消息面上，10月13至18日，国际原子能聚变能大会(FEC2025)将在成都举办。方正证券指出，聚变行业 催化明显较7-8月份更加密集，国际原子能聚变能大会或有重大国家和国际进展公布，且国内BEST项目 在Q4有望再次开启第二次密集招标（包括第一壁、偏滤器、电源等高价值量产品），其它聚变装置也 有望启动；巨头入局与海外装置点火重大进展。聚变年内第二次行情有望启动。 智通财经APP获悉，核电股早盘走高，截至发稿，中核国际(02302)涨12.99%，报6.96港元；中广核矿业 (01164)涨8.38%，报3.88港元；中广核电力(01816)涨0.34%，报2.93港元。 ...

消息面上，10月13至18日，国际原子能聚变能大会(FEC2025)将在成都举办。方正证券指出，聚变行业 催化明显较7-8月份更加密集，国际原子能聚变能大会或有重大国家和国际进展公布，且国内BEST项目 在Q4有望再次开启第二次密集招标(包括第一壁、偏滤器、电源等高价值量产品)，其它聚变装置也有望 启动；巨头入局与海外装置点火重大进展。聚变年内第二次行情有望启动。 核电股早盘走高，截至发稿，中核国际(02302)涨12.99%，报6.96港元；中广核矿业(01164)涨8.38%，报 3.88港元；中广核电力(01816)涨0.34%，报2.93港元。 ...

Core Viewpoint - The recent advancements in China's nuclear fusion sector, particularly the successful installation of the Dewar base for the BEST project, have led to a surge in related nuclear energy stocks, indicating a positive outlook for the industry [2][10]. Group 1: Project Developments - The BEST project in Hefei, Anhui, has entered a new phase with the successful installation of its core component, the Dewar base, marking a significant milestone in its construction [2][6]. - The total assembly of the BEST project is set to commence on May 1, 2025, which is a critical phase involving the precise installation of various fusion reactor components [3]. - The installation process utilized a space-grade attitude control system, achieving millimeter-level precision for a 400-ton component, which sets a new record in the installation of large components [3][4]. Group 2: Industry Growth and Achievements - The global fusion industry has seen explosive growth over the past five years, with total investments nearing $10 billion [3]. - China's three major fusion devices have achieved significant milestones, including the EAST device operating plasma at 100 million degrees Celsius for 1066 seconds, and the "Chinese Circulation No. 3" reaching dual billion-degree temperatures [4]. - The BEST project aims to demonstrate fusion power generation by 2027, with a broader goal of commercializing fusion energy by 2030 [5][10]. Group 3: Investment and Market Response - The nuclear energy sector has seen a collective surge in stock prices, with companies like China Nuclear International rising by 21.30% and Shanghai Electric by 14.19% following the recent project developments [10][11]. - The investment landscape for fusion energy is evolving, with a structure emerging that combines national strategic capital, local industrial capital, and private innovation capital [5][10]. - The supply chain for the BEST project includes 16 A-share listed companies, indicating a robust industrial ecosystem supporting fusion energy development [10].

Core Viewpoint - The article highlights significant advancements in China's nuclear fusion sector, particularly the successful installation of the core component of the BEST project, which marks a crucial step towards commercial nuclear fusion energy generation by 2030 [1][3][6]. Summary by Sections Breakthroughs in Nuclear Fusion Projects - The BEST project in Hefei achieved a key milestone with the successful installation of a 400-ton Dewar base, utilizing advanced aerospace-grade control systems for precision [3][5]. - Other major fusion projects in China, such as the EAST and the China Fusion Engineering Test Reactor, have also reported significant achievements, including record plasma confinement times and temperatures [5][6]. Investment and Commercialization Outlook - The nuclear fusion industry has seen explosive growth, with total investments nearing $10 billion globally over the past five years [3][5]. - Experts predict that the first operational nuclear fusion power plant in China could be realized by 2030, indicating a critical decade ahead for the industry [6]. Industry Structure and Capital Involvement - A collaborative structure involving national strategic capital, local industrial capital, and private innovation capital is forming to support the nuclear fusion sector [6][8]. - The BEST project is backed by a consortium of state-owned and private enterprises, with significant capital increases from its founding [6][8]. Supply Chain and Market Response - A preliminary supply chain for nuclear fusion has been established, with key players including major state-owned enterprises and listed companies contributing to the BEST project [8]. - Following the recent advancements, nuclear power-related stocks surged, with notable increases in companies like China Nuclear International and Shanghai Electric [9].

