Core Viewpoint - China Nuclear Engineering Corporation announced that its shareholder, China Cinda Asset Management Co., Ltd., which holds 10.26% of the shares, plans to reduce its holdings by up to 30.1383 million shares, representing 1% of the company's total share capital, through centralized bidding from November 19, 2025, to February 18, 2026. The shares to be sold were acquired prior to the IPO [1] Summary by Categories Shareholder Actions - China Cinda Asset Management Co., Ltd. intends to reduce its stake in China Nuclear Engineering Corporation by up to 30.1383 million shares [1] - The planned reduction accounts for 1% of the total share capital of the company [1] Timeline - The reduction of shares is scheduled to take place from November 19, 2025, to February 18, 2026 [1] Share Acquisition - The shares that are subject to reduction were obtained before the company's IPO [1]

Core Viewpoint - China Nuclear Engineering Corporation announced that its shareholder, China Cinda Asset Management Co., Ltd., which holds 10.26% of the shares, plans to reduce its holdings by up to 30.1383 million shares, representing 1% of the company's total share capital, through centralized bidding from November 19, 2025, to February 18, 2026. The shares to be sold were acquired before the IPO [1]. Group 1 - The shareholder, China Cinda Asset Management Co., Ltd., holds 10.26% of China Nuclear Engineering Corporation [1] - The planned reduction involves up to 30.1383 million shares, which is 1% of the total share capital [1] - The reduction will occur through centralized bidding from November 19, 2025, to February 18, 2026 [1]

Core Viewpoint - The stocks of state-owned enterprises in China are experiencing a significant upward trend, with notable gains in specific companies such as China First Heavy Industries and China XD Electric, both reaching their daily limit up [1] Group 1: Company Performance - China First Heavy Industries and China XD Electric both hit the daily limit up, indicating strong investor interest and positive market sentiment towards these companies [1] - Other companies in the sector, including China Nuclear Engineering, China Electric Power Research Institute, and China General Nuclear Power, also saw their stock prices rise, reflecting a broader positive trend in the industry [1]

Core Insights - The Central State-Owned Enterprises Modern Energy Index has seen a strong increase of 1.70%, with notable gains from stocks such as China Xidian up 6.61% and Shanghai Electric up 6.40% [3] - The National Development and Reform Commission has released a plan aiming for a new energy storage capacity of over 180 million kilowatts by 2027, enhancing project economics through supportive policies [5] - The demand for energy storage is expected to maintain a high growth rate, with projections indicating a 30%-40% increase in global energy storage installations over the next two years [4] Group 1: Market Performance - The Central State-Owned Enterprises Modern Energy ETF (561790) has increased by 1.63%, marking a three-day consecutive rise, with a latest price of 1.25 yuan [3] - The ETF has seen a weekly cumulative increase of 2.85% as of October 24, 2025, ranking in the top third among comparable funds [3] - The ETF's trading volume reached 416.82 million yuan with a turnover rate of 9.1% [3] Group 2: Policy and Economic Outlook - The new energy storage plan outlines a target of 180 million kilowatts by 2027, with supportive measures from provinces like Henan to enhance project viability [5] - The energy storage market is experiencing robust demand, driven by new pricing policies and increased investment from social capital [4] - The lithium battery demand is projected to exceed 2700 GWh next year, with a year-on-year growth rate of over 30% [4] Group 3: Industry Composition - The top ten weighted stocks in the Central State-Owned Enterprises Modern Energy Index account for 47.72% of the index, including major players like Yangtze Power and China Nuclear Power [6] - The Central State-Owned Enterprises Modern Energy ETF closely tracks the index, which includes 50 listed companies involved in green energy and fossil energy sectors [5]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [5] Core Insights - The "14th Five-Year Plan" emphasizes high-quality economic development, with a focus on technological innovation and new productive forces as the main development line [13][14] - Expectations for infrastructure stimulus in Q4 are rising, with the construction sector likely to benefit from incremental funds and policy catalysts [18][31] Summary by Sections 1. "14th Five-Year Plan" and Infrastructure Stimulus - The "14th Five-Year Plan" highlights the importance of high-quality development, emphasizing the need for a strong real economy and technological innovation [13][14] - Q4 infrastructure stimulus expectations are increasing, with significant issuance of special bonds and government bonds, totaling 3.68 trillion yuan in special bonds issued by September 2025, accounting for 83.6% of the annual quota [18][23] 2. Market Review - The construction index rose by 2.87% during the week of October 20-24, underperforming the broader market by 0.54 percentage points [25] - Notable stock performances included Huylv Ecological (+33%), China Nuclear Engineering (+23%), and Shikong Technology (+21%) [25] 3. Investment Recommendations - Focus on infrastructure investment opportunities in high-growth regions such as Xinjiang and Tibet, and consider companies involved in water conservancy, railways, and aviation projects [31] - Emphasize the nuclear power sector, recommending companies like China Nuclear Engineering and Libat, which are positioned well in the nuclear construction chain [33][15] - Highlight the importance of emerging business directions, including cleanroom technology and AI-driven computing infrastructure, suggesting companies like Boche and Shenghui Integration [33]

