🇨🇳 A股公告中国广核V3 · 实盘不做把握 8/10
北京时间·🕒 发布 06-27(北京日)仅日期·⚡ 决策 06-28 18:03:49·121.2 天前
中诚信国际维持中国广核及其债券 AAA/AAA 评级(年度跟踪评级报告)
📄 原文中国广核↗ 原文
中国广核电力股份有限公司2026年度跟踪评级报告
2026 [2026] 1160 2026 2026 6 26 2026 AAA/ AAA 12~18 2025 A+H lbwang@ccxi.com.cn yyliu@ccxi.com.cn (010)66428877 (010)66…
不做 003816.SZ
事件为中诚信国际年度跟踪评级报告、维持 AAA/AAA 最高等级,属程序性债券披露,无任何新增基本面信息;对约2000亿市值国有核电龙头股价不构成催化,无 edge;且个股近20日 -12.45%、13周轨迹走低呈弱势,无做多理由。事件太小,不足以打动该股,故不做。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
研究档案
🔎 新鲜度:最早出现 2026-06-27 · 扩散 low · price-in 风险 low ↗
主要风险
- 万一报告中含评级展望下调/负面事项(实际为维持AAA),则需重判;但正文明确为维持最高等级,无此风险
原文全文
展开原文 · 6,912 字
2026
[2026]
1160
2026
2026
6
26
2026
AAA/
AAA
12~18
2025
A+H
lbwang@ccxi.com.cn
yyliu@ccxi.com.cn
(010)66428877
(010)66426100
2026
2023
2024
2025
2026.3/2026.1~3
4,152.50
4,715.33
5,056.56
5,302.86
1,653.04
1,829.45
1,762.14
1,803.58
2,499.46
2,885.88
3,294.42
3,499.28
2,138.45
2,506.22
2,879.48
3,126.27
825.49
789.45
756.97
163.19
170.46
174.68
147.31
40.65
EBIT
263.51
271.20
232.04
--
EBITDA
385.96
405.85
367.99
--
331.20
375.06
299.71
34.78
(%)
35.97
37.43
31.99
39.37
(%)
6.39
6.12
4.75
--
EBIT
(%)
31.92
34.35
30.65
--
(%)
60.19
61.20
65.15
65.99
(%)
56.40
57.80
62.04
63.42
/EBITDA(X)
5.54
6.18
7.82
--
EBITDA
(X)
5.43
5.91
5.47
--
FFO/
(%)
12.59
12.27
8.87
--
1
2023~2025
2026
2023
2024
2024
2025
2025
2026
2
3
--
2025
(%)
(%)
5,864.10
2,307.47
7,492.62
69.01
820.75
179.71
41.32
3,183.80
2,326.48
5,056.56
65.15
756.97
147.31
31.99
2,500.00
3,364.10
1,878.47
2,512.40
1,834.98
/
AAA
AAA
2025/09/08
49.00/48.99
2025/07/09~2031/07/08
2026
3
2026
1
15
2031
7
8
A
AAA/
AAA/
2025/09/08
2026
C150000_2024_05
2026
2026
2026
2
https://www.ccxi.com.cn/coreditResearch/detail/12384?type=1
2026
1
2026
3
3,183.8
49.92%2
2026
1
1
2026
4
19
2026
4
29
30
3,424.8
3
1
M310
2×102.6
M310
2×99.0
CPR1000
2×108.6
CPR1000/ACPR1000
6×108.6
EPR
2×175.0
CPR1000
4×108.9
CPR1000
2×108.6
2×118.8
2,512.4
CPR1000
4×111.9
ACPR1000
2×111.9
671.4
3,183.8
2
1
2024
10
2025
12
98.4
102.6
1
2
3
2026
2025
2025
2026
10.11%
11.45%
2025
2025
2
2023
2024
2025
2026.3/2026.1~3
3,056.8
3,179.8
3,183.8
3,183.8
7,509
7,710
7,767
1,699
2,141.46
2,272.84
2,326.48
509.57
(%)
57.3
50.9
56.2
67.2
2,385.4
2,508.4
2,512.4
2,512.4
7,522
7,727
7,751
--
1,670.72
1,790.12
1,834.98
400.41
(%)
89.29
91.47
92.65
--
(%)
85.90
87.97
88.66
--
/
0.4228
0.4162
0.3803
--
3
/
1
2
0.4056
1
2
0.4143
1
2
0.4153
1~6
0.4153
1
2
0.4350
1~4
*
