格隆汇1月22日｜A股市场核能核电股走强，其中，中超控股、中信重工、长城电工涨停，中国铀业涨 超7%，航宇科技、沃尔核材涨超5%，常辅股份、上海电气、中国动力、钢研高纳、中国核建涨超4%。 消息面上，美国总统特朗普称，美国正"大力"发展核能。已签署行政命令，批准新建多家核工厂。 | 代码 | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅% | | --- | --- | --- | --- | --- | --- | | 002471 | 中超控股 | 1 | 10.04 | 106亿 | -2.99 | | 601608 | 中信重工 | | 10.04 | 366亿 | 21.40 | | 600192 | 长城电工 | | 10.00 | 49.56 乙 | 10.65 | | 001280 | 中国轴业 | 1 | 7.28 | 1915亿 | 52.00 | | 688239 | 航宇科技 | | 5.18 | 133亿 | 2.87 | | 002130 | 沃尔核材 | | 5.14 | 410亿 | 23.63 | | 920396 | 常辅服份 | 美 | 4.85 | 26.40 ...

股票频道更多独家策划、专家专栏，免费查阅>> 1月22日，A股市场核能核电股走强，其中，中超控股、中信重工、长城电工涨停，中国铀业涨超7%， 航宇科技、沃尔核材涨超5%，常辅股份、上海电气、中国动力、钢研高纳、中国核建涨超4%。消息面 上，美国总统特朗普称，美国正"大力"发展核能。已签署行政命令，批准新建多家核工厂。 | 代码 | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅% | | --- | --- | --- | --- | --- | --- | | 002471 | 中超控股 | 1 | 10.04 | 106亿 | -2.99 | | 601608 | 中信重工 | | 10.04 | 366亿 | 21.40 | | 600192 | 长城电工 | | 10.00 | 49.56 乙 | 10.65 | | 001280 | 中国 中国 中国 | 1 | 7.28 | 1915 Z | 52.00 | | 688239 | 航宇科技 | | 5.18 | 133亿 | 2.87 | | 002130 | 沃尔核材 | | 5.14 | 410亿 | 23.63 | | 920396 ...

爱建证券近日发布锂电行业跟踪：2025年1-12月，国内电池和磷酸铁锂正极材料产量显著高于2024年同 期。2025年12月，国内电池产量201.7GWh，同比增长约62%，环比增长约14%；2025年12月，国内磷 酸铁锂正极材料产量26.93万吨，同比增长32.48%，环比增长0.16%，产能利用率为59.85%。 以下为研究报告摘要： 投资要点： 投资建议：1)2025年1-12月，国内电池和磷酸铁锂正极材料产量高于2024年同期，碳酸锂和储能电芯价 格呈现波动上涨态势，国内电池月度装车量和新型储能招标容量环比增长，关注动力电池与储能协同布 局、海外布局领先的电芯核心企业；2)锂电需求提升，关注锂电材料相关企业；3)建议关注宁德时代 （300750）(300750.SZ)、亿纬锂能（300014）(300014.SZ)、欣旺达（300207）(300207.SZ)、湖南裕能 （301358）(301358.SZ)、天赐材料（002709）(002709.SZ)、多氟多（002407）(002407.SZ)。 风险提示：1)原材料价格波动；2)全球需求不及预期；3)行业竞争加剧。(爱建证券朱攀,陆嘉怡) ...

