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].

Group 1 - The State Council Information Office will hold two press conferences on July 18, focusing on the achievements of the "14th Five-Year Plan" for high-quality business development and the industrial and information development situation for the first half of 2025 [1] Group 2 - On July 18, a total of 11 companies will have their restricted shares unlocked, with a total of 49.2048 million shares, amounting to a market value of 872 million yuan based on the latest closing price [2] - China Communications Construction Company, Qingju Technology, and Meiri Interactive have the highest number of unlocked shares, with 31.2018 million, 8.601 million, and 2.577 million shares respectively [2] - In terms of market value, China Communications Construction Company, Qingju Technology, and Meiri Interactive also lead, with unlocked values of 279 million yuan, 224 million yuan, and 93.7255 million yuan respectively [2] - Qingju Technology, Zhecheng Electronics, and Jingzhida have the highest percentage of unlocked shares relative to total share capital, at 6.43%, 1.17%, and 1.0% respectively [2] Group 3 - On July 18, 12 companies disclosed 14 updates related to stock repurchases, with 4 companies announcing new repurchase plans and 7 companies completing their repurchase plans [3] - China Nuclear Power, Hongta Securities, and Suoling Co. have the highest repurchase plan amounts, proposing to repurchase up to 500 million yuan, 200 million yuan, and 1.04 million yuan respectively [3] - Longmag Technology has the highest repurchase amount approved by shareholders, proposing to repurchase up to 2.124 million yuan [3] - Feiwo Technology has completed the highest repurchase amount, totaling 1.5296 million yuan [3]

Group 1 - The Shanghai Composite Index opened lower but rose later, while the China Securities Public Utilities Index fell by 0.26% to 2486.53 points with a trading volume of 9.421 billion yuan [1] - The China Securities Public Utilities Index has decreased by 1.23% over the past month, increased by 0.59% over the past three months, and has declined by 3.17% year-to-date [2] - The top ten weights in the China Securities Public Utilities Index are: Changjiang Electric Power (15.15%), China Nuclear Power (10.46%), Three Gorges Energy (8.35%), Guodian Power (5.66%), State Power Investment (4.81%), Chuanwei Energy (4.29%), Yongtai Energy (4.2%), Huaneng International (4.15%), China General Nuclear Power (3.92%), and Zhejiang Energy Power (2.8%) [2] Group 2 - The China Securities Public Utilities Index consists entirely of public utility companies, with a sample adjustment occurring every six months [3] - The market share of the China Securities Public Utilities Index is 83.15% from the Shanghai Stock Exchange and 16.85% from the Shenzhen Stock Exchange [2] - Adjustments to the index sample occur on the next trading day following the second Friday of June and December each year, with weight factors generally remaining fixed until the next scheduled adjustment [3]

Summary of Key Points Core Viewpoint - China Nuclear Power Co., Ltd. has announced an adjustment to the maximum repurchase price of its shares following the 2024 annual equity distribution, reducing it from 13.98 RMB per share to 13.82 RMB per share, effective from July 18, 2025 [1][2]. Group 1: Share Repurchase Plan - The company plans to use its own and self-raised funds to repurchase shares through centralized bidding, with a total repurchase amount between 300 million RMB and 500 million RMB [1][2]. - The repurchase period is set for up to 12 months from the board's approval date on April 27, 2025 [1][2]. Group 2: Reasons for Price Adjustment - The adjustment in the repurchase price is due to the cash dividend distribution of 0.16 RMB per share (including tax) to shareholders, which will not affect the total number of circulating shares [2][3]. - The formula used for the adjustment considers the cash dividend and the change in circulating shares, which remains zero in this case [2][3]. Group 3: Financial Implications - With the new repurchase price of 13.82 RMB per share, the estimated number of shares to be repurchased ranges from approximately 21.71 million shares (0.11% of total shares) at the lower limit of 300 million RMB to about 36.18 million shares (0.18% of total shares) at the upper limit of 500 million RMB [3].

证券代码：601985 证券简称：中国核电 公告编号：2025-053 中国核能电力股份有限公司 关于 2024 年年度权益分派实施后调整回购价格上限 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个别及连带责任。 重要内容提示： 回购价格调整起始日：2025 年 7 月 18 日（2024 年年度权益分派除权除 息日） 一、回购股份的基本情况 中国核能电力股份有限公司（以下简称公司）于 2025 年 4 月 27 日召开第五 届董事会第三次会议，审议通过了《关于公司 2025 年度回购 A 股股票方案的议 案》，同意公司使用自有资金和自筹资金以集中竞价交易方式回购公司股份，用 于后续实施股权激励，回购价格不超过人民币 13.98 元/股（含），回购资金总额 不低于人民币 3 亿元（含）且不超过人民币 5 亿元（含），回购期限自董事会审 议通过本次回购股份方案之日起不超过 12 个月。本次回购股份事项的具体内容 详见公司于 2025 年 4 月 29 日、5 月 8 日、5 月 14 日在上海证券交易所网站披露 的《中国核能电力 ...

