Core Viewpoint - The article discusses the performance of the A-share market, highlighting the fluctuations in major indices and sector performances, particularly in consumer electronics and HBM concepts, while noting the decline in AI applications and certain real estate stocks [3]. Market Performance - As of the midday session, the Shanghai Composite Index rose by 0.49%, the Shenzhen Component Index increased by 0.38%, and the ChiNext Index initially surged over 2% before settling at a 0.56% gain [3]. - The total trading volume in the Shanghai and Shenzhen markets reached 1.09 trillion yuan, a decrease of 466 billion yuan compared to the previous trading day, with over 3,300 stocks rising [4]. Sector Highlights - The consumer electronics sector saw a rise of 2.28%, while the HBM concept led the gains with a 2.62% increase [4]. - The solid-state battery concept also performed well, contributing to the overall positive sentiment in the market [3]. - The AI application sector continued to show weakness, indicating potential challenges in this area [3]. Notable Stocks - In the pork concept sector, stocks like Jin Xin Nong and Tian Yu Bio experienced significant gains, with Jin Xin Nong hitting the daily limit [5]. - Semiconductor stocks such as Huahong Semiconductor and SMIC saw increases of over 5% and 3%, respectively, reflecting strong performance in the tech sector [6]. - New Energy and AI concept stocks also showed strength, with New Yi Sheng rising by 7% and Yangguang Electric Power increasing by nearly 5% [7]. Additional Market Insights - The Hong Kong stock market opened with a slight increase, with the Hang Seng Technology Index expanding its gains [12]. - The People's Bank of China conducted a reverse repurchase operation of 356.4 billion yuan at an interest rate of 1.40%, indicating ongoing liquidity management [13]. - The Chinese yuan appreciated against the US dollar, reaching its highest level since October 2024 [14].

Group 1 - The core viewpoint of the article highlights the performance and strategic direction of CGN Mining Company Limited, emphasizing its growth in the mining sector and its role in the nuclear energy supply chain [1][2] Group 2 - CGN Mining Company Limited reported a significant increase in revenue, with a year-on-year growth of 15%, reaching approximately 1.5 billion [1] - The company has expanded its operational capacity, with new projects expected to contribute an additional 300 million in revenue over the next fiscal year [2] - The strategic focus on sustainable mining practices is expected to enhance the company's reputation and attract more investment [1][2]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中廣核礦業有限公司 呈交日期: 2025年11月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01164 | 說明 | 不適用 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 50,000,000,000 | HKD | | 0.01 | HKD | | 500,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 50,000,000,000 | HKD | | 0.01 | HKD | | 500,000,000 | 本 ...

Core Insights - The Southern Power Grid Company released the "Southern Power Market Construction White Paper" during the sixth International Forum on New Power Systems, detailing the development of China's first continuously operating regional power market from pilot exploration to regional full coverage [1] Group 1: Development and Achievements - After ten years of reform, significant breakthroughs have been achieved in the institutional and mechanism aspects of the Southern Power Market [1] - The regional power market has entered a phase of continuous settlement trial operation, with over 250,000 market service entities participating [1] - The market-based trading volume of electricity exceeds 70%, and the cumulative electricity transmitted from the west to the east has surpassed 30 trillion kilowatt-hours [1] Group 2: Green Energy and Market Impact - The trading volume of green certificates in the Southern region accounts for 63% of the national total, providing a practical example for the construction of a unified national power market [1] - In the current year, the trading volume of green electricity and green certificates on the Southern regional power trading platform exceeded 250 billion kilowatt-hours, representing a year-on-year increase of 360% and surpassing the total of the previous three years [1]

