Core Insights - The nuclear energy sector is experiencing significant growth, with leading companies like NuScale Power seeing stock increases of over 120% this year, indicating strong market interest and investment in nuclear fusion technology [2] - Global competition in nuclear fusion is intensifying, with countries like China and the U.S. ramping up investments and strategic initiatives to secure technological and material advantages [4][5] Investment Trends - China has invested at least $6.5 billion in nuclear fusion since 2023, significantly outpacing the U.S. Department of Energy's budget for fusion research [4] - The total investment in the global fusion industry is projected to rise from $1.9 billion in 2021 to $9.7 billion by 2025, reflecting a more than fivefold increase [6] Technological Advancements - The pace of technological development in nuclear fusion is faster than anticipated, with 35 out of 45 surveyed fusion companies expecting to operate commercial demonstration plants by 2030-2035 [6] - China's "Eastern Super Ring" Tokamak device has achieved a world record by maintaining plasma at 1 million degrees Celsius for 1066 seconds [6] Industry Opportunities - The nuclear fusion supply chain is becoming clearer, with key components like superconducting magnets and vacuum chambers showing significant market potential [7][10] - Companies like China National Nuclear Corporation and Dongfang Electric are well-positioned to benefit from the growing demand for nuclear power, especially in the context of AI data centers [12] Market Dynamics - The explosion of AI data centers is driving demand for stable, zero-carbon energy sources, with nuclear power emerging as a preferred option for tech giants [12] - In China, the procurement of nuclear power for AI data centers surged by 120% in the first half of 2025, leading to increased orders for nuclear fuel and equipment [12] Future Outlook - The nuclear energy sector is expected to continue its upward trajectory, with companies that can leverage technological breakthroughs and secure orders likely to see substantial growth [14] - Ongoing monitoring of policy, technology, and market dynamics will be essential for identifying investment opportunities in the complex nuclear fusion landscape [14]

Core Insights - The nuclear energy sector is experiencing significant growth, with leading companies like NuScale Power seeing stock increases of over 120% this year, indicating strong market interest and investment in nuclear fusion technology [1][5] - Global competition in nuclear fusion is intensifying, with substantial investments from countries like China and the U.S. aiming to establish leadership in this emerging energy source [2][3] Global Competition - The U.S. has prioritized nuclear fusion as a national security issue, mandating the start of a demonstration fusion power plant by the end of 2028, while China has invested at least $6.5 billion in fusion technology since 2023, significantly outpacing U.S. funding [1][2] - China dominates the supply of critical materials for nuclear fusion, producing nearly 80% of tungsten and 67% of vanadium globally, which are essential for fusion technology [2] Technological Breakthroughs - The total investment in the global fusion industry is projected to rise from $1.9 billion in 2021 to $9.7 billion by 2025, indicating rapid advancements in technology [3] - Chinese advancements include the "Eastern Super Ring" Tokamak achieving a world record of 1 million degrees Celsius plasma stability for 1066 seconds, showcasing significant progress in fusion technology [3] Industry Chain Opportunities - The nuclear fusion supply chain is becoming clearer, with key components like superconducting magnets and vacuum chambers showing substantial market potential [4] - Companies like Western Superconducting and AnTai Technology are positioned to benefit from the growing demand for materials and components essential for fusion reactors [4] AI Data Center Impact - The explosive growth of AI data centers is driving demand for stable and carbon-free energy sources, positioning nuclear power as a preferred option for tech giants [5] - In China, the procurement of nuclear power for AI data centers surged by 120% in the first half of 2025, leading to increased orders for nuclear fuel and equipment [5] Value Reassessment - The significant stock price increases of recommended companies, such as NuScale and China General Nuclear Power, validate the market's reassessment of their value in the context of nuclear energy advancements [6]

Core Viewpoint - The signing of the EPC contract for the BESS battery storage project in the UAE marks a significant step for the company in its green transformation strategy and entry into the UAE market [2][4]. Group 1: Project Details - The BESS project is located in Abu Dhabi and is the largest grid-side energy storage project publicly bid in the UAE [4]. - This project is the first to be launched by the UAE Utility Development Company and represents the company's largest overseas energy storage project [4]. - The EPC scope includes the construction of two storage areas, Al Bihouth and Madinat Zayed, along with supporting booster stations, with a total capacity of nearly 1 GWh [4]. Group 2: Strategic Importance - As the first grid-side energy storage project in the UAE, it will enhance the power system's regulation capacity, support power supply security, and facilitate large-scale renewable energy consumption [6]. - The company aims to leverage its overseas renewable project construction experience and integrate the upstream and downstream advantages of the renewable energy industry chain to make this project a leading initiative in the local renewable energy sector [6].

