中核苏阀科技实业股份有限公司 证券代码：000777 证券简称：中核科技 公告编号：2026-002 关于参与中核财务有限责任公司增资扩股暨关联交易完成的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 一、事项概述 1、2023 年 8 月 22 日，中核苏阀科技实业股份有限公司（以下简称"公司"）召开第八届董事会第 六次会议，审议《关于参与中核财务有限责任公司增资扩股暨关联交易的议案》，并提交至公司 2023 年 9 月 22 日召开的 2023 年第一次临时股东会审议通过。 2、2025 年 12 月 29 日，国家金融监督管理总局北京监管局印发《关于中核财务有限责任公司变更 注册资本的批复》（京金复[2025]887 号），正式批准财务公司增加注册资本 43.8582 亿元，注册资本 由 43.8582 亿元变更为 87.7164 亿元，确认增资后股东构成、出资金额及出资比例保持不变。 二、进展情况 近期 ，财务公司已完成工商注册登记变更手续，并取得了营业执照。本次增资完成后，本公司持 股比例保持 2.189% 不变。 三、备查文件 《中核财务有限 ...

Core Insights - The report maintains a positive investment rating for the power industry, highlighting the potential for growth in nuclear energy and related technologies as China joins the "Triple Nuclear Energy Declaration" aimed at tripling global nuclear capacity by 2050 [1][23][29] Group 1: Nuclear Energy Development - China has announced its commitment to the "Triple Nuclear Energy Declaration," which aims to increase global nuclear capacity to at least three times the level of 2020 by 2050, with 38 countries currently signed on [23][24] - The report outlines the historical context of nuclear energy development, noting that from 1970 to 1990, global nuclear capacity grew from 18.1 GW to 364.2 GW, while from 2010 to 2025, China's nuclear capacity increased from 11.1 GW to 60.7 GW, reflecting a compound annual growth rate of 12.0% [28][29] - The report emphasizes the importance of nuclear power as a stable energy source in the transition to a new power system, particularly as renewable energy sources increase their share in the energy mix [41][42] Group 2: Technological Advancements - China's third-generation nuclear technologies, including the Hualong One and Guohe One, are being promoted for mass production, with significant advancements in safety and efficiency [29][32] - The report highlights the ongoing development of fourth-generation nuclear technologies, which focus on sustainability and safety, with several projects expected to come online in the coming years [15][36] - The report notes that the HTR-PM high-temperature gas-cooled reactor has successfully begun commercial operation, marking a significant milestone in fourth-generation technology [36][39] Group 3: Policy Support and Market Dynamics - The report discusses the introduction of supportive pricing policies for nuclear power in various provinces, which are expected to alleviate uncertainties in market pricing and enhance profitability for operators [4][5] - It is projected that the demand for nuclear power equipment will continue to grow, with a stable approval pace for new nuclear projects expected to maintain order and delivery certainty [4][5] - The report identifies key beneficiaries in the nuclear sector, including operators like China National Nuclear Corporation and China General Nuclear Power Group, as well as equipment manufacturers such as Shanghai Electric and Dongfang Electric [5][41]

Group 1 - The company Hai Lian Xun announced that its first self-developed gas turbine is currently undergoing testing at the company's gas turbine testing center, with core components largely achieved through domestic production [2] - The second self-developed gas turbine is designated for the Lianyungang autonomous gas turbine testing and application demonstration base [2]