0.4063
1
2
0.4153
3
0.3916
4
0.3590
1~4
0.3823
5
6
*
0.3749
1
2022
6
5
6
2022
30
5
6
0.3749
2
2023
3
2023
612
3
4
0.4063
/
2025
2025
20
2024
1
2025
12
31
19
16
1
2026
2
1
2025
655
58
2026
19
2025
WANO
1/4
1/10
85.12%
83.33%
WANO
2025
11
4
2026
3
20
4
2
2
2
7
7
FCD
5
4
2025
1
2
2×120.2
407.19
424.57
1
2026
2
2026
3
4
2×120.9
380.58
60.47
3
2030
1
2
2×124.5
413.84
266.31
2030
5
6
2×120.0
382.17
212.60
5
2027
6
2028
1
2
2×121.4
457.79
53.00
1
2031
5
6
2×120.8
--
32.16
--
3
4
2×120.0
--
--
--
1,695.60
2,041.57
1,049.10
--
FCD
1
2026
4
4
2026
5
FCD
2025
4
5
2026
2025
7
25
A
49.00
5
6
2026
1
5
6
2026
4
46%
51%
46%
51%
83.47
7
2025
2025
2025
2026
13.25%
0.50
6
7
2026
5
2023
2024
2025
625.17
45.85
659.32
43.60
617.57
37.49
178.98
1.91
108.39
1.57
113.41
2.20
14.57
31.56
13.29
31.42
14.29
36.59
4.75
41.44
6.56
26.16
9.52
23.33
2.01
14.02
1.88
22.96
2.18
31.34
/
825.49
35.97
789.45
37.43
756.97
31.99
2025
2025
2026
15.66%
14.86%
2026
8
2025
2025
9
6
2023
2024
2025
2026.3/2026.1~3
26.64
26.79
28.62
5.33
24.20
24.43
19.17
3.43
56.66
51.33
45.23
10.49
107.91
103.03
93.39
20.05
(%)
13.07
13.05
12.34
12.28
13.05
16.96
20.42
2.33
193.30
200.27
160.19
44.70
16.04
19.33
23.53
5.18
205.31
216.28
186.03
49.85
EBIT
263.51
271.20
232.04
--
EBITDA
385.96
405.85
367.99
--
(%)
6.39
6.12
4.75
--
157.40
170.26
208.27
254.74
118.27
91.07
80.12
68.59
189.52
200.78
204.93
190.92
205.73
203.50
224.22
227.28
(%)
17.53
15.42
15.40
15.30
2,466.84
2,630.49
2,524.33
2,498.98
563.24
850.52
1,139.31
1,327.22
71.20
140.85
209.71
268.31
4,152.50
4,715.33
5,056.56
5,302.86
234.37
206.01
202.37
193.98
47.06
59.49
95.52
73.69
450.44
483.75
798.20
890.26
1,688.01
2,022.47
2,081.28
2,236.01
2,138.45
2,506.22
2,879.48
3,126.27
8
9
2026
/
(%)
21.06
19.30
27.72
28.48
504.99
504.99
504.99
504.99
107.94
200.83
96.84
96.95
444.32
501.46
534.48
561.89
520.68
543.60
530.26
544.38
1,653.04
1,829.45
1,762.14
1,803.58
(%)
60.19
61.20
65.15
65.99
(%)
56.40
57.80
62.04
63.42
331.20
375.06
299.71
34.78
-125.13
-324.48
-323.36
-111.95
-190.88
-66.56
66.77
114.07
EBITDA
(X)
5.43
5.91
5.47
--
FFO/
(%)
12.59
12.27
8.87
--
/EBITDA(X)
5.54
6.18
7.82
--
10
2026
2026
2026
2026
7
2024
2025
2026
(%)
57.80
62.04
62.49~64.40
/EBITDA(X)
6.18
7.82
8.15~8.40
10
2026
ESG
11
49.00
48.98
2025
7
15
2026
1
15
2026
3
554,300
A
150,847
0.0003%
48.99
99.9887%
11
2026
AAA
AAA
2026
2025
2025
2025
75.00%
140.58
93.24
78.70
37.48
59.00%
695.12
255.50