Investment Rating - The industry investment rating is "Overweight" indicating that the industry is expected to outperform the overall market [21]. Core Insights - The construction and decoration sector has shown a weekly increase of 2.91%, with the infrastructure private enterprises leading the performance at +7.55% [3][4]. - The report highlights that the GDP for the first three quarters of 2025 increased by 5.2%, while fixed asset investment decreased by 0.5% year-on-year [10][12]. - The "14th Five-Year Plan" emphasizes expanding high-level opening-up and optimizing regional economic layout, which is expected to provide significant elasticity to regional investments [10][12]. Summary by Sections 1. Market Performance - The construction sector outperformed the Shanghai Composite Index, with a weekly increase of 2.91% [4]. - The best-performing sub-sectors for the week were infrastructure private enterprises (+7.55%), decorative curtain walls (+7.00%), and infrastructure state-owned enterprises (+4.78%) [6][9]. 2. Industry Changes - The National Bureau of Statistics reported a year-on-year GDP growth of 5.2% for the first three quarters of 2025, with fixed asset investment down by 0.5% [10][12]. - Infrastructure investment (including all categories) grew by 3.3%, while real estate investment saw a significant decline of 13.9% [10][12]. 3. Key Company Updates - Jianfa Hecheng reported a revenue increase of 10.55% year-on-year and a net profit increase of 21.2% for the first three quarters of 2025 [12][14]. - Zhongyan Dadi won a procurement project worth 77.98 million yuan, accounting for 9.77% of its 2024 revenue [12][14]. - Anhui Construction won a project for the Yangzhou to Huainan expressway with a total value of 620 million yuan, representing 0.64% of its 2024 revenue [13][14]. 4. Investment Recommendations - The report recommends state-owned enterprises such as China Chemical, China Railway, and China Railway Construction due to their low valuations [3][12]. - It also suggests focusing on private enterprises like Zhizhi New Materials and Honglu Steel Structure, as well as international engineering firms like China Steel International and China Materials International [3][12].

证券代码：601611 证券简称：中国核建 公告编号：2025-065 中国核工业建设股份有限公司 股票交易异常波动公告 公司董事会及全体董事保证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。 重要内容提示： 中国核工业建设股份有限公司（以下简称"公司"）股票于2025年10月 22日、2025年10月23日、2025年10月24日连续三个交易日内收盘价格涨幅偏离值 累计达到20%，属于《上海证券交易所交易规则》规定的股票交易异常波动情形。 经公司自查并函询公司控股股东中国核工业集团有限公司（以下简称"中 核集团"），截止本公告披露日，不存在应披露而未披露的重大信息。 一、股票交易异常波动的具体情况 公司股票于2025年10月22日、2025年10月23日、2025年10月24日连续三个交 易日内收盘价格涨幅偏离值累计达到20%，属于《上海证券交易所交易规则》规 定的股票交易异常波动情形。 （一）生产经营情况 公司目前生产经营情况正常，内外部经营环境未发生重大变化。 （二）重大事项情况 经公司自查并函询公司控股股东中核集团，截至本公告披露日，公司及控股 ...

Core Viewpoint - The stock of China Nuclear Engineering Corporation (CNEC) experienced a significant price fluctuation, with a cumulative increase of 20% over three consecutive trading days from October 22 to October 24, 2025, which is classified as an abnormal trading situation according to the Shanghai Stock Exchange rules [1] Summary by Relevant Categories Stock Performance - CNEC's stock price increased by 20% over three trading days, indicating a notable market reaction [1] Company Disclosure - CNEC conducted a self-examination and inquired with its controlling shareholder, China National Nuclear Corporation (CNNC), confirming that there are no undisclosed significant information or events that require disclosure, including major asset restructuring, share issuance, acquisitions, debt restructuring, business restructuring, asset divestiture, asset injection, share buybacks, equity incentives, bankruptcy reorganization, or significant business cooperation [1] Operational Status - The company reported that its production and operational conditions are normal, and there have been no significant changes in the internal and external operating environment [1]

Core Viewpoint - The company is currently undergoing a significant asset restructuring, aiming to divest its existing financial business and acquire high-quality nuclear power assets, positioning itself as a consolidation platform for nuclear power operations under the State Power Investment Corporation [1] Group 1 - As of now, the company has no cooperative matters with China Nuclear Engineering Corporation [1] - The company is committed to complying with regulatory requirements during the restructuring process and will fulfill its information disclosure obligations accordingly [1] - Future announcements regarding the restructuring will be made in accordance with relevant regulations [1]

Core Viewpoint - The stock market experienced significant net inflows, with a total of 29.23 billion yuan flowing into the market, indicating strong investor interest in certain sectors, particularly electronics and communications [2]. Group 1: Market Overview - The Shanghai Composite Index closed up by 0.71% today, with a total net inflow of 29.23 billion yuan across both markets [2]. - A total of 2,088 stocks saw net inflows, while 2,653 stocks experienced net outflows [2]. Group 2: Sector Performance - Among the 15 sectors with net inflows, the electronics sector led with a net inflow of 22.63 billion yuan and an index increase of 4.72% [2]. - The communications sector followed closely with a net inflow of 3.75 billion yuan and a rise of 4.73% [2]. - The sectors with the highest net outflows included pharmaceuticals and coal, with net outflows of 1.69 billion yuan and 1.19 billion yuan, respectively [2]. Group 3: Individual Stock Performance - A total of 66 stocks had net inflows exceeding 2 billion yuan, with Cambrian Technologies (寒武纪-U) leading at 2.20 billion yuan [2]. - Other notable stocks with significant inflows included Zhongji Xuchuang (中际旭创) at 2.08 billion yuan and Xinyisheng (新易盛) at 1.49 billion yuan [2]. - Stocks with the highest net outflows included Huagong Technology (华工科技) at 918 million yuan and China Nuclear Construction (中国核建) at 529 million yuan [2]. Group 4: Stock Price Movements - Stocks with net inflows over 2 billion yuan saw an average increase of 14.29%, outperforming the Shanghai Composite Index [3]. - Notable stocks that hit the daily limit up included Jinfutech (锦富技术) and Shannong Chip (香农芯创) [3]. Group 5: Industry Concentration - The stocks with the highest net inflows were concentrated in the electronics, computer, and communications sectors, with 35, 6, and 4 stocks respectively [4].