Summary of Nuclear Power Industry Conference Call Industry Overview - The nuclear power sector is characterized as a low-position, undervalued, and high-tech capacity segment with significant domestic and international catalysts [1][2] - The industry is expected to experience high short-term performance growth, with contributions from fourth-generation reactors, small modular reactors (SMRs), nuclear applications, exports, and spent fuel management [1][2] Key Insights - In 2025, nuclear power is projected to account for approximately 4.82% of China's electricity generation, compared to the world average of 10% and over 20% in developed countries, indicating substantial growth potential driven by AI demand [2] - The industry has high barriers to entry, resulting in core equipment gross margins exceeding 30% [2] - Despite stable historical growth and high gross margins, the valuation of component manufacturers is expected to remain constrained due to market skepticism regarding long-term growth in nuclear power [2] Delivery and Approval Trends - It is anticipated that component manufacturers will enter a peak delivery phase starting in 2026, with nuclear project approvals normalizing and the number of projects starting construction increasing from 5 in 2022 to 9 in 2025 [2] Technological Developments - China has made progress in fourth-generation reactors, with demonstration projects for high-temperature gas-cooled reactors and thorium molten salt reactors already underway, and preliminary designs for commercial fast reactors expected to be completed by 2025 [3] - The International Energy Agency (IEA) predicts that global investment in SMRs will reach $670 billion by 2050 [3] Additional Growth Drivers - Nuclear power exports and spent fuel reprocessing are expected to contribute significantly to industry growth [4] Valuation and Investment Opportunities - A shift in capital expenditure benchmarks towards fusion technology is anticipated to significantly enhance nuclear power valuations, with over 300 billion yuan in domestic capital expenditure expected to accelerate positive developments [5] - The industry is viewed as undervalued, with potential for high growth and restructured long-term valuations, making it an attractive investment direction [5] - Recommended companies include Jiangsu Shentong, Jiuli Special Materials, China National Nuclear Corporation, Atlantic, Dongfang Electric, China General Nuclear Power Group, and China Nuclear Engineering Group, along with leading companies in fusion-related components [5]

Group 1 - The core viewpoint of Huajin Securities is that they have initiated coverage on China Nuclear Technology (000777) with a "Buy" rating, highlighting the company's strategic positioning in controlled nuclear fusion and hydrogen energy sectors [1] - The report emphasizes that the company is actively developing core components for controlled nuclear fusion and is deeply integrated into the domestic fusion industry ecosystem, focusing on critical areas such as ultra-high thermal load components [1] - Huajin Securities forecasts the company's net profit attributable to shareholders for 2025, 2026, and 2027 to be 1.143 billion yuan, 1.200 billion yuan, and 1.315 billion yuan respectively [1] Group 2 - Recent developments indicate that on February 11, 2026, China Nuclear Technology responded to investor inquiries, stating that it is actively expanding into the hydrogen energy industry, focusing on key areas such as hydrogen production, storage, and transportation [1] - The company has achieved some results in its hydrogen technology efforts and is actively promoting the mass industrialization of these technological achievements, showcasing its strategic expansion in the renewable energy sector [1] Group 3 - In the past week (as of February 13, 2026), China Nuclear Technology's stock price has shown volatility, with a fluctuation range of -0.84% and an amplitude of 3.58% [2] - Specifically, on February 9, the stock price increased by 1.57% (closing at 25.27 yuan), while on February 13, it decreased by 1.83% (closing at 24.67 yuan) [2] - Over the last five days, there has been a net outflow of 46.635 million yuan in main funds, with a single-day net outflow of 12.7919 million yuan on February 13, indicating short-term pressure on the capital [2]

Group 1 - The core discussion focused on 5G private networks, industrial internet, and artificial intelligence applications during the meeting between Suzhou Unicom and China Nuclear Technology [3][4][7] - Both parties explored the construction goals of an excellent smart factory, including 5G private network development, industrial internet platform applications, typical scenarios of artificial intelligence, and computing power deployment [4][7] - Suzhou Unicom aims to leverage its technological and service advantages in the fields of 5G, industrial internet, and artificial intelligence to assist in the digital and intelligent upgrade of the company [4][7] Group 2 - The meeting established a solid foundation for deepening cooperation, with both parties agreeing to create a regular communication mechanism [4][7] - Future collaboration will focus on smart manufacturing and new information infrastructure, promoting high-quality development together [4][7]

Core Viewpoint - The company is enhancing its regulatory management and compliance through a comprehensive system of institutional training and accountability measures [2][4] Group 1: Institutional Training Meeting - On January 29, 2026, the company's Audit and Legal Department held its first institutional training meeting for the year, attended by personnel from various departments and business units [2][4] - The meeting provided an update on the completion of the 2025 institutional revision plan and highlighted common issues encountered during the implementation of the digital management system [2][4] - A total of 16 institutional regulations were presented, with detailed explanations of the revised clauses and warnings about potential issues, supported by case studies to enhance understanding [2][4] Group 2: Focus on Accountability System - The training emphasized the accountability system, detailing the "Punishment Measures for Violations in Financial and Fund Areas," "Quality Reward and Punishment Management Measures," and "Research Work Violation Punishment Measures" [2][4] - The meeting analyzed the standards for identifying violations and the corresponding punitive measures, reinforcing the principle that "with power comes responsibility, with responsibility comes accountability, and failure to fulfill responsibility will lead to accountability" [2][4] - The lively atmosphere encouraged active participation and discussion among attendees, deepening their understanding of institutional regulations and laying a solid foundation for effective implementation [2][4]