164.71
35.67
46.00%
405.58
163.11
111.69
26.16
61.00%
722.42
150.54
79.84
0.76
100.00%
117.23
49.83
53.32
7.93
100.00%
184.49
99.26
53.68
14.48
10.00%
81.02%
8.98%
58.89%
6.79%
34.32%
2026
2023
2024
2025
2026.3/2026.1~3
1,574,002.28
1,702,629.62
2,082,672.08
2,547,362.51
1,182,658.85
910,706.99
801,224.72
685,884.84
7,256.57
108,386.86
84,838.48
83,646.64
2,057,251.44
2,035,016.38
2,242,189.15
2,272,769.12
1,510,677.15
1,635,794.23
1,831,995.59
1,734,180.59
24,668,358.67
26,304,880.54
25,243,303.06
24,989,809.05
5,632,389.97
8,505,150.57
11,393,091.07
13,272,171.72
544,584.71
666,263.95
862,443.81
858,703.24
41,525,035.68
47,153,259.85
50,565,611.81
53,028,601.55
470,647.46
594,938.68
955,163.26
736,865.26
4,504,425.16
4,837,493.31
7,982,009.12
8,902,590.18
16,880,070.35
20,224,722.66
20,812,800.06
22,360,093.66
21,384,495.51
25,062,215.96
28,794,809.18
31,262,683.84
19,826,941.15
23,398,694.06
26,732,683.64
28,715,321.33
24,994,640.99
28,858,785.74
32,944,179.09
34,992,838.22
16,530,394.69
18,294,474.11
17,621,432.72
18,035,763.33
710,928.74
686,636.07
672,818.58
--
8,254,864.32
7,894,466.96
7,569,655.90
1,631,942.51
1,933,049.57
2,002,727.61
1,601,854.54
446,986.47
160,420.15
193,289.08
235,314.55
51,790.87
1,704,577.16
1,746,813.06
1,473,114.42
406,547.41
EBIT
2,635,055.46
2,711,953.75
2,320,433.78
--
EBITDA
3,859,596.12
4,058,464.95
3,679,868.76
--
3,311,989.43
3,750,572.80
2,997,052.94
347,752.20
-1,251,261.37
-3,244,829.33
-3,233,554.86
-1,119,495.76
-1,908,823.80
-665,643.42
667,689.47
1,140,676.84
2023
2024
2025
2026.3/2026.1~3
(%)
35.97
37.43
31.99
39.37
(%)
13.07
13.05
12.34
12.28
EBIT
(%)
31.92
34.35
30.65
--
(%)
6.39
6.12
4.75
--
(X)
0.94
0.88
0.66
0.66
(X)
0.67
0.63
0.47
0.48
(X)
2.76
2.41
2.41
1.75*
(X)
6.17
7.54
8.84
8.78*
(%)
60.19
61.20
65.15
65.99
(%)
56.40
57.80
62.04
63.42
/
(%)
21.06
19.30
27.72
28.48
/
(X)
0.12
0.12
0.08
--
/
(X)
0.59
0.63
0.30
--
(X)
4.66
5.46
4.45
--
/EBITDA(X)
5.54
6.18
7.82
--
EBITDA/
(X)
0.86
0.84
0.46
--
EBITDA
(X)
5.43
5.91
5.47
--
EBIT
(X)
3.71
3.95
3.45
--
FFO/
(%)
12.59
12.27
8.87
--
2026
+
/
+
+
+
+
+
+
+
-
/
/(
+
-
+
+
/
+
/
+
×360
/
+
×360
/
+
×360
/
-
×360
/
+
-
(
-
)/
+
+
+
/
-
-
-
-
-
-
-
-
-
-
+
-
EBIT
+
-
EBITDA
EBIT+
+
+
EBIT/
EBIT
=EBIT/
/
-
-
FFO
(
+
+
)
EBIT
EBIT/
EBITDA
EBITDA/
/
1
2
2018
[2018]15
=
+
+
3
1
[2023]65
2026
BCA
aaa
aa
a
bbb
bb
b
ccc
cc
c
-
AAA
AA
A
BBB
BB
B
CCC
CC
C
-
A-1
A-2
A-3
B
C
D
AAA