Core Viewpoint - Oriental Electric's stock has shown significant growth this year, with a year-to-date increase of 36.95% and a recent surge of 11.93% over the past five trading days [1] Company Overview - Oriental Electric Co., Ltd. was established on December 28, 1993, and listed on October 10, 1995. The company is based in Chengdu, Sichuan Province, and specializes in the research, manufacturing, sales, and service of various power generation equipment, including thermal, hydro, wind, nuclear, and gas power generation [2] - The company's revenue composition includes: 43.95% from clean and efficient energy equipment, 27.32% from renewable energy equipment, 11.52% from emerging growth industries, 8.98% from modern manufacturing services, and 8.23% from engineering and supply chain services [2] - Oriental Electric is classified under the "Electric Equipment - Other Power Supply Equipment II - Comprehensive Power Equipment Manufacturers" sector and is associated with concepts such as state-owned enterprise reform, hydropower, pumped storage, nuclear fusion, and capital management [2] Financial Performance - For the first half of 2025, Oriental Electric reported a revenue of 38.151 billion yuan, reflecting a year-on-year growth of 14.03%, and a net profit attributable to shareholders of 1.910 billion yuan, which is a 12.91% increase compared to the previous year [2] - The company has distributed a total of 8.575 billion yuan in dividends since its A-share listing, with 3.892 billion yuan distributed over the last three years [3] Shareholder Information - As of June 30, 2025, Oriental Electric had 92,000 shareholders, a decrease of 10.68% from the previous period. The average circulating shares per person remained at 0 [2] - The top circulating shareholders include Hong Kong Central Clearing Limited with 338 million shares, and various ETFs such as Huatai-PB CSI 300 ETF, E Fund CSI 300 ETF, and others, showing changes in their holdings [3]

Core Insights - The top three companies with the highest short positions as of October 3 are COSCO Shipping Holdings (01919), Ganfeng Lithium (01772), and ZTE Corporation (00763), with short ratios of 15.66%, 15.25%, and 15.16% respectively [1][2] - Ganfeng Lithium (01772) saw the largest absolute increase in short positions, rising by 1.20%, followed by Minmetals Resources (01208) with an increase of 0.96%, and Yuexiu Transport Infrastructure (01052) with an increase of 0.76% [1][2] - The companies with the largest decreases in short positions include GCL-Poly Energy (03800), which decreased by 3.16%, followed by Dongfang Electric (01072) with a decrease of 2.03%, and Jinxin Fertility (01951) with a decrease of 0.76% [1][3] Summary of Short Positions - **Top 10 Companies by Short Ratio** - COSCO Shipping Holdings (01919): 15.66% (from 437 million shares to 451 million shares) - Ganfeng Lithium (01772): 15.25% (from 62.30 million shares to 67.64 million shares) - ZTE Corporation (00763): 15.16% (from 113 million shares to 115 million shares) - CATL (03750): 13.83% (from 21.12 million shares to 21.57 million shares) - Vanke (02202): 12.63% (from 268 million shares to 279 million shares) - Ping An Insurance (02318): 12.59% (from 959 million shares to 938 million shares) - Zijin Mining (02899): 12.58% (from 750 million shares to 754 million shares) - MicroPort Medical (00853): 11.10% (from 213 million shares to 212 million shares) - Hansoh Pharmaceutical (01276): 11.01% (from 28.01 million shares to 28.43 million shares) - Fuyao Glass (06865): 10.85% (from 49.22 million shares to 47.94 million shares) [2] - **Top 10 Companies with Increased Short Positions** - Ganfeng Lithium (01772): Increased by 1.20% (from 14.05% to 15.25%) - Minmetals Resources (01208): Increased by 0.96% (from 1.96% to 2.93%) - Yuexiu Transport Infrastructure (01052): Increased by 0.76% (from 1.08% to 1.84%) - Jinli Permanent Magnet (06680): Increased by 0.66% (from 7.76% to 8.42%) - China Civil Aviation Information Network (00696): Increased by 0.58% (from 6.63% to 7.21%) [2] - **Top 10 Companies with Decreased Short Positions** - GCL-Poly Energy (03800): Decreased by 3.16% (from 11.76% to 8.59%) - Dongfang Electric (01072): Decreased by 2.03% (from 6.78% to 4.75%) - Jinxin Fertility (01951): Decreased by 0.76% (from 10.61% to 9.85%) - Yangtze Optical Fibre and Cable (06869): Decreased by 0.75% (from 7.03% to 6.28%) - Shanghai Electric (02727): Decreased by 0.72% (from 2.25% to 1.52%) [3][4]