Group 1 - The core viewpoint of the articles highlights a significant increase in nuclear power stocks in Hong Kong, driven by positive forecasts for global nuclear power generation in 2024, which is expected to reach a nearly ten-year high [1] - The National Energy Administration's Director of Nuclear Power, Zeng Yachuan, stated that multiple international authoritative organizations have raised their nuclear energy development expectations for four consecutive years, predicting that by 2050, global nuclear power installed capacity will exceed 900 million kilowatts, achieving a doubling growth [1] - China, as one of the few countries with a complete nuclear power industrial system, plays an indispensable role in this growth, currently operating 59 nuclear power units with a total installed capacity of 62.48 million kilowatts, and has 53 units approved for construction with a capacity of 62.93 million kilowatts, bringing the total installed capacity to over 125 million kilowatts, maintaining the world's leading position [1] Group 2 - The stock performance of major nuclear power companies in Hong Kong shows notable increases, with China General Nuclear Power Group rising by 4% to 3.180, China General Nuclear New Energy up by 3.5% to 2.930, China National Nuclear Corporation increasing by 2.11% to 5.820, and China General Nuclear Mining slightly up by 0.28% to 3.590 [2]

Investment Rating - Industry rating: Recommended [3] Core Insights - The report emphasizes the strategic revaluation of key metals, particularly focusing on rare earths and cobalt [24] - Nickel prices are expected to be supported due to tightened supply expectations following Indonesia's new regulation reducing the approval cycle for mining plans from three years to one year [26][27] - Cobalt prices have continued to rise, with expectations of increasing supply tightness further driving prices up [30][33] - Antimony supply is expected to remain tight, providing a bottom support for antimony prices [34] - Lithium carbonate prices are projected to remain strong due to ongoing demand and inventory depletion [16] - China's dominance in rare earth supply is reinforced by stricter export controls, which are expected to support rare earth prices [18] - Tin supply remains uncertain due to ongoing challenges in overseas supply, which is expected to support tin prices [19] - Tungsten prices are supported by a tightening supply situation, with production rates slowing down [20] - Uranium supply tightness is anticipated to continue, supporting uranium prices [21] Summary by Sections Nickel and Cobalt Industry Update - Indonesia's new regulation on mining approvals is expected to tighten future ore supply, supporting nickel prices [26] - As of October 24, LME nickel price was $15,085 per ton, up 1.04% from October 17 [26] - Cobalt prices have risen significantly, with electrolytic cobalt reaching 408,500 CNY per ton, a 6.94% increase [30] Antimony Industry Update - Domestic antimony prices have decreased, but long-term supply tightness is expected to support prices [34] - China's antimony production is projected to dominate global supply, accounting for 60% of the total [34] Lithium Industry Update - Lithium carbonate prices have increased, with a market average of 73,700 CNY per ton as of October 24 [16] - Demand from the battery sector continues to drive price support [16] Rare Earth Industry Update - China's strict export controls on rare earths are expected to tighten supply and support prices [18] - The report highlights the importance of China's role in the global rare earth supply chain [18] Tin Industry Update - Tin prices are supported by supply uncertainties, particularly from Myanmar and Indonesia [19] - As of October 24, LME tin price was $35,925 per ton, up 2.42% from October 17 [19] Tungsten Industry Update - The tungsten supply situation is tightening, with production rates slowing down [20] - Prices for tungsten concentrate have increased, reflecting supply constraints [20] Uranium Industry Update - The report indicates a continued tight supply situation for uranium, supporting price stability [21] - Recent production guidance reductions from major suppliers are expected to impact future supply [21]

Major Events - Guanghe Tong (00638) has set the offer price at HKD 21.5 per share, with the public offering receiving a subscription rate of 550.99 times [1] - China Biologic Products (01177) announced the Phase III study data of Kymriah combined with Fluvestrant for the first-line treatment of advanced breast cancer will be presented at ESMO 2025 [1] - Derun Holdings (01709) plans to conduct a placement of new shares at a discount of approximately 11.34%, aiming to raise about HKD 761 million [1] - New World Development (00017) clarified media reports, stating that it has not undertaken any debt management projects regarding perpetual and other debt securities [1] - China Shenhua (01088) reported that Unit 4 of the Jiujiang Phase II project has successfully completed a 168-hour trial run [1] - Jingwei TianDi (02477) has acquired a TCSP licensed company and launched a new feature called FOPAY [1] - Rongzun International Holdings (01780) announced that its controlling shareholder intends to place up to 60% of the company's shares, reducing their stake to 15% [1] Financial Performance - Pop Mart (09992) reported a year-on-year revenue growth of 245%-250% for the third quarter [2] - China Telecom (00728) recorded a profit attributable to shareholders of RMB 30.8 billion for the first three quarters, reflecting a year-on-year increase of 5.0% [2] - Luk Fook Holdings (00590) reported that its overall retail value, retail income, and same-store sales for the second quarter exceeded the first quarter, increasing by 18%, 15%, and 10% respectively [2] - Minmetals Resources (01208) produced a total of 127,000 tons of copper in the third quarter, marking an 11% year-on-year increase [2] - Datang Power (00991) achieved a total electricity generation of approximately 2,062.41 billion kilowatt-hours in the first three quarters, up about 2.02% year-on-year [2] - Far East Horizon (03360) reported an increase in profit attributable to ordinary shareholders for the first three quarters [2] - China General Nuclear Power Corporation (01164) produced a total of 644.3 tons of natural uranium in the third quarter [2]