AA
A
BBB
BB
B
CCC
CC
C
2026
2
SOHO5
100010
+86
10
6642 8877
+86
10
6642 6100
www.ccxi.com.cn
Address: Building 5, Galaxy SOHO, No.2 Nanzhugan Lane, Chaoyangmennei Avenue, Dongcheng District,
Beijing
Postal Code
100010
Tel: +86
10
6642 8877
Fax: +86
10
6642 6100
Web: www.ccxi.com.cn
[2026]
1160
2026
2026
6
26
2026
AAA/
AAA
12~18
2025
A+H
lbwang@ccxi.com.cn
yyliu@ccxi.com.cn
(010)66428877
(010)66426100
2026
2023
2024
2025
2026.3/2026.1~3
4,152.50
4,715.33
5,056.56
5,302.86
1,653.04
1,829.45
1,762.14
1,803.58
2,499.46
2,885.88
3,294.42
3,499.28
2,138.45
2,506.22
2,879.48
3,126.27
825.49
789.45
756.97
163.19
170.46
174.68
147.31
40.65
EBIT
263.51
271.20
232.04
--
EBITDA
385.96
405.85
367.99
--
331.20
375.06
299.71
34.78
(%)
35.97
37.43
31.99
39.37
(%)
6.39
6.12
4.75
--
EBIT
(%)
31.92
34.35
30.65
--
(%)
60.19
61.20
65.15
65.99
(%)
56.40
57.80
62.04
63.42
/EBITDA(X)
5.54
6.18
7.82
--
EBITDA
(X)
5.43
5.91
5.47
--
FFO/
(%)
12.59
12.27
8.87
--
1
2023~2025
2026
2023
2024
2024
2025
2025
2026
2
3
--
2025
(%)
(%)
5,864.10
2,307.47
7,492.62
69.01
820.75
179.71
41.32
3,183.80
2,326.48
5,056.56
65.15
756.97
147.31
31.99
2,500.00
3,364.10
1,878.47
2,512.40
1,834.98
/
AAA
AAA
2025/09/08
49.00/48.99
2025/07/09~2031/07/08
2026
3
2026
1
15
2031
7
8
A
AAA/
AAA/
2025/09/08
2026
C150000_2024_05
2026
2026
2026
2
https://www.ccxi.com.cn/coreditResearch/detail/12384?type=1
2026
1
2026
3
3,183.8
49.92%2
2026
1
1
2026
4
19
2026
4
29
30
3,424.8
3
1
M310
2×102.6
M310
2×99.0
CPR1000
2×108.6
CPR1000/ACPR1000
6×108.6
EPR
2×175.0
CPR1000
4×108.9
CPR1000
2×108.6
2×118.8
2,512.4
CPR1000
4×111.9
ACPR1000
2×111.9
671.4
3,183.8
2
1
2024
10
2025
12
98.4
102.6
1
2
3
2026
2025
2025
2026
10.11%
11.45%
2025
2025
2
2023
2024
2025
2026.3/2026.1~3
3,056.8
3,179.8
3,183.8
3,183.8
7,509
7,710
7,767
1,699
2,141.46
2,272.84
2,326.48
509.57
(%)
57.3
50.9
56.2
67.2
2,385.4
2,508.4
2,512.4
2,512.4
7,522
7,727
7,751
--
1,670.72
1,790.12
1,834.98
400.41
(%)
89.29
91.47
92.65
--
(%)
85.90
87.97
88.66
--
/
0.4228
0.4162
0.3803
--
3
/
1
2
0.4056
1
2
0.4143
1
2
0.4153
1~6
0.4153
1
2
0.4350
1~4
*
0.4063
1
2
0.4153
3
0.3916
4
0.3590
1~4
0.3823
5
6
*
0.3749
1
2022
6
5
6
2022
30
5
6
0.3749
2
2023
3
2023
612
3
4
0.4063
/
2025
2025
20
2024
1
2025
12
31
19
16
1
2026
2
1
2025
655
58
2026
19
2025
WANO
1/4
1/10
85.12%
83.33%
WANO
2025
11
4
2026
3
20
4
2
2
2
7
7
FCD
5
4
2025
1
2
2×120.2
407.19
424.57
1
2026
2
2026
3
4
2×120.9
380.58
60.47
