Core Insights - Two major nuclear power companies, China Nuclear Power Co., Ltd. and Zhejiang Energy Power Co., Ltd., announced investments in China Fusion Energy Co., Ltd., with China Nuclear Power investing 1 billion yuan for a 6.65% stake and Zhejiang Energy Power investing approximately 751 million yuan for a 5% stake [2][3] Investment Details - The total investment from multiple parties, including Kunlun Capital and Shanghai Fusion, exceeds 10 billion yuan, with a collective investment of approximately 11.49 billion yuan for new registered capital [3][4] - After the investment, the registered capital of Fusion Company will reach 15 billion yuan, with China National Nuclear Corporation's shareholding reduced to 50.35% [4] Company Background - China Fusion Energy Co., Ltd. was established in 1983 and is the implementation body for the nuclear fusion energy industry under the China National Nuclear Corporation [3] - The company has not yet generated revenue and reported a net loss of over 200 million yuan for 2024 [7] Strategic Importance - The investments are seen as strategically significant for both China Nuclear Power and Zhejiang Energy Power, aligning with national energy security and environmental protection goals [8][9] - The investment allows Zhejiang Energy Power to enter the nuclear fusion sector, marking a strategic shift towards future energy development [8] Market Context - The controlled nuclear fusion technology is still in development, facing high technical challenges and requiring substantial funding, with no clear commercial pathway established yet [8][9] - Industry experts note that while nuclear fusion represents a clean energy future, significant technical and economic hurdles remain before commercialization can be achieved [9]

Core Viewpoint - Shanghai Electric Group's leadership is actively engaging with global partners to enhance collaboration in the nuclear energy sector, focusing on safety, technology, and market expansion [1] Group 1: Company Engagement - Shanghai Electric Group's Chairman Wu Lei led a delegation to visit the headquarters of KSB in Germany [1] - The meeting included discussions with KSB's CEO Stefan Timmermann and representatives from China National Nuclear Power Engineering Co., Ltd [1] Group 2: Discussion Topics - The three parties engaged in in-depth discussions on the safety of the nuclear energy industry chain [1] - Topics included emerging technology cooperation, localization innovation, and global market expansion strategies [1]

Group 1 - The core viewpoint of the article is that the decline in the risk-free interest rate will be a key driver for the rise of the Chinese stock market in 2025, shifting investor focus from economic cycle fluctuations to changes in discount rates [2][5] - The overall valuation center of A/H shares is expected to be adjusted upwards due to the decline in risk-free interest rates, which will enhance investor sentiment and willingness to enter the market [2][4] - Historical examples from Japan and the United States illustrate that when interest rates fall to a certain level, investor interest shifts from fixed-income products to stocks and equity products, leading to a decrease in bond market size and an increase in equity market size [3] Group 2 - The article outlines three significant periods of declining risk-free interest rates in the Chinese stock market: the first during 2014-2015, the second from 2019-2021, and the current phase expected to begin in late 2024 [4] - The establishment of China Fusion Energy Co., Ltd. marks a significant development in the nuclear fusion industry, indicating a growing trend towards commercialization and industrialization in this sector [8][9] - The investment of approximately 11.492 billion yuan by various stakeholders into China Fusion Energy Co., Ltd. signifies strong support and confidence in the nuclear fusion industry, which is expected to drive further growth and innovation [9]

Summary of Key Points Core Viewpoint - As of July 23, the total market financing balance reached 1.92 trillion yuan, marking an increase of 2.6 billion yuan from the previous trading day, with a continuous rise over three consecutive trading days [1]. Financing Balances - The financing balance for the Shanghai Stock Exchange was 970.69 billion yuan, up by 1.12 billion yuan; for the Shenzhen Stock Exchange, it was 945.40 billion yuan, an increase of 1.53 billion yuan; and for the Beijing Stock Exchange, it stood at 6.19 billion yuan, rising by 11.38 million yuan [1]. Individual Stock Performance - On July 23, 1,841 stocks received net financing purchases, with 509 stocks having net purchases exceeding 10 million yuan. The top net purchase was for TBEA Co., Ltd. at 320 million yuan, followed by Shenghe Resources and Baosteel at 287 million yuan and 278 million yuan, respectively [1][2]. Industry Analysis - The industries with the highest concentration of stocks receiving net financing purchases over 100 million yuan included construction decoration, electrical equipment, and non-ferrous metals, with 4, 3, and 3 stocks respectively [1]. Stock Market Distribution - Among the stocks with significant net purchases, 27 were from the main board and 3 from the ChiNext board [1]. Financing Balance to Market Value Ratio - The average ratio of financing balance to circulating market value for the stocks with large net purchases was 3.80%. Jianghuai Automobile had the highest ratio at 9.33%, followed by Dongfang Zirconium, Zhina Compass, and Tianfeng Securities with ratios of 7.16%, 6.48%, and 6.13% respectively [2][3].

