中证报中证网讯(记者刘杨)11月27日，第二届核技术应用产业链共链行动大会在广西南宁召开。大会主 办方中国核工业集团有限公司、中国同位素与辐射行业协会联合行业共20家主要单位发布《核技术应用 产业链强链行动计划》，将以更大范围在更高层次协同核技术应用产业链上下游"产学研用金"相关单 位，深化行业资源整合融通、跨领域协同联动，实现"子链有支撑、分工有协同、落地有保障"的产业推 进格局。 ...

Core Viewpoint - The report highlights a significant increase in electricity consumption across various sectors, with a total electricity consumption of 857.2 billion kWh in October, representing a year-on-year growth of 10.4% [2][3]. Summary by Category Electricity Consumption - In the first ten months of 2025, total electricity consumption reached 8.17 trillion kWh, showing a year-on-year increase of 5.1%. The breakdown by sector includes: - Primary industry: 1.262 billion kWh, up 10.5% - Secondary industry: 54.781 billion kWh, up 3.7% - Tertiary industry: 16.671 billion kWh, up 8.4% - Urban and rural residents: 353.2 billion kWh, up 6.9% [2][3]. Electricity Pricing and Coal Prices - The national average electricity purchase price in November 2025 decreased by 2% year-on-year but increased by 2.8% month-on-month. The price of thermal coal remained stable at 821 yuan/ton as of November 21, 2025 [3]. Hydropower Data - As of November 21, 2025, the water level at the Three Gorges Reservoir was 174 meters, consistent with previous years. The inflow and outflow rates showed significant increases of 41% and 70% year-on-year, respectively [3]. Generation Capacity and Power Generation - Cumulative power generation for the first ten months of 2025 was 7.43 trillion kWh, reflecting a year-on-year growth of 2.3%. The breakdown of generation sources includes: - Thermal power: -0.4% - Hydropower: -1.6% - Nuclear power: +8.7% - Wind power: +7.6% - Solar power: +23.2% [3]. Investment Recommendations - The report suggests focusing on undervalued thermal power investments, particularly in the Beijing-Tianjin-Hebei region, and highlights opportunities in charging pile and photovoltaic infrastructure investments. Key companies to watch include: - Thermal power: Jingtou Energy, Jingneng Power, Datang Power - Charging pile equipment: Teradyne, Shenghong Co. - Photovoltaic assets: Nanshan Energy, Longxin Group - Hydropower: Changjiang Power [4].

Investment Rating - The report maintains a positive outlook on the power and gas sectors, recommending various companies within these industries based on their performance and market conditions [2]. Core Insights - The report highlights a significant increase in electricity consumption in October, with a year-on-year growth of 10.4%, driven primarily by the tertiary sector and residential usage [5][10]. - Natural gas prices exhibit mixed trends globally, with U.S. prices rising while European prices are stabilizing [22][30]. - The report provides specific investment recommendations across various segments, including hydropower, green energy, nuclear power, thermal power, and gas [20][21]. Summary by Sections 1. Electricity Sector - In October, total electricity consumption reached 857.2 billion kWh, marking a 10.4% increase year-on-year. The first, second, and third industries, along with residential consumption, saw growth rates of 13.2%, 6.2%, 17.1%, and 23.9%, respectively [12][10]. - The tertiary sector's electricity consumption grew the fastest, particularly in internet data services related to big data and AI, which surged by 46% [11]. - The report notes that the second industry contributes over 60% of total electricity consumption, with high-tech and equipment manufacturing showing significant growth [11][12]. 2. Gas Sector - As of November 21, U.S. Henry Hub spot prices were $4.13/mmBtu, reflecting an 18.33% weekly increase, while European gas prices showed slight declines [22][30]. - The report indicates that U.S. natural gas supply remains robust, with a notable increase in LNG demand, contributing to rising prices [24][25]. - Recommendations include focusing on integrated gas companies and those benefiting from cost reductions and increased sales, such as Kunlun Energy and New Hope Energy [44]. 3. Weekly Market Review - The report notes that the public utility, gas, and power equipment sectors underperformed compared to the Shanghai and Shenzhen 300 index during the week of November 17 to November 21 [47]. 4. Company and Industry Dynamics - The report discusses the commissioning of China's highest-altitude wind power project in Tibet, which is expected to provide significant clean energy and economic benefits to the local community [50][53]. - It also highlights various local government initiatives aimed at promoting green electricity and renewable energy projects, including direct connections for green electricity [54][55].