Core Viewpoint - The stock of China Nuclear Technology has experienced a decline in recent trading sessions, with a notable drop in both share price and trading volume, indicating potential investor concerns about the company's performance and market position [1]. Financial Performance - As of September 30, 2025, China Nuclear Technology reported a revenue of 1.083 billion yuan, reflecting a year-on-year growth of 5.60%. However, the net profit attributable to shareholders decreased by 3.58% to 112 million yuan [2]. - Cumulatively, the company has distributed 623 million yuan in dividends since its A-share listing, with 201 million yuan distributed over the past three years [3]. Shareholder Information - The number of shareholders for China Nuclear Technology stood at 72,000 as of September 30, 2025, which is a decrease of 6.99% from the previous period. The average number of circulating shares per shareholder increased by 7.52% to 5,321 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is a new entrant, holding 1.3405 million shares, while Jin Ying Technology Innovation Stock A and Jin Ying Dividend Value Mixed A have exited the list [3]. Market Activity - On January 28, the stock price of China Nuclear Technology fell by 2.01%, trading at 25.34 yuan per share with a total market capitalization of 9.716 billion yuan. The stock has seen a year-to-date decline of 1.97% and a 3.54% drop over the last five trading days [1].

Core Viewpoint - The Chinese state-owned stocks experienced significant gains on January 22, with multiple companies reaching their daily limit up, indicating strong market performance in this sector [1]. Group 1: Stock Performance - China First Heavy Industries (中国一重) saw an increase of 10.10%, with a total market value of 373.7 billion and a current price of 5.45 [2]. - China Iron & Steel (中国铁物) rose by 10.07%, with a total amount of 4.65 billion and a market value of 178.5 billion, currently priced at 2.95 [2]. - CITIC Heavy Industries (中信重工) increased by 10.04%, with a total amount of 5.77 billion and a market value of 366.4 billion, currently priced at 8.00 [2]. - China Nuclear Engineering (中国核建) rose by 9.38%, with a total amount of 11.55 billion and a market value of 541.9 billion, currently priced at 17.98 [2]. - China Software (中国软件) increased by 8.25%, with a total amount of 19.95 billion and a market value of 486.817 billion, currently priced at 52.13 [2]. - China Great Wall (中国长城) saw a rise of 5.89%, with a total amount of 71.82 billion and a market value of 608.7 billion, currently priced at 18.87 [2]. - Other notable increases include China Rare Earth (中稀有色) at 45.44%, China Textile Standard (中纺标) at 44.84%, and China Tungsten High-Tech (中钨高新) at 4.63% [2].

Core Viewpoint - The article highlights a significant rise in the stock prices of state-owned enterprises in China, indicating a bullish trend in the market for these companies [1]. Group 1: Stock Performance - China First Heavy Industries (中国一重) saw a price increase of 10.10%, with a total market value of 373.7 billion and a current price of 5.45 [2]. - China Railway Materials (中国铁物) experienced a rise of 10.07%, with a total market value of 178.5 billion and a current price of 2.95 [2]. - CITIC Heavy Industries (中信重工) increased by 10.04%, with a total market value of 366.4 billion and a current price of 8.00 [2]. - China Nuclear Engineering (中国核建) rose by 9.38%, with a total market value of 541.9 billion and a current price of 17.98 [2]. - China Software (中国软件) increased by 8.25%, with a total market value of 486.8 billion and a current price of 52.13 [2]. - China Great Wall Technology (中国长城) saw a rise of 5.89%, with a total market value of 608.7 billion and a current price of 18.87 [2]. - Other companies such as China Rare Earth (中稀有色) and China Tungsten High-Tech (中钨高新) also experienced notable increases in their stock prices [1][2].