中国核能电力股份有限公司（以下简称中国核电或公司）控股投资的中核 苏能核电有限公司江苏徐圩核能供热发电厂一期工程 1 号机组计划于 2026 年 1 月 16 日浇筑核岛第一罐混凝土（以下简称 FCD）。 证券代码：601985 证券简称：中国核电 编号：2026-006 中国核能电力股份有限公司 关于江苏徐圩核能供热发电厂一期工程 1 号机组 浇筑核岛第一罐混凝土的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 江苏徐圩核能供热发电厂一期工程 1 号机组采用我国自主知识产权的"华 龙一号"核电技术。本机组额定功率为经设计优化后确定的 122.2 万千瓦（公 司在编号为 2024-053 的《中国核电关于江苏徐圩核能供热发电厂一期工程核 准的公告》中披露的单台机组额定电功率为 120.8 万千瓦）。该电站设计运行 寿命为 60 年。该机组 FCD 后，公司控股在建核电机组数量为 13 台，装机容 量为 1,514.8 万千瓦。 本公司目前无其他任何应披露而未披露的信息。有关公司信息以公司在上 海证券交易所网站（www.s ...

江苏徐圩核能供热发电厂一期工程1号机组采用我国自主知识产权的"华龙一号"核电技术。本机组额定 功率为经设计优化后确定的122.2万千瓦（公司在编号为2024-053的《中国核电关于江苏徐圩核能供热 发电厂一期工程核准的公告》中披露的单台机组额定电功率为120.8万千瓦）。该电站设计运行寿命为 60年。该机组FCD后，公司控股在建核电机组数量为13台，装机容量为1,514.8万千瓦。 格隆汇1月15日丨中国核电(601985.SH)公布，公司控股投资的中核苏能核电有限公司江苏徐圩核能供热 发电厂一期工程1号机组计划于2026年1月16日浇筑核岛第一罐混凝土（以下简称FCD）。 ...

中国核电公告称，其控股投资的江苏徐圩核能供热发电厂一期工程1号机组，计划于2026年1月16日浇筑 核岛第一罐混凝土。该机组采用"华龙一号"核电技术，额定功率122.2万千瓦。机组FCD后，公司控股 在建核电机组达1,514.8万千瓦。 ...

据中央纪委国家监委驻国家能源集团纪检监察组、海南州监委消息：国家能源集团煤炭与运输产业管理 部煤炭处经理王海春涉嫌严重违纪违法，目前正接受中央纪委国家监委驻国家能源集团纪检监察组纪律 审查和青海省海南藏族自治州监察委员会监察调查。 来源：青海纪检监察 ...

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][5][8]. Core Insights - The report emphasizes the importance of the "environment + resource" investment logic, highlighting that many environmental companies possess resource attributes, which can lead to stable profit models through the extraction of valuable materials from waste [2][16][18]. - The report notes a decline in the utilization rates of photovoltaic and wind power generation in 2025, with photovoltaic utilization at 94.8% and wind power at 94.3% for the year-to-date [1][14]. Summary by Sections Investment Strategy - Public Utilities: Recommendations include major thermal power companies like Huadian International and Shanghai Electric, as well as leading renewable energy firms such as Longyuan Power and Three Gorges Energy [3][22]. - Environmental Sector: Focus on mature sectors like water and waste incineration, with recommendations for companies like China Everbright Environment and Shanghai Industrial Holdings [3][23]. Market Performance - The report indicates that the Shanghai Composite Index rose by 2.79%, with the public utility index increasing by 2.54% and the environmental index by 3.88% [1][24]. - In the power sector, thermal power saw a 2.40% increase, while renewable energy generation rose by 3.74% [1][25]. Key Data Overview - In November, the national electricity generation reached 779.2 billion kWh, with a year-on-year growth of 2.7% [45]. - The report highlights that the total electricity consumption for the year-to-date is 9,460.2 billion kWh, reflecting a 5.2% increase year-on-year [58]. Company Profit Forecasts and Ratings - Specific companies are highlighted with their respective ratings and financial metrics, such as Huadian International with a PE ratio of 10.2 for 2024 and 8.1 for 2025 [8]. - Other recommended companies include Longyuan Power, Three Gorges Energy, and China Nuclear Power, all rated as "Outperform" [8][22]. Special Research - The report discusses the shift from viewing environmental companies as cost centers to recognizing their potential for value creation through resource recovery and recycling [2][16]. - It also outlines the significant price increases in metals due to geopolitical tensions and supply chain concerns, which could benefit resource-oriented environmental companies [2][21].

