Core Viewpoint - The State-owned Assets Supervision and Administration Commission (SASAC) has announced the "Model Central Enterprises" for 2025, emphasizing the importance of promoting advanced deeds and spirits of model enterprises to inspire high-quality development in central enterprises [1][3]. Group 1: Announcement of Model Central Enterprises - The 2025 "Model Central Enterprises" include notable teams and individuals such as Chen Liang from China National Nuclear Corporation, the "9·3" military parade aviation equipment support team from Aviation Industry Corporation of China, and the deep well attack team from China National Petroleum Corporation [3]. - Zhang Yuzhuo, the Secretary of the SASAC Party Committee, expressed high respect for the awarded teams and individuals, highlighting their contributions to the high-quality development of state-owned enterprises [3]. Group 2: Inspirational Messages and Responsibilities - Zhang emphasized that the new era is one for strivers, and the model representatives embody the spirit of dedication and patriotism, motivating countless employees to pursue progress and innovation [4]. - Central enterprise party committees are urged to pay attention to and care for the model representatives, widely publicizing their advanced deeds to inspire employees to contribute to the national economic and social development [4].

证券研究报告 | 2026年02月03日 2026年02月04日 2026年02月05日 公用环保行业 2026 年 2 月投资策略 优于大市 两部门发文完善发电侧容量电价机制，公用环保行业 25Q4 基金持仓梳理 市场回顾：本月沪深 300 指数上涨 1.65%，公用事业指数上涨 3.19%，环 保指数上涨 5.94%，月相对收益率分别为 1.54%和 4.29%。申万 31 个一 级行业分类板块中，公用事业及环保涨幅处于第 21 和第 13 名。电力板 块子板块中，火电上涨 2.60%；水电下跌 1.65%，新能源发电上涨 7.23%； 水务板块上涨 3.96%；燃气板块上涨 7.48%。 重要事件：两部门发文完善发电侧容量电价机制。国家发展改革委和国家能 源局于 2026 年 1 月 30 日联合发布《关于完善发电侧容量电价机制的通知》， 明确电力现货市场连续运行后，有序建立发电侧可靠容量补偿机制，对机组 可靠容量根据顶峰能力按统一原则进行补偿，公平反映不同机组对电力系统 顶峰贡献。各地按照《关于建立煤电容量电价机制的通知》（发改价格〔2023〕 1501 号）要求，将通过容量电价回收煤电机组固定成本的 ...

联交所最新资料显示，2月3日，中信证券-开元单一资产管理计划增持中广核电力(01816)1146万股，每 股作价3.1835港元，总金额约为3648.29万港元。增持后最新持股数目约为17.90亿股，最新持股比例为 16.04%。 ...

中国核电在牛市中走出独立下跌行情，令投资者困惑不已。那么，公司基本面上到底发生了什么？公司 股价还会再次在社保基金会成本价获得支撑吗？ 近一年多来，与A股走牛形成鲜明对比的是中国核电的股价疲弱走势，自2024年"9·24行情"以来（截至 2026年2月3日），中国核电股价落后上证指数61.71个百分点！而中国核电的股价也跌破了公司的回购 均价，并再次逼近全国社会保障基金理事会（以下简称社保基金会）的定增认购价。 《每日经济新闻》记者发现，虽然中国核电业绩承压股价疲弱，但公司布局的"战略新兴产业"业务表现 出不少亮点。 （文章来源：每日经济新闻） ...

Core Viewpoint - China Nuclear Power's stock price has underperformed significantly compared to the A-share market, raising concerns among investors about the company's future valuation and operational performance [1][2]. Group 1: Stock Performance - Since the "9.24 market" in 2024, China Nuclear Power's stock has declined by 13.71%, lagging behind the Shanghai Composite Index by 61.71 percentage points [1]. - The stock price has fallen below the company's average repurchase price and is approaching the subscription price set by the National Social Security Fund [1][4]. - As of January 31, 2026, the company repurchased 44.90 million shares at an average price of 9.02 CNY per share, while the closing price on February 3, 2026, was 8.56 CNY [3]. Group 2: Financial Performance - In the first three quarters of 2025, the company reported revenue of 61.64 billion CNY, an increase of 8.16% year-on-year, but net profit fell by 10.42% to 8.00 billion CNY [4]. - The decline in net profit has been attributed to various factors, including decreased market electricity prices and increased tax burdens [6]. - Long-term growth potential remains, with a target of 259.2 billion kWh of electricity generation in 2026, a 6.04% increase from 2025 [6]. Group 3: Strategic Developments - The company is focusing on "strategic emerging industries," including high-tech investments and the development of new energy sources [10]. - A new subsidiary has been established to focus on perovskite photovoltaic components, with a fully automated production line already in place [10]. - The company has also developed a medical isotope production base, reducing reliance on imports and aiming for further innovation in this area [10]. Group 4: Market Outlook - Analysts suggest that while the nuclear power segment remains stable, the new energy business is under pressure due to declining electricity prices [7][8]. - The introduction of strategic investors may dilute earnings per share in the short term, and fluctuations in nuclear fuel costs could impact overall performance [9]. - The upcoming annual report in April 2026 will be critical for assessing the company's profitability amid market reforms [10].

