Group 1 - The core point of the article is the announcement of the procurement results for international freight forwarding services for the Chashma C-5 project in Pakistan, where Zhongchuang Logistics Co., Ltd. has been awarded the contract [1] - The procurement was conducted by China Nuclear Engineering Corporation (CNEC) and the results have been officially published after the candidate announcement period ended [1] - The project number for the procurement is CNEC-FW-GKXJ-25-8828, specifically related to the Chashma C-5 project [1]

证券代码：601611 证券简称：中国核建 公告编号：2025-046 中国核工业建设股份有限公司 2024年年度权益分派实施公告 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。 重要内容提示： 每股分配比例 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/8/6 | － | 2025/8/7 | 2025/8/7 | 差异化分红送转： 否 一、 通过分配方案的股东会届次和日期 本次利润分配方案经公司2025 年 6 月 30 日的2024年年度股东会审议通过。 二、 分配方案 A 股每股现金红利0.094元（含税） 相关日期 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本3,013,834,212股为基数，每股派发现金红利 0.094元（含税），共计 ...

中国核建：每股派发现金红利0.094元（含税），共计派发现金红利283,300,415.93元。 ...

中国核工业建设股份有限公司 关于归还临时补充流动资金的募集资金的公告 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。 公司于2024年7月25日召开第四届董事会第二十七次会议、第四届监事会第 十九次会议，审议通过了《关于使用部分闲置募集资金临时补充流动资金的议案》， 拟使用总额不超过人民币36,000万元的闲置募集资金临时补充流动资金，使用期 限为董事会通过之日起12个月内，到期归还。具体内容详见公司于2024年07月26 日于上海证券交易所披露的《关于使用部分闲置募集资金临时补充流动资金的公 告》（公告编号：2024-056）。 证券代码：601611 证券简称：中国核建 公告编号：2025-045 截至2025年7月25日，公司已将上述用于暂时补充流动资金的募集资金全部 归还至公司募集资金账户，使用期限未超过12个月，并将上述募集资金的归还情 况通知了保荐机构及保荐代表人。 特此公告。 中国核工业建设股份有限公司董事会 2025年7月26日 1 ...

Group 1 - The controlled nuclear fusion sector opened high, with stocks such as Zhejiang Fu Holdings (002266), Dongfang Electric (600875), and China Energy Engineering (601868) experiencing three consecutive trading limits [1] - Other companies like Zhejiang Energy Power (600023), China Nuclear Engineering (601611), and China National Nuclear Technology (000777) also opened high [1] - The establishment of China Fusion Energy Co., Ltd. in Shanghai, a subsidiary of China National Nuclear Corporation, is a significant development in the sector [1]

