内容概况：近年来，中国仲钨酸铵行业在国家政策支持和市场需求推动下，取得了显著发展。中国作为 全球最大的钨生产和销售国家，仲钨酸铵的产能和产量均居全球首位。2025年6月底，中国仲钨酸铵价 格为25.15万元/吨，同比增长19.19%。中国政府对钨矿开采实行严格的总量控制和配额管理，以确保资 源的可持续利用。2025年第一批钨矿开采指标全面收紧。2025年第一批钨矿采总量控制指标为58000标 吨，较2024年度第一批指标减少4000吨，降幅6.45%。这种政策限制了钨精矿的供应，进而影响了仲钨 酸铵的产量。另一方面，随着全球制造业和基础设施建设的快速发展，对仲钨酸铵的需求持续增加。特 别是在硬质合金、钨材加工以及石油化工等下游行业，仲钨酸铵作为重要的原料，需求旺盛。在受到供 应端的限制和需求端的推动情况下，仲钨酸铵价格呈现持续上涨走势。 相关上市企业：厦门钨业（600549）、章源钨业（002378）、翔鹭钨业（002842）、中钨高新 （000657） 相关企业：厦门钨业股份有限公司、崇义章源钨业股份有限公司、江西钨业控股集团有限公司、新疆中 泰化学股份有限公司、新疆天业(集团)有限公司、上海氯碱化工股份有 ...

从指数持仓来看，上证180公用事业指数十大权重分别为：长江电力（48.84%）、中国核电 （10.75%）、三峡能源（8.8%）、国电电力（5.79%）、国投电力（5.34%）、华能国际（4.57%）、川 投能源（4.32%）、浙能电力（2.98%）、华电国际（2.78%）、新奥股份（2.46%）。 从上证180公用事业指数持仓的市场板块来看，上海证券交易所占比100.00%。 从上证180公用事业指数持仓样本的行业来看，公用事业占比100.00%。 金融界8月1日消息，上证指数下跌0.37%，上证180公用事业指数 (180公用，H50010)上涨0.06%，报 2196.95点，成交额61.37亿元。 数据统计显示，上证180公用事业指数近一个月下跌4.87%，近三个月下跌3.01%，年至今下跌5.63%。 据了解，上证180行业指数系列从上证180指数样本中，按中证行业分类标准进行分类，再以各自行业全 部证券作为相应行业指数的指数样本，形成上证180行业指数系列，以反映上证180指数样本中不同行业 证券的整体表现。该指数以2003年12月31日为基日，以1000.0点为基点。 ...

| | | | 十万优色刷明为效后削时时工仅来又畅心服 | | | | --- | --- | --- | --- | --- | --- | | 代码 | 间称 | 破调研 | 请例 | 总市值 | 年内涨跌幅 | | | | 总次数 | 构家数 | (亿元) | (%) | | 000811 | 水轮环境 | 42 | 274 | 126. 66 | 38. 05 | | 000969 | 安泰科技 | 10 | 178 | 139. 85 | 21. 22 | | 000962 | 东方領业 | 22 | 164 | 85. 24 | 23. 83 | | 300820 | 英杰电气 | 5 | 137 | 107. 71 | -11. 29 | | 002438 | 江苏神通 | 13 | 100 | 69.08 | 13. 13 | | 601985 | 中国核电 | 2 | 98 | 1890. 20 | -10. 35 | | 603169 | 兰石重装 | 8 | 82 | 100. 98 | 41. 83 | | 603011 | 合锁智能 | | 47 | 75. 35 | 122. 48 ...

