花旗发表研究报告指，昨天多只内地公用股的股价下跌，相信是由于国家能源局对明年提出保守指引， 包括审慎制定风电与太阳能新增装机产量目标，及其对水电与核电发展持谨慎态度。根据过往经验，认 为明年风能和太阳能装机产量超过200GW的预测可能过低，并预计十五五规划期间的水电与核电项目 资本开支将会增加，以达成减排目标。此外，该行预计全球储能系统(ESS)的需求将加快扩张。该行重 申对金风科技、通威股份、东方电气及阳光电源的"买入"评级。 ...

Group 1 - The nuclear power sector experienced a general decline, with China National Nuclear Power (02302) down 6.63% to HKD 4.79, Dongfang Electric (01072) down 5.79% to HKD 22.8, and Shanghai Electric (02727) down 4.84% to HKD 3.93 [1] - Elon Musk publicly criticized nuclear fusion power, stating that building small nuclear fusion reactors on Earth is economically foolish, as the Sun itself is a massive, free nuclear fusion reactor capable of meeting all energy needs in the solar system [1] - Nvidia is set to hold an AI power shortage summit, highlighting global electricity supply and demand issues, with a focus on long-term opportunities in power-related assets [1] Group 2 - The report from Guotai Junan pointed out that the current challenges facing the U.S. power system, driven by increasing electricity demand from AI and extreme weather, create a "trilemma" of decarbonization goals, grid reliability requirements, and cost-speed demands from AI data centers [1]

Flash | 11 Dec 2025 07:08:19 ET │ 10 pages Dongfang Electric (1072.HK) Potential New Orders for Gas Turbine Power Generators from US Data Centers CITI'S TAKE DFE cannot export big gas turbine power generators yet- For big gas turbine power generators over 50MW, Mitsubishi has not allowed DFE to export these yet. Under their joint venture agreement, Mitsubishi provides important raw material, forgings and turbine blades of big gas-fired power equipment to DF, and DF is mainly responsible for equipment proces ...

Group 1 - The establishment of Dongfang Electric Petrochemical Hydrogen Energy (Zigong) Co., Ltd. has been announced, with a registered capital of 87.8 million yuan [1] - The company's business scope includes gas operation, food sales, solar power technology services, new energy technology research and development, and the sale of hydrogen refueling and storage facilities [1] - The shareholders of the company include Dongfang Electric Group Dongfang Boiler Co., Ltd., Sinopec Sales Co., Ltd., and Zigong Anhydrous Port Investment Development Co., Ltd. [1]

据介绍，该项目是目前国内最大单体新能源清洁供热项目，其核心任务是高效消纳光伏绿电，通过电加热熔盐储能技术，将不稳定的光伏电能转化为可稳定 储存、按需释放的热能，并利用二元盐双罐系统储存，最终产出高温高压蒸汽，24 小时连续供给周边工业园区，开创高压蒸汽外供新模式。 IT之家从东方电气官方获悉，项目投运后，预计每年可消纳绿电约 10 亿度，既能有效缓解当地绿电消纳压力，也可满足工业园区持续稳定供汽的需求，为 零碳园区建设与能源结构转型提供重要示范。 . THER :00 u (11) C 47 B r SEBRANDS PA tissu 2 all PHAN NEELL mit 热储能及综合能源 E y Enti f o 1676 12 月 14 日消息，据东方电气官方消息，由该集团所属东方锅炉承建的华能西安热工院 500 兆瓦 / 2000 兆瓦时熔盐储罐项目迎来重要阶段性成果 —— 高、 低温熔盐储罐罐体安装全面完成。该节点的顺利实现，标志着项目主体设备安装取得重大进展，为后续系统联调与整体投运奠定了基础。 ...

记者13日从通用技术沈阳机床获悉，由通用技术集团与东方电气集团联合研发的4台高端五轴联动数控 机床12日在沈阳下线交付。这一合作在取得重大技术突破的同时，还打破了"研用脱节"的产业困境，开 创了国产工业母机研制的新模式。（中新网） ...

12月12日，由通用技术集团与东方电气集团深度协同、联合研发的4台高端五轴联动数控机床在通用技术沈阳机床下线并交付。 此次合作在取得重大技术突破的同时，还成功打破了"研用脱节"的产业困境，开创了国产工业母机研制的新模式。 此次交付的两类四种机型产品，实现了整机及核心部件自主可控，定位精度、加工效率等关键技术指标达到国际先进水平，将直 接应用于雅下水电、新一代煤电等国家重点工程，为落实"双碳"战略和保障能源安全提供支撑。 通用技术集团总工程师周舟表示，此次合作是中央企业发挥产业链引领作用、打造创新联合体的有力举措，集团将联合更多伙 伴，构建自主可控、安全高效的高端装备生态。据悉，通用技术集团与东方电气集团已于今年9月签署二期合作意向书，将围绕"十五 五"核心技术攻关任务系统谋划，深化在工业母机、国际工程等领域的战略合作，共同推进中央企业先进电力装备与高端数控机床创 新联合体建设，为筑牢现代化产业体系、加快建设制造强国贡献央企力量。 图为在通用技术沈阳机床下线并交付的高端五轴联动数控机床。 "以前很多应用场景、信息是见不着、拿不到的，此次合作彻底打破了这一局面，真正把产学研用连在一起、拧在一起，形成了 有效合力。 ...

