Group 1: Industry Insights - The successful grid connection of the Fujian Zhangzhou Nuclear Power Unit 2 on November 22 marks significant progress in the mass construction of the "Hualong One" nuclear power technology [1] - Zhangzhou Nuclear Power is the starting point for the mass construction of "Hualong One" and is currently the largest "Hualong One" nuclear power base globally, with plans to build six units [1] - Once fully operational, the base is expected to provide over 60 billion kilowatt-hours of clean electricity annually, meeting 75% of the electricity demand for Xiamen and Zhangzhou in southern Fujian [1] - The global demand for electricity is increasing, and nuclear power is becoming a crucial energy choice due to rising environmental awareness and fluctuations in fossil fuel prices and supply [1] - According to the World Energy Statistics Yearbook 2025, nuclear power is projected to account for 9% of the global electricity generation in 2024, with 417 operational nuclear reactors and a total installed capacity of 377 million kilowatts as of March 2025 [1] Group 2: Company Developments - Jiangsu Shentong has 150,000 nuclear power valves online, with a market share exceeding 90% for key products like nuclear-grade butterfly and ball valves, covering major reactor types including AP1000 and Hualong One [2] - China Nuclear Power is primarily focused on constructing "Hualong One" units, expecting to have 3-4 nuclear power units reach the First Concrete Pouring (FCD) stage each year in the coming years [2]

Group 1 - The core transaction on November 21 involved a block trade of 970,000 shares of Jiangsu Shentong, with a transaction value of 13.17 million yuan and a transaction price of 13.58 yuan, representing a premium of 2.41% over the closing price of the day [2][3] - In the last three months, Jiangsu Shentong has recorded a total of 11 block trades, with a cumulative transaction value of 236 million yuan [2] - The closing price of Jiangsu Shentong on the day of the transaction was 13.26 yuan, reflecting a decline of 2.36%, with a daily turnover rate of 2.21% and a total trading volume of 139 million yuan [2] Group 2 - The latest margin financing balance for Jiangsu Shentong is 749 million yuan, which has increased by 84.1 million yuan over the past five days, marking a growth of 12.65% [3] - Jiangsu Shentong Valve Co., Ltd. was established on January 4, 2001, with a registered capital of 507.54 million yuan [3]

| 交易日期 | 证券代码 | 证券简称 | 成交价格 (元) | 成交量 (万股/万份) | 成交金额 买方营业部 (万元) | | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-11-21 | 002438 | 江苏神通 | 13.58 | 97.00 | 1,317.20万宏源证券有限 | | 国泰海通证券股份 | | | | | | | 公司下通等口区警 | | 有限公司上海黄浦 | | | | | | | 山路证券营业部 | | 区福州路证券营业 | | | | | | | | ਸ਼ਹ | | 11月21日，江苏神通大宗交易成交97万股，成交额1317.26万元，占当日总成交额的8.68%，成交价13.58元，较市场收盘价 13.26元溢价2.41%。 ...

每经头条（nbdtoutiao）——展望"十五五" | 专访黄群慧：既要重视AI赋能千行百业，也要考量其对就业 的替代效应和带来的收入极化 （记者 曾健辉） 截至发稿，江苏神通市值为69亿元。 每经AI快讯，江苏神通（SZ 002438，收盘价：13.58元）发布公告称，2025年11月19日，江苏神通接受 中金公司调研，公司副总裁章其强先生参与接待，并回答了投资者提出的问题。 2025年1至6月份，江苏神通的营业收入构成为：核电行业占比38.37%，节能环保行业占比18.78%，冶 金行业占比18.45%，能源装备行业占比17.05%，其他业务占比7.35%。 ...