Fundraising Overview - China National Nuclear Power Co., Ltd. has successfully raised a total of approximately RMB 13.99 billion by issuing 1,684,717,207 A-shares at a price of RMB 8.31 per share, after deducting issuance costs of RMB 2.35 million, resulting in a net amount of RMB 13.99 billion [1][2] - The raised funds have been deposited into a designated fundraising account, and a tripartite supervision agreement has been signed with the underwriter and the commercial banks involved [2][3] Fund Management and Supervision - The company has established special accounts for fundraising at China Construction Bank, Industrial and Commercial Bank of China, and Bank of China, with the aim of ensuring proper management and usage of the funds [2][3] - A four-party supervision agreement has been signed, which includes the company, its subsidiaries, the banks, and the underwriter, to ensure that the funds are not used for non-designated purposes [2][3] Compliance and Reporting - The agreement stipulates that the funds can only be used for the intended projects and must be reported to the underwriter monthly regarding the status of the funds and any cash management products [3][4] - The underwriter has the right to conduct on-site investigations and audits to ensure compliance with the agreement and proper usage of the funds [4][5]

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][6][10]. Core Views - The completion of the preliminary design for China's first 1 million kilowatt fourth-generation commercial fast reactor marks a significant advancement in the country's nuclear energy strategy [2][16]. - The public utility sector saw a 7.64% increase in the total market value of fund holdings, reaching 63.28 billion yuan in Q2 2025, with a focus on hydropower companies [3][17]. - The report emphasizes the importance of coal and electricity prices moving in tandem, which is expected to sustain reasonable profitability for thermal power companies [4][25]. Summary by Sections Market Review - The Shanghai Composite Index rose by 1.69%, while the public utility index fell by 0.27% and the environmental index increased by 1.66% [1][15]. - Within the power sector, thermal power decreased by 0.29%, hydropower by 1.31%, while new energy generation rose by 1.24% [1][28]. Important Events - The preliminary design of the CFR1000 fast reactor has been completed, which is crucial for energy security and sustainable development in nuclear energy [2][16]. - In August 2025, the electricity trading price in Jiangsu was 393.8 yuan per megawatt-hour, with a total transaction volume of 12.353 billion kilowatt-hours [2][16]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and Shanghai Electric, as well as leading new energy firms such as Longyuan Power and Three Gorges Energy [4][25]. - The report suggests focusing on high-dividend hydropower stocks like Yangtze Power for their defensive attributes [4][25]. Fund Holdings - In Q2 2025, the total market value of fund holdings in the public utility sector was 63.28 billion yuan, with a notable increase in hydropower and gas sectors, while thermal power saw a reduction [3][19]. - The environmental sector's fund holdings totaled 7.352 billion yuan, showing a slight decrease from the previous quarter [21][24]. Key Company Predictions and Ratings - Companies such as Huadian International, Longyuan Power, and China Nuclear Power are highlighted with an "Outperform" rating, indicating strong future performance expectations [10][25]. - The report identifies significant investment opportunities in the environmental sector, particularly in waste management and renewable energy technologies [26][24].

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][10]. Core Views - The completion of the preliminary design for China's first 1 million kilowatt fourth-generation commercial fast reactor marks a significant advancement in the country's nuclear energy strategy [2][16]. - The public utility sector saw a 7.64% increase in the total market value of fund holdings, reaching 63.28 billion yuan in Q2 2025, with a focus on hydropower companies [3][17]. - The report emphasizes the importance of coal and electricity prices moving downward, which is expected to maintain reasonable profitability for thermal power companies [4][25]. Summary by Sections Market Review - The Shanghai Composite Index rose by 1.69%, while the public utility index fell by 0.27% and the environmental index increased by 1.66% [1][15]. - Within the power sector, thermal power decreased by 0.29%, hydropower by 1.31%, while new energy generation rose by 1.24% [1][28]. Important Events - The preliminary design of the CFR1000 fast reactor has been completed, which is crucial for energy security and sustainable development in China [2][16]. - In August 2025, the electricity trading price in Jiangsu was 393.8 yuan per megawatt-hour, with a total transaction volume of 12.353 billion kilowatt-hours [2][16]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and Shanghai Electric, as well as leading new energy firms such as Longyuan Power and Three Gorges Energy [4][25]. - The report suggests focusing on water and waste incineration sectors, which are entering a mature phase, and highlights investment opportunities in companies like China Everbright Environment and Zhongshan Public Utilities [4][26]. Fund Holdings - In Q2 2025, the total market value of fund holdings in the public utility sector was 63.28 billion yuan, with a notable increase in hydropower and gas sectors, while thermal power saw a decrease [3][19]. - The environmental sector's fund holdings totaled 7.352 billion yuan, showing a slight decrease from the previous quarter [21][23]. Key Company Predictions and Ratings - Huadian International, Longyuan Power, and China Nuclear Power are among the recommended companies with an "Outperform" rating [10][25]. - The report highlights the strong growth potential in the domestic waste oil recycling industry, recommending companies like Shanggou Environmental [4][26].

