本次交易构成关联交易，但不构成《上市公司重大资产重组管理办法》 规定的重大资产重组。 本次交易已经公司第五届董事会第二次会议及第五届监事会第二次会议 审议通过，公司已于 2025 年 3 月 1 日发布《关于对外投资的提示性公告》（公 告编号：2025-020）。截至本公告披露日，本次交易已经国务院国有资产监督管 理委员会（以下简称国务院国资委）批复，已具备股权交割条件，本次交易尚需 各方完成股权交割并由聚变公司办理相关企业变更登记。 证券代码：601985 证券简称：中国核电 公告编号：2025-057 中国核能电力股份有限公司 关于参股中国聚变能源有限公司暨关联交易的公告 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。 重要内容提示： 本次交易概述：为响应国家未来产业战略发展要求，落实中国核能"三 步走"战略，进一步巩固中央企业在我国聚变产业的核心主导地位，体现中国核 能电力股份有限公司（以下简称中国核电或公司）在推进国家能源结构转型和促 进清洁能源发展中的使命担当，前瞻性布局核聚变能源领域，为未来聚变堆商业 化应用打下基 ...

证券代码：601985 证券简称：中国核电 公告编号：2025-055 中国核能电力股份有限公司 关于设立中核山东能源发展有限公司的公告 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。 重要内容提示： 中国核能电力股份有限公司（以下简称公司或中国核电）拟投资设立中 核山东能源发展有限公司（暂定名，具体以工商核准注册名称为准），以开发山 东省内相关能源项目。 公司拟出资 50,000 万元，持有中核山东能源发展有限公司 100%股权。 风险提示：公司本次设立中核山东能源发展有限公司尚需获得工商行政 管理部门的核准，存在不确定性。同时，中核山东能源发展有限公司设立后在经 营过程中可能受到宏观经济、行业政策、市场竞争、技术开发、经营管理等因素 影响，导致投资收益存在不确定性的风险。 1.拟定公司名称：中核山东能源发展有限公司（以市场监督管理部门登记结 果为准） 一、对外投资概述 （一）对外投资的基本情况 公司出资 50,000 万元设立全资子公司中核山东能源发展有限公司。 （二）董事会审议情况 2025 年 7 月 21 日，公司召 ...

证券代码：601985 证券简称：中国核电 公告编号：2025-054 中国核能电力股份有限公司 第五届董事会第五次会议决议公告 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： 董事录大恩、董事虞国平因公无法出席，委托董事于良民出席会议并代 为行使表决权；董事张国华因公无法出席，委托董事詹应武出席会议并代为行使 表决权；董事赵军因公无法出席，委托董事肖林兴出席会议并代为行使表决权。 中国核能电力股份有限公司（以下简称公司）第五届董事会第五次会议于 2025 年 7 月 21 日以现场方式召开。本次会议的通知及相关会议材料已于 2025 年 7 月 15 日由董事会办公室提交全体董事。本次会议应参会表决董事 12 人，实 际参会董事 12 人（其中委托出席的董事人数 4 人，以通讯表决方式出席的董事 人数为 0）。董事录大恩（独立董事）、董事虞国平（非独立董事）因公无法出 席，委托董事于良民出席会议并代为行使表决权；董事张国华（非独立董事）因 公无法出席，委托董事詹应武出席会议并代为行使表决权；董事赵军（非独立董 ...

中国核电（601985）公告，公司拟投资5亿元设立全资子公司中核山东能源发展有限公司，以开发山东 省内相关能源项目。此举符合公司战略发展需要，有利于公司在山东区域的战略布局，为后续承接国内 和国际项目开发奠定基础。公司本次设立全资子公司尚需获得市场监督管理部门的核准，存在不确定 性。 ...

