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，截至2026年1月30日， 公司股东人数总计为503291户。 ...

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，公司计划于2026年4月 30日披露2025年度报告。 ...

Core Viewpoint - China Nuclear Power (601985) emphasizes its commitment to enhancing market value through core business development and research innovation, aiming to solidify performance and operational standards while leveraging capital market platforms to improve management and market capitalization, ultimately focusing on long-term growth and real value creation for investors [1] Group 1 - The company is highly attentive to its market value performance [1] - Future strategies will focus on core business development and research innovation [1] - The company aims to solidify its performance and standardize operations [1] Group 2 - The company plans to utilize capital market platforms to enhance management levels and market capitalization [1] - The goal is to drive long-term development and create real value for investors [1] - Continuous efforts will be made to improve performance in the capital market [1]

Investment Rating - The report provides a positive outlook on the electricity and natural gas sectors, highlighting stable revenue mechanisms and growth potential in consumption and pricing [1][10]. Core Insights - The report emphasizes the importance of a refined capacity pricing mechanism for electricity generation, which aims to stabilize revenue and ensure fair compensation for various power sources [4][6]. - It notes that natural gas consumption is expected to grow, supported by favorable weather conditions and improved economic indicators, despite short-term price fluctuations [10][29]. Summary by Sections 1. Electricity: Improved Capacity Pricing Mechanism - The National Development and Reform Commission and the National Energy Administration have issued a notification to enhance the capacity pricing mechanism for electricity generation, addressing mismatches in supply and demand within the new power system [4]. - The new mechanism aims to ensure that different types of power generation, including coal, gas, and new energy sources, receive fair compensation based on their peak supply capabilities [6][7]. - The report highlights that the refined pricing structure will lead to more predictable revenue for power generation companies, reducing volatility in earnings [7]. 2. Natural Gas: Continued Growth in Consumption - The report indicates that the apparent consumption of natural gas in China is projected to grow by 0.1% in 2025, with December consumption reaching 38.57 billion cubic meters, a year-on-year increase of 1.9% [29]. - It notes that the recent cold weather has supported high natural gas prices, with the U.S. Henry Hub spot price at $7.18/mmBtu, while European prices remain elevated due to low inventory levels and geopolitical tensions [10][12]. - The report suggests that the natural gas sector will benefit from a combination of lower costs and improved pricing mechanisms, leading to a recovery in profitability for city gas companies [31]. 3. Investment Recommendations - For coal-fired power, companies like Guodian Power and Inner Mongolia Huadian are recommended due to their stable revenue sources [8]. - Hydropower companies such as Yangtze Power and State Power Investment Corporation are highlighted for their potential to improve profit margins through reduced capital expenditures [8]. - In the nuclear sector, China National Nuclear Power and China General Nuclear Power are suggested for their growth potential as new units are approved [8]. - The report also recommends focusing on integrated natural gas companies like ENN Energy and China Gas Holdings, which are expected to benefit from lower costs and increased sales [31].

（记者 曾健辉） 每经AI快讯，有投资者在投资者互动平台提问：请问贵公司敏捷端业务还在发展吗？这方面的业务进 展如何？有没有盈利的项目？ 中国核电（601985.SH）2月2日在投资者互动平台表示，感谢关注。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1600×1200mm²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。 ...

Group 1 - China Nuclear Power announced that as of January 31, 2026, it has repurchased approximately 44.9 million shares, accounting for 0.22% of the company's total share capital [1] - The highest purchase price for the repurchased shares was 9.65 yuan per share, while the lowest was 8.4 yuan per share [1] - The total amount spent on the share repurchase is approximately 405 million yuan [1] Group 2 - Automotive sales giant Baolide, known for selling luxury cars like Rolls-Royce and Porsche, is now undergoing bankruptcy liquidation [1] - The headquarters in Hangzhou has been vacated, and the subsidiary in Yiwu has been sealed [1]

Summary of Key Points Core Viewpoint - China Nuclear Power (601985.SH) has announced a share buyback program, reflecting its commitment to enhancing shareholder value through capital management [1] Group 1: Share Buyback Details - As of January 31, 2026, the company has repurchased a total of 44,901,657 shares, which represents 0.22% of its current total share capital [1] - The highest purchase price for the shares was 9.65 CNY per share, while the lowest was 8.40 CNY per share [1] - The total amount spent on the buyback, excluding commissions and other transaction fees, is 404,811,133.49 CNY [1]

Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating a favorable investment environment due to policy improvements and market dynamics [1]. Core Insights - The report highlights the recent improvements in the capacity pricing mechanism for power generation, which aims to stabilize revenue and enhance the profitability of various power sources [6][10]. - It notes a slight increase in natural gas consumption in 2025, with a projected growth of 0.1% year-on-year, indicating a stable demand outlook for the gas sector [32]. Summary by Sections 1. Power Sector: Capacity Pricing Mechanism Improvement - The National Development and Reform Commission and the National Energy Administration have issued a notification to enhance the capacity pricing mechanism for power generation, addressing mismatches in supply and demand within the new energy system [6]. - The new mechanism introduces differentiated pricing for various types of regulatory power sources, ensuring that their capacity value is adequately compensated [7]. - A unified compensation standard for peak capacity across different power sources is established, promoting rational investment and resource allocation in the power sector [8][10]. 2. Gas Sector: Continued Growth in Natural Gas Consumption - Natural gas consumption in China is expected to reach 385.7 billion cubic meters by December 2025, reflecting a year-on-year increase of 1.9% [32]. - The report emphasizes the impact of cold weather on gas prices, with global prices remaining high, particularly in the U.S. and Europe, which supports the profitability of gas companies [13][19]. - The report suggests that the gas sector will benefit from a combination of lower costs and improved demand, particularly for city gas companies, with recommendations for several key players in the market [34]. 3. Weekly Market Review - The report notes that the public utility, power, gas, and environmental sectors underperformed relative to the Shanghai and Shenzhen 300 index during the week of January 24 to January 30, 2026 [36]. 4. Company and Industry Dynamics - As of the end of 2025, the total installed power generation capacity in China reached 3.89 billion kilowatts, a year-on-year increase of 16.1%, with significant growth in solar and wind power installations [43]. - The report includes various company announcements, highlighting performance forecasts and operational updates from key players in the energy sector [44].

重要内容提示： | 回购方案首次披露日 | 2025/4/29，由公司董事长卢铁忠先生提议 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2025 年 月 4 日 | 4 | 28 | 日~2026 | 年 | 月 | 27 | | 预计回购金额 | 30,000万元~50,000万元 | | | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | | | | | | | □用于转换公司可转债 | | | | | | | | | □为维护公司价值及股东权益 | | | | | | | | 累计已回购股数 | 4,490.17万股 | | | | | | | | 累计已回购股数占总股本比例 | 0.22% | | | | | | | | 累计已回购金额 | 40,481.11万元 | | | | | | | | 实际回购价格区间 | 8.40元/股~9.65元/股 | | | | | | | 一、回购股份的基本情况 中国核能电力股份有限公司（以下简称公司）于 202 ...

中国核电公告称，2025年4月29日董事长卢铁忠提议，公司开展股份回购，预计金额3-5亿元，用于员工 持股计划或股权激励，期限至2026年4月27日。2026年1月，公司回购344.65万股，支付2999.84万元。截 至1月31日，累计回购4490.17万股，占总股本0.22%，支付4.05亿元，回购价8.4-9.65元/股。 ...