CGN Power (01816) fell more than 4% in afternoon trading. At the time of writing, the stock was down 4.49% to HK$2.98, with a turnover of HK$246 million. Citigroup released a research report stating that while global stock markets have become more optimistic about nuclear power-related investment themes, it maintains a "Sell" rating on CGN Power due to the current absence of a power shortage in China. The report indicated that electricity prices for CGN Power in Guangdong province, which contributes 70-80% of its total profit, may be lower than expected due to intensified competition. The company announced it will bear more sales and distribution costs in local electricity sales. Unit uranium fuel costs are expected to increase year-on-year by 2026, although the rise may be limited as only 25% of uranium fuel needs replacement this year. CICC noted that CGN Power's total electricity generation last year increased by 2% year-on-year to 247 billion kWh, while total grid-connected electricity increased by 2.36% year-on-year to 232.6 billion kWh. The report mentioned that the implementation of electricity prices in Guangdong met expectations, and nuclear power profitability within the province has bottomed out and begun to recover. CICC stated that, considering the handover of the Huizhou nuclear power assets and the expected commissioning and contribution of Huizhou Units 1 and 2 this year, it has raised its profit forecast for the group for this year by 2.5% to 10.3 billion yuan and introduced a 2027 profit forecast of 11.5 billion yuan.