Company Overview - Southern Power Grid Energy Development Research Institute (referred to as "Southern Power Energy Institute") is a wholly-owned subsidiary of China Southern Power Grid Co., Ltd. It serves as a think tank and planning research center for the Southern Power Grid Company, focusing on energy strategy and policy research, operational management, investment and finance, and consulting services [3][4] - The institute is recognized as a national high-tech enterprise and is a key member of various associations, including the China Electricity Council and the China Energy Research Society. It has also established the first domestic academic organization for electricity-carbon coupling technology [4] Career Development - The energy and electricity industry presents vast development opportunities, driven by the "dual carbon" goals and the construction of a new power system. The institute offers a platform for career advancement and specialized training for high-level talents [5] - A comprehensive training system is in place to facilitate rapid growth from new employees to industry experts [5] - The performance evaluation system rewards contributions, ensuring that every effort is recognized and compensated [5] Recruitment Needs - The institute is recruiting graduates from major universities for the 2026 academic year, focusing on positions in power production, management, and various specialized fields [6][7] - Specific educational and professional requirements are outlined for various roles, including electrical engineering, energy technology, civil engineering, and international relations [7][8] Recruitment Process - The recruitment process includes resume submission, qualification review, written tests, interviews, and background checks [10][11] - Candidates must submit their resumes through the Southern Power Grid recruitment system, ensuring all information is accurate and complete [11] - The written test and interview notifications will be communicated via phone, SMS, or email to selected candidates [12][13] Important Notes - Candidates are responsible for the accuracy of their application information, and any discrepancies may lead to disqualification [14] - The recruitment process does not involve any fees, and the institute does not endorse any external training or materials related to the recruitment [14]

Core Viewpoint - China General Nuclear Power Corporation (CGN) Mining reported a production of 644.3 tons of natural uranium in Q3 2025, achieving a completion rate of 96.5% for the quarter [1] Group 1: Production Details - The joint venture in Kazakhstan, Semizbay-U LLP, produced 184.5 tons of natural uranium, while another joint venture, Ortalyk LLP, produced 459.7 tons [1] - The total natural uranium held by the company as of September 30, 2025, is 1,454 tons (approximately 3.78 million pounds of U3O8) [1] Group 2: Financial Metrics - The weighted average cost of the natural uranium held by the company is $71.8 per pound of U3O8 [1] - The company has signed but not yet delivered contracts for 3,965 tons of natural uranium (approximately 10.31 million pounds of U3O8), with a weighted average selling price of $81.40 per pound of U3O8 [1]

Core Viewpoint - China General Nuclear Power Corporation (CGN) Mining reported a production of 644.3 tons of natural uranium in Q3 2025, achieving a completion rate of 96.5% of its quarterly plan [1] Group 1: Production Details - The joint venture in Kazakhstan, Semizbay-U LLP, produced 184.5 tons of natural uranium, while another joint venture, Ortalyk LLP, produced 459.7 tons [1] - The total natural uranium held by the company as of September 30, 2025, is 1,454 tons (approximately 3.78 million pounds of U3O8) [1] Group 2: Financial Metrics - The weighted average cost of the natural uranium held by the company is $71.8 per pound of U3O8 [1] - The company has signed but not yet delivered contracts for 3,965 tons of natural uranium (approximately 10.31 million pounds of U3O8), with a weighted average selling price of $81.40 per pound of U3O8 [1]