Group 1 - Eight central enterprises have undergone changes in external director positions as reported by the State-owned Assets Supervision and Administration Commission on November 24 [1] - Duan Hongyi is no longer serving as an external director for China National Nuclear Corporation [2] - Pan Qilong has been appointed as an external director for China Shipbuilding Group Corporation, while Wu Xiandong is no longer serving in this role [2] Group 2 - Cao Guangxiang is no longer serving as an external director for China Electronics Technology Group Corporation [3] - Chen Bi and Li Xinhua have been appointed as external directors for China Petroleum and Chemical Corporation, while Wu Xiandong is no longer serving in this role [3] - Hu Zhanghong has been appointed as an external director for China Baowu Steel Group Corporation [4] Group 3 - Wang Yongqing and Wu Aihong (female) have been appointed as external directors for Sinochem Holdings Corporation, while Wu Shengyue is no longer serving in this role [5] - Wu Shengyue is no longer serving as an external director for China General Technology (Group) Holding [6] - Wu Xiandong is no longer serving as an external director for China Merchants Group [7]

Investment Rating - The report maintains a "Positive" investment rating for the utility sector [8] Core Insights - Guangdong has proposed a mechanism for sharing excess profits among electricity sales companies, which is expected to rationalize pricing behavior and reduce speculative pricing in the market [2][11] - The new policies aim to guide electricity sales companies to shift from a speculative pricing model to a service-oriented model, thereby stabilizing electricity prices and ensuring reasonable returns [11] - The report highlights that the profitability of independent electricity sales companies in Guangdong has increased, leading to a significant rise in the number of companies participating in the electricity market [11] Summary by Sections Electricity Sales Companies - Guangdong's new policy will share excess profits from electricity sales companies with retail users, compressing the arbitrage space and promoting rational pricing [2][11] - The shift in business model from arbitrage to providing value-added services is expected to stabilize market pricing and reduce irrational competition [11] Market Trends - The report notes that the average profit per kilowatt-hour for independent electricity sales companies in Guangdong reached 3.22 cents in the first half of 2025, an increase from 3.1 cents in 2024 [11] - The number of electricity sales companies in Guangdong rose from 257 in 2024 to 350 in 2025, a 36% increase, indicating strong market interest [11] Investment Recommendations - The report recommends focusing on quality coal-fired power operators such as Huaneng International, Datang Power, and Guodian Power, as well as hydropower companies like Yangtze Power and State Power Investment [11] - It also suggests investing in renewable energy companies like Longyuan Power and China Nuclear Power, which are expected to benefit from favorable policy changes [11]

Group 1: Industry Insights - The successful grid connection of the Fujian Zhangzhou Nuclear Power Unit 2 on November 22 marks significant progress in the mass construction of the "Hualong One" nuclear power technology [1] - Zhangzhou Nuclear Power is the starting point for the mass construction of "Hualong One" and is currently the largest "Hualong One" nuclear power base globally, with plans to build six units [1] - Once fully operational, the base is expected to provide over 60 billion kilowatt-hours of clean electricity annually, meeting 75% of the electricity demand for Xiamen and Zhangzhou in southern Fujian [1] - The global demand for electricity is increasing, and nuclear power is becoming a crucial energy choice due to rising environmental awareness and fluctuations in fossil fuel prices and supply [1] - According to the World Energy Statistics Yearbook 2025, nuclear power is projected to account for 9% of the global electricity generation in 2024, with 417 operational nuclear reactors and a total installed capacity of 377 million kilowatts as of March 2025 [1] Group 2: Company Developments - Jiangsu Shentong has 150,000 nuclear power valves online, with a market share exceeding 90% for key products like nuclear-grade butterfly and ball valves, covering major reactor types including AP1000 and Hualong One [2] - China Nuclear Power is primarily focused on constructing "Hualong One" units, expecting to have 3-4 nuclear power units reach the First Concrete Pouring (FCD) stage each year in the coming years [2]

Investment Rating - The report maintains an "Accumulate" rating for the electricity sector [5] Core Insights - In October, the national electricity consumption increased by 10.4% year-on-year, with a cumulative electricity consumption of 86,246 billion kWh from January to October, representing a 5.1% year-on-year growth [1][10] - The first industry saw a significant increase in electricity demand, with a monthly growth rate of 13.2% in October, while the second industry improved to a 6.2% year-on-year growth in the same month [2][16] - The third industry experienced a notable increase in electricity consumption, with a monthly growth rate of 17.1% in October, driven by rapid growth in the charging and information technology service sectors [2][12] - Residential electricity consumption surged to a monthly growth rate of 23.9% in October, influenced by cold weather [2][12] Summary by Sections Electricity Consumption - In October, the total electricity consumption reached 8,572 billion kWh, marking a 10.4% increase year-on-year [1][10] - From January to October, the cumulative electricity consumption was 86,246 billion kWh, with the industrial electricity generation amounting to 80,625 billion kWh [1][10] Electricity Generation - In October, the industrial electricity generation was 8,002 billion kWh, reflecting a year-on-year growth of 7.9% [2][27] - The report highlights a shift in electricity generation types, with industrial thermal power increasing by 7.3% in October, while hydroelectric and solar power growth rates slowed down [3][32] Investment Recommendations - The report emphasizes the importance of developing renewable energy and suggests focusing on green electricity operators with advantageous resource locations and low financing costs [4][50] - Specific companies recommended for investment include Huaneng International, Huadian International, and China Nuclear Power, among others [4][50]

