Core Viewpoint - The successful grid connection of the Fujian Zhangzhou Nuclear Power Unit 2 marks a significant advancement in the mass construction of the "Hualong One" nuclear power technology, which is the largest of its kind globally [1][3]. Group 1: Project Overview - The Zhangzhou Nuclear Power Unit 2 began construction on September 4, 2020, and loaded nuclear fuel on October 11, 2025 [3]. - Following its first grid connection, the unit has been confirmed to be in good condition, with all technical indicators meeting design standards [3]. Group 2: Future Plans and Impact - The Zhangzhou Nuclear Power Base is the starting point for the mass construction of "Hualong One" reactors, with plans to build a total of six units [6]. - Once fully operational, the base is expected to provide over 60 billion kilowatt-hours of clean electricity annually, which could meet 75% of the electricity demand for Xiamen and Zhangzhou in southern Fujian [6].

【全球最大#华龙一号核电基地2号机组并网发电##华龙一号批量化建设重大进展#】记者从中核集团获 悉，今天（22日），全球最大"华龙一号"核电基地——福建漳州核电2号机组首次并网成功，开始向电 网送电，标志着"华龙一号"批量化建设取得重大进展。漳州核电2号机组于2020年9月4日开工建设，于 2025年10月11日装载核燃料。今天，2号机组首次并网发电后，经现场确认，机组状态良好，各项技术 指标均符合设计标准。后续，机组将按计划开展系列试验，进一步验证机组性能，确保满足商业运行条 件。漳州核电是"华龙一号"批量化建设的始发地，也是目前全球最大的"华龙一号"核电基地，规划建设 6台"华龙一号"核电机组。基地全面建成后，预计每年可提供超600亿度的清洁电能，据估算可以满足福 建南部地区厦门市、漳州市用电总和的75%。 来源：@央视财经微博 ...

转自：北京日报客户端 11月22日9时32分，中核集团旗下中国核电投资控股的漳州核电2号机组首次并网成功，正式向电网送出 第一度电。至此，"华龙一号"批量化建设一期工程两台机组全部并网发电，为国家能源结构优化、实 现"双碳"目标做出新的贡献。 截至目前，漳州核电1号机组已安全稳定发电超88亿度，2号机组预计在年内投入商运，3、4号机组处于 土建安装阶段，5、6号机组正在扎实推进前期工作。作为"十四五"期间投产的重点项目，漳州核电1、2 号机组投产后，年发电量预计可达200亿度，可减少二氧化碳排放约1600万吨，相当于每年减少标准煤 消耗超600万吨。 图片来源：中核集团 并网现场 "华龙一号"作为我国核电走向世界的国家名片，是我国研发设计的具有完整自主知识产权的三代压水堆 核电创新成果。目前"华龙一号"已成为全球在运、在建机组总数最多的第三代核电技术，是当前核电建 设的主力堆型，标志着中国核电技术与综合竞争力跻身世界第一方阵，充分印证了"中国方案"的先进与 可靠。 漳州核电是"华龙一号"批量化建设的始发地，也是目前全球最大的"华龙一号"核电基地，规划建设6 台"华龙一号"核电机组。基地全面建成后，预计每年可提 ...

Core Viewpoint - The governor of Niigata Prefecture, Hideyo Hanakado, announced the approval to restart the Kashiwazaki-Kariwa Nuclear Power Plant, Japan's largest nuclear facility, which will be the first restart of a Tokyo Electric Power Company (TEPCO) nuclear plant since the Fukushima disaster in 2011 [1][2] Group 1: Government Decision - The Japanese government considers the restart of the Kashiwazaki-Kariwa Nuclear Power Plant crucial due to the vulnerability of the eastern power supply system and the significant price differences between eastern and western Japan [1] - The decision to restart will be submitted for a vote at the Niigata Prefectural Assembly on December 2, with expectations for local approval by the end of the year due to the ruling party's majority [1] - The government has committed to fully cover the construction costs of major evacuation routes and plans to allocate approximately 30 million yen (about 1.36 million RMB) for promotional activities related to the nuclear plant's restart [1] Group 2: Public Sentiment and Concerns - A survey conducted in September among 12,000 residents of Niigata Prefecture revealed that about 60% of respondents believe that the conditions for restarting the nuclear power plant are not yet met [2] - TEPCO's credibility has been damaged since a radioactive leak occurred in 2007 due to an earthquake, and the mishandling of the Fukushima disaster led to over 150,000 people being displaced [2] - Local officials express concerns about the risks associated with operating a nuclear plant in a disaster-prone area, emphasizing that natural disasters could complicate evacuation efforts [2] - The mayor of Joetsu City, who previously organized a referendum against the construction of nuclear plants, argues that all residents should have a say in this significant issue affecting their lives [2]