Core Viewpoint - The Shanghai Public Utility Index has shown a slight decline of 0.25% recently, reflecting the overall performance of the public utility sector in the Shanghai Stock Exchange [1] Group 1: Index Performance - The Shanghai Public Utility Index closed at 4604.42 points with a trading volume of 31.554 billion yuan [1] - Over the past month, the index has increased by 0.35%, while it has risen by 0.89% over the last three months, but has decreased by 3.08% year-to-date [1] Group 2: Index Composition - The index is composed of stocks and depositary receipts from five major industry categories: industrial, commercial, real estate, public utilities, and comprehensive [1] - The top ten weighted stocks in the index include: - Beijing-Shanghai High-Speed Railway (7.69%) - China Nuclear Power (5.42%) - China Unicom (4.79%) - Huaneng Water Power (4.79%) - Shanghai Port Group (3.78%) - Daqin Railway (3.66%) - Three Gorges Energy (3.48%) - China Communications Construction (2.99%) - China Railway Construction (2.68%) - Air China (2.64%) [1] Group 3: Industry Breakdown - The industry composition of the index shows that industrials account for 51.38%, public utilities for 33.99%, communication services for 8.94%, consumer discretionary for 1.76%, energy for 1.69%, materials for 1.00%, financials for 0.84%, and real estate for 0.39% [2] Group 4: Index Sample Management - Stocks are included in the index based on their market capitalization ranking in the Shanghai market, with specific rules for inclusion and exclusion based on risk warnings and corporate actions [2]

Investment Rating - The report maintains a "Positive" outlook on the public utility sector, indicating an expectation for the industry to outperform the overall market [2]. Core Insights - The report highlights significant improvements in coal-fired power profitability due to a notable decrease in coal prices, with a 25.5% year-on-year drop in the average spot price of 5500 kcal thermal coal [2]. - Hydropower performance varies across regions, with major hydropower companies in Sichuan and Yunnan showing increased generation hours, leading to a strong performance in the first half of 2025 [2]. - Nuclear power generation is expected to grow steadily with the expansion of new units and ongoing approvals for additional reactors, ensuring long-term growth potential [2]. - Natural gas consumption faced short-term pressure but is anticipated to recover in the medium to long term as costs decrease and residential gas prices adjust [2]. Summary by Sections Coal Power - In Q2 2025, the average utilization hours for coal-fired power plants decreased by 118 hours year-on-year, but profitability is expected to improve due to lower coal prices [2]. - Companies like Jingneng Power and Jiantou Energy reported over 100% growth in net profit for the first half of 2025 [2]. Hydropower - National hydropower utilization hours reached 1023 hours from January to May 2025, a decrease of 70 hours year-on-year, but major hydropower companies reported significant increases in generation [2]. - Companies such as China Yangtze Power and Huaneng Hydropower saw their hydropower generation increase by 5.01% and 10.93% respectively in the first half of 2025 [2]. Nuclear Power - Nuclear power generation for China Nuclear Power and China General Nuclear Power increased by 12.01% and 6.11% respectively in the first half of 2025 [2]. - The approval of new nuclear units is expected to support future growth, with 10 new units approved in April 2025 [2]. Natural Gas - Natural gas consumption in China decreased by 1.3% year-on-year in the first five months of 2025, but there is an upward trend in terminal consumption [2]. - The report anticipates a recovery in natural gas prices due to increased LNG exports from major producing regions [2]. Performance Forecast - The report forecasts significant profit growth for key companies in the public utility sector for the first half of 2025, with various companies expected to see net profit growth rates ranging from 0% to over 100% [2][3]. - Recommendations include focusing on companies with strong growth potential in hydropower, nuclear power, and natural gas sectors [2].

