关于2025年第二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 6 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 6 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 1,203.11 亿千瓦时，较去年同期增长 6.11%。总上网电量约为 1,133.60 亿千瓦时，较去年同期增长 6.93%。 证券代码：003816 证券简称：中国广核 公告编号：2025-045 中国广核电力股份有限公司 | 核电站名称 | 截至 2025 | | 发电量 （亿千瓦时）1 | | | 上网电量 （亿千瓦时）1 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 年 月 6 30 | | | | | | | | | 日装机容量 | 2025 年 | 2024 年 | 同比 | 2025 年 | 2024 年 | 同比（%） | | | （兆瓦）1 | 月 1-6 | 月 1- ...

中国广核（003816）公告，2025年1月至6月份，公司及其子公司运营管理的核电机组总发电量约为 1203.11亿千瓦时，较去年同期增长6.11%。总上网电量约为1133.6亿千瓦时，较去年同期增长6.93%。 ...

Group 1 - The Hang Seng Tech Index turned positive after previously declining over 1% [1] - The Hang Seng Index is currently down 0.23% [1] - Concepts such as cryptocurrency, real estate, and nuclear power are seeing significant gains [1] Group 2 - Dairy products, gold, and Apple concepts are experiencing declines [1]

Core Viewpoint - The construction of a unified national market is essential for high-quality development and responding to changes in the global landscape, with various regions and departments actively implementing measures to enhance market vitality and economic circulation [1]. Group 1: Market Access and Reforms - Continuous improvement of market access systems is a necessary requirement for building a unified national market, with recent reforms reducing the negative list of market access from 151 items in 2018 to 106 items in the 2025 version [4]. - The reduction of administrative approvals has led to increased market vitality, allowing various business entities to engage in more sectors and enhancing their operational clarity and stability [4][5]. - The introduction of new policies and practices, such as the establishment of the Shenzhen-Hong Kong Cell Valley Medical Technology Company, demonstrates the commitment to allowing foreign investment in advanced medical technologies [5]. Group 2: Industry Growth and Investment Opportunities - The low-altitude economy is expanding, with over 80,000 related enterprises currently existing in China, driven by clearer standards and regulations that facilitate operational capabilities [3]. - Significant contracts, such as the 804 million yuan project awarded to Beijing Micro-Nano Star Technology Co., indicate the growing involvement of private enterprises in high-tech sectors like satellite development [4]. - The Zhejiang San'ao Nuclear Power Project and various high-speed rail projects highlight the increasing participation of private capital in critical infrastructure, enhancing investment opportunities [4]. Group 3: Breaking Down Barriers - Efforts to eliminate market barriers are ongoing, with initiatives like the "non-prohibited entry" principle and the establishment of supplier reserves for major projects, which have allowed companies to access new markets and increase revenue [7]. - The Guangxi Beihai City has opened its shared electric bike market, addressing previous monopolistic practices and promoting fair competition [8]. - The introduction of innovative measures, such as the testing of autonomous delivery vehicles in Hunan, reflects the commitment to lowering entry barriers for new technologies and products [9]. Group 4: Regulatory and Legal Framework - The establishment of a legal framework for market access, including the release of typical cases related to market access administrative litigation, aims to enhance the rule of law in market entry [12]. - The promotion of the private economy and the establishment of fair competition mechanisms are crucial for ensuring equitable market participation [12]. - Continuous reforms in service optimization and regulatory processes are being implemented to facilitate smoother business operations and enhance the overall market environment [11].

Investment Rating - The report maintains an "Outperform" rating for the electric equipment and new energy industry [1]. Core Insights - The photovoltaic supply-side reform is ongoing, with a focus on improving product quality and eliminating low-price competition [1][2]. - In June, the wholesale sales of new energy passenger vehicles in China reached 1.26 million units, a year-on-year increase of 29% [1][2]. - The demand for batteries and materials is expected to grow as new models of electric vehicles are launched in the second half of the year, with projections indicating high growth in domestic sales of new energy vehicles by 2025 [1]. - The solid-state battery industrialization trend is clear, with attention on related materials and equipment companies [1]. - In May, China's photovoltaic installed capacity reached 92.92 GW, a year-on-year increase of 388%, which may suppress demand for photovoltaic installations in the near term [1]. - The hydrogen energy sector is being driven by policies promoting industrialization, with a focus on companies with cost and technological advantages in electrolyzer production and hydrogen infrastructure [1]. Summary by Sections Industry Performance - The electric equipment and new energy sector rose by 1.99% this week, outperforming the Shanghai Composite Index, which increased by 1.4% [10]. - The photovoltaic sector saw a significant increase of 6.80%, while the lithium battery index rose by 3.84% [2][13]. New Energy Vehicles - Major players in the new energy vehicle market reported varying delivery figures for June, with BYD delivering 383,600 units (up 11.98% year-on-year) and Li Auto experiencing a decline of 24% [2][27]. - The report highlights the expected growth in new energy vehicle sales, driven by the introduction of new models [1][2]. Photovoltaic Sector - The central economic work conference emphasized the need to regulate low-price competition and improve product quality in the photovoltaic industry [1][2]. - The report notes the significant increase in installed capacity and the potential impact on future demand [1]. Hydrogen Energy - The approval of a large-scale green hydrogen pipeline project indicates ongoing support for the hydrogen energy sector [1][27]. Company Developments - Companies like EVE Energy and Xinwanda are planning to issue H-shares for overseas listings, indicating growth strategies in the electric equipment sector [2][28].