3
2030
1
2
2×124.5
413.84
266.31
2030
5
6
2×120.0
382.17
212.60
5
2027
6
2028
1
2
2×121.4
457.79
53.00
1
2031
5
6
2×120.8
--
32.16
--
3
4
2×120.0
--
--
--
1,695.60
2,041.57
1,049.10
--
FCD
1
2026
4
4
2026
5
FCD
2025
4
5
2026
2025
7
25
A
49.00
5
6
2026
1
5
6
2026
4
46%
51%
46%
51%
83.47
7
2025
2025
2025
2026
13.25%
0.50
6
7
2026
5
2023
2024
2025
625.17
45.85
659.32
43.60
617.57
37.49
178.98
1.91
108.39
1.57
113.41
2.20
14.57
31.56
13.29
31.42
14.29
36.59
4.75
41.44
6.56
26.16
9.52
23.33
2.01
14.02
1.88
22.96
2.18
31.34
/
825.49
35.97
789.45
37.43
756.97
31.99
2025
2025
2026
15.66%
14.86%
2026
8
2025
2025
9
6
2023
2024
2025
2026.3/2026.1~3
26.64
26.79
28.62
5.33
24.20
24.43
19.17
3.43
56.66
51.33
45.23
10.49
107.91
103.03
93.39
20.05
(%)
13.07
13.05
12.34
12.28
13.05
16.96
20.42
2.33
193.30
200.27
160.19
44.70
16.04
19.33
23.53
5.18
205.31
216.28
186.03
49.85
EBIT
263.51
271.20
232.04
--
EBITDA
385.96
405.85
367.99
--
(%)
6.39
6.12
4.75
--
157.40
170.26
208.27
254.74
118.27
91.07
80.12
68.59
189.52
200.78
204.93
190.92
205.73
203.50
224.22
227.28
(%)
17.53
15.42
15.40
15.30
2,466.84
2,630.49
2,524.33
2,498.98
563.24
850.52
1,139.31
1,327.22
71.20
140.85
209.71
268.31
4,152.50
4,715.33
5,056.56
5,302.86
234.37
206.01
202.37
193.98
47.06
59.49
95.52
73.69
450.44
483.75
798.20
890.26
1,688.01
2,022.47
2,081.28
2,236.01
2,138.45
2,506.22
2,879.48
3,126.27
8
9
2026
/
(%)
21.06
19.30
27.72
28.48
504.99
504.99
504.99
504.99
107.94
200.83
96.84
96.95
444.32
501.46
534.48
561.89
520.68
543.60
530.26
544.38
1,653.04
1,829.45
1,762.14
1,803.58
(%)
60.19
61.20
65.15
65.99
(%)
56.40
57.80
62.04
63.42
331.20
375.06
299.71
34.78
-125.13
-324.48
-323.36
-111.95
-190.88
-66.56
66.77
114.07
EBITDA
(X)
5.43
5.91
5.47
--
FFO/
(%)
12.59
12.27
8.87
--
/EBITDA(X)
5.54
6.18
7.82
--
10
2026
2026
2026
2026
7
2024
2025
2026
(%)
57.80
62.04
62.49~64.40
/EBITDA(X)
6.18
7.82
8.15~8.40
10
2026
ESG
11
49.00
48.98
2025
7
15
2026
1
15
2026
3
554,300
A
150,847
0.0003%
48.99
99.9887%
11
2026
AAA
AAA
2026
2025
2025
2025
75.00%
140.58
93.24
78.70
37.48
59.00%
695.12
255.50
164.71
35.67
46.00%
405.58
163.11
111.69
26.16
61.00%
722.42
150.54
79.84
0.76
100.00%
117.23
49.83
53.32
7.93
100.00%
184.49
99.26
53.68
14.48
10.00%
81.02%
8.98%
58.89%
6.79%
34.32%
2026
2023
2024
2025
2026.3/2026.1~3
1,574,002.28
1,702,629.62
2,082,672.08
2,547,362.51
1,182,658.85
910,706.99
801,224.72
685,884.84
7,256.57
108,386.86