浙能电力（600023）公告，公司与中国核工业集团有限公司、中国核电（601985）、中国石油集团昆仑 资本有限公司、上海未来聚变能源科技有限公司、国家绿色发展基金股份有限公司、四川重科聚变能源 科技有限公司以1元/注册资本的价格共同向中国聚变能源有限公司投资约114.92亿元，认购聚变公司新 增注册资本114.69亿元，其中公司出资约7.51亿元持有聚变公司5%股权。本次交易构成关联交易，但不 构成《上市公司重大资产重组管理办法》规定的重大资产重组。 ...

Investment Rating - The report maintains a positive outlook on the power and gas sectors, recommending specific companies for investment based on their potential benefits from recent developments [3][4]. Core Insights - The commencement of the Yarlung Tsangpo River downstream hydropower project is expected to significantly boost demand for hydropower equipment, benefiting leading companies in the sector [4][14]. - The report highlights a decline in European and Asian gas prices due to varying supply and demand dynamics, suggesting a potential opportunity for gas companies [17][18]. Summary by Sections 1. Power: Yarlung Tsangpo Downstream Hydropower Project Commencement - The Yarlung Tsangpo River has substantial hydropower resources, with a theoretical capacity of 113 million kilowatts, making it one of the richest rivers in Tibet [8]. - The project involves the construction of five cascade power stations with a total investment of approximately 1.2 trillion yuan, primarily for power transmission outside Tibet [9][10]. - The project is expected to create a demand for hydropower equipment, with estimated annual orders of 4 billion yuan for Dongfang Electric and Harbin Electric, ensuring stable long-term performance for these companies [14][16]. 2. Gas: Global Supply and Demand Variations - As of July 18, the Henry Hub spot price in the US was $3.57/mmBtu, reflecting a weekly increase of 7.57%, while European gas prices showed a decline [17][19]. - The report notes that despite high temperatures increasing gas demand in the US, the overall supply remains stable, leading to a mixed outlook for gas prices [20][26]. - Recommendations include focusing on integrated gas companies like Kunlun Energy and New Hope Energy, which are expected to benefit from cost reductions and improved profitability [37]. 3. Weekly Market Review - The report indicates that the public utility, power, power equipment, environmental protection, and gas sectors underperformed compared to the CSI 300 index during the week [41]. 4. Company and Industry Dynamics - Recent government initiatives in Qingdao aim to accelerate the development of non-fossil energy and offshore wind projects, indicating a supportive policy environment for renewable energy [45]. - The report also highlights significant developments in nuclear power and energy storage projects in various provinces, showcasing ongoing investments in clean energy [47][48]. 5. Key Company Valuation Table - The report includes a valuation table for key companies in the public utility and environmental sectors, providing insights into their market positions and potential for growth [51].

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][5][8]. Core Views - The report highlights the commencement of the Yarlung Tsangpo River downstream hydropower project, with a total investment of approximately 1.2 trillion yuan, focusing on power delivery and local consumption [1][15]. - The Gansu Provincial Development and Reform Commission has proposed a capacity price mechanism for power generation, setting a standard of 330 yuan per kilowatt per year starting January 1, 2026, for compliant coal power units and new energy storage [2][17]. - The report emphasizes the potential for stable profitability in coal-fired power generation due to synchronized declines in coal and electricity prices, recommending major coal power companies [3][22]. Summary by Sections Market Review - The Shanghai Composite Index rose by 1.09%, while the public utility index fell by 1.37% and the environmental index by 0.49%, with relative returns of -2.46% and -1.58% respectively [1][14]. - In the electricity sector, coal-fired power decreased by 1.04%, hydropower by 2.13%, and new energy generation by 0.68%, while the gas sector saw a slight increase of 0.31% [1][25]. Important Policies and Events - The Yarlung Tsangpo River downstream hydropower project was officially launched on July 19, 2025, with a focus on five tiered power stations [1][15]. - The National Bureau of Statistics reported a 1.7% year-on-year increase in industrial power generation in June, with a total of 796.3 billion kilowatt-hours produced [1][16]. Investment Strategy - The report recommends several companies based on their sector performance: - Coal-fired power: Huadian International and Shanghai Electric [3][22]. - New energy: Longyuan Power and Three Gorges Energy, among others [3][22]. - Nuclear power: China Nuclear Power and China General Nuclear Power [3][22]. - Hydropower: Yangtze Power [3][22]. - Gas: China Resources Gas and Jiufeng Energy [3][22]. - Environmental: China Everbright Environment and Zhongshan Public Utilities [3][23]. Key Company Earnings Forecasts and Investment Ratings - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for various companies, all rated as "Outperform" [8]. For example, Huadian International has an EPS of 0.46 for 2024 and a PE of 11.7 [8]. Industry Key Data Overview - In June, the total industrial power generation reached 796.3 billion kilowatt-hours, with a year-on-year growth of 1.7% [1][48]. - The report notes that coal-fired power generation saw a 1.1% increase, while nuclear power generation grew by 10.3% [1][48]. Environmental Sector Insights - The report indicates that the water and waste incineration sectors are entering a mature phase, with improved free cash flow and declining risk preferences among investors [3][23]. - The domestic waste oil recycling industry is expected to benefit from the EU's SAF blending policy [3][23].

