Core Insights - China Nuclear Power (601985.SH) announced that its controlled investment, China National Nuclear Corporation Zhejiang Energy Co., Ltd., has completed the first concrete pouring for the nuclear island of Unit 1 at the Zhejiang Jin Qimen Nuclear Power Plant on August 10, 2025 [1] - The Unit 1 of the Zhejiang Jin Qimen Nuclear Power Plant utilizes China's independently developed "Hualong One" nuclear power technology, with a single unit rated capacity of 1.215 million kilowatts and a designed operational lifespan of 60 years [1] - Following the first concrete pouring, the number of nuclear power units under construction controlled by the company will reach 13, with a total installed capacity of 15.138 million kilowatts [1]

特此公告。 证券代码：601985 证券简称：中国核电 编号：2025-060 中国核能电力股份有限公司董事会 2025 年 8 月 11 日 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。 中国核能电力股份有限公司（以下简称公司）控股投资的中核浙能能源有 限公司浙江金七门核电站 1 号机组已于 2025 年 8 月 10 日浇筑核岛第一罐混凝 土（以下简称 FCD）。 浙江金七门核电站 1 号机组采用我国自主知识产权的"华龙一号"核电技 术，单台机组额定容量为 121.5 万千瓦，电站设计运行寿命为 60 年。该机组 FCD 后，公司控股在建核电机组数量将达到 13 台，装机容量将达到 1,513.8 万千瓦。 本公司目前无其他任何应披露而未披露的信息。有关公司信息以公司在上 海证券交易所网站（www.sse.com.cn）及指定信息披露媒体的相关公告为准， 敬请广大投资者理性投资，注意投资风险。 中国核能电力股份有限公司 关于浙江金七门核电站 1 号机组 浇筑核岛第一罐混凝土的公告 ...

Core Viewpoint - The construction of the "Hualong One" nuclear power project in Zhejiang, China, has officially commenced with the start of concrete pouring for the nuclear island of the first unit at the Jin Qimen Nuclear Power Plant, marking a significant milestone for China National Nuclear Corporation (CNNC) in establishing its third nuclear power base in Zhejiang [1]. Group 1: Project Overview - The Jin Qimen Nuclear Power Plant is located in Xiangshan County, Ningbo City, Zhejiang Province, and is controlled by China National Nuclear Corporation's publicly listed company, China Nuclear Power (601985) [3]. - The project plans to build six units of 1 million kilowatt-class pressurized water reactor nuclear power units, with the first two units approved by the State Council on December 29, 2023 [3]. Group 2: Technical Specifications - The Hualong One model, which has complete independent intellectual property rights in China, will be used for the units, with each unit having a rated capacity of 1.2 million kilowatts and a designed operational lifespan of 60 years [3]. - Once fully operational, the plant will have a total installed capacity of approximately 7.2 million kilowatts, with an expected annual electricity generation of 55 billion kilowatt-hours [3]. Group 3: Environmental Impact - The expected annual electricity generation is projected to meet half of Ningbo City's total electricity consumption in 2024, and the project is anticipated to reduce carbon dioxide emissions by approximately 45 million tons, equivalent to reforesting an area comparable to 65 Dongqian Lake Scenic Area in Ningbo [3].

Core Insights - The construction of the nuclear island for the Jin Qimen Nuclear Power Unit 1 in Ningbo, Zhejiang has officially commenced with the pouring of concrete, marking the full launch of the project [1] - The Jin Qimen Nuclear Power Unit 1 is designed for a 60-year operational lifespan and plans to build a total of six 1 million kilowatt-level nuclear power units, which are expected to generate an annual electricity output of 55 billion kilowatt-hours, equivalent to half of Ningbo's total electricity consumption in 2024 [1] - The project is projected to reduce carbon dioxide emissions by approximately 45 million tons [1] - Currently, there are 41 "Hualong One" units approved for construction or operation globally, making it the most numerous third-generation nuclear power technology in terms of approved units, and it is the main reactor type for China's nuclear power construction [1]

