Core Points - China Nuclear Engineering Corporation (CNEC) shares increased by 7.56% on October 14, reaching a price of 11.53 CNY per share, with a trading volume of 945 million CNY and a turnover rate of 2.87%, resulting in a total market capitalization of 34.75 billion CNY [1] - CNEC's stock has risen for five consecutive days, with a cumulative increase of 24.22% during this period [1] Company Overview - CNEC, established on December 21, 2010, and listed on June 6, 2016, is located at 500 Panlong Road, Qingpu District, Shanghai [1] - The company's main business areas include military engineering, nuclear power engineering, and industrial and civil engineering construction [1] - Revenue composition: Industrial and civil engineering accounts for 56.81%, nuclear power engineering 33.20%, and other services 9.99% [1] Shareholder Insights - Among the top ten circulating shareholders of CNEC, Southern Fund's Southern CSI 500 ETF (510500) increased its holdings by 2.5667 million shares in Q2, totaling 18.0101 million shares, representing 0.6% of circulating shares [2] - The ETF has generated an estimated floating profit of approximately 14.5881 million CNY today and 37.641 million CNY during the five-day increase [2] - The Southern CSI 500 ETF was established on February 6, 2013, with a current scale of 113.438 billion CNY, yielding 30.65% this year and 36.69% over the past year [2]

Core Points - The company Han Jian He Shan (603616.SH) has received a bid notification confirming its successful bid for a project worth 207 million RMB [1] Group 1 - The company won the bid for the "China Nuclear Construction (601611) Nuclear Huaxing Infrastructure Division Land Drainage Project Reinforced Concrete Drainage Pipe Conventional Procurement (Section One)" [1]

New Stock Issuance - Marco Polo (Stock Code: 001386) issued at a price of 13.75 on October 13, 2025[1] - New material company (Stock Code: 688585) has a tender offer period from September 29 to October 28, 2025[1] - Zitian (Stock Code: 300280) entered the delisting arrangement period with the last trading day on October 13, 2025[1] Market Alerts - Significant abnormal fluctuations reported for Pinming Technology (Stock Code: 688109) on October 10, 2025[1] - Multiple companies including Kesheng Technology (Stock Code: 688788) and Borui Pharmaceutical (Stock Code: 688166) have recent announcements regarding their stock activities[1] - A total of 30 companies have been flagged for abnormal trading activities, indicating potential market volatility[2]

格隆汇10月13日丨韩建河山(603616.SH)公布，2025年10月13日，公司收到了招标代理机构签发的《中标通知书》，确定公司以人民币2.07亿元中标"中国核建中核华兴基础设施事业部陆域 ...

Core Insights - The company Han Jian He Shan (603616) has won a bid worth 207 million yuan for a project related to the China Nuclear Engineering Corporation (601611) [1] - This project represents approximately 26.29% of the company's audited revenue for the year 2024, indicating a significant contribution to future earnings [1] - The successful implementation of this project is expected to have a positive impact on the company's future operating revenue and profit [1]

Core Viewpoint - The market is experiencing significant fluctuations with various stocks showing notable price movements, particularly in sectors such as venture capital, consumer goods, and nuclear technology [1] Group 1: Stock Performance - Hezhong Intelligent opened high at 5.13%, marking its fifth consecutive trading day of gains [1] - Dazhong Public Utilities opened low at 3.66%, also experiencing its fifth consecutive trading day of gains [1] - Lianmei Holdings opened low at 5.03%, continuing its trend of five consecutive days of gains [1] Group 2: Sector Highlights - The consumer goods sector saw Yangyuan Beverage open low at 5.29%, while Zhuangyuan Pasture reached a limit up on its second consecutive trading day [1] - In the controllable nuclear fusion sector, Antai Technology achieved a limit up on its second consecutive trading day, and China Nuclear Engineering opened high at 1.87% [1] - The MOFs concept stock Yueyang Xinchang opened low at 3.03%, while the Lighthouse Factory concept stock Haiou Zhigong opened low at 4.98% [1] - The non-ferrous metals sector saw Baiyin Nonferrous open low at 0.39%, and the infrastructure stock Xinjiang Jiaojian opened low at 5.13% [1]