84,838.48
83,646.64
2,057,251.44
2,035,016.38
2,242,189.15
2,272,769.12
1,510,677.15
1,635,794.23
1,831,995.59
1,734,180.59
24,668,358.67
26,304,880.54
25,243,303.06
24,989,809.05
5,632,389.97
8,505,150.57
11,393,091.07
13,272,171.72
544,584.71
666,263.95
862,443.81
858,703.24
41,525,035.68
47,153,259.85
50,565,611.81
53,028,601.55
470,647.46
594,938.68
955,163.26
736,865.26
4,504,425.16
4,837,493.31
7,982,009.12
8,902,590.18
16,880,070.35
20,224,722.66
20,812,800.06
22,360,093.66
21,384,495.51
25,062,215.96
28,794,809.18
31,262,683.84
19,826,941.15
23,398,694.06
26,732,683.64
28,715,321.33
24,994,640.99
28,858,785.74
32,944,179.09
34,992,838.22
16,530,394.69
18,294,474.11
17,621,432.72
18,035,763.33
710,928.74
686,636.07
672,818.58
--
8,254,864.32
7,894,466.96
7,569,655.90
1,631,942.51
1,933,049.57
2,002,727.61
1,601,854.54
446,986.47
160,420.15
193,289.08
235,314.55
51,790.87
1,704,577.16
1,746,813.06
1,473,114.42
406,547.41
EBIT
2,635,055.46
2,711,953.75
2,320,433.78
--
EBITDA
3,859,596.12
4,058,464.95
3,679,868.76
--
3,311,989.43
3,750,572.80
2,997,052.94
347,752.20
-1,251,261.37
-3,244,829.33
-3,233,554.86
-1,119,495.76
-1,908,823.80
-665,643.42
667,689.47
1,140,676.84
2023
2024
2025
2026.3/2026.1~3
(%)
35.97
37.43
31.99
39.37
(%)
13.07
13.05
12.34
12.28
EBIT
(%)
31.92
34.35
30.65
--
(%)
6.39
6.12
4.75
--
(X)
0.94
0.88
0.66
0.66
(X)
0.67
0.63
0.47
0.48
(X)
2.76
2.41
2.41
1.75*
(X)
6.17
7.54
8.84
8.78*
(%)
60.19
61.20
65.15
65.99
(%)
56.40
57.80
62.04
63.42
/
(%)
21.06
19.30
27.72
28.48
/
(X)
0.12
0.12
0.08
--
/
(X)
0.59
0.63
0.30
--
(X)
4.66
5.46
4.45
--
/EBITDA(X)
5.54
6.18
7.82
--
EBITDA/
(X)
0.86
0.84
0.46
--
EBITDA
(X)
5.43
5.91
5.47
--
EBIT
(X)
3.71
3.95
3.45
--
FFO/
(%)
12.59
12.27
8.87
--
2026
+
/
+
+
+
+
+
+
+
-
/
/(
+
-
+
+
/
+
/
+
×360
/
+
×360
/
+
×360
/
-
×360
/
+
-
(
-
)/
+
+
+
/
-
-
-
-
-
-
-
-
-
-
+
-
EBIT
+
-
EBITDA
EBIT+
+
+
EBIT/
EBIT
=EBIT/
/
-
-
FFO
(
+
+
)
EBIT
EBIT/
EBITDA
EBITDA/
/
1
2
2018
[2018]15
=
+
+
3
1
[2023]65
2026
BCA
aaa
aa
a
bbb
bb
b
ccc
cc
c
-
AAA
AA
A
BBB
BB
B
CCC
CC
C
-
A-1
A-2
A-3
B
C
D
AAA
AA
A
BBB
BB
B
CCC
CC
C
2026
2
SOHO5
100010
+86
10
6642 8877
+86
10
6642 6100
www.ccxi.com.cn
Address: Building 5, Galaxy SOHO, No.2 Nanzhugan Lane, Chaoyangmennei Avenue, Dongcheng District,
Beijing
Postal Code
100010
Tel: +86
10
6642 8877
Fax: +86
10
6642 6100
Web: www.ccxi.com.cn
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