新华财经北京5月7日电（王媛媛） 5月6日，A股市场在多重利好催化下迎来"开门红"，可控核聚变概念 板块成为当日最大亮点。截至收盘，板块指数单日涨幅达6.3%。其中，中洲特材、久盛电气以20%的涨 幅涨停，海陆重工、雪人股份、合锻智能、永鼎股份等10%涨幅涨停，鑫宏业、哈焊华通、常辅股份、 爱科赛博等均涨超10%。 分析认为，可控核聚变或为人类能源终极解决方案，未来商业化发展前景广阔，近年来国内外可控核聚 变项目持续推进，商业化进程有望加速，"政策-产业-资本"有望共振，产业链或受益。 技术突破：BEST装置总装启动 据合肥新闻联播5月1日报道，正在建设中的"国之重器"——合肥紧凑型聚变能实验装置（BEST）项目 工程总装工作比原计划提前两个月，在聚变堆主机关键系统综合研究设施园区正式启动。 新华网报道称，总装工作是BEST装置建造过程中最关键的环节之一，要将包括超导磁体系统、磁体馈 线系统、杜瓦、冷屏、包层以及偏滤器等在内的聚变堆"心脏"部件精确安装至主机基坑内。项目建成后 将开展燃烧等离子体物理前沿科学研究，演示聚变发电。 公开资料显示，可控核聚变是指在人工控制条件下，通过持续、稳定的核聚变反应释放能量的 ...

证券代码：600023 证券简称：浙能电力 公告编号：2025-015 浙江浙能电力股份有限公司 关于2024年度暨2025年第一季度业绩说明会 召开情况的公告 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、准确性和完整性承担法律责任。 浙江浙能电力股份有限公司（以下简称"公司"）于2025年4月30日15:00-16:00召开了2024年度暨2025年 第一季度业绩说明会。现就有关情况公告如下： 一、本次业绩说明会召开情况 关于本次业绩说明会的召开事项，公司已于2025年4月22日在上海证券交易所网站（www.sse.com.cn） 披露了《关于召开2024年度暨2025年第一季度业绩说明会的公告》（公告编号：2025-006）。2024年4 月30日15:00-16:00，公司在上海证券交易所上证路演中心召开了2024年度暨2025年第一季度业绩说明 会。公司董事长虞国平，董事会秘书魏峥，独立董事程金华、王智化和倪晨凯参会，与投资者在线进行 互动交流，并就投资者关注的主要问题进行回复。 二、本次业绩说明会投资者提出的问题及公司回复情况 问题1：公司本 ...

Investment Rating - The industry investment rating is "Buy" [5][9]. Core Viewpoints - By the end of this year, the electricity spot market is expected to achieve comprehensive coverage, indicating a deepening of electricity marketization and an anticipated increase in demand for ancillary services. It is recommended to focus on the value of flexible adjustment power sources [3][12]. - The State Council has approved 10 new nuclear power units, enhancing growth certainty. From 2019 to 2025, the number of approved nuclear power units in China has been consistently high, with a total of 56 units approved over seven years. Predictions suggest that by 2030, China's operational nuclear power capacity will rank first globally [3][12]. - The recent drop in coal prices to approximately 657 RMB/ton is expected to improve profitability for thermal power generation, highlighting excess opportunities in thermal power [3][12]. Summary by Sections Industry Viewpoints - The electricity spot market is set for full coverage by the end of this year, with a focus on the value of flexible power source configurations [3][12]. - The approval of 10 new nuclear power units by the State Council adds certainty to growth in the nuclear sector [3][12]. - Coal prices have decreased to 657 RMB/ton, which supports improved profitability for thermal power [3][12]. - Hydropower inflow and outflow at the Three Gorges Dam have decreased significantly, with inflow down 40% year-on-year and outflow down 39.73% [30]. - Silicon material prices remain stable, while mainstream silicon wafer prices have decreased, potentially enhancing the profitability of photovoltaic projects [37]. - The national carbon market saw a 5.68% decrease in trading prices, with a total trading volume of 171.11 million tons for the week [49]. Market Review - The Shanghai Composite Index closed at 3,279.03 points, down 0.49%, while the CSI 300 Index closed at 3,770.57 points, down 0.43%. The CITIC Power and Utilities Index closed at 2,846.13 points, down 1.68%, underperforming the CSI 300 Index by 1.24 percentage points [54][55]. Key Companies - Recommended stocks include Huadian International, Waneng Power, Zheneng Power, Huaneng International, and Jiantou Energy, all rated as "Buy" [9]. - The report also suggests focusing on undervalued green electricity sectors, particularly in Hong Kong, and highlights companies like Xintian Green Energy and Longyuan Power [3][9].