Investment Rating - The report indicates a positive outlook for the shipbuilding industry, with a focus on the recovery of new orders in the second half of 2025, driven by the stabilization of second-hand ship prices ahead of new ship prices [2][3]. Core Insights - The second-hand ship prices have stabilized before new ship prices, with a notable increase in new orders in the latter half of 2025 [2]. - As of the end of 2025, the newbuilding price index stands at 184.65 points, reflecting a year-on-year decline of 2.4%, while the second-hand price index is at 191.07 points, showing an increase of 8.6% year-on-year [2][53]. - The global shipbuilding orderbook has reached 395 million DWT, marking a 37% year-on-year increase, with significant contributions from various ship types [2][60]. - The report highlights that the demand side is gradually strengthening, indicating a long-term upward trend in the shipbuilding cycle [50]. Summary by Sections Ship Price Trends - The new ship price index decreased by 2.4% year-on-year, while the second-hand ship price index increased by 8.6% year-on-year [53][57]. - Specific new ship price indices for container ships, oil tankers, bulk carriers, and LNG ships have shown declines ranging from 3% to 5% [57]. Order Backlog - The global shipbuilding orderbook has increased to 395 million DWT, with container ships, LNG ships, bulk carriers, oil tankers, and other vessels contributing to this growth [60]. - The orderbook's capacity ratio remains low, with only 17.1% of the total capacity accounted for by the orderbook, indicating potential for future growth [60]. New Orders Analysis - In 2025, the total new orders amounted to 56.43 million CGT, a decrease of 27% year-on-year, with container ships making up the largest share at 41% [61]. - The total value of new orders was $18.13 billion, reflecting a 21% year-on-year decline, with container ships again leading in terms of order value [64]. Country-Specific Insights - China remains the dominant player in new orders, accounting for 69% of the total deadweight tonnage and 50% of the total order value in 2025 [68]. - South Korea has seen an increase in its share of new orders, indicating a shift in competitive dynamics within the industry [68]. Market Dynamics - The report notes that the recovery in new orders is expected to accelerate due to rising charter rates and increased optimism among shipowners regarding future market conditions [22][24]. - The container shipping segment is projected to continue its growth trajectory, with sustained demand for new vessels [25][28].

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report emphasizes new opportunities in the AI equipment industry, particularly focusing on reciprocating internal combustion engines and modified aviation engines as potential growth areas [5] - The report highlights the urgent need for new power supply methods in the U.S. due to a projected electricity gap of 63 GW by 2028, driven by slow growth in existing power installations and the retirement of aging units [5] - The demand for gas turbines is increasing, with extended lead times for orders, indicating a shift towards alternative power generation methods [5] Summary by Sections Reciprocating Internal Combustion Engines - These engines are noted for their low-load, high-efficiency capabilities and a relatively relaxed supply chain, supporting various fuels such as natural gas, hydrogen, and biomass [5] - The power output range for these engines is between 200 kW and 10 MW, with major global suppliers including Caterpillar, Cummins, and Wärtsilä [5] Modified Aviation Engines - The report discusses the potential for retired aviation engines to be repurposed, with a significant increase in orders for modifications expected [5] - FTAI Aviation plans to convert the CFM56 engine into a 25 MW power turbine, aiming for an annual production of over 100 units starting in 2026 [5] Investment Recommendations - The report recommends investing in Jerry Holdings due to the potential for increased engine resources from reciprocating internal combustion engines and modified aviation engines [5] - It also suggests monitoring potential suppliers such as Weichai Heavy Machinery and China Power [5]

Group 1 - The Shenzhen Composite Index fell by 1.22% and the ChiNext Index dropped by 1.83% as of 11:30 AM on January 20, indicating a bearish trend in the market [1] - Notable stock performances included Nanshan Aluminum rising over 7%, Satellite Chemical and Conch Cement increasing by over 5%, and several other companies like Gujia Home, China Chemical, and Oppein Home gaining over 4% [1] Group 2 - The cash flow ETF managed by Harvest (159221) decreased by 0.08%, with a trading volume of 10.194 million yuan and a turnover rate of 1.29% [2] - There is an increasing market demand for high-dividend and stable cash flow assets, as funds are rotating from momentum-driven bubbles to high-value opportunities under the current "slow bull" market in A-shares [2] - The cash flow index, which includes non-ferrous metals and basic chemicals, benefits from the pricing of physical assets and high operating rates, showing significant cyclical alpha characteristics [2] - During the 14th Five-Year Plan, the State Grid is expected to invest 4 trillion yuan in fixed assets, a 40% increase compared to the previous plan, which directly benefits index components related to grid equipment and energy [2]

