新华社莫斯科9月28日电 扎波罗热核电站27日在社交媒体上发布消息说，自9月23日起，该核电站已连 续多日借助备用柴油发电机供电以维持运作，核电站目前柴油储备充足，可以保证备用发电机长期自主 运行。 消息说，目前扎波罗热核电站依靠备用发电机供电，核电站处于可控状态。其内部各个系统以及乏燃料 池和反应堆的核燃料冷却装置工作正常。核电站工业区及周边地区的辐射水平未出现异常。核电站工作 人员正持续对设备运行进行监测。 针对扎波罗热核电站最新情况，国际原子能机构在社交媒体发文说，该机构正与俄乌双方展开联系，以 尽快恢复核电站外供电设施运作。 据今日俄罗斯通讯社报道，乌军23日的袭击导致为扎波罗热核电站供电的高压输电线路受损而停止供 电，核电站启动了备用柴油发电机。由于乌军炮击不断，目前无法对受损输电线路进行修复。 扎波罗热核电站是欧洲最大核电站之一。2022年2月乌克兰危机全面升级后，俄方控制了扎波罗热核电 站。此后，该核电站多次遭到炮击或无人机攻击，引发国际社会对其安全的担忧。 俄罗斯国家原子能公司首席执行官利哈乔夫26日对俄媒体表示，乌军近期加剧了对扎波罗热核电站地区 的攻击，这对核电站地区乃至欧洲国家安全构成威 ...

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the nuclear power industry in China, highlighting the development trajectory and current market dynamics of nuclear power companies, particularly China National Nuclear Corporation (CNNC) and China General Nuclear Power Group (CGN) [1][2][4]. Core Insights and Arguments - **Nuclear Power Development Phases**: The development of nuclear power in China has experienced a peak period from 2006 to 2011, followed by a freeze from 2016 to 2018. Since 2019, the approval speed for new units has accelerated, with over 10 new units approved annually expected to continue until 2025 [1][2]. - **Market Share**: CNNC and CGN dominate the nuclear power market, holding approximately 90% of the market share, while the state-owned nuclear power company has a relatively small market presence [1][4]. - **Characteristics of Nuclear Power**: Nuclear power is characterized as clean and stable, unaffected by fluctuations in natural resources. The government guarantees 100% consumption of nuclear power, which is advantageous compared to other seasonal energy sources [1][5]. - **Cost Structure**: The cost structure of nuclear power involves significant upfront investment, with decreasing financial and depreciation costs over time. Fuel costs account for about 20% of total costs, with only 10% being influenced by uranium prices, as fuel prices are often locked in through long-term contracts [1][9]. - **Electricity Pricing**: Nuclear electricity pricing is determined by the generation type, with second-generation nuclear power priced at 0.43 yuan per kWh. Third-generation nuclear power can be priced higher due to increased costs. The market trading ratio is about 50%, and while coal price fluctuations can impact nuclear pricing, extreme scenarios affecting CNNC and CGN are unlikely [1][7]. Additional Important Insights - **Investment Opportunities**: Despite slightly lower return on equity (ROE) compared to other power companies, CGN presents significant investment opportunities due to its low valuation in the Hong Kong market and ongoing construction projects that support ROE [3][11]. - **Future Development Trends**: The introduction of domestically developed technologies, such as the Hualong One, has significantly reduced construction costs and improved profitability. The future outlook for nuclear power is positive, driven by carbon emission targets and ongoing technological advancements [10][15]. - **Dividend and Financing Strategies**: CGN has a higher dividend payout ratio and faces more financing pressure due to a slower approval pace for new units, while CNNC has alleviated its financing pressure after a significant capital increase [14]. Conclusion - The nuclear power sector in China is poised for growth, with strong government support and a favorable market environment. The focus on technological advancements and cost reductions will likely enhance the competitiveness of major players like CNNC and CGN in the coming years [15].