Core Viewpoint - China Nuclear Power (中国核电) is making a strategic investment in the newly established Fusion Energy Company (聚变公司) to enhance its position in the nuclear fusion sector, aligning with national energy security and environmental goals [1][4]. Investment Details - China Nuclear Power plans to invest 1 billion yuan in Fusion Energy Company, acquiring a 6.65% stake, while other investors, including China National Nuclear Corporation (中核集团), will contribute approximately 11.492 billion yuan [1][2]. - The investment aims to support the development of controllable nuclear fusion technology, which is seen as having significant commercial potential [4]. Company Structure and Ownership - Fusion Energy Company is a wholly-owned subsidiary of China National Nuclear Corporation, with the following ownership structure post-investment: China National Nuclear Corporation 50.35%, China Nuclear Power 6.65%, Kunlun Capital 20%, Shanghai Fusion 11.81%, National Green Development Fund 3.19%, Zhejiang Zheneng Power 5%, and Sichuan Heavy Science Fusion 3% [2][3]. Financial Performance - As of December 31, 2024, Fusion Energy Company reported total assets of 612 million yuan and a net loss of 203 million yuan for the year [3]. - For the first half of 2025, the company had total assets of 537 million yuan and a net loss of approximately 43.26 million yuan [3]. Nuclear Power Generation Growth - In the first half of 2025, China Nuclear Power's controlled nuclear power generation reached 99.861 billion kWh, a year-on-year increase of 12.01% [7]. - The company aims for a total power generation target of 237 billion kWh for 2025, with nuclear power contributing 195.4 billion kWh and renewable energy 41.6 billion kWh [6][7].

Core Viewpoint - China's investment in controllable nuclear fusion projects has reached a total scale of 136.2 billion yuan, with the next 3-5 years being a critical bidding window for infrastructure construction [1][7]. Group 1: Investment Background - As of July 22, 2025, China Nuclear Power (601985.SH) announced a planned investment of 1 billion yuan to acquire a 6.65% stake in China Fusion Energy Co., marking an acceleration in the commercialization of nuclear fusion in China [4][7]. - Zhejiang Energy Power (600023.SH) also announced an investment of 751 million yuan for a 5% stake in the same company, further indicating the momentum in the nuclear fusion sector [4][13]. - Currently, there are 14 major controllable nuclear fusion projects under construction in China, with a total investment scale of 136.2 billion yuan [1][7]. Group 2: Key Participants - China Nuclear Power is a core participant, investing 1 billion yuan and holding a 6.65% stake in China Fusion Energy Co., which is under the China National Nuclear Corporation [11][12]. - Zhejiang Energy Power, as a traditional power enterprise, is leveraging its background to promote the commercialization of fusion technology through its 751 million yuan investment [14]. - West Superconducting Technologies (688122) is the only domestic supplier of low-temperature superconducting wire for the ITER project, breaking international monopolies in this technology [15][16]. Group 3: Strategic Significance - The investments by state-owned enterprises respond to national strategic requirements for future industries and aim to solidify their core positions in the nuclear fusion sector [12][14]. - The focus on nuclear fusion aligns with the country's energy transition goals, emphasizing the importance of clean energy development [14].

Market Overview - The market experienced fluctuations with mixed performance across the three major indices, with the Shanghai Composite Index briefly surpassing 3600 points before retreating [1] - The overall market saw a high rate of stock volatility, with a 50% rate of stocks hitting their daily limit down [1] - The total trading volume for the day reached 1.9 trillion yuan [1] Hot Topics Yarlung Tsangpo River Hydropower Project - Stocks related to the Yarlung Tsangpo River hydropower project continued to surge, with companies like China Power Construction and Huaxin Cement hitting their daily limit up [4] - The project has garnered significant market attention, leading to a valuation recovery for infrastructure stocks due to low valuations and high dividend yields [5] Consumer Sector - The consumer sector showed strong activity, with companies such as Hanchang Group and Nanjing New百 hitting their daily limit up [6] - The World Health Organization raised alarms regarding the spread of the chikungunya virus, which could impact public health and consumer behavior [6] Nuclear Fusion Sector - The nuclear fusion sector saw notable movements, with companies like GuoJi Heavy Industry and XueRen Group experiencing significant gains [8] - The establishment of China Fusion Energy Co., a subsidiary of China National Nuclear Corporation, was announced, with an investment of approximately 11.49 billion yuan from various stakeholders [8] Stock Performance Yarlung Tsangpo River Project Stocks - Key stocks in this sector included: - ShanHe Intelligent: 10.67 yuan, +10.00%, market cap 11.445 billion yuan - Tibet Tianlu: 12.75 yuan, +10.01%, market cap 16.93 billion yuan - Deep Water Regulation Institute: 27.82 yuan, +20.02%, market cap 6.206 billion yuan [5][16] Consumer Sector Stocks - Notable performers included: - Hanchang Group: 10.92 yuan, +9.97%, market cap 3.22 billion yuan - Nanjing New百: 7.55 yuan, +10.06%, market cap 8.796 billion yuan - Rainbow Group: 22.65 yuan, +10.00%, market cap 2.38 billion yuan [7][16] Nuclear Fusion Stocks - Key stocks included: - GuoJi Heavy Industry: 4.09 yuan, +9.95%, market cap 29.503 billion yuan - XueRen Group: 11.44 yuan, +10.00%, market cap 7.443 billion yuan [9][10]

