China International Capital Corporation's research report points out that CGN Power Co., Ltd. (003816.SZ) released its operational situation for the fourth quarter of 2024: total on-grid electricity in 2024 increased by 6.1% year-on-year to 227.3 billion kilowatt-hours; total on-grid electricity for Q4 2024 increased by 9.5% year-on-year to 60.4 billion kilowatt-hours. So far, the company has signed a market trading volume of 32 billion kilowatt-hours for 2025, with a price close to the All Market trading average of approximately 0.392 yuan per kilowatt-hour, after paying a variable cost compensation of 0.04 yuan per kilowatt-hour (which is 85% of the price difference between the approved coal-fired power price of 0.463 and the approved average nuclear power price of 0.415) of about 0.352 yuan per kilowatt-hour. A small amount of electricity will still participate in monthly and spot trading subsequently. Considering that the company's stock price has continued to correct since October 2024, reflecting the expectations of a decline in market-oriented electricity prices, and in a low-interest-rate market environment, the investment value of Nuclear Power's long-term stable growth and dividends becomes prominent, maintaining the outperform industry rating and the A/H Target Price unchanged.