Core Viewpoint - The Guangdong Lianjiang Nuclear Power Project has successfully completed the construction of the world's largest seawater cooling tower, marking a significant advancement in nuclear power technology in China [1] Group 1: Project Details - The Lianjiang Nuclear Power Project is the first in China to adopt secondary cooling technology, enhancing environmental friendliness compared to traditional direct cooling methods [1] - The cooling tower is recognized as the largest in the global nuclear power sector, referred to as the "world's largest nuclear cooling tower" [1] Group 2: Operational Timeline and Capacity - The first phase of the Lianjiang Nuclear Power Project is scheduled to be operational by 2028, with two units expected to generate approximately 20 billion kilowatt-hours annually, sufficient to meet the electricity needs of around 4 million households for a year [1] - Once all six units are operational, the total annual electricity generation is projected to reach about 70 billion kilowatt-hours [1]

Group 1 - The core viewpoint of the report by Founder Securities indicates that despite a potential decrease in nuclear power companies' on-grid electricity prices due to market-driven trading volume growth and annual long-term contract price declines, the steady approval pace of nuclear power projects and the increase in generation capacity from new units are expected to offset price reductions through volume growth. The report suggests focusing on China General Nuclear Power (003816.SZ) and China National Nuclear Power (601985.SH) [1] Group 2 - The current pricing mechanism for nuclear power in China has evolved from a "one plant, one price" system to a market-oriented pricing reform, with significant changes occurring in 2013 and 2020, including the introduction of a benchmark price system and adjustments based on a base price with fluctuations [1] Group 3 - Regional differences in nuclear power pricing exist due to varying progress in marketization and local electricity supply-demand conditions. For instance, Guangdong, Guangxi, and Zhejiang have government-authorized contracts, while Fujian and Liaoning allow full market participation for nuclear power [2][3] - In Guangdong, a one-way price difference settlement mechanism is applied, while Guangxi determines prices monthly based on market averages. Zhejiang combines government contracts with a percentage of spot market trading [2] - In Jiangsu, approximately 300 billion kilowatt-hours are expected to participate in market trading by 2025, with other on-grid electricity being guaranteed at fixed prices [3]

Core Viewpoint - China General Nuclear Power Corporation (CGN) is the largest nuclear power operator in China, managing a significant portion of the country's nuclear capacity [1] Group 1: Company Overview - As of June 30, 2025, CGN operates 28 nuclear power units and has 20 units under construction, with a total installed capacity of 31.796 million kW and 24.222 million kW respectively, accounting for 44.46% of the national total for operational and under-construction nuclear power units [1] Group 2: Financial Performance - In the first half of 2025, CGN's net profit attributable to shareholders decreased by 16.30% year-on-year, primarily due to a significant drop in market-based electricity prices in Guangdong and Guangxi [1] - Looking ahead to 2026, the decline in electricity prices in Guangdong and Guangxi is expected to be limited, which may lead to a reduction in the volatility of the company's electricity prices compared to the previous year [1] Group 3: Future Outlook - The value of CGN is anticipated to increase as the nuclear power units currently under construction are gradually put into operation, supporting a positive investment outlook [1]

Group 1 - UBS report indicates that China General Nuclear Power (01816) management believes the current nuclear power pricing policy in Guangdong province negatively impacts operators, expecting improvements in related policies [1] - The company anticipates that Guangdong province may consider revising nuclear power pricing rules in the 2026 electricity trading scheme, with approximately 70% of its equity installed capacity located in Guangdong [1] - UBS also suggests that upstream nuclear equipment suppliers such as Harbin Electric (01133), Yingli Green Energy (603308), and Dongfang Electric (600875) may benefit indirectly due to improved project visibility and potential recovery in profit margins [1] Group 2 - Although details of the 2026 electricity trading scheme have not been finalized, preliminary analysis indicates that a complete removal of the current deduction rules could provide a potential upside of 289 million RMB or 3% to China General Nuclear Power's profit forecast for the 2026 fiscal year [1]