Core Insights - Four major companies, namely Dongfang Electric, Shanghai Electric, China XD Electric, and Zhongtian Technology, are positioning themselves in the field of controllable nuclear fusion, with varying strengths and strategies [1][12] - Dongfang Electric leads in return on equity (ROE) at 6.67%, primarily due to high financial leverage, while Zhongtian Technology follows closely with an ROE of 6.39% and the best asset turnover [3][12] - The assessment of a company's leadership in the nuclear fusion sector raises questions about whether to prioritize current profitability or future potential [4][12] Company Summaries - **Dongfang Electric**: Recognized as one of the largest power generation equipment manufacturers globally, it has a comprehensive portfolio covering various energy sources. It plays a crucial role in manufacturing key components for China's nuclear fusion experimental device and the ITER project [5][12] - **Shanghai Electric**: Dominates the traditional nuclear power sector and aims to be a comprehensive supplier for nuclear fusion systems. It has secured key orders for major projects, emphasizing its capability in producing complete systems rather than just components [7][8][9] - **China XD Electric**: A leader in electrical equipment, it focuses on power transmission and transformation. Its role in the ITER project involves providing essential equipment to ensure the safe and controllable output of energy from fusion devices [9][10] - **Zhongtian Technology**: Known for its expertise in optical fiber and cable, it contributes to nuclear fusion at the material level, specifically in developing superconducting cables essential for magnetic confinement in fusion reactors [10][12] Financial Performance - **Return on Equity**: Dongfang Electric leads with 6.67%, while Zhongtian Technology follows with 6.39% [3][12] - **Asset Turnover**: Dongfang Electric and China XD Electric both have an asset turnover rate of 0.36, while Shanghai Electric lags at 0.27 [4] - **Net Profit Margin**: China XD Electric has the highest sales net profit margin at 6.95%, followed by Dongfang Electric at 5.67% [6] Strategic Positioning - Each company approaches the nuclear fusion challenge from different angles: Dongfang Electric focuses on heavy manufacturing, Shanghai Electric on system integration, China XD Electric on power output, and Zhongtian Technology on advanced materials [12][14] - The competition among these companies is ongoing, with each holding unique advantages that contribute to their roles in the evolving energy landscape [14]

Core Insights - The top three companies with the highest short positions are Vanke Enterprises (02202), ZTE Corporation (00763), and COSCO Shipping Holdings (01919), with short ratios of 20.57%, 17.63%, and 17.59% respectively [1][2] - The company with the largest increase in short positions is ZTE Corporation (00763), which saw an increase of 1.96% in its short ratio [1][2] - The companies with the most significant decrease in short positions include UBTECH Robotics (09880), ASMPT (00522), and Vanke Enterprises (02202), with decreases of -3.30%, -1.86%, and -1.83% respectively [1][3] Top 10 Short Position Ratios - Vanke Enterprises (02202) has a short position of 20.57%, down from 22.40% [2] - ZTE Corporation (00763) has a short position of 17.63%, up from 15.67% [2] - COSCO Shipping Holdings (01919) has a short position of 17.59%, up from 15.00% [2] Largest Increases in Short Positions - ZTE Corporation (00763) increased its short position from 15.67% to 17.63%, an increase of 1.96% [2] - Leap Motor (09863) saw its short position rise from 2.79% to 4.58%, an increase of 1.79% [2] - OSL Group (00863) increased its short position from 4.31% to 5.89%, an increase of 1.59% [2] Largest Decreases in Short Positions - UBTECH Robotics (09880) decreased its short position from 5.07% to 1.78%, a decrease of -3.30% [3] - ASMPT (00522) saw its short position drop from 6.71% to 4.85%, a decrease of -1.86% [3] - Vanke Enterprises (02202) reduced its short position from 22.40% to 20.57%, a decrease of -1.83% [3]

Market Overview - The market sentiment improved significantly due to favorable news from the Central Economic Work Conference, with the Hang Seng Index rising by 1.75% and returning to 26,000 points [1] - Major technology stocks collectively increased, with NetEase rising over 4%, Tencent and Alibaba up over 2%, and other tech companies like Xiaomi, Baidu, JD.com, and Kuaishou also seeing gains [1][3] Sector Performance - **Electric Power Equipment**: Strong performance with Dongfang Electric up over 13% and other companies like Harbin Electric and Shanghai Electric also showing significant gains [1][5] - **Financial Sector**: All major financial stocks, including China Pacific Insurance and CITIC Securities, saw increases, with HSBC reaching a market value of over HKD 2 trillion [1][8] - **Precious Metals**: Gold and silver prices surged, leading to active trading in gold stocks, with China Silver Group rising nearly 6% [1][6] - **Consumer Sector**: Restaurant stocks were active, with companies like Da Shi and Haidilao seeing notable increases, driven by policies aimed at boosting consumption [10] - **Real Estate**: Property stocks rose, with Longguang Group increasing over 4%, supported by policies to stabilize the real estate market [12] Individual Stock Highlights - **NetEase**: Stock price increased by 4.20% to HKD 218.40 [4] - **Dongfang Electric**: Stock price surged by 13.59% to HKD 24.90 [5] - **China Pacific Insurance**: Stock price rose by 5.68% to HKD 34.60 [9] - **China Silver Group**: Stock price increased by 5.80% to HKD 0.730 [7] - **Xuan Bamboo Bio**: Stock price increased by 25.19% to HKD 96.90, reaching a new high [16][19] Economic Policy Impact - The Central Economic Work Conference emphasized the importance of domestic demand and consumer spending, with plans to implement measures to boost consumption and stabilize the real estate market [10][12]