议会批准有关补充预算，将重启 该国最大核电站柏崎刈羽核电站。日本民众批评称，日本面临核设施老化、管理混乱、监管不力的种种 乱象。24日，日本广岛市市长松井一实前往核爆幸存者疗养院进行慰问。26日松井一实还表示，"无核 三原则"是国家方针，不可动摇。 ...

Investment Rating - The report maintains a "Positive" investment rating for the utility sector [4] Core Views - Electricity consumption growth remains high, but there are signs of pressure on long-term contract electricity prices due to falling coal prices and high inventory levels [7] - The utility sector is viewed as a defensive asset, with low-priced utility assets worth attention [7] - The report suggests that the electricity market will gradually allow for better pricing of electricity attributes to support the complex new power system [7] Summary by Sections Electricity Consumption - In November 2025, total electricity consumption increased by 6.2% year-on-year, a recovery from October's 4.2 percentage point decline, with a cumulative growth of 1.0% for January to November 2025 [10] - The growth rates for different sectors in November 2025 were: primary industry +7.9%, secondary industry +4.4%, tertiary industry +10.3%, and residential consumption +9.8% [10] - The report anticipates that December 2025 will see electricity consumption growth maintain around 5-6% due to ongoing growth in sectors like charging services and information technology [10] Electricity Prices - From December 19 to December 26, 2025, the average clearing price in Guangdong's electricity market was 308 RMB/MWh, up by 3.9% year-on-year [21] - In contrast, Shanxi's average market price dropped to 179 RMB/MWh, down 54.9% year-on-year [21] Coal Prices - Port coal prices continue to decline, with the Qinhuangdao Q5500 coal price at 672 RMB/ton, down 4.4% week-on-week [24] - The report notes a divergence in pit coal prices, with Shanxi's Q5500 coal price stable at 550 RMB/ton, while Inner Mongolia's price fell by 1.7% [24] Hydrology - The Three Gorges Reservoir's water level was 171 meters, with a year-on-year increase of 3.1 meters, while inflow rates decreased by 13.7% year-on-year [31] Market Performance - The utility sector index rose by 0.8% but underperformed compared to the Shanghai and Shenzhen 300 index, which increased by 1.9% [40] - Among sub-sectors, gas showed the highest weekly increase at +2.6%, while hydropower decreased by 0.8% [42] Investment Recommendations - The report recommends focusing on utility stocks, particularly in thermal power, hydropower, and nuclear power, citing improved business models and growth potential [7]

12月26日，日本民众在日本首相官邸前举行抗议集会，反对重启柏崎刈羽核电站。22日日本新潟县议会 批准有关补充预算，将重启该国最大核电站柏崎刈羽核电站。日本民众批评称，日本面临核设施老化、 管理混乱、监管不力的种种乱象。24日，日本广岛市市长松井一实前往核爆幸存者疗养院进行慰问。26 日松井一实还表示，"无核三原则"是国家方针，不可动摇。 ...