Core Viewpoint - China General Nuclear Power Corporation (CGN) is issuing A-share convertible bonds amounting to 4.9 billion yuan, which has received approval from the China Securities Regulatory Commission [1][2]. Group 1: Issuance Details - The issuance of A-share convertible bonds is aimed at unspecified investors, with a total amount of 490 million yuan [1]. - The bonds will be preferentially allocated to existing A-share shareholders as of the record date, July 8, 2025, after which any remaining bonds will be offered to the public through the Shenzhen Stock Exchange [1][2]. Group 2: Roadshow Information - A roadshow will be held on July 8, 2025, from 15:00 to 17:00 to inform investors about the bond issuance [2]. - The roadshow will be accessible via the Panoramic Roadshow platform [2]. - Key members of the management team from CGN and representatives from the lead underwriter, Huatai United Securities, will participate in the roadshow [2].

Group 1 - China's nuclear power capacity has reached the largest scale globally, with 58 operational nuclear power plants and 54 units under construction, highlighting a significant push for energy security amid global supply chain disruptions caused by the Russia-Ukraine conflict [1][3] - The energy landscape in China is characterized by an abundance of coal, limited natural gas, and low oil reserves, with coal-fired power accounting for 70% of electricity generation, which poses challenges to achieving carbon neutrality goals [3][4] - The construction of nuclear power plants is seen as a critical solution to energy shortages, with each nuclear unit capable of generating enough electricity for 8 million people annually, equivalent to 3,000 wind turbines [3][4] Group 2 - Technological advancements have led to the development of the "Hualong One" nuclear reactor, which is recognized for its safety and cost-effectiveness, with generation costs as low as 0.3 yuan per kilowatt-hour, cheaper than natural gas [4][6] - The investment in nuclear power is substantial, with each nuclear unit costing over 20 billion yuan, significantly boosting local economies and related industries, particularly in Guangdong, which has the highest number of nuclear units [6][8] - Future plans include increasing the share of nuclear power to 10% by 2035 and 18% by 2060, necessitating the construction of an additional 200 nuclear units, with experimental projects for small reactors underway in remote areas [8]

俄罗斯方面称，乌克兰扎波罗热核电站恢复供电。 ...

当地时间4日，扎波罗热核电站新闻处通报称，由于750千伏高压线路中断导致扎波罗热核电站失去外部 供电。目前核电站正依靠备用发电机维持基本运转，线路故障原因尚在调查中。（央视） ...

Core Viewpoint - The successful breakthrough of the 3rd drainage tunnel at the Fujian Zhangzhou Nuclear Power Project marks a significant step in the construction of this critical infrastructure, enhancing China's capabilities in nuclear power engineering and contributing to national energy security [2][3]. Group 1: Project Overview - The Zhangzhou Nuclear Power Project is a key nuclear power development base for China, with the 3rd and 4th unit drainage tunnels being crucial for cooling water discharge [2]. - The drainage tunnel exceeds 5,200 meters in length, making it the longest underwater tunnel in China's nuclear power sector [2]. - The project aims to establish a replicable standard for deep-sea underground engineering construction, showcasing China's technological strength in the global nuclear power construction field [2]. Group 2: Technical Challenges and Innovations - The geological environment of the 3rd tunnel is complex, presenting challenges such as "soft above, hard below" conditions, leading to frequent wear and replacement of conventional cutting tools [3]. - The project team innovated a tool management method and successfully validated the use of a toothed rolling cutter, enhancing efficiency and safety in tunneling operations [3]. - The team improved mud treatment capabilities by mastering key parameters related to the filter press, significantly overcoming construction bottlenecks [3]. Group 3: Safety and Environmental Considerations - To address high-temperature and high-humidity working conditions, the project team implemented effective measures, including providing cooling supplies and establishing shaded rest areas [3]. - The completed drainage tunnel will discharge cooling water into deep-sea areas, mitigating the impact of seawater temperature rise on coastal environments, thus supporting the operation of two 1,000-megawatt nuclear power units [3]. Group 4: Future Commitment - The project team is committed to leveraging its technical, management, and resource advantages to continue pushing forward with the project while maintaining strict quality and safety standards [4].