Group 1 - Zhejiang Fu Holdings stated that its subsidiary, Zhejiang Fu Capital, has invested in several listed companies including Spring Autumn Electronics, Fenglong Co., Ltd., Shangluo Electronics, Zhejiang Liming, Heshun Technology, Taotao Automotive, and Zhongxin Co., Ltd. [1] - The company also mentioned that multiple enterprises are either in the process of applying for or preparing to apply for listing [1]

Core Viewpoint - Zhejiang Fu Holdings experienced a stock price decline of 2.02% on November 17, with a current price of 4.36 CNY per share and a total market capitalization of 22.756 billion CNY [1] Company Overview - Zhejiang Fu Holdings, established on March 26, 2004, and listed on August 6, 2008, is located in Yuhang District, Hangzhou, Zhejiang Province. The company specializes in the research and manufacturing of clean energy equipment, hazardous waste harmless treatment, and recycling of renewable resources [1] - The main revenue sources for the company are: hazardous waste disposal and resource products (93.96%), clean energy equipment (5.78%), other (0.22%), and oil extraction (0.05%) [1] Financial Performance - For the period from January to September 2025, Zhejiang Fu Holdings reported a revenue of 16.155 billion CNY, representing a year-on-year growth of 5.88%. However, the net profit attributable to shareholders decreased by 4.76% to 739 million CNY [2] - The company has distributed a total of 1.818 billion CNY in dividends since its A-share listing, with 830 million CNY distributed over the past three years [3] Stock Market Activity - As of November 17, the stock has seen a year-to-date increase of 41.97%, but has declined by 5.01% over the last five trading days. Over the past 20 days, the stock rose by 3.56%, and over the last 60 days, it increased by 23.16% [1] - The company has appeared on the "Dragon and Tiger List" four times this year, with the most recent appearance on July 25, where it recorded a net buy of -1.12 billion CNY [1] Shareholder Information - As of September 30, 2025, the number of shareholders increased to 134,600, with an average of 36,389 circulating shares per person, a decrease of 3.34% from the previous period [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 92.326 million shares, a decrease of 17.8951 million shares from the previous period [3]

Core Insights - Thorium ore is emerging as a strategic energy resource due to its high energy density, safety, low waste, and cost-effective extraction when associated with rare earth elements [1][4][6] - China leads in both resources and technology, with proven industrial reserves of 287,000 tons, ranking second globally, and significant breakthroughs in thorium fuel technology [1][4][6] - The thorium mining industry in China is characterized by a "net import" trade pattern, with Nigeria being a key source of imports, and prices for thorium ore have shown a significant upward trend [1][6][8] Thorium Mining Industry Overview - Thorium ore consists of minerals containing thorium, which has significant economic value due to its properties and association with rare earth elements [2][3] - The core advantages of thorium include extremely high energy density, superior safety performance, and low extraction costs [3][4] Current Development Status of China's Thorium Mining Industry - China's thorium mining industry is transitioning from a niche resource to a strategic energy core, supported by abundant resources and technological advancements [4][6] - The Baiyun Obo mining area holds over 75% of China's thorium reserves, with significant potential for further exploration [4][6] Thorium Resource Distribution in China - China's thorium resources are managed under strict regulations, leading to a notable "net import" pattern despite domestic abundance [6][8] - The import volume of thorium ore has been increasing, with a notable 24.67% year-on-year growth in the first nine months of 2025 [6][8] Thorium Mining Industry Supply Chain - The thorium mining industry has established a complete supply chain from geological exploration to nuclear fuel manufacturing, with applications expanding beyond nuclear power [9][11] - The industry is characterized by collaboration across the supply chain, with upstream resources being integrated with rare earth mining processes [9][11] Competitive Landscape of China's Thorium Mining Industry - The industry exhibits a competitive structure with monopolies in resource extraction, concentrated technology, and collaborative applications [14][15] - Key players include Baogang Group, which controls over 75% of thorium resources, and leading companies in materials and equipment manufacturing [14][15] Future Development Trends of China's Thorium Mining Industry - The future of the thorium mining industry will focus on the continuous breakthrough and commercialization of thorium-based molten salt reactor technology [16][17] - There will be an emphasis on deep collaboration across the supply chain, driving technological upgrades and expanding applications in clean energy and industrial processes [16][17] - The diversification of applications will enhance the strategic value of thorium, contributing to energy security and reducing reliance on imported uranium [17]