Core Insights - China Nuclear Engineering Corporation (CNEC) maintains stable operations with a focus on nuclear power engineering construction, reporting a new contract signing of 87.149 billion yuan in the first half of 2025, an increase of over 10.512 billion yuan or 12.06% compared to the same period last year [1][5][9] - The company has a total of 96 nuclear power units under construction as of the end of 2024, with 64 units already in operation, showcasing its strong market competitiveness [1][13] - CNEC's revenue and net profit have consistently increased since its A-share listing in 2016, with 2024 figures reaching 1135.41 billion yuan in revenue and 20.64 billion yuan in net profit, marking growth of 173.53% and 158.32% respectively since 2016 [3][9] Financial Performance - As of the first quarter of 2025, CNEC's total assets reached 240.517 billion yuan, nearly doubling since the end of 2019 [4] - The company reported a revenue of 53.184 billion yuan in the first half of 2025, with a slight year-on-year increase in net profit to 5.51 billion yuan [1][10] - CNEC's cumulative new contract amounts have shown a steady growth trend from 2019 to 2024, with annual new contracts increasing from 97.08 billion yuan in 2019 to 163.437 billion yuan in 2024, reflecting a compound annual growth rate of approximately 8.50% [8][9] Research and Development - CNEC invested approximately 3.2 billion yuan in research and development in 2024, continuing a trend of increasing R&D expenditure from 1.635 billion yuan in 2022 to 3.215 billion yuan in 2024 [2][14] - The company employs 9,165 R&D personnel, accounting for 20.65% of its total workforce, emphasizing its commitment to innovation and technological advancement [14] Market Position - CNEC is recognized as a leading enterprise in China's nuclear power engineering sector, having constructed the largest number of nuclear power units globally and maintaining a continuous presence in nuclear construction for over 30 years [13] - The company has also expanded its capabilities into industrial and civil engineering projects, successfully undertaking significant national projects across various sectors [14]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [5] Core Viewpoints - The construction index rose by 0.32% this week, while the Shanghai and Shenzhen 300 index increased by 1.07%, indicating that the construction sector underperformed the market by 0.75 percentage points. Professional engineering, architectural design, and infrastructure sectors showed stronger gains [1][33] - Infrastructure investment continued to support the economy, with energy-related and water conservancy investments maintaining strength, while transportation infrastructure showed signs of recovery. For the first half of 2025, real estate development investment, narrow infrastructure, broad infrastructure, and manufacturing grew by -11.2%, +4.6%, +8.9%, and +7.5% year-on-year, respectively [1][13] - Recent disclosures of second-quarter orders from central state-owned enterprises (SOEs) indicate a recovery trend, with China Railway's second-quarter orders showing a year-on-year growth of 20.08%. The overall order situation for central SOEs is optimistic, suggesting a rebound in physical workload [2][27] Summary by Sections Macro and Micro Verification of Infrastructure Recovery - Infrastructure investment in June continued to provide support, with energy and water conservancy investments remaining strong, while transportation infrastructure showed signs of recovery. The year-on-year growth rates for real estate development investment, narrow infrastructure, broad infrastructure, and manufacturing from January to June 2025 were -11.2%, +4.6%, +8.9%, and +7.5%, respectively [1][13][14] Recent Order Disclosures from Central SOEs - Central SOEs such as China Railway, China Energy Construction, China Chemical, and China Nuclear Engineering reported a recovery in second-quarter orders. For instance, China Railway's first-half orders showed a year-on-year growth of 2.8%, with a significant increase in the second quarter [2][27][28] Valuation Perspective - As of July 18, the construction sector's PE (TTM) and PB (LF) ratios were among the lowest across all primary industries, indicating significant room for valuation improvement. The construction sector's PE (TTM) was 11.12 times, with a historical percentile of 48.50%, compared to the Shanghai and Shenzhen 300's PE of 13.39 times [3][30][32]

Core Viewpoint - The "Controlled Nuclear Fusion" industry salon held by the Shanghai Stock Exchange highlighted the growing interest and investment in nuclear fusion technology, emphasizing its potential as a key solution for global energy challenges and carbon neutrality [1][2]. Industry Development - Over 20 companies from the nuclear fusion supply chain participated in the salon, discussing the development prospects of high-temperature superconducting materials, fusion experimental reactors, and related technologies [1]. - The industry consensus is forming around a development model that leverages Tokamak technology and various technical routes to achieve breakthroughs in energy output and commercial viability [2]. Company Highlights - China National Nuclear Power (601985) is recognized as a leading player in the domestic nuclear energy sector, actively involved in the CFETR project to advance nuclear fusion from laboratory to commercial application [1]. - China Nuclear Engineering (601611) is responsible for manufacturing and installing core components for the ITER project, showcasing significant technological barriers in the construction of fusion reactors [1]. - Western Superconducting Technologies is the only entity in China tasked with producing superconducting wire for the ITER project, with plans to deliver related materials for domestic fusion projects in 2024 [1]. Investment and Financial Support - The salon participants emphasized the need for enhanced collaboration among upstream material suppliers and midstream manufacturers to overcome technical challenges and reduce costs [2]. - Investment institutions are calling for government support to facilitate discussions on common technical issues and create a favorable ecosystem for industry collaboration [2]. - The China Securities Regulatory Commission's recent reforms aim to expand the Sci-Tech Innovation Board's support for high-potential technology companies, enhancing financial backing for the nuclear fusion sector [3]. Future Industry Initiatives - The Shanghai Stock Exchange has hosted multiple industry salons focusing on future industries, including artificial intelligence and nuclear fusion, to foster collaboration between academia, industry, and investment [4].

