Market Overview - The other power equipment sector declined by 0.9% compared to the previous trading day, with Aote Xun leading the decline [1] - The Shanghai Composite Index closed at 3972.03, down 0.46%, while the Shenzhen Component Index closed at 13202.0, down 0.11% [1] Stock Performance - Aote Xun (002227) saw a significant drop of 9.60%, closing at 14.79 with a trading volume of 498,800 shares and a transaction value of 749 million [2] - Other notable declines included Haibo Sichuang (688411) down 4.69% and Shengyin Co. (300693) down 4.05% [2] - Conversely, the best performer was Caoluying (002255), which increased by 6.84%, closing at 14.05 with a transaction value of 3.06 billion [1][2] Capital Flow - The other power equipment sector experienced a net outflow of 604 million from institutional investors, while retail investors saw a net inflow of 522 million [2][3] - Notable net inflows from retail investors were observed in stocks like Caoluying (002255) and Yinjie Electric (300820) [3] Individual Stock Analysis - Caoluying (002255) had a net inflow of 87.42 million from institutional investors, while retail investors had a net outflow of 51.66 million [3] - Haibo Sichuang (688411) experienced a net inflow of 58.92 million from institutional investors, with retail investors also seeing a net outflow [3] - Yinjie Electric (300820) had a net inflow of 31.55 million from institutional investors, while retail investors faced a net outflow of 2.87 million [3]

证券代码：600875 证券简称：东方电气 公告编号：2025-054 东方电气股份有限公司关于召开 2025 年第三季度业绩说明会的公告 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个别及连带责任。 重要内容提示： 三、参加人员 参加本次业绩说明会的人员为公司董事会秘书及相关部门负责人。 投资者可于 2025 年 11 月 17 日至 11 月 20 日 16:00 前通过公司邮箱 dsb@dongfang.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 东方电气股份有限公司（简称公司）于 2025 年 10 月 31 日披露公司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公司 2025 年第三季度经 营成果、财务状况，公司计划于 2025 年 11 月 21 日上午 10:30-11:30 举行 2025 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络文字互动方式召开，公司将针对 2025 年第三季度 经营成果及财务指标的具体情况与投资者进行互动交流 ...

Core Insights - Thorium ore is emerging as a strategic energy resource due to its high energy density, safety, low waste, and cost-effective extraction when associated with rare earth elements [1][4][6] - China leads in both resources and technology, with proven industrial reserves of 287,000 tons, ranking second globally, and significant breakthroughs in thorium fuel technology [1][4][6] - The thorium mining industry in China is characterized by a "net import" trade pattern, with Nigeria being a key source of imports, and prices for thorium ore have shown a significant upward trend [1][6][8] Thorium Mining Industry Overview - Thorium ore consists of minerals containing thorium, which has significant economic value due to its properties and association with rare earth elements [2][3] - The core advantages of thorium include extremely high energy density, superior safety performance, and low extraction costs [3][4] Current Development Status of China's Thorium Mining Industry - China's thorium mining industry is transitioning from a niche resource to a strategic energy core, supported by abundant resources and technological advancements [4][6] - The Baiyun Obo mining area holds over 75% of China's thorium reserves, with significant potential for further exploration [4][6] Thorium Resource Distribution in China - China's thorium resources are managed under strict regulations, leading to a notable "net import" pattern despite domestic abundance [6][8] - The import volume of thorium ore has been increasing, with a notable 24.67% year-on-year growth in the first nine months of 2025 [6][8] Thorium Mining Industry Supply Chain - The thorium mining industry has established a complete supply chain from geological exploration to nuclear fuel manufacturing, with applications expanding beyond nuclear power [9][11] - The industry is characterized by collaboration across the supply chain, with upstream resources being integrated with rare earth mining processes [9][11] Competitive Landscape of China's Thorium Mining Industry - The industry exhibits a competitive structure with monopolies in resource extraction, concentrated technology, and collaborative applications [14][15] - Key players include Baogang Group, which controls over 75% of thorium resources, and leading companies in materials and equipment manufacturing [14][15] Future Development Trends of China's Thorium Mining Industry - The future of the thorium mining industry will focus on the continuous breakthrough and commercialization of thorium-based molten salt reactor technology [16][17] - There will be an emphasis on deep collaboration across the supply chain, driving technological upgrades and expanding applications in clean energy and industrial processes [16][17] - The diversification of applications will enhance the strategic value of thorium, contributing to energy security and reducing reliance on imported uranium [17]