Core Insights - Zhejiang Fu Holdings' stock price increased by 50.44% year-to-date, with a recent trading price of 4.62 CNY per share and a market capitalization of 24.113 billion CNY [1] - The company operates primarily in the clean energy equipment sector and hazardous waste treatment, with 93.96% of its revenue coming from hazardous waste disposal and resource recovery [1][2] Financial Performance - For the period from January to September 2025, Zhejiang Fu Holdings reported a revenue of 16.155 billion CNY, reflecting a year-on-year growth of 5.88%, while the net profit attributable to shareholders decreased by 4.76% to 739 million CNY [2] - The company has distributed a total of 1.818 billion CNY in dividends since its A-share listing, with 830 million CNY distributed over the past three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders increased to 134,600, with an average of 36,389 circulating shares per shareholder, a decrease of 3.34% from the previous period [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited and Southern CSI 500 ETF, with notable reductions in their holdings [3]

Group 1 - Zhejiang Fu Holdings experienced a decline of 5.07% on November 12, with a stock price of 4.49 CNY per share, a trading volume of 640 million CNY, a turnover rate of 2.84%, and a total market capitalization of 23.435 billion CNY [1] - The company, established on March 26, 2004, and listed on August 6, 2008, is based in Hangzhou, Zhejiang Province, and specializes in the research and manufacturing of clean energy equipment, hazardous waste harmless treatment, and recycling of renewable resources [1] - The revenue composition of Zhejiang Fu Holdings is as follows: 93.96% from hazardous waste disposal and resource products, 5.78% from clean energy equipment, 0.22% from other sources, and 0.05% from oil extraction [1] Group 2 - Among the top ten circulating shareholders of Zhejiang Fu Holdings, a fund under Southern Fund holds a significant position. The Southern CSI 500 ETF (510500) reduced its holdings by 775,700 shares in the third quarter, now holding 37.8998 million shares, which accounts for 0.77% of the circulating shares [2] - The estimated floating loss for the Southern CSI 500 ETF today is approximately 9.096 million CNY [2] - The Southern CSI 500 ETF was established on February 6, 2013, with a latest scale of 140.098 billion CNY, achieving a year-to-date return of 29.27% and a one-year return of 16.9% [2]

Market Overview - The Shanghai Composite Index fell by 0.39% on November 11, with 15 out of the 28 sectors rising, led by retail and real estate, which increased by 1.43% and 0.81% respectively [2] - The environmental protection sector rose by 0.42% [2] - The telecommunications and electronics sectors experienced the largest declines, with drops of 2.20% and 1.74% respectively [2] Capital Flow Analysis - The main capital outflow from the two markets totaled 56.242 billion yuan, with five sectors seeing net inflows [2] - The banking sector had the highest net inflow, with 0.35% increase and a net inflow of 808 million yuan [2] - The steel sector also saw a rise of 0.62% with a net inflow of 391 million yuan [2] - The electronics sector had the largest net outflow, totaling 13.026 billion yuan, followed by the computer sector with a net outflow of 7.028 billion yuan [2] Environmental Protection Sector Performance - The environmental protection sector saw a net inflow of 309 million yuan, with 82 out of 133 stocks rising [3] - One stock, Fulongma, had a significant net inflow of 815 million yuan, while Feima International and Zhejiang Fuhua followed with inflows of 153 million yuan and 49.68 million yuan respectively [3] - The sector also had stocks with notable outflows, including Yuanda Environmental with a net outflow of 292 million yuan and Huicheng Environmental with 66.23 million yuan [5] Top Gainers in Environmental Protection Sector - Fulongma led the gains with a 10% increase and a turnover rate of 28.87%, followed by Feima International with a 6.10% increase [3][4] - Other notable gainers included Zhejiang Fuhua (3.05%), Shangaohuaneng (3.66%), and Junxin Co. (3.69%) [3][4] Top Losers in Environmental Protection Sector - Yuanda Environmental had the largest decline at -9.94%, followed by Haitan Co. at -10.03% [5] - Other significant losers included Huicheng Environmental (-2.49%) and Qingshuiyuan (8.02%) [5]