Market Performance - The housing inspection sector declined by 0.18%, ranking among the top losers in the market, with notable declines from companies like Luopuskin, Chongqing Construction, and Anhui Construction [1] - In contrast, 18 stocks within the sector experienced price increases, with Hualan Group, Shenzhen Urban Transport, and Sujiao Technology leading the gains at 3.11%, 2.89%, and 1.66% respectively [1] Capital Flow - The housing inspection sector saw a net outflow of 137 million yuan, with 23 stocks experiencing net outflows, and 5 stocks seeing outflows exceeding 10 million yuan [1] - The stock with the highest net outflow was Tefa Service, with a net outflow of 33.09 million yuan, followed by Nanwei Software, Longyuan Construction, and China Nuclear Construction with outflows of 22.42 million yuan, 20.34 million yuan, and 15.85 million yuan respectively [1] Top Gainers and Losers - The top gainers in the housing inspection sector included Huace Testing, Hualan Group, and Jinyu Group, with net inflows of 19.69 million yuan, 6.45 million yuan, and 5.10 million yuan respectively [2] - The outflow leaderboard featured Tefa Service, Nanwei Software, and Longyuan Construction, with respective outflows of 33.09 million yuan, 22.42 million yuan, and 20.34 million yuan [2]

Group 1 - Multiple QDII funds, including Bank of China Asia Pacific Select Bond (QDII), Bank of China US Dollar Bond (QDII), and Huaan Nasdaq 100 ETF Link (QDII), announced a suspension of large subscriptions, with limits set at 100 yuan for the first two and 1000 yuan for the latter [1] Group 2 - Several rural commercial banks in Zhejiang, including Qingtian, Songyang, Liandu, Suichang, Yunhe, and Jingning, received approval for capital increases, with Liandu Rural Commercial Bank increasing its registered capital from 561 million yuan to 578 million yuan [2] Group 3 - TrendForce estimates that the Robotaxi market in China will reach a scale of 44.5 billion USD by 2035, with a CAGR of 96% from 2025 to 2035, driven by increased vehicle numbers and reduced hardware costs [2] Group 4 - Canalys reports a 1% year-on-year decline in global smartphone shipments for Q2 2025, marking the first drop in six consecutive quarters [2] Group 5 - A surge in delivery orders due to platform promotions has led to significant operational strain on businesses, with one milk tea shop reporting a daily profit of only 400 yuan after costs and employee bonuses [3] Group 6 - Two brokerage apps, Yintai Securities and Caida Securities, were reported for illegally collecting and using personal information [4] Group 7 - Zhang Chunyan has resigned from his positions at two companies under Wanda Group, with changes in key personnel also reported [5] Group 8 - "Zhiyuan Robot" received strategic investment from Charoen Pokphand Robotics, aimed at exploring business in life sciences, new retail, and health services [6] Group 9 - CIFI Group's restructuring plan for three domestic bonds was approved, with participation rates of 91.63%, 81.71%, and 66.21% for the respective bonds [6] Group 10 - Changgao Electric New announced that its subsidiaries won a project from the State Grid worth 445 million yuan, accounting for 25.27% of the company's projected revenue for 2024 [6] Group 11 - China Nuclear Engineering reported new contracts totaling 87.149 billion yuan and revenue of 53.184 billion yuan as of June 2025 [7] Group 12 - Meili Technology expects a net profit increase of 66.85% to 92.52% for the first half of 2025, projecting profits between 78 million and 90 million yuan [8] Group 13 - Blue Ocean Huaten anticipates a net profit increase of 152.76% to 190.68% for the first half of 2025, with projected profits between 40 million and 46 million yuan [9] Group 14 - Jinwo Co. expects a net profit increase of 90.43% to 120.90% for the first half of 2025, projecting profits between 25 million and 29 million yuan [10] Group 15 - Satellite Chemical forecasts a net profit increase of 31.32% to 53.20% for the first half of 2025, with projected profits between 2.7 billion and 3.15 billion yuan [11] Group 16 - The ChiNext index rose by 1.73%, with significant activity in AI-related stocks, while the overall market saw a mixed performance with a total trading volume of 1.61 trillion yuan [12][13]