Investment Rating - The report maintains an investment recommendation for the controllable nuclear fusion sector, indicating a positive outlook for future developments in this area [1]. Core Insights - The report emphasizes that controllable nuclear fusion is seen as a potential ultimate energy solution, with significant advancements expected in the coming years as the industry transitions from experimental to engineering phases [4][14]. - Domestic projects are progressing beyond expectations, with increased capital investment from various sectors, indicating a robust growth trajectory for the industry [18][22]. - Internationally, countries like the United States are accelerating their nuclear fusion initiatives, which could further enhance the global market for fusion energy [23][24]. Summary by Sections 1. Controllable Nuclear Fusion: A Frontier Technology - Controllable nuclear fusion is highlighted as a solution to energy challenges, with abundant fuel reserves and sustainability potential [14][15]. - The report outlines the four key stages of nuclear fusion development: scientific feasibility verification, engineering feasibility verification, demonstration reactors, and commercial application reactors [27][30]. 2. Investment Opportunities - The report forecasts a capital expenditure exceeding 145.5 billion yuan in the next 3-5 years, with annual investments potentially reaching close to 10 billion yuan [6][45]. - Key components of the nuclear fusion technology, such as magnets, vacuum chambers, and power systems, are identified as high-value segments within the industry [7][49]. 3. Industry Chain Analysis - The industry chain is segmented into upstream strategic materials, midstream high-end manufacturing, and downstream operational management [8]. - Specific companies are recommended for investment, including China Nuclear Power, Lianchuang Optoelectronics, and Sihua Electronics, which are involved in various aspects of nuclear fusion technology [8][46]. 4. Key Company Introductions - China Nuclear Power is noted for its investment in China Fusion Energy Company, positioning itself for long-term growth in the nuclear sector [8]. - Lianchuang Optoelectronics is recognized for its advancements in high-temperature superconducting magnets and participation in significant projects like the Spark-1 [8]. - Sihua Electronics is highlighted for its successful bids in key projects, indicating strong market positioning in the nuclear fusion space [8].

中国核能电力股份有限公司 关于控股子公司开立募集资金专项账户并签署募集 资金专户存储四方监管协议的公告 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法律责任。 证券代码：601985 证券简称：中国核电 公告编号：2025-058 一、募集资金基本情况 经中国证券监督管理委员会《关于同意中国核能电力股份有限公司向特定对 象发行股票注册的批复》（证监许可〔2024〕1807 号）同意，中国核能电力股份 有限公司（以下简称公司或中国核电）向特定对象发行 A 股股票 1,684,717,207 股，每股发行价格为人民币 8.31 元，共计募集资金人民币 13,999,999,990.17 元， 扣除各项发行费用人民币 2,345,728.05 元（不含增值税），实际募集资金净额为 人民币 13,997,654,262.12 元。截至 2024 年 12 月 24 日，募集资金已足额划至公 司本次发行募集资金账户。2024 年 12 月 25 日，立信会计师事务所（特殊普通 合伙）出具了《中国核能电力股份有限公司验资报告》（信会师报字[202 ...