Group 1 - UBS reports that China General Nuclear Power (01816) management indicated that the current nuclear power pricing policy in Guangdong Province negatively impacts operators, but improvements in related policies are expected [1] - The firm anticipates that Guangdong Province may consider revising nuclear power pricing rules in the 2026 electricity trading scheme, with the company potentially being a major beneficiary as approximately 70% of its equity installed capacity is located in Guangdong [1] - The report also suggests that upstream nuclear equipment suppliers such as Harbin Electric (01133), Yingli Green Energy (603308.SH), and Dongfang Electric (01072) may benefit indirectly due to improved project execution visibility and potential recovery in profit margins [1] Group 2 - Although the details of the 2026 electricity trading scheme have not been finalized, preliminary analysis indicates that if the current deduction rules are completely removed, it could provide a profit forecast increase of 289 million RMB or 3% for China General Nuclear Power in the 2026 fiscal year [1]

Core Viewpoint - UBS reports that China General Nuclear Power Corporation (CGN) management indicated that the current nuclear power pricing policy in Guangdong Province negatively impacts operators, but improvements in related policies are expected. The province may consider revising nuclear power pricing rules in the 2026 electricity trading scheme [1] Group 1: Company Impact - CGN is anticipated to be a major beneficiary, as approximately 70% of its equity installed capacity is located in Guangdong Province, which is expected to benefit from potential policy changes [1] - If the current deduction rules are completely eliminated, it could lead to an increase of 289 million yuan or 3% in CGN's profit forecast for the fiscal year 2026 [1] Group 2: Industry Implications - Upstream nuclear equipment suppliers such as Harbin Electric, Yingli Green Energy, and Dongfang Electric may also benefit indirectly due to improved project visibility and potential recovery in profit margins [1]

Industry Rating - The report maintains an "Outperform" rating for the public utility sector [1] Core Insights - The data center industry in China is expected to reach a market size of 304.8 billion yuan and over 10 million standard racks by 2024, both achieving a year-on-year growth of over 20% [2][25] - The emergence of AI technologies, particularly large models, is driving significant demand for computing power, which is expected to enhance the growth of data centers [3][65] - The increasing electricity demand from data centers is projected to lead to a transformation towards greener computing solutions [4][111] Summary by Sections 1. Progress of China's Data Center Industry - The development of China's data center industry has evolved through four stages, with computing power becoming the driving force in the digital economy since 2020 [9][18] - The market is characterized by a significant regional distribution, with the "East Data West Computing" initiative promoting a balanced development across eight hubs and ten clusters [32][38] 2. AI's Impact on Data Center Demand - The launch of DeepSeek in January 2025 is expected to significantly increase the rack utilization rate in third-party data centers [3][79] - The average rack utilization rate in China was 56.4% by the end of 2023, indicating a mismatch between supply and demand [56] - The global demand for computing power is projected to grow at a rate exceeding 50% annually, with AI applications driving this growth [65][71] 3. Electricity Demand and Green Transformation - Data centers' electricity costs typically account for over 50% of their total operating costs, with some internet clients seeing this figure rise to 70-80% [95] - The International Energy Agency (IEA) predicts that global data center electricity consumption will double from 415 TWh in 2024 to approximately 945 TWh by 2030, with a compound annual growth rate of about 15% [101] - By 2030, China's data center electricity demand is expected to reach between 300 billion and 700 billion kWh, representing 2.3% to 5.3% of the total electricity consumption [108][109]

本次吊装的是核岛钢制安全壳最后一个模块。筒体端直径约40米，重约658吨，经过起钩、悬停、旋转、带载行走等一系列动作， 历时3个多小时顺利就位。 海阳核电二期工程现场负责人张忠伟介绍，至此，二期工程项目里程碑节点已完成过半。2027年全面投运后，海阳核电4台机组年 发电量可达400亿度，能够满足山东省一半居民生活用电需求。 记者昨天（6日）从国家电投集团获悉，海阳核电4号机组核岛钢制安全壳模块吊装就位，反应堆厂房顺利实现封顶，标志着4号机 组主设备安装进入全新阶段。 海阳核电规划6台机组，2032年全面投运后，海阳核电年发电量可达609亿度，约可满足7000万居民全年生活用电需求，每年可节约 标煤消耗1856万吨，减排二氧化碳4863万吨，同时供热能力将达1.6亿平方米，可满足25个县级市的清洁取暖需求。 （总台央视记者 古峻岭 宋建春） 国家电投海阳核电二期工程3、4号机组是国家"十四五"规划重点项目，目前已按计划完成32个项目里程碑节点。 ...