Investment Rating - The industry rating is maintained as "Outperform" [5] Core Insights - The construction index increased by 4.6% recently, outperforming the Shanghai and Shenzhen 300 index by 2.94 percentage points, indicating a positive market trend for the construction sector [1][4] - There is an expectation for stable growth in infrastructure in Q4, with a focus on investment opportunities in the western regions of China, particularly in Xinjiang and Tibet [2][23] - The government has issued guidelines to combat price competition issues, emphasizing the importance of anti-involution investment themes [3][25] Summary by Sections 1. Q4 Infrastructure Stimulus Expectations - Economic data from July to August 2025 showed a slowdown, prompting expectations for increased infrastructure policies in Q4 [13] - Special bonds and long-term treasury bonds are being issued at a rapid pace, with special bonds totaling 3.68 trillion yuan, accounting for 83.6% of the annual quota [14][15] - The western region's fixed asset investment grew by 6.6%, surpassing the national average, with significant growth in provinces like Tibet and Xinjiang [23][24] 2. Governance of Price Competition - The National Development and Reform Commission and the State Administration for Market Regulation have issued guidelines to address price competition issues, promoting fair market practices [3][25] - The report suggests focusing on four investment themes related to anti-involution, including price elasticity and downstream profit improvement [26][27] 3. Nuclear Power Sector Insights - Key breakthroughs in nuclear fusion technology are expected to enhance the attractiveness of the nuclear power sector, with significant investments planned [29] - The report identifies leading companies in the nuclear power construction sector, such as China Nuclear Engineering and China Energy Engineering [30][31] 4. Market Review - The construction index's recent performance indicates a strong market, with notable stock gains from companies like China Nuclear Engineering and Xinjiang Communications Construction [33][34] 5. Investment Recommendations - The report emphasizes the importance of infrastructure investment in high-growth regions and suggests focusing on companies involved in major projects in the western regions [38][39] - It also highlights the potential of the nuclear power sector and emerging business directions, recommending companies like China Nuclear Engineering and Libat [40]

Core Viewpoint - Gao Hongshu has resigned from his position as a director of China Nuclear Engineering Construction Corporation (CNEC) due to work relocation, effective immediately upon submission of his resignation report [1][5]. Group 1: Resignation Details - The resignation report was received by the board on September 30, and it will not affect the board's operation or the company's normal business activities [1][5]. - Gao's original term was set to expire on September 21, 2028, with his departure date being September 30, 2025 [1][6]. - The company expressed gratitude for Gao's contributions during his tenure [5]. Group 2: Company Overview - CNEC is a large state-controlled listed company primarily engaged in nuclear power engineering and construction, recognized as a leader in China's nuclear power sector [2]. - The company has been involved in nuclear power construction for 40 consecutive years, making it the only global enterprise with such a record [2]. - In the 2024 annual report, CNEC reported a revenue of 113.54 billion yuan, a year-on-year increase of 3.80%, and a net profit attributable to shareholders of 2.064 billion yuan, a slight increase of 0.07% [2].

Core Insights - The concept of nuclear fusion is gaining traction in the stock market, with several stocks in the sector doubling in price since the beginning of the year, with the highest increase reaching 271.94% [2][5] - Recent developments in nuclear fusion engineering and commercialization have heightened market interest, particularly following progress on the BEST nuclear fusion device in Hefei [2][5] - Despite the excitement, industry insiders caution that current projects are primarily experimental and not yet commercially viable, indicating that significant advancements are still needed before practical applications can be realized [2][5] Market Performance - As of October 10, the nuclear fusion sector has seen an overall increase of 60.62% this year, with net inflows of 2.041 billion yuan, ranking it among the top sectors in the A-share market [5][6] - Individual stocks have shown remarkable performance, with Zhongzhou Special Materials rising by 271.94%, Hezhong Intelligent by 247.15%, and Yongding Co. by 200.39% [5][6] Technological Developments - The nuclear fusion technology aims to replicate the sun's energy production through extreme conditions, primarily using magnetic confinement methods like the Tokamak [7] - Significant breakthroughs have been achieved in China's nuclear fusion research, including the successful operation of the China Circulation No. 3 device, which reached temperatures exceeding 100 million degrees Celsius [7][8] Investment and Funding - Major state-owned enterprises and private capital are increasingly investing in nuclear fusion projects, with plans for new experimental facilities and significant funding commitments exceeding 10 billion yuan [8][9] - The construction of the BEST device is progressing, with key components being installed, marking a significant step towards demonstrating fusion energy generation [8][9] Industry Outlook - The nuclear fusion sector is expected to continue attracting investment due to the growing demand for clean and renewable energy sources, particularly in the context of increasing energy needs driven by advancements in artificial intelligence [6][8] - The current phase of nuclear fusion development is characterized by experimental setups, with substantial investments required for future commercial viability [9]

中国核工业建设股份有限公司（以下简称"公司"）股票于2025年9月30 日、2025年10月9日、2025年10月10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。 证券代码：601611 证券简称：中国核建 公告编号：2025-062 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： 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9月30日、2025年10月9日、2025年10月10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。 二、公司关注并核实的相关情况 （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 ...