Investment Rating - The investment rating for the utility sector is "Positive" [2] Core Insights - The report highlights the release of the "Guiding Opinions on Promoting the Integrated Development of New Energy," aiming to enhance the reliability and market competitiveness of new energy by 2030 [5] - In October, the industrial natural gas output reached 22.1 billion cubic meters, marking a year-on-year increase of 5.9% [5] - The report indicates a potential for profit improvement and value reassessment in the power sector due to previous supply-demand tensions [5] Market Performance - As of November 14, the utility sector declined by 0.6%, underperforming the broader market, with the power sector down by 1.13% and the gas sector up by 4.48% [4][12] - The report notes that the coal prices have increased, with Qinhuangdao port coal prices at 827 RMB/ton, a week-on-week increase of 19 RMB/ton [4][22] Power Industry Data Tracking - The report tracks various metrics, including coal prices, inventory levels, and daily consumption rates, indicating a decrease in coal inventory at Qinhuangdao port to 5.5 million tons, down by 270,000 tons week-on-week [4][29] - The average daily consumption of coal in inland provinces increased to 3.364 million tons, up by 123,000 tons/day week-on-week [31] Natural Gas Industry Data Tracking - Domestic natural gas production in October was 22.1 billion cubic meters, a year-on-year increase of 6.0% [5] - The report notes that the average LNG ex-factory price in China was 4,357 RMB/ton, a decrease of 3.35% year-on-year [57] - The EU's natural gas supply for week 44 was 6.5 billion cubic meters, a year-on-year increase of 14.4% [64] Investment Recommendations - For the power sector, the report suggests focusing on leading coal power companies such as Guodian Power and Huaneng International, as well as hydropower operators like China Yangtze Power [5] - In the natural gas sector, companies with low-cost long-term gas sources and receiving station assets are expected to benefit from market conditions [5]

Group 1 - The Central Commission for Discipline Inspection and National Supervisory Commission is enhancing the quality of case reviews and has established a negative list of 34 items across five areas to address existing issues [1] - A talent pool for case review has been created, consisting of 93 members, with ongoing training and practical involvement in case reviews to improve professional capabilities [1] - The emphasis on capacity building is a key task for state-owned enterprises' disciplinary inspection and supervision institutions, aiming to create a loyal and capable team [1] Group 2 - The disciplinary inspection team at the National Pipeline Network Group is adapting to new requirements by enhancing regional collaboration and conducting joint training sessions, covering over 300 disciplinary inspection cadres [2] - Training programs are designed based on problem orientation and actual needs, focusing on improving supervisory quality and investigation skills [2] - The China Datang Group's disciplinary inspection team has conducted three online training sessions, training over 2,700 participants on high-quality supervision [2] Group 3 - China CNR Corporation's disciplinary inspection team has developed a tiered training curriculum to enhance the capabilities of inspection cadres, focusing on regulations and practical enforcement [3] - Regular updates and dynamic management of training content are implemented to ensure relevance and effectiveness [3] - The China Sinochem Group's disciplinary inspection team conducts practical training exercises to improve the capabilities of inspection personnel [4] Group 4 - The China FAW Group's disciplinary inspection team is addressing issues related to investigation processes and case quality by creating a practical training system based on real cases [4] - The training includes simulations of key investigation stages and handling unexpected situations to enhance practical skills [4] - The China Dongfang Electric Corporation's disciplinary inspection team is strengthening its capabilities through mutual learning with other state-owned enterprises and inviting experts for training [4]

Core Viewpoint - The transition of coal power from a basic support source to a regulatory support source is a significant adjustment in its positioning, driven by the increasing share of renewable energy in the new power system [1]. Group 1: Importance of Coal Power - Despite the rise of renewable energy and carbon neutrality discussions, coal power upgrades are still necessary, as evidenced by the fact that in 2024, coal power in Sichuan, which accounts for less than 10% of the total installed capacity, will provide over one-third of the electricity during the dry season [2]. - Coal power remains a "ballast" for ensuring stable electricity supply, playing a crucial role in the power system despite the growth of renewable energy [2]. Group 2: Upgrading Coal Power - The focus of the new generation of coal power upgrades is on cleaner, low-carbon transitions and flexible, efficient upgrades, aiming to "burn less coal, generate more electricity, and reduce more carbon" [3]. - Specific projects, such as the systematic upgrade of the Guoneng Jiujiang Power Plant, have demonstrated that through 17 key technologies, boiler efficiency can be improved by an average of 3.56%, allowing for a wide load adjustment of 30% to 100% and reducing CO2 emissions by over 120,000 tons annually [3]. - The core of developing the new generation of coal power lies in effectively releasing and enhancing its flexible adjustment potential at a lower economic cost, while avoiding complex and unreliable "add-on" systems [3]. Group 3: Technological Pathways - It is essential to align the chosen technological pathways for coal power's low-carbon transition with cost-effectiveness and carbon goals, including evaluating construction costs, operational reliability, and coal adaptability before upgrades [4].

【东方电气成立新公司】11月13日，东方电气集团在蓉举办新一代煤电升级改造技术交流会，全面展示 在高效清洁、灵活调节与智能运行等领域的最新实践，并正式揭牌成立东方电气集团电力工程设计有限 公司。此次揭牌，标志着东方电气集团正式打造电站服务耦合综合能源产业发展平台，将为我国能源发 展转型提供更具系统性、创新性的解决方案。#能源高质量发展# ...