Group 1 - The core viewpoint of the news is that China Power's stock has shown significant growth in recent months, with a year-to-date increase of 21.40% and a 25.15% rise over the past 20 trading days [1] - As of January 19, the stock price reached 25.13 CNY per share, with a market capitalization of 56.633 billion CNY [1] - The company has a diverse revenue structure, with diesel power contributing 49.92% to its main business income, followed by chemical power at 14.33% and marine platform and ship machinery at 12.53% [1] Group 2 - China Power's industry classification is in the power equipment sector, specifically under other power supply equipment [2] - The company reported a revenue of 40.971 billion CNY for the first nine months of 2025, reflecting a year-on-year growth of 11.88%, and a net profit attributable to shareholders of 1.208 billion CNY, which is a 62.50% increase [2] - The number of shareholders increased to 75,100, a rise of 26.51% compared to the previous period, while the average circulating shares per person decreased by 20.93% to 30,019 shares [2] Group 3 - Since its A-share listing, China Power has distributed a total of 2.299 billion CNY in dividends, with 1.009 billion CNY paid out in the last three years [3]

Core Insights - The report highlights the promising outlook for the commercial aerospace sector and increased attention on large aircraft and military trade [2][3] - The construction of a space power is accelerating, with a focus on breakthroughs in reusable rocket technology and the development of new industries such as commercial aerospace and low-altitude economy [5][13] - Airbus has set a record for civil aircraft orders, with a total of 8,754 aircraft in backlog by the end of 2025, indicating strong market demand [5][13] - Military trade is expected to improve, with significant defense export growth reported in the UK, reaching over £20 billion in 2025 [5][14] Investment Strategy - The report recommends focusing on companies that align with the "S-curve" evolution, emphasizing supply chain reform and automation trends, with specific recommendations for companies like Aero Engine Corporation and AVIC [5][15] - It also suggests targeting companies involved in military trade, large aircraft, and low-altitude economy, highlighting firms such as Guorui Technology and China Power [5][15] - New emerging industries such as commercial aerospace, AI, and quantum computing are also identified as key areas for investment, with recommendations for companies like Ruichuang Micro-Nano and Ziguang Guowei [5][15] Company Valuation and Financial Analysis - The report provides detailed financial metrics for key companies in the defense and aerospace sector, including expected earnings per share (EPS) and price-to-earnings (PE) ratios for 2025 and 2026 [6] - For instance, Aero Engine Corporation is projected to have an EPS of 0.22 CNY in 2025, with a PE ratio of 184.41x, indicating strong growth potential [6] - Other companies like AVIC Heavy Machinery and Guorui Technology are also highlighted for their expected profitability and market positioning [6][25][27]

Core Viewpoint - China Power, a listed platform under China Shipbuilding Group, is expected to benefit significantly from the recovery of the shipbuilding industry by the end of 2025, with nearly 70% of its gross profit coming from diesel power business due to several major asset restructurings [1] Group 1: Company Overview - China Power encompasses all mainstream power system types in the current market [1] - The company has undergone multiple significant asset restructurings, positioning itself favorably in the industry [1] Group 2: Market Position and Performance - By the end of 2025, the low-speed diesel engine competitive landscape is expected to improve, leading to a rise in both product volume and price, thereby enhancing the company's leading position [1] - The after-market for marine engines is projected to exceed 100 billion yuan, indicating stronger profitability and higher barriers to entry [1] Group 3: Future Growth Potential - The company is strategically positioned to create a second growth curve by fully engaging in the marine engine manufacturing and maintenance sector, aiming to become a global leader [1] - Given the improved industry sentiment and the company's solid market position, the operational status is stable, and future development trends appear positive, leading to an upgraded rating to "Buy" [1]

Group 1 - The core point of the article highlights that China Power's trading volume reached 1.738 billion yuan, marking a new high since December 16, 2024 [2] - The latest stock price increased by 2.43%, with a turnover rate of 3.09% [2] - The trading volume on the previous trading day was 1.447 billion yuan [2]