Investment Rating - The report maintains a "Hold" rating for the company, expecting a relative performance between 10% and 20% compared to the market benchmark index over the next 6 months [6]. Core Views - In 2024, the company achieved a revenue of 88.003 billion yuan, a decrease of 8.31% year-on-year, while the net profit attributable to shareholders increased by 18.92% to 7.753 billion yuan [3][4]. - The first quarter of 2025 saw a revenue decline of 12.09% year-on-year, with net profit dropping by 40.81% to 1.074 billion yuan, primarily due to falling electricity prices [4][5]. - The company plans to distribute a cash dividend of 0.29 yuan per share, totaling approximately 3.889 billion yuan, with a cash dividend payout ratio of 50.15% for 2024 [4]. Financial Performance Summary - In 2024, the company's electricity and heat gross profit increased by 49.66% year-on-year, despite a 7.06% decrease in electricity prices [5]. - The company's total electricity generation increased by approximately 6.60% in 2024, but the first quarter of 2025 faced pressure on electricity prices, which diminished the benefits from lower coal prices [5]. - The report projects net profits for 2025, 2026, and 2027 to be 7.020 billion, 7.955 billion, and 8.048 billion yuan respectively, with corresponding P/E ratios of 10.2, 9.0, and 8.9 [6][7].

关于 2024 年度暨 2025 年第一季度业绩说明会召开情况的公告 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、准确性和完整性承担法律责任。 浙江浙能电力股份有限公司（以下简称"公司"）于 2025 年 4 月 30 日 15:00-16:00 召开了 2024 年度暨 2025 年第一季度业绩说明会。现就有关情况公 告如下： 一、本次业绩说明会召开情况 关于本次业绩说明会的召开事项，公司已于 2025 年 4 月 22 日在上海证券交 易所网站（www.sse.com.cn）披露了《关于召开 2024 年度暨 2025 年第一季度业 绩说明会的公告》（公告编号：2025-006）。2024 年 4 月 30 日 15:00-16:00， 公司在上海证券交易所上证路演中心召开了2024年度暨2025年第一季度业绩说 明会。公司董事长虞国平，董事会秘书魏峥，独立董事程金华、王智化和倪晨凯 参会，与投资者在线进行互动交流，并就投资者关注的主要问题进行回复。 二、本次业绩说明会投资者提出的问题及公司回复情况 问题 1：公司本期盈利水平如何？ 证券代码：60 ...

Group 1 - The China Power Utility Index has seen a decline of 0.85% as of April 30, 2025, with mixed performance among constituent stocks, including Shenzhen Energy leading with a rise of 2.73% [1] - The Power ETF (159611) has shown a cumulative increase of 0.63% over the past week, with a trading volume of 188 million yuan and a turnover rate of 5.64% on the latest trading day [1] - The Power ETF has experienced significant growth in scale, increasing by 1.641 billion yuan over the past six months, ranking first among comparable funds [1] Group 2 - The top ten weighted stocks in the China Power Utility Index account for 55.94% of the index, with major players including Changjiang Electric Power and China Nuclear Power [2] - The five major power generation groups reported profits in 2024, with Guodian Power distributing cash dividends of 3.567 billion yuan, representing 36.28% of its net profit [2] - The power and utility sector is recognized for its stability and defensive characteristics, with expectations for favorable fiscal and monetary policies in 2025 to support high dividend, low valuation assets [2] Group 3 - The National Energy Administration anticipates a rapid increase in national electricity load during the summer of 2025, with a projected year-on-year increase of approximately 10 million kilowatts [3] - The total electricity consumption in China is expected to reach 10.4 trillion kilowatt-hours in 2025, with a growth rate of around 6% [3] - Recommendations have been made to focus on investment opportunities in the power sector, particularly in light of potential supply pressures during peak periods [3]