Market Overview - After several days of increase, the Hong Kong stock market experienced a correction on October 3, with the Hang Seng Index falling by 0.54% to close at 27,140.92 points, the Hang Seng Tech Index down by 0.90%, and the State-Owned Enterprises Index decreasing by 0.68% [1]. Electric Vehicle Sector - The electric vehicle sector saw significant declines, with BYD shares dropping nearly 4%, Li Auto down over 3%, NIO down over 2%, and Geely down over 1% [3]. - Recent operational data from several automakers revealed that BYD's September sales of new energy vehicles reached approximately 396,300 units; NIO delivered 34,749 new vehicles in September, marking a year-on-year increase of 64%; and Li Auto delivered 33,951 new vehicles in September [3]. Other Sectors - The water, computer, and peripheral device sectors also experienced notable declines [4]. Nuclear Power Sector - The nuclear power sector saw gains, with China National Nuclear Corporation rising over 20% and China General Nuclear Power Corporation increasing over 6% [5]. - Recent positive developments in the nuclear energy field include a significant breakthrough in the construction of the compact fusion energy experimental device BEST in Hefei, Anhui. The total assembly work for BEST is set to officially start in May 2025, with expectations to complete it two years later, aiming to demonstrate fusion energy generation globally for the first time [5]. Energy Market Dynamics - The global energy market is facing structural changes and demand challenges due to the increasing need for AI and computing power [6].

智通财经APP获悉，港股三连升后出现回调，三大指数全天水下震荡，恒指成功守住两万七大关。截止 收盘，恒生指数跌0.54%或146.2点，报27140.92点，全日成交额为1347.81亿港元；恒生国企指数跌 0.68%，报9658.34点；恒生科技指数跌0.9%，报6622.85点。全周来看，恒指累涨3.88%，国指累涨 3.82%，恒科指累涨6.9%。 方正证券认为，当前时点，港股上涨行情仍未结束，建议继续关注恒生科技为代表的低估值品种补涨机 会。在当前经济下行的尾声阶段，同时政策利好不断释放，A股、港股市场信心显著回升。此外，南下 资金仍在持续加速流入港股市场，叠加美联储降息周期开启，港股流动性环境有望进一步受益。历史经 验也显示，港股市场一般10月份日历效应显着，主要宽基指数表现往往较好，因此综合来看，该行认为 港股红十月行情可期。 蓝筹股表现 阿里巴巴-W(09988)逆市上扬，截至收盘，涨1.09%，报185.1港元，成交额104.71亿港元，贡献恒指 30.27点。摩根大通近日将阿里港股目标价上调至240港元，分析师称通过将云业务的AI Token收入转化 为电商平台的抽成率优势，阿里正构建一个前 ...

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 | | | 本月底法定/註冊股本總額： HKD 10,000,000 FF301 第 1 頁 共 10 頁 v 1.1.1 致：香港交易及結算所有限公司 公司名稱: 中核國際有限公司 呈交日期: 2025年10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) | 02302 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | HKD | | 0.01 | HKD | | 10,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 1,000,000,000 | HKD | | 0. ...

Group 1 - Nuclear power stocks experienced a collective rise in early trading [1] - China National Nuclear Power International (02302.HK) surged by 20.37%, reaching HKD 6.5 [1] - China General Nuclear Power Mining (01164.HK) increased by 5.34%, trading at HKD 3.55 [1]

Core Viewpoint - Nuclear power stocks have seen a significant rise, driven by strong demand for uranium and supply constraints from major producers [1] Group 1: Market Performance - Nuclear power stocks collectively surged in early trading, with China National Nuclear Power (02302) up 20.37% to HKD 6.5 and China General Nuclear Power (01164) up 5.34% to HKD 3.55 [1] - The Sprott Physical Uranium Trust (SPUT) has successfully raised funds in 18 out of the last 22 trading days, reaching the highest fundraising level since 2021-22, with over USD 300 million raised since September 1 [1] Group 2: Price Trends - The spot uranium price increased from USD 76.03 to USD 83 during September, reflecting a strong upward trend [1] - Year-to-date, both spot and futures uranium prices have risen by approximately 5% [1] Group 3: Supply and Demand Dynamics - Major uranium producers like Kazatomprom and Cameco are reducing output, creating supply bottlenecks amid rising demand driven by nuclear energy revival and AI-related electricity needs [1] - The upcoming fourth quarter is historically a peak procurement season for the nuclear power industry, with expectations for continued price increases in uranium [1]

Core Viewpoint - The Hong Kong nuclear power stocks have experienced significant gains, with notable increases in share prices for several companies in the sector [1] Company Performance - China National Nuclear Corporation International (中核国际) saw its stock price rise by over 17% [1] - China General Nuclear Power Group's mining and renewable energy subsidiaries (中广核矿业、中广核新能源) both increased by more than 5% [1] - China General Nuclear Power Corporation (中广核电力) experienced a stock price increase of over 3% [1]