Core Viewpoint - Zhejiang Fu Holdings (002266) has successfully completed key equipment procurement contracts related to thorium-based molten salt reactor projects with the Shanghai Institute of Applied Physics, Chinese Academy of Sciences, indicating strong operational capabilities in the nuclear equipment manufacturing sector [1] Group 1: Company Developments - The company's subsidiary, Sichuan Huadu Nuclear Equipment Manufacturing Co., Ltd. (referred to as "Huadu Company"), signed a procurement contract for the key equipment of the "Thorium-based Molten Salt Reactor Comprehensive Simulation Experimental Platform Project" in December 2015 [1] - The equipment was accepted and delivered in June 2017, showcasing the company's commitment to advancing nuclear technology [1] - In August 2018, Huadu Company entered into a procurement contract for the control rod system of the "2MWt Liquid Fuel Thorium-based Molten Salt Experimental Reactor (TMSR-LF1)," with all engineering supplies now fully completed [1] Group 2: Operational Performance - The control rod system for the TMSR-LF1 reactor is reported to be operating normally and stably, reflecting the reliability of the equipment provided by the company [1]

Core Viewpoint - Zhejiang Fu Holdings (002266.SZ) announced that its subsidiary Sichuan Huadu Nuclear Equipment Manufacturing Co., Ltd. has successfully completed key equipment procurement contracts related to thorium-based molten salt reactor projects with the Shanghai Institute of Applied Physics, Chinese Academy of Sciences [1] Group 1 - The company signed a procurement contract for the key equipment of the "Thorium-based Molten Salt Reactor Comprehensive Simulation Experimental Platform Project" in December 2015, with the equipment being accepted and delivered in June 2017 [1] - In August 2018, the company entered into a procurement contract for the control rod system of the "2MWt Liquid Fuel Thorium-based Molten Salt Experimental Reactor (TMSR-LF1)," with all engineering supplies now fully completed [1] - The control rod system is reported to be operating normally and stably [1]

Core Viewpoint - Zhejiang Fu Holdings (002266.SZ) announced that its subsidiary Sichuan Huadu Nuclear Equipment Manufacturing Co., Ltd. has successfully completed the procurement contracts for key equipment related to thorium-based molten salt reactor projects with the Shanghai Institute of Applied Physics, Chinese Academy of Sciences [1] Group 1 - The company signed a procurement contract for the key equipment of the "Thorium-based Molten Salt Reactor Comprehensive Simulation Experimental Platform Project" in December 2015, which was accepted and delivered in June 2017 [1] - In August 2018, the company entered into a procurement contract for the control rod system of the "2MWt Liquid Fuel Thorium-based Molten Salt Experimental Reactor (TMSR-LF1)," and the engineering supply has been fully completed [1] - The control rod system is reported to be operating normally and stably [1]

Core Viewpoint - The Shanghai Composite Index fell by 0.41% on November 4, with only five sectors gaining, led by banking and public utilities, while the environmental protection sector also saw a rise. The overall market experienced significant capital outflow, particularly in the power equipment and electronic sectors [1] Market Performance - The banking sector saw a net inflow of 30.54 billion yuan, while the steel sector had a net inflow of 1.30 billion yuan, and the environmental protection sector had a net inflow of 70.07 million yuan [1] - A total of 28 sectors experienced capital outflow, with the power equipment sector leading at 13.39 billion yuan, followed by the electronic sector at 10.65 billion yuan [1] Environmental Protection Sector - The environmental protection sector rose by 0.15% with a net inflow of 70.07 million yuan, comprising 133 stocks, of which 70 increased in value and 3 hit the daily limit [2] - The top three stocks with the highest net inflow were Fulongma (5.41 billion yuan), Haixia Environmental Protection (903.08 million yuan), and Huicheng Environmental Protection (639.28 million yuan) [2] - The sector also had 21 stocks with net outflows exceeding 10 million yuan, led by Zhejiang Fuhua (862.53 million yuan), Shanghai Washba (608.81 million yuan), and Hongcheng Environment (356.69 million yuan) [3]