Investment Rating - The report maintains a "Positive" outlook on the public utilities and environmental sectors, particularly in electricity and natural gas [1]. Core Insights - The report highlights a recovery in electricity consumption in June, driven by the tertiary sector and residential usage, with a total electricity consumption of 8,670 billion kWh, representing a year-on-year growth of 5.4% [15][17]. - Natural gas consumption showed a slight increase in June, with a total apparent consumption of 35.05 billion m³, up 1.4% year-on-year, indicating a recovery in industry sentiment [21][48]. - The report emphasizes the ongoing optimization of energy structure in China, with significant contributions from renewable energy sources, particularly solar and nuclear power [2][8]. Summary by Sections 1. Electricity: June Consumption Growth Accelerates - In June, the industrial electricity generation reached 7,963 billion kWh, a year-on-year increase of 1.7% [7][9]. - The breakdown of electricity generation types shows a decline in hydropower by 4.0%, while nuclear power grew by 10.3%, and solar power surged by 18.3% [9][15]. - The report notes that the second industry contributed significantly to the electricity increment, accounting for 38% of the total increase [16][17]. 2. Natural Gas: Global Price Decline and June Consumption Growth - The report states that the apparent consumption of natural gas in June was 35.05 billion m³, marking a 1.4% increase year-on-year [21][48]. - The average price of LNG in Northeast Asia decreased to $11.90/mmBtu, reflecting a broader trend of declining global gas prices [22][41]. - The report anticipates that the long-term outlook for natural gas will improve due to rising LNG export capacities from the US and the Middle East [48]. 3. Weekly Market Review - The public utilities and environmental sectors underperformed compared to the CSI 300 index, while the electrical equipment sector outperformed [50]. 4. Company and Industry Dynamics - The report mentions the increase in installed capacity for solar and wind energy, with solar capacity growing by 54.2% year-on-year [53]. - It highlights the ongoing construction of large seawater desalination projects in coastal provinces to support high water-consuming industries [53]. 5. Key Company Valuation Table - The report includes a valuation table for key companies in the public utilities and environmental sectors, indicating potential investment opportunities [60].

Investment Rating - The report maintains a rating of "Buy" for the industry [3]. Core Viewpoints - The report indicates a significant drop in new installations of solar and wind power in June, suggesting that the supply-side pressure is easing, and green electricity is expected to experience a reversal [2][10]. - The increase in the proportion of renewable energy is expected to stimulate the demand for flexible power generation, benefiting coal-fired power plants and aiding in the absorption of renewable energy [2]. - The report emphasizes the importance of focusing on the power sector, particularly coal-fired power companies with resilient quarterly performance and leading firms in flexible coal-fired power transformation [2]. Summary by Sections Industry Overview - As of June 30, the total installed power generation capacity in the country reached 3.65 billion kilowatts, a year-on-year increase of 18.7%. Solar power capacity was 1.1 billion kilowatts, up 54.2%, and wind power capacity was 570 million kilowatts, up 22.7% [7][13]. - In June, new installations of solar and wind power dropped significantly, with solar power adding 14.36 GW and wind power adding 5.11 GW, down 78.56% and 21.21% respectively from May [7][13]. - The average utilization hours of power generation equipment decreased by 162 hours year-on-year to 1504 hours [7][13]. Electricity Demand - In June, the total electricity consumption increased by 5.4%, with the first, second, and third industries, as well as residential electricity consumption, showing growth rates of 8.7%, 2.4%, 7.1%, and 4.9% respectively [7][10]. - The third industry's electricity demand showed resilience, with internet and related services growing by 27.4% year-on-year [7][10]. Investment Recommendations - The report recommends focusing on coal-fired power companies such as Huaneng International, Huadian International, and Baoneng New Energy, as well as leading firms in flexible coal-fired power transformation like Qingda Environmental Protection [2]. - It also suggests prioritizing undervalued green electricity operators, particularly in the Hong Kong market, and companies with high stock project ratios and short-term revenue certainty [2]. Market Performance - The report notes that during the week of July 21-25, the Shanghai Composite Index rose by 1.67%, while the electricity and public utilities sector index fell by 0.03%, underperforming the broader market [55][56].