（文章来源：人民网） 漳州核电2号机组并网发电。受访者供图 "华龙一号"是我国具有完整自主知识产权的三代核电技术，是当前核电建设的主力堆型。漳州核电是"华龙一号"批量化建设始发地，规划建设6台"华龙一 号"核电机组。截至目前，漳州核电1号机组已安全稳定发电超88亿度，2号机组预计在年内投入商运，3、4号机组处于土建安装阶段，5、6号机组正在推 进前期工作。 "该基地建成后，预计每年可提供超600亿度的清洁电能，据估算将满足福建南部地区厦门市、漳州市用电总和的75%，改善福建省'北电南送'的电力格 局。"漳州核电相关负责人说。 "从'华龙一号'示范工程到批量化工程，漳州核电1号和2号机组反应堆功率提升了4.4%，相当于1年多发4.4亿度电；1号机组首次换料周期达到了442天，运 维成本进一步降低。"中核集团中国核动力研究设计院副总工程师、"华龙一号"批量化总设计师崔怀明在接受记者采访时表示，"华龙一号"批量化工程也 带动了上下游产业链5400多家企业共同成长，反应堆压力容器等主设备的制造工艺和原材料得到了国产化验证，具有完全自主知识产权的安全级DCS"龙 鳞"系统等成功实现应用，进一步提升了核电产业链自主可控。 ...

Core Insights - The Hainan Nuclear Power's steam supply project marks a significant step in China's nuclear energy comprehensive utilization, transitioning from electricity generation to industrial steam supply [1][2] Group 1: Project Overview - The project officially began supplying industrial steam on November 21, 2023, to enterprises in the China Nuclear Industry Cooperation Demonstration Zone [2] - This initiative represents Hainan Nuclear Power's shift from solely generating nuclear energy to becoming a comprehensive energy supply base [2] Group 2: Technical and Economic Aspects - The project is part of the "Harmonious One" initiative by China National Nuclear Corporation (CNNC) and features green, safe, and efficient characteristics [2] - It utilizes a three-tier energy transmission system: nuclear power units, heat exchange stations, and park enterprises, leveraging the mature technology of Hainan Nuclear Power's Units 1 and 2 [2] - The maximum steam supply capacity is 50 tons per hour, and the steam usage costs for enterprises will be reduced by approximately 30% compared to traditional supply models [2] Group 3: Future Prospects - The project is designed to seamlessly integrate with the "Linglong One" small reactor steam supply system, serving as a demonstration platform for the large-scale application of small reactor technology in industrial steam supply [2] - This initiative aims to expand the multi-purpose application scenarios of small reactors and enhance the efficiency and economic value of nuclear energy utilization [2]

Core Insights - The successful grid connection of the Zhangzhou Nuclear Power Unit 2 marks the completion of the first phase of the batch construction of the "Hualong One" nuclear power units, with both Unit 1 and Unit 2 now operational [1][4] Group 1: Hualong One Technology and Innovation - The "Hualong One" technology is based on over 30 years of nuclear power research and development in China, featuring complete independent intellectual property rights and meeting the highest international safety standards [2] - Key technological breakthroughs include advancements in core design, double-layer safety shells, and capabilities to withstand seismic events and large aircraft impacts, with all core equipment now domestically produced [2][3] Group 2: Engineering and Construction Achievements - The construction of the "Hualong One" units has demonstrated exceptional engineering capabilities, with the first unit completed in 68.7 months, setting a global benchmark for third-generation nuclear power construction [3] - The ongoing improvements in the "Hualong One" design have led to a 4.4% increase in reactor power output, translating to an additional 440 million kilowatt-hours of electricity annually [4] Group 3: Environmental and Economic Impact - The annual electricity generation from Units 1 and 2 is expected to reach 20 billion kilowatt-hours, significantly reducing carbon dioxide emissions by approximately 16 million tons and cutting standard coal consumption by over 6 million tons [5] - Once fully operational, the Zhangzhou Nuclear Power Base is projected to provide over 60 billion kilowatt-hours of clean energy annually, meeting 75% of the electricity demand for Xiamen and Zhangzhou in southern Fujian [5]