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Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][8]. Core Insights - The report emphasizes the importance of the "environment + resource products" investment logic, highlighting that many environmental companies possess resource attributes and can extract valuable materials from waste [2][16]. - The report notes a decline in the utilization rates of photovoltaic and wind power generation in 2025, with a focus on the implications for investment strategies in the sector [1][14]. Summary by Sections Market Review - The Shanghai Composite Index rose by 2.79%, while the public utility index increased by 2.54% and the environmental index by 3.88% [1][24]. - In the power sector, coal and electricity prices are expected to decline, but profitability for thermal power is anticipated to remain reasonable [22]. Important Events - From January to November 2025, the national photovoltaic and wind power generation utilization rates were 94.8% and 94.3%, respectively, showing a year-on-year decline [1][14]. - The report discusses the implementation of the "Renewable Energy Green Power Certificate Management Implementation Rules," which will affect the issuance of green certificates for renewable energy [15]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and Shanghai Electric, as well as leading renewable energy firms such as Longyuan Power and Three Gorges Energy [22]. - The report suggests focusing on environmental companies with stable cash flows and growth potential, such as China Everbright Environment and Shanghai Industrial Holdings [23]. Key Company Profit Forecasts and Investment Ratings - Huadian International (600027.SH) is rated "Outperform" with an expected EPS of 0.46 for 2024 and a PE ratio of 10.2 [8]. - Longyuan Power (001289.SZ) is also rated "Outperform," with an expected EPS of 0.75 for 2024 and a PE ratio of 20.4 [8]. - China Nuclear Power (601985.SH) is rated "Outperform" with an expected EPS of 0.46 for 2024 and a PE ratio of 21.2 [8].

副市长蒋敏参加。 中核集团是我国核科技工业的国家队和主力军，拥有完整的核科技工业创新链和产业链，与南京合 作渊源深厚、基础扎实。会谈中，双方表示，将充分发挥中核集团核工业全产业链优势，紧密结合南京 产业基础与发展需求，聚焦核医疗服务、核技术应用、产业投资、生态环保、工程建设等领域，持续引 入更多优质项目、先进技术，不断带动更多产业链上下游企业集聚，携手推动合作迈上新台阶、取得新 成效。 1月12日，代市长李忠军会见中国核工业集团有限公司党组成员、总会计师王学军一行。 ...

Core Viewpoint - The report highlights significant developments in the utility sector, including the operational commencement of the Zhangzhou Nuclear Power Unit 2 and the establishment of green electricity direct connection projects in Shandong and Hubei, which are expected to enhance clean energy supply and reduce production costs in the hydrogen sector [2][4]. Electricity and Coal Prices - The national average grid purchase electricity price is projected to decrease by 8% year-on-year by January 2026 [3]. - As of January 9, 2026, the price of thermal coal at Qinhuangdao for 5500 kcal is 699 yuan per ton, reflecting a week-on-week increase of 17 yuan [3]. Power Generation and Consumption - Total electricity consumption from January to November 2025 reached 9.46 trillion kilowatt-hours, representing a year-on-year increase of 5.2% [3]. - Cumulative power generation during the same period was 8.86 trillion kilowatt-hours, showing a year-on-year growth of 2.4% [3]. - The breakdown of power generation by source indicates a decline in thermal power by 0.7%, while hydropower, nuclear power, wind power, and solar power saw increases of 2.7%, 8.1%, 9.6%, and 24.8% respectively [3]. New Projects and Developments - The Zhangzhou Nuclear Power Unit 2 commenced commercial operation on January 1, 2026, completing the first phase of the Zhangzhou Nuclear Power project, which is expected to provide approximately 60 billion kilowatt-hours of clean energy annually [2]. - The green electricity direct connection project in Shandong involves a new lithium battery manufacturing base with an annual electricity consumption of 500 million kilowatt-hours and a total scale of 345 MW of renewable energy facilities [2]. - In Hubei, a green hydrogen factory is set to utilize a photovoltaic system on abandoned slopes, aiming to reduce production costs and enhance competitiveness in hydrogen applications [2]. Investment Recommendations - The report suggests focusing on companies in the renewable energy sector, particularly those involved in green electricity and nuclear power, as the market conditions are becoming favorable for high-quality development [4]. - Key recommendations include Dragon Power (001289), Zhongmin Energy (600163), and China Nuclear Power (601985), among others, indicating a positive outlook for these companies based on their growth potential and market positioning [4].

Investment Rating - The report maintains an "Overweight" rating for the utility sector [1] Core Insights - The commercial operation of the Zhangzhou Nuclear Power Unit 2 commenced on January 1, 2026, completing the first phase of the Zhangzhou Nuclear Power project, which is expected to provide approximately 60 billion kWh of clean electricity annually [4] - The first green electricity direct connection project in Shandong and Hubei has been approved, with a total scale of 345 MW of new energy facilities, including 75 MW of wind power and 270 MW of photovoltaic power [4] - The average national grid purchase price of electricity in January 2026 decreased by 8% year-on-year [4] - The price of thermal coal at Qinhuangdao port increased by 17 RMB per ton week-on-week, reaching 699 RMB per ton as of January 9, 2026, a year-on-year decrease of 8.98% [4][43] - The inflow and outflow of the Three Gorges Reservoir showed a decrease in inflow by 6.3% and an increase in outflow by 7.2% as of January 9, 2026 [4][50] Industry Data Tracking - Electricity Consumption: In the first eleven months of 2025, total electricity consumption reached 9.46 trillion kWh, a year-on-year increase of 5.2% [12] - Power Generation: Cumulative power generation in the first eleven months of 2025 was 8.86 trillion kWh, with a year-on-year increase of 2.4% [22] - Installed Capacity: As of November 30, 2025, the cumulative installed capacity of thermal power reached 1.52 billion kW, with a year-on-year increase of 5.9% [44] - Hydropower: The cumulative installed capacity of hydropower reached 440 million kW, with a year-on-year increase of 3.0% [54]