Core Viewpoint - Harbin Electric Machinery Company (HEMC) has successfully won the bid for all four sets of pump-turbine units and associated equipment for the Upper Dait Hydropower Station in Cambodia, marking the first entry of Chinese pumped storage equipment into the international market, thereby enhancing China-Cambodia energy cooperation and contributing to the Belt and Road Initiative [1][2]. Group 1 - The Upper Dait Hydropower Station is located in Kampong Province, Cambodia, and plans to install four pump storage units with a single unit capacity of 250 megawatts, developed under a BOT model by China Heavy Machinery Corporation [1]. - The project is a key cooperation initiative identified by the leaders of China and Cambodia, addressing energy shortages in Cambodia through a multi-energy complementary approach led by the National Energy Administration and the Foreign Investment Department of the National Development and Reform Commission [1]. - HEMC has continuously innovated in the pumped storage sector, focusing on high efficiency, stability, and reliability, with the project utilizing advanced design concepts and manufacturing processes that meet international performance standards [1]. Group 2 - The successful bid for the Upper Dait project highlights HEMC's technical strength and brand influence in the pumped storage field, representing a significant achievement in the company's "going out" strategy and active participation in the Belt and Road Initiative [2]. - HEMC aims to enhance its technological innovation capabilities and product quality to provide superior products and services to global customers, contributing to the green and low-carbon development of the world's energy sector [2].

Core Insights - The Dadu River Hard Beam Package Hydropower Station, the largest of its kind in China, has commenced full operation, capable of supplying electricity to 2.15 million households for a year [1] - The station features a digital hydraulic cylindrical valve control system developed by Dongfang Electric Group's subsidiary, Dongfang Automatic Control Engineering Co., Ltd., ensuring safety and reliability [1][2] - Dongfang Automatic Control has a long-standing presence in the power industry, focusing on various energy solutions from inverters to energy storage systems, contributing significantly to national energy infrastructure [1][2] Innovation and Technology - Dongfang Automatic Control emphasizes independent innovation as a core driver, aiming to create a "smart brain" for national energy equipment [2][5] - The company has developed a fully domestic DCS (Distributed Control System) and a programmable general IPX control platform, achieving 100% localization from chips to operating systems [3][4] - Continuous R&D investments have led to breakthroughs in various control systems, enhancing grid stability and optimizing resource utilization in renewable energy [4][5] Strategic Development - The company is transitioning from "single-point breakthroughs" to "comprehensive autonomous mastery" in core technologies, supporting the intelligent, green, and high-end development of energy equipment [5][6] - Dongfang Automatic Control is actively responding to national strategies by advancing digitalization and intelligent upgrades across its operations, enhancing both R&D and manufacturing capabilities [5][6] - The company provides systematic solutions to various industries, facilitating the transition from traditional manufacturing to intelligent manufacturing [6] Future Outlook - Dongfang Automatic Control aims to strengthen its position as a leading enterprise in the electric control industry, focusing on high-level technological self-reliance and providing advanced products and solutions [6] - The company is committed to enhancing the autonomy and controllability of national energy equipment through solid technological breakthroughs and comprehensive solutions [6]

Investment Rating - The report maintains a "Strong Buy" rating for the company [3] Core Views - The company's Q3 performance met expectations, with a significant improvement in profitability on a quarter-over-quarter basis [7] - The company is positioned as a leading enterprise in high-end energy equipment, with strong growth potential in multiple core business areas [7] Financial Performance Summary - For the first three quarters, total revenue reached 55.52 billion yuan, a year-on-year increase of 16.03%, while net profit attributable to shareholders was 2.966 billion yuan, up 13.02% year-on-year [1] - Q3 revenue was 17.37 billion yuan, reflecting a year-on-year increase of 20.7% but a quarter-over-quarter decrease of 19.6% [7] - The gross profit margin for Q3 was 15.21%, with a year-on-year decrease of 1.42 percentage points but a quarter-over-quarter increase of 0.63 percentage points [7] Order Growth Summary - New orders for the first three quarters totaled approximately 88.6 billion yuan, a year-on-year increase of 9% [7] - Q3 new orders were about 23.1 billion yuan, showing a year-on-year decrease of 8% and a quarter-over-quarter decrease of 22% [7] - The company anticipates strong growth in orders from wind power, hydropower, and nuclear fusion sectors [7] Future Earnings Forecast - The company is expected to achieve net profits of 4.034 billion yuan and 4.784 billion yuan in 2025 and 2026, respectively [7] - The current market capitalization corresponds to a PE ratio of 20x for 2025 and 17x for 2026 [7] Key Financial Metrics - The company reported a total market value of 83.9 billion yuan and a circulating market value of 54.9 billion yuan [3] - The return on equity (ROE) is reported at 7.3% [3] - The asset-liability ratio stands at 71.3% [3]