Group 1 - The construction of the nuclear island concrete for the first unit of the Zhejiang Jin Qimen Nuclear Power Plant has commenced, marking the start of the third nuclear power base project by China National Nuclear Corporation (CNNC) in Zhejiang [1] - The Jin Qimen Nuclear Power Plant is located in Xiangshan County, Ningbo City, Zhejiang Province, and is invested and controlled by China National Nuclear Power Co., Ltd., a subsidiary of CNNC. The project plans to build six 1,000 MW pressurized water reactor units [1] - The first and second units received approval on December 29, 2023, utilizing the domestically developed third-generation nuclear technology "Hualong One," with a rated capacity of 1.2 million kilowatts and a design lifespan of 60 years. Once completed, the total installed capacity will be approximately 7.2 million kilowatts, with an expected annual power generation of 55 billion kilowatt-hours [1] Group 2 - This year marks the tenth anniversary of the global first unit of "Hualong One" construction. Over the past decade, the batch construction of "Hualong One" has steadily progressed, demonstrating the advanced and reliable nature of the "Chinese solution" [2] - As of now, the number of approved, under construction, and operational units of "Hualong One" has exceeded 40, making it the main reactor type in current nuclear power construction [2]

Core Insights - The "Charm of Light" Cup National Nuclear Science Popularization Summer Camp and International Public Communication Event was held at the Changjiang Nuclear Power Base in Hainan, focusing on nuclear energy education and international exchange [1] - Experts delivered keynote speeches on core issues of nuclear energy development, creating a comprehensive understanding of the value of nuclear energy through global perspectives and practical enterprise sharing [1] - The event featured the release of the initiative "Communication Without Borders, Nuclear Innovation for the Future," advocating for resource sharing in nuclear science popularization and the joint cultivation of professional talent [1] Event Highlights - The event included a showcase of the top ten nuclear science popularizers, who presented complex nuclear science knowledge in an engaging and accessible manner [1] - A cartoon character named "Linglong Baby," representing the world's first land-based commercial modular small reactor "Linglong No. 1," was unveiled during the event [1] - The event was guided by several national organizations, including the Ministry of Ecology and Environment, the National Atomic Energy Agency, and the China National Nuclear Corporation, with the China Nuclear Power Company as the host [1]

Investment Rating - The report maintains a "Buy" rating for the utilities and environmental protection industry [1] Core Viewpoints - The report highlights the structural characteristics of electricity consumption growth from 2023 to 2025, noting that the growth in electricity consumption from the tertiary industry and charging stations remains resilient, while the secondary industry and residential electricity consumption show relative weakness [3][33] - The report suggests focusing on power generation assets in regions with tight electricity supply and favorable competition, recommending companies such as Anhui Energy and Huadian International for thermal power, and China Nuclear Power for nuclear power [2][66] - The report emphasizes the importance of new energy development, market mechanisms, and zero-carbon park construction as key drivers for the industry's transformation [3][60] Summary by Sections Weekly Market Performance - The Shanghai Composite Index rose by 2.11%, with the carbon neutrality sector up by 2.47%, the environmental sector up by 2.41%, and the utilities sector up by 1.76% [1][9] Electricity Consumption Growth Analysis - The contribution rate of urban and rural residential electricity consumption significantly declined from 18.2% in 2024 to 7.7% in 2025 due to a "warm winter" phenomenon [3][33] - The secondary industry's electricity consumption growth rate and contribution rate have been continuously declining, with high-energy-consuming industries recovering at a low level post-pandemic [3][33] - The tertiary industry's electricity consumption remains robust, driven by rigid demand in the service sector and growth in information transmission due to AI development [3][33] Policy and Regulatory Updates - The National Development and Reform Commission and the National Energy Administration issued new rules for electricity market measurement and settlement, effective from October 1, 2025 [3][60] - The report discusses the focus of major state-owned enterprises on new energy development, storage technology, and global energy market participation [3][60] Investment Recommendations - The report recommends focusing on leading companies in various sectors, including Anhui Energy and Huadian International for thermal power, Yangtze Power for hydropower, and Longyuan Power for wind energy [2][66] - It also suggests monitoring the environmental sector, particularly urban comprehensive operation management service providers like Yuhua Tian [2][66] Industry Trends - The coal sector is experiencing upward pressure due to supply constraints and rising demand, while the thermal power sector faces slight pressure from high coal prices and seasonal demand fluctuations [3][66] - The renewable energy sector, particularly wind and solar, is expected to see stable growth despite some challenges in installation and utilization rates [3][66]