Core Viewpoint - The China Securities Low Carbon Economy Theme Index has shown mixed performance, with a recent decline but positive growth over the past month and three months, indicating a volatile but potentially promising investment area in the low-carbon sector [1][2] Group 1: Index Performance - The China Securities Low Carbon Economy Theme Index closed down 0.9% at 1583.71 points, with a trading volume of 36.979 billion yuan [1] - Over the past month, the index has increased by 7.35%, and by 10.32% over the last three months, while it has decreased by 1.71% year-to-date [1] Group 2: Index Composition - The index comprises companies involved in clean energy generation, energy conversion and storage, clean production and consumption, and waste treatment [1] - The top ten weighted companies in the index are: CATL (15.42%), Yangtze Power (14.38%), Sungrow Power (6.18%), LONGi Green Energy (5.51%), China National Nuclear Power (4.37%), Three Gorges Energy (3.5%), TBEA (3.49%), EVE Energy (3.1%), Tongwei Co. (3.09%), and Guotou Power (2.01%) [1] Group 3: Market Segmentation - The index's holdings are primarily listed on the Shanghai Stock Exchange (51.54%), followed by the Shenzhen Stock Exchange (48.04%), and a small portion on the Beijing Stock Exchange (0.43%) [1] - In terms of industry distribution, the index's sample shows that 69.10% is in the industrial sector, while 30.90% is in public utilities [2] Group 4: Fund Tracking - Several public funds track the China Securities Low Carbon Economy Theme Index, including: Huaxia CSI Low Carbon Economy Theme ETF, Penghua CSI Low Carbon Economy Theme ETF, Yinhua CSI Low Carbon Economy Theme ETF, and others [2]

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [4][22]. Core Insights - The construction of zero-carbon parks is being accelerated, with the release of renewable energy power consumption responsibility weights expected by 2025 [1][17]. - The report highlights the increasing responsibility weights for renewable energy consumption across various provinces, with most provinces expected to exceed 20% by 2025 [17][20]. - The report emphasizes the importance of integrating renewable energy development with energy management systems to achieve carbon neutrality [22][23]. Market Review - The Shanghai Composite Index rose by 0.82%, while the public utility index increased by 1.11% and the environmental index by 3.17% [1][24]. - Within the electricity sector, coal-fired power increased by 0.41%, hydropower by 0.42%, and renewable energy generation by 1.05% [1][25]. Important Policies and Events - The National Development and Reform Commission, Ministry of Industry and Information Technology, and National Energy Administration issued a notice to accelerate the transformation of energy structures in parks and promote energy conservation and carbon reduction [15][16]. - Hainan Province's implementation plan for market-oriented reform of renewable energy grid prices includes a pricing structure for existing projects and competitive bidding for new projects [16] . Investment Strategy - Recommendations include major coal-fired power companies like Huadian International and Shanghai Electric, as well as leading renewable energy firms such as Longyuan Power and Three Gorges Energy [3][22]. - The report suggests that nuclear power companies like China Nuclear Power and China General Nuclear Power will maintain stable profitability [3][22]. - In the environmental sector, companies like China Everbright Environment and Zhongshan Public Utilities are highlighted as potential investment opportunities [23][22]. Key Company Earnings Forecasts and Investment Ratings - Huadian International: Outperform, with an expected EPS of 0.46 in 2024 and 0.62 in 2025 [8]. - Longyuan Power: Outperform, with an expected EPS of 0.75 in 2024 and 0.85 in 2025 [8]. - China Nuclear Power: Outperform, with an expected EPS of 0.46 in 2024 and 0.50 in 2025 [8]. Industry Dynamics and Company Announcements - The report notes that the water and waste incineration sectors are entering a mature phase, with significant improvements in free cash flow [23]. - The report also highlights the potential for domestic waste oil recycling companies to benefit from the EU's SAF blending policy [23]. Industry Key Data Overview - In May, the industrial power generation increased by 0.5% year-on-year, with a total of 737.8 billion kWh generated [49][60]. - The total electricity consumption in May reached 809.6 billion kWh, reflecting a year-on-year growth of 4.43% [57][60].

中核集团宣布，我国最大铀矿项目"国家级铀矿大基地示范工程"产出首桶天然铀。该项目位于内蒙古北部鄂尔多斯盆地，该区域是我国最重要的天然铀资源 储藏地。 新华社报道称，这一里程碑项目展示了"绿色、安全、智能、高效"的采矿模式。这一突破将提升中国在铀生产领域的竞争力，助力能源安全保障，推动核电 领域绿色转型。 内蒙古砂岩型铀矿资源开发取得突破。中国首次将铀矿生产中心从中部的江西省转移至北部地区。历史上，铀矿开采主要集中在江西省乐安附近的火山岩和 花岗岩矿床。但过去二十年间，中国北部地区特别是内蒙古发现了大型砂岩型铀矿。 据报道，因技术限制，这些矿藏曾被视作没有经济价值的"呆矿"。如今先进的地浸开采技术使开发成为可能，原本难以获取的资源转化为满足中国核能需求 的供给。中核集团下属中国铀业公司董事长陈军利表示，该项目开启了国内铀矿采冶新纪元。他介绍，项目采用现代化作业模式，包括严格环保措施、远程 操控降低作业风险、智能数据分析指导生产、工艺流程优化提质增效等。 新技术让砂岩型铀矿开发成为现实。与北方砂岩型铀矿不同，江西铀矿储量更丰富但赋存于花岗岩中，需采用传统开采加工方式。而砂岩型铀矿通常品位低 且分散，旧技术开采经济 ...