2月4日，中核集团旗下中国核电投资控股的漳州核电3号机组内穹顶顺利吊装成功。图为航拍漳州核电3 号机组。(中核集团漳州核电基地供图) 中核集团漳州核电基地副总经理魏俊明受访时称，漳州核电基地是"华龙一号"批量化建设的始发地，也 是全球规模最大的"华龙一号"核电基地，规划建设6台"华龙一号"核电机组。当前，漳州核电一期工程 1、2号机组已投入商业运行；3、4号机组处于土建安装阶段；5、6号机组正在稳步推进前期工作。基地 全面建成后，预计每年可提供约600亿度清洁电能。 魏俊明表示，漳州核电毗邻广东省，随着闽粤联网工程的投用，漳州核电具备向广东省输送清洁电能的 条件。此外，"华龙一号"不仅能够发电，还可以就近向漳州古雷石化基地提供零碳清洁蒸汽，为石化产 业绿色发展提供能源支撑。(完) 中新社漳州2月4日电 (记者 张金川)2月4日，华龙一号批量化建设中，中核集团旗下中国核电投资控股 的漳州核电3号机组内穹顶顺利吊装成功。 2月4日，中核集团旗下中国核电投资控股的漳州核电3号机组内穹顶顺利吊装成功。图为穹顶起吊现 场。(中核集团漳州核电基地供图) 相关人士称，漳州核电3号机组是中国"十五五"期间首台完成内穹顶吊装的 ...

"华龙一号"是中核集团加快实现高水平科技自立自强和落实国家"双碳"战略的重要成果，满足国际 最高安全标准。每台"华龙一号"核电机组每年发电超100亿度，相当于每年减少标准煤消耗312万吨、二 氧化碳排放816万吨，能够满足中等发达国家100万人口的年度生产和生活用电需求。 【纠错】 【责任编辑:施歌】 内穹顶吊装是"华龙一号"核电工程建设的重要节点。内穹顶位于核岛顶部，主要功能是保证反应堆 厂房的完整性和密封性。当天，随着风速测量符合标准，3200吨履带式吊车缓缓将370余吨重的内穹顶 吊离地面，经过变幅、升钩、行走平移、调整等一系列高精度动作，平稳落钩就位在反应堆厂房内层安 全壳筒体上。 新华社福州2月4日电（记者吴剑锋）2月4日，位于福建漳州的漳州核电3号机组内穹顶吊装成功， 标志着其已从土建施工全面转入设备安装阶段，为后续安装调试及并网发电奠定了坚实基础。 漳州核电是"华龙一号"批量化建设的始发地，也是全球最大的"华龙一号"核电基地，规划建设6台 核电机组。当前，漳州核电1、2号机组已投入商业运行；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。 ...

Core Viewpoint - The successful installation of the inner dome of the "Hualong One" nuclear power unit 3 at the Zhangzhou Nuclear Power Plant marks a significant milestone in the construction process, transitioning from civil engineering to equipment installation [1] Group 1: Project Milestones - The inner dome, weighing over 370 tons, was successfully lifted and positioned at the designated location in the reactor building, serving as a critical safety barrier for the reactor [1] - The construction of the Zhangzhou Nuclear Power Plant plans to build a total of 6 "Hualong One" nuclear units, with 2 units already in commercial operation and 2 units currently in the civil construction phase [1] Group 2: Energy Production - Once fully operational, the Zhangzhou Nuclear Power Plant is expected to provide approximately 60 billion kilowatt-hours of clean energy annually [1]

Core Viewpoint - China Nuclear Power (601985) announced that as of January 31, 2026, it has repurchased a total of 44,901,657 shares, which represents 0.22% of the company's current total share capital [1] Summary by Relevant Sections - **Share Repurchase Details** - The company has repurchased 44,901,657 shares [1] - This repurchase accounts for 0.22% of the total share capital [1]

证券日报网讯2月2日，中国核电（601985）在互动平台回答投资者提问时表示，公司敏捷端业务名称已 调整为战略新兴产业，目前正有序推动相关产业布局。公司控股设立的中核光电科技(上海)有限公司专 注于钙钛矿光伏组件的研发和制造，目前已建成刚性1600×1200mm全自动量产线，是行业内首条全国 产化产线，产品技术指标处于行业领先水平；公司已在秦山核电建成同位素生产基地，目前已实现 碳-14、钇-90、镥-177、锶-90等医用同位素商业化生产，打破源头进口依赖，为健康中国注入强劲动 力，公司未来将继续进行新型堆照同位素的开发，继续建设开发第二套同位素在线辐照生产装置。 ...