7月23日早盘，可控核聚变板块走高，收盘，浙富控股、雪人集团、中国能建涨停，中国核电、浙能电 力也纷纷跟涨。 中信建投指出，随着技术的持续突破、项目融资的持续开展、政策层面重视程度的持续提升，我国可控 核聚变产业进入发展快车道。目前相关项目的招标采购正在加速开展，预计将对产业链产生积极影响。 消息面上，22日中国聚变能源有限公司正式挂牌成立。与此同时，中核集团、中国核电、昆仑资本、上 海聚变、国绿基金、浙能电力及四川聚变七家公司还签署了增资扩股协议。将以1.0019元/注册资本的 价格，共同向聚变公司投资约114.92亿元，认购后者新增注册资本114.69亿元。相应地，聚变公司的注 册资本也将由35.31亿元升至150亿元。 其中，中核集团作为控股股东，以现金和知识产权作价入股，出资40.29亿元，增资后持有中国聚变公 司50.35%股份。中核集团持股50.35%，中国核电持股6.65%，昆仑资本持股20.00%，上海聚变持股 11.81%，剩余股份由国绿基金、浙能电力和四川聚变分别持有。 但本次增资完成后，聚变公司将成为推进我国聚变工程化、商业化的创新主体，重点布局总体设计、技 术验证、数字化研发等业务，并 ...

Core Viewpoint - The article highlights the significant investment and strategic importance of controlled nuclear fusion technology in China's energy landscape, emphasizing the establishment of the China Fusion Energy Company and the involvement of major state-owned enterprises in funding this initiative [2][4][5]. Investment and Company Formation - On July 22, 2023, the China Fusion Energy Company was officially established, with major stakeholders including China National Nuclear Corporation and China Nuclear Power announcing a joint investment of approximately 11.49 billion yuan [2][3]. - China Nuclear Power plans to invest 1 billion yuan for a 6.65% stake in the fusion company, which is currently a wholly-owned subsidiary of the China National Nuclear Corporation [2][3]. Financial Overview - As of December 31, 2024, the total assets of the fusion company are reported at approximately 611.56 million yuan, with owner equity at about 611.03 million yuan. The company has not generated any revenue and reported a net loss of approximately 202.60 million yuan for the same period [3]. - For the first half of 2025, the company is projected to have total assets of around 5.37 billion yuan, with a net loss of approximately 4.33 million yuan [3]. Strategic Importance - The investment in the fusion company aligns with China's national energy strategy and aims to solidify the position of state-owned enterprises in the nuclear fusion industry, which is seen as crucial for energy security and environmental protection [4][5]. - The controlled nuclear fusion technology is regarded as a key solution to global energy challenges and is positioned as a competitive frontier in international technology [5]. Market Trends and Future Outlook - The global investment in the fusion sector is expected to accelerate, with significant funding from both China and the United States, indicating a growing interest in fusion research and development [6]. - The article notes that the nuclear power sector in China is set for expansion, with projections indicating that installed nuclear capacity could reach 110 million kW by 2030 and 150 million kW by 2035 [8]. Uranium Market Dynamics - The article discusses the increasing demand for uranium, with projections indicating a compound annual growth rate of over 4% from 2024 to 2040, driven by the global nuclear power revival [9]. - The supply of uranium is expected to tighten due to high resource concentration and declining exploration investments, which may lead to sustained high prices in the long term [9].

在能源转型与科技创新的浪潮中，中国核电的一则战略布局引发行业高度关注——其宣布参股国内聚变能源领域前沿企业，标志着传统核能巨头正式切 入"人造太阳"赛道，为清洁能源的终极解决方案注入新动能。这一动作不仅体现了央企在能源革命中的前瞻性，更折射出中国在全球聚变技术研发竞争中的 加速突围。 聚变能源：人类能源的"终极梦想" 一方面，中国核电在核电站建设、安全运维、辐射防护等领域的经验，可为聚变装置的工程化落地提供关键支撑；另一方面，聚变技术的前沿探索将反哺其 现有核能业务，例如通过聚变中子源技术优化裂变堆材料研发，或为第四代核能系统（如熔盐堆）提供理论支持。 挑战与展望：从"追赶"到"领跑" 聚变能源被誉为"人造太阳"，其原理模拟太阳内部的核聚变反应，通过氢同位素（如氘和氚）在超高温高压下聚合生成氦，释放出巨大能量。与核裂变相 比，聚变具有燃料储量近乎无限、无长期放射性废料、安全性高等优势，被国际能源署视为"解决气候危机与能源安全的核心技术"。然而，聚变反应需突破 1亿摄氏度以上高温、持续约束等离子体等世界级难题，全球科研机构已投入数十年攻关，但商业化仍面临技术、成本与工程化挑战。 中国核电入局：技术协同与战略卡位 ...