Core Insights - The frequent power outages in Seattle highlight a significant issue in the U.S. energy infrastructure, raising concerns about the reliability of electricity supply in a technologically advanced nation [2][4] - Microsoft CEO Satya Nadella acknowledged that the company has a surplus of GPUs that remain unused due to power shortages, illustrating the impact of energy constraints on tech companies [2][4] - The rise of AI is identified as a major factor contributing to the increased demand for electricity, with AI models consuming vast amounts of energy, leading to a strain on the existing power grid [2][4] Energy Infrastructure Challenges - The U.S. power grid is aging, with a rating of C+ from the American Society of Civil Engineers (ASCE), and 70% of transformers exceeding their 25-year design life [4] - The North American Electric Reliability Corporation (NERC) reports that the reserve margin for the U.S. power grid is only 20%, indicating insufficient capacity to handle surges in demand [4] - AI data centers exhibit "pulse-like" energy consumption patterns, causing significant voltage fluctuations that the current grid design cannot accommodate, increasing the risk of blackouts [4][8] Projected Energy Demand - The U.S. Energy Information Administration (EIA) projects that the average outage duration for U.S. users will reach 662.6 minutes in 2024, an increase of 80.74% year-over-year [4] - In Virginia and Texas, average outage durations are expected to be 962.1 minutes and 1614.3 minutes, respectively, with year-over-year increases of 228.59% and 176.85% [4] Investment Opportunities - The EIA forecasts that global data center electricity demand will reach 945 terawatt-hours by 2030, accounting for nearly 3% of global electricity consumption, more than doubling from 2024 [5] - Major tech companies are increasing capital expenditures significantly, with UBS predicting global AI-related capital spending to rise to $4.23 trillion this year and potentially reach $13 trillion by 2030, with a compound annual growth rate (CAGR) of 25% [9][10] Strategic Solutions - Four potential pathways to address the energy crisis include: 1. Gas turbines for rapid local power generation [11] 2. Energy storage systems to stabilize supply [13][15] 3. Nuclear power for large-scale, low-carbon energy [17][21] 4. Global migration of computing power to regions with abundant energy resources, such as the Middle East [22][24] Market Dynamics - The demand for gas turbines is increasing globally, with companies like General Electric and Siemens Energy reporting significant orders related to data center projects [11][12] - The U.S. faces a supply-demand gap in energy storage, with local production meeting only about 25% of market needs, prompting a wave of investment and innovation in energy infrastructure [15][16] - UBS emphasizes that the future of AI development is heavily reliant on energy infrastructure, suggesting that substantial investments in energy systems are essential for the successful deployment of AI technologies [9][26]

Core Viewpoint - The company emphasizes its commitment to a stable operational philosophy while adapting to the transition of the renewable energy industry from rapid growth to high-quality development [1] Industry Summary - The renewable energy sector is currently undergoing a transformation from high-speed growth to high-quality development, indicating a shift in focus towards sustainable and efficient practices [1] - The company plans to continuously monitor policy directions and market dynamics to adjust its development pace accordingly, ensuring alignment with industry trends [1]

Core Viewpoint - China Nuclear Power has been actively conducting debt replacement work this year, resulting in a significant reduction in overall financing costs, currently around 3% [1] Group 1 - The company has continued its efforts in debt replacement, which has been ongoing for several years [1] - The overall financing cost has been reduced to approximately 3% [1] - The company aims to further lower financing costs to create greater value and better returns for shareholders [1]

Core Viewpoint - The governor of Niigata Prefecture in Japan has agreed to the restart of the Kashiwazaki-Kariwa Nuclear Power Plant, which is one of the largest nuclear power plants in the world, following its closure after the Fukushima disaster in 2011 [1]. Group 1 - The Kashiwazaki-Kariwa Nuclear Power Plant has been shut down since March 2012, after the severe nuclear leak incident at the Fukushima Daiichi Nuclear Power Plant on March 11, 2011 [1]. - The Japanese government ordered the closure of all nuclear power plants in the country after the Fukushima disaster [1].

Core Viewpoint - China Nuclear Power (601985) announced a share buyback plan, with a total of 37,990,857 shares repurchased as of November 21, 2025, representing 0.18% of the company's total share capital [1] Summary by Category - **Company Actions** - The company has executed a share buyback, accumulating nearly 38 million shares [1] - The buyback represents a small fraction (0.18%) of the total share capital [1]

Core Viewpoint - The Hainan Nuclear Power project has achieved a significant milestone by entering the commissioning phase for industrial steam supply, marking a new stage in the comprehensive utilization of nuclear energy in China [1][3]. Group 1: Project Overview - The Hainan Nuclear Power's steam supply project relies on Units 1 and 2 of Hainan Nuclear Power, utilizing a three-tier energy transmission system to provide safe, clean, and reliable industrial energy to enterprises in the park, with a maximum steam supply capacity of 50 tons per hour [1]. Group 2: Economic Impact - Compared to traditional steam supply models, the steam usage costs for enterprises in the demonstration zone will be reduced by approximately 30% [3]. - The nuclear steam supply project is expected to seamlessly integrate with the "Linglong No. 1" small reactor steam supply system, serving as a demonstration platform for the large-scale application of small reactor technology in industrial steam supply [3]. Group 3: Future Prospects - The project aims to further expand the multi-purpose application scenarios of small reactors, enhancing the efficiency and economic value of nuclear energy utilization [3].