海外監管公告 中信證券股份有限公司關於 東方電氣股份有限公司 向特定對象發行A股限售股上市流通的核查意見 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列東方電氣股份有限公司在上海證券交易所網站(www.sse.com.cn)刊 登 之《中 信 證 券 股 份 有 限 公 司 關 於 東 方 電 氣 股 份 有 限 公 司 向 特 定 對 象 發 行A股 限 售 股 上 市 流 通 的 核 查 意 見》，僅 供 參 閱。 承董事會命 東方電氣股份有限公司 馮 勇 聯席公司秘書 中國‧四川省‧成都 2025年10月9日 於 本 公 告 刊 發 日 期，本 公 司 董 事 如 下： 非 執 行 董 事： 羅 乾 宜（董 事 長）及 張 少 峰 董 事： 張彥軍及孫國君 獨 立 非 執 行 董 事： 黃 峰、曾 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 海外監管公告 關於向特定對象發行A股部分限售股上市流通的公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列東方電氣股份有限公司在上海證券交易所網站(www.sse.com.cn)刊 登 之《東 方 電 氣 股 份 有 限 公 司 關 於 向 特 定 對 象 發 行A股部分限售股上市 流 通 的 公 告》，僅 供 參 閱。 承董事會命 東方電氣股份有限公司 馮 勇 聯席公司秘書 中國‧四川省‧成都 2025年10月9日 於 本 公 告 刊 發 日 期，本 公 司 董 事 如 下： 非 執 行 董 事： 羅 乾 宜（董 事 長）及 張 少 峰 董 事： 張彥軍及孫國君 一、本次向特定对象发行限售股上市类型、发行及锁定情况 （一）本次向特定对象发行限售股上市类型 本次限售股上市类型为东方电气股份有限公司（简称 ...

Core Viewpoint - The 2025 Mid-Autumn Festival Gala, hosted by China Central Television, showcased the industrial beauty of Dongfang Electric Group, highlighting its technological advancements and artistic integration in a global presentation [1] Group 1: Company Highlights - Dongfang Electric Group, recognized as a "national team" in equipment manufacturing, presented a unique perspective at the gala, emphasizing the fusion of technology and art [1] - The company has established rigorous production standards in high-precision turbine component manufacturing, ensuring reliability and precision in every dimension [3] - The transformation from the old Hanwang factory site to modern facilities in Deyang illustrates the company's resilience and leadership in the industry [5] Group 2: Technological Innovations - Dongfang Electric has implemented digital twin technology in its heavy machinery manufacturing, achieving real-time visibility and efficient scheduling, which significantly enhances production capabilities [7] - The introduction of a green and efficient welding digital workshop has led to a 300% increase in per capita efficiency, with a focus on zero defects, emissions, and deformations [8] - The first unmanned workshop for blade processing and dark production lines has resulted in a 650% increase in per capita efficiency and a 100% quality pass rate, showcasing the company's commitment to innovation and smart manufacturing [8]

证券代码：600875 证券简称：东方电气 公告编号：2025-048 东方电气股份有限公司 关于向特定对象发行A股部分限售股上市流通的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为非公开发行股份；股票认购方式为网下，上市股数为 239,787,535股。 本次股票上市流通总数为239,787,535股。 本次股票上市流通日期为2025 年 10 月 15 日。 一、本次向特定对象发行限售股上市类型、发行及锁定情况 （一）本次向特定对象发行限售股上市类型 （三）向特定对象发行限售股锁定情况 本次向特定对象发行对应新增股份登记手续完成后，股份认购对象及其认购 数量、锁定期情况如下表所示： | 序号 | 认购对象名称 | 认购股数 （股） | 限售期 （月） | | --- | --- | --- | --- | | 1 | 中国东方电气集团有限公司 | 33,090,668 | 18 | | 2 | 华建国际实业（深圳）有限公司 | 111,131,700 | 6 | | 3 | 中 ...

中信证券股份有限公司 中信证券股份有限公司（以下简称"中信证券"、"保荐人"）作为东方电气 股份有限公司（以下简称"东方电气"或"公司"）2023 年向特定对象发行 A 股 股票（以下简称"本次向特定对象发行"）的保荐人，根据《上市公司证券发行 注册管理办法》《上海证券交易所股票上市规则》《上海证券交易所上市公司自律 监管指引第 11 号——持续督导》等有关规定，针对东方电气本次限售股上市流 通事项进行了审慎核查，发表如下核查意见： 一、本次向特定对象发行限售股上市类型、发行及锁定情况 （一）本次向特定对象发行限售股上市类型 公司本次向特定对象发行 A 股股票中募集资金所对应的新增限售股。 （二）向特定对象发行限售股发行情况 关于东方电气股份有限公司 向特定对象发行 A 股限售股上市流通的核查意见 2024 年 11 月 26 日，公司收到中国证券监督管理委员会（以下简称"中国 证监会"）《关于同意东方电气股份有限公司向特定对象发行股票注册的批复》（证 监许可〔2024〕1610 号）。 2025 年 4 月 14 日，本次向特定对象发行股票对应的 272,878,203 股新增股 份已在中国证券登记结算有限 ...