消息面上，7月19日，雅鲁藏布江下游水电工程在西藏林芝正式开工。据了解，该工程采用截弯取直、隧洞引水模式，规划建设5座梯级电站，总投资约1.2 万亿元，电力以对外输送为主、兼顾西藏本地需求。作为国家级超级工程，其开工将推动西藏经济发展与能源结构优化，同时带动民爆、掘进等细分行业需 求增长。 中信证券认为，随着雅鲁藏布江下游水电工程的持续建设，将长期利好水电配套设备、电网外送工程核心设备等头部供应商。中信建投证券称，去年下半年 以来，中央层面多次强调整治"内卷式"竞争，治理企业低价无序竞争，推动落后产能有序退出。而目前光伏、锂电均处于盈利底部，其中光伏亏损更为明 显，"反内卷"有望成为推动新能源行业中长期盈利修复的关键推动力。 截至7月18日，央企现代能源ETF近6月净值上涨2.16%。从收益能力看，截至2025年7月18日，央企现代能源ETF自成立以来，最高单月回报为10.03%，最长 连涨月数为7个月，最长连涨涨幅为23.43%，涨跌月数比为13/10，上涨月份平均收益率为3.05%，年盈利百分比为100.00%，历史持有1年盈利概率为 66.10%。截至2025年7月18日，央企现代能源ETF近3个月超越 ...

Core Viewpoint - The "Guo Uranium No. 1" demonstration project is a significant national initiative for natural uranium production capacity, currently in a critical construction phase with active supervision to ensure timely and safe completion of the first product [2][3]. Group 1: Project Overview - The "Guo Uranium No. 1" demonstration project is a major natural uranium production capacity construction project planned by the state [2]. - The project is currently in a crucial phase, with the supervisory team focusing on the completion of annual work tasks and the rectification of identified issues [2][3]. Group 2: Supervision and Coordination - A joint supervision team was formed to conduct on-site inspections and discussions regarding the project's challenges and to facilitate solutions [2][4]. - The project has seen the deployment of over 120 drilling rigs to meet production needs, addressing previous equipment shortages [3]. Group 3: Progress and Challenges - The project has successfully completed the integration of water treatment equipment and the entire process flow, ensuring the first product can be delivered on schedule [3]. - Previous inspections identified significant issues that have since been rectified, with a focus on accountability and timely resolution of problems [3][4]. Group 4: Safety and Accountability - The supervisory team emphasized the importance of establishing a rectification ledger, clarifying responsibilities, and ensuring timely completion of safety issue resolutions [4]. - The collaborative supervision model is seen as an effective way to address the complexities of multi-party oversight in large-scale construction projects [4].

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].