Market Performance - The controllable nuclear fusion concept sector declined by 0.87%, ranking among the top losers in the concept sector, with *ST Lihang hitting the limit down [1] - Among the stocks in this sector, 27 stocks saw price increases, with Xinhongye, Yingliu Co., and HuoDuan Intelligent leading the gains at 6.83%, 3.70%, and 3.20% respectively [1] Capital Flow - The controllable nuclear fusion concept sector experienced a net outflow of 277 million yuan, with 35 stocks seeing net outflows, and 16 stocks with outflows exceeding 10 million yuan [1] - The stock with the highest net outflow was XueRen Co., with a net outflow of 47.1 million yuan, followed by LanShi Heavy Industry, China Energy Construction, and China Nuclear Power with net outflows of 40.3 million yuan, 36.3 million yuan, and 32.4 million yuan respectively [1] Top Gainers and Losers - The top gainers in the controllable nuclear fusion concept sector included Shanghai Electric, HaiLu Heavy Industry, and Yingliu Co., with net inflows of 50.2 million yuan, 31.7 million yuan, and 28.6 million yuan respectively [1][3] - The top losers included XueRen Co. (-3.24%), LanShi Heavy Industry (-5.64%), and China Energy Construction (-0.45%) [2][3]

Investment Rating - The investment rating for the company is "Buy" with a target price of 6.89 RMB [7]. Core Views - The company reported a revenue of 88.003 billion RMB for 2024, a year-on-year decrease of 8.31%, while the net profit attributable to shareholders was 7.753 billion RMB, an increase of 18.92% [1]. - The company has a strong dividend capability with a dividend per share (DPS) of 0.29 RMB (including tax) for 2024, resulting in a dividend payout ratio of 50.15% and a dividend yield of 4.97% [1]. - The first quarter of 2025 saw a revenue decline of 12.09% year-on-year to 17.602 billion RMB, with a net profit decrease of 40.81% to 1.074 billion RMB, primarily due to a larger-than-expected decline in investment income from joint ventures [1][3]. Revenue and Profitability - The company's controllable and joint venture thermal power net profit for 2024 is estimated at approximately 6 billion RMB, a year-on-year increase of 45%, driven by a 94% increase in controllable thermal power net profit [2]. - The estimated net profit per kilowatt-hour for controllable thermal power in 2024 and Q1 2025 is 3.5 and 1.2 fen respectively, with a year-on-year increase of 1.7 fen and a decrease of 1.2 fen [2]. Investment Income - The investment income from joint ventures for 2024 was 3.766 billion RMB, a year-on-year decrease of 11%, with significant contributions from nuclear power, gas turbines, and coal machines [3]. - In Q1 2025, the investment income from joint ventures dropped by 32% to 841 million RMB, mainly due to pressure on the utilization hours and electricity prices of some joint venture power plants [3]. Valuation and Forecast - The target price has been adjusted to 6.89 RMB, down from a previous value of 7.23 RMB, reflecting a 13x PE for 2025E, considering the company's higher dividend payout ratio compared to peers [4]. - The forecast for net profit attributable to shareholders for 2025 and 2026 has been reduced by 12.0% and 13.3% to 7.105 billion RMB and 7.199 billion RMB respectively [4].

Core Points - The Shanghai Composite Index opened lower and the CSI 300 Utilities Index reported at 2662.05 points [1] - The CSI 300 Utilities Index has increased by 5.17% over the past month, 3.49% over the past three months, and has decreased by 1.65% year-to-date [1] Index Composition - The CSI 300 Utilities Index is composed of 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] - The top ten weights in the CSI 300 Utilities Index are: - Changjiang Electric Power (48.06%) - China Nuclear Power (10.21%) - Three Gorges Energy (8.19%) - Guodian Power (5.41%) - State Power Investment Corporation (4.87%) - Sichuan Investment Energy (4.38%) - Huaneng International (4.22%) - China General Nuclear Power (3.74%) - Zhejiang Energy Power (3.11%) - Huadian International (2.71%) [1] Market Distribution - The market distribution of the CSI 300 Utilities Index shows that the Shanghai Stock Exchange accounts for 95.91% and the Shenzhen Stock Exchange accounts for 4.09% [2] - In terms of industry composition within the index: - Hydropower accounts for 59.59% - Thermal power accounts for 15.45% - Nuclear power accounts for 13.96% - Wind power accounts for 8.54% - Gas accounts for 2.47% [2] Sample Adjustment - The index samples are adjusted every six months, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made in response to changes in the CSI 300 Index samples [2]