Core Insights - The establishment of China Fusion Energy Company marks a significant milestone in China's efforts to commercialize nuclear fusion energy, with over 10 billion yuan in investments from major energy firms and capital institutions [2][11] - The global fusion industry has seen explosive growth, with total investments reaching $9.766 billion, a 414% increase since 2021, indicating strong investor confidence and technological advancements [4] - The competition in the fusion energy sector is intensifying, with significant breakthroughs in China's fusion projects and international collaborations accelerating the path to commercialization [5][7] Investment and Market Dynamics - China Fusion Energy Company is positioned as a national strategic player, with investments from key state-owned enterprises and private capital, reflecting a robust investment structure [11][12] - The supply chain for nuclear fusion is maturing, with several A-share listed companies entering the supply chain, indicating a growing interest in the fusion energy sector [14][15] - The fusion industry is expected to enter a critical decade, with many companies planning to operate commercial demonstration plants by 2035 [8][10] Technological Advancements - Major advancements in China's fusion devices have been reported, including record plasma confinement times and temperature achievements, positioning the country as a leader in plasma technology [5][6] - Internationally, significant projects like ITER and commercial agreements for fusion energy procurement are paving the way for the practical application of fusion technology [7][8] Future Outlook - The timeline for commercial fusion energy is becoming clearer, with expectations that the first fusion power plant could be operational by 2030 [7][8] - The integration of AI and high-temperature superconductors is expected to further accelerate the development of fusion technology, enhancing feasibility and cost-effectiveness [16]

Investment Rating - The report assigns an "Outperform" rating for the general equipment industry, marking its first rating change [2]. Core Insights - The nuclear power sector is at a turning point, with a sustained high level of activity expected due to continuous approvals exceeding expectations. The number of approved nuclear power units from 2021 to 2025 is projected to be 5, 10, 10, 11, and 10 respectively, totaling 46 units during the "14th Five-Year Plan" period [6][18]. - The investment in nuclear power construction is expected to reach a historical high, with 146.9 billion yuan completed in 2024, an increase of 52 billion yuan from the previous year, reflecting a growth rate of 54.79% [6][25]. - The domestic nuclear power industry is shifting towards self-sufficiency, with significant progress in the localization of key equipment, particularly in the midstream sector, where core equipment is increasingly being replaced by domestic alternatives [6][44]. Summary by Sections Section 1: Nuclear Power Growth Potential - The nuclear power sector is entering a rapid development phase, with the government emphasizing the need for safe and orderly growth. The target for operational nuclear capacity is set to reach 70 million kW by 2025 [11][14]. - The long-term outlook suggests that by 2060, nuclear power capacity could reach 400 million kW, necessitating an average annual addition of approximately 9.4 million kW over the next 36 years [14][15]. Section 2: Sustained Nuclear Power Demand - The demand for nuclear power is expected to remain robust, driven by the need for stable and clean energy sources amid increasing reliance on renewable energy [11][12]. - The "Hualong One" technology has matured, and the domestic nuclear equipment manufacturing process is accelerating, with a significant portion of the supply chain now localized [32][44]. Section 3: Key Companies in the Sector - Jiangsu Shentong is highlighted as a key player focusing on nuclear valves, with a strong outlook for growth supported by recent capital increases [6][7]. - Other notable companies include Zhongke Technology, which specializes in nuclear fuel transportation containers, and Jingye Intelligent, which focuses on nuclear industrial robots, both benefiting from the domestic demand for nuclear fuel processing [6][7][8]. Section 4: Investment Recommendations - The report recommends focusing on companies with established delivery capabilities in the nuclear sector, such as Jiangsu Shentong, Zhongke Technology, and Jingye Intelligent, as they are well-positioned to capitalize on the growing domestic market [6][7][8].

000027 深圳能源 2.44 0.89 1508.77 公用事业行业今日上涨0.67%，全天主力资金净流入11.32亿元，该行业所属的个股共132只，今日上涨 的有111只，涨停的有5只；下跌的有12只。以资金流向数据进行统计，该行业资金净流入的个股有64 只，其中，净流入资金超5000万元的有6只，净流入资金居首的是华银电力，今日净流入资金8.42亿 元，紧随其后的是上海电力、华电国际，净流入资金分别为1.66亿元、1.15亿元。公用事业行业资金净 流出个股中，资金净流出超千万元的有18只，净流出资金居前的有长江电力、中国核电、九丰能源，净 流出资金分别为2.40亿元、9172.26万元、3191.48万元。（数据宝） 公用事业行业资金流入榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 600744 | 华银电力 | 9.96 | 18.41 | 84217.25 | | 600021 | 上海电力 | 6.52 | 6.93 | 16633.89 | | 600027 | 华电国际 | ...