Core Viewpoint - Jiangsu Shentong Valve Co., Ltd. maintains a leading position in the nuclear valve sector with a market share exceeding 90% and is pursuing a diversified development strategy to enhance growth opportunities in various industries [3]. Group 1: Competitive Landscape - Jiangsu Shentong emphasizes a complementary and healthy competition with domestic peers in the nuclear valve market, supported by the normalization of new nuclear project approvals and the advancement of domestic key equipment [3]. - The company has an online inventory of 150,000 nuclear valves, with its main products, including nuclear butterfly and ball valves, holding a market share of over 90% [3]. - The domestic nuclear valve localization rate is reported to be between 85% and 90%, indicating significant technological progress and global competitiveness in the domestic valve manufacturing industry [3]. Group 2: Growth Drivers - The company aims to consolidate its position in metallurgy, develop its nuclear business, expand in petrochemicals, and enhance energy services while focusing on domestic markets and increasing exports [4]. - Continuous investment in R&D has led to the development of valve products that meet the requirements of third and fourth-generation nuclear technologies, contributing to an increase in the revenue share from the nuclear business [4]. - Jiangsu Shentong is also making strides in emerging fields such as hydrogen energy and semiconductor equipment, with its subsidiary, Shentong New Energy, capable of mass-producing specialized high-pressure valves [4]. Group 3: Long-term Growth Potential - The demand for nuclear valve replacement parts is expected to provide stable and sustainable revenue growth due to the regular maintenance and replacement needs of aging components in operational nuclear power units [5]. - The advancement of controllable nuclear fusion technology is anticipated to drive technological upgrades and market demand in the valve industry, presenting long-term opportunities if commercialization is achieved [5]. - The company is focusing on expanding its export business in core areas such as oil refining and gas extraction to promote scale and technological advancement for long-term development [5].

Core Viewpoint - Jiangsu Shentong (002438.SZ) indicates that the nuclear valve sector is characterized by complementary and healthy competition among domestic peers, with expectations for orderly competition as new nuclear projects are approved and key equipment localization progresses [1] Industry Summary - The nuclear valve industry is expected to maintain a good and orderly competitive state due to the normalization of new nuclear project approvals and the advancement of domestic key equipment [1] - The company currently has 150,000 nuclear valves online, with a market share exceeding 90% for its main products, including nuclear-grade butterfly and ball valves [1] - The impact of controllable nuclear fusion on the valve industry is primarily seen in technological upgrades and increased market demand [1] - The global acceleration of controllable nuclear fusion industrialization and the critical phase of nuclear fusion experimental reactor construction necessitate valves that can meet extreme working conditions [1] - If controllable nuclear fusion achieves commercialization, the valve sector as a supporting industry is expected to encounter long-term opportunities [1]

Group 1: Company Overview and Market Position - The company has a market share of over 90% in key products such as nuclear butterfly and ball valves, with 150,000 nuclear valves currently in operation [3] - The domestic nuclear valve localization rate has reached 85%-90%, indicating significant progress in the valve manufacturing industry [4] - The company’s nuclear-grade valves cover all levels of nuclear applications, including nuclear level 1, 2, and 3, as well as non-nuclear valves [5] Group 2: Business Strategy and Growth Areas - The company aims to consolidate its position in metallurgy, develop nuclear power, expand in petrochemicals, and serve the energy sector, while focusing on domestic markets and increasing exports [6] - Continuous R&D investment has led to the successful launch of valve products that meet the requirements of third and fourth-generation nuclear technologies, enhancing the company's competitiveness in major nuclear projects [6] - The company is also making strides in hydrogen energy and semiconductor equipment, with its subsidiary developing special high-pressure valves that are now capable of mass supply [6] Group 3: Maintenance and Replacement Needs - Valves are considered consumables that require regular maintenance and preventive replacement of parts to ensure the safe and stable operation of nuclear power plants [7] - The growing number of operational nuclear units and the demand for spare parts from aging units are expected to provide stable and sustainable revenue growth for the company [7] Group 4: Future Opportunities and International Expansion - The development of controllable nuclear fusion technology is expected to create long-term opportunities for the valve industry, driven by technological upgrades and increased market demand [8] - The company is actively expanding its international business, having established an international trade department and a professional team to enhance its export capabilities [9][10] - Future export efforts will focus on core areas such as oil refining and oil and gas extraction to achieve long-term development goals [10]

证券代码：002438 证券简称：江苏神通 江苏神通阀门股份有限公司投资者关系活动记录表 编号：2025-021 | | □特定对象调研 | □分析师会议 | | --- | --- | --- | | 投资者关系活动 | □媒体采访 | □业绩说明会 | | | □新闻发布会 | □路演活动 | | 类别 | □现场参观 | | | | □√其他（电话调研） | | | 参与单位名称及 | 中金公司、Mondrian | | | 人员姓名 | | | | 时间 | 2025 年 11 月 19 日 | | | 地点 | 公司会议室 | | | 上市公司接待人 | 副总裁：章其强先生 | | | 员姓名 | | | | 投资者关系活动 | | 机构投资者就公司生产经营情况、未来发展规划和战略等进行沟 | | 主要内容介绍 | 通交流。 | | | 附件清单（如有） | 具体内容详见附件：2025 | 年 11 月 19 日投资者调研会议记录 | | 日期 | 2025 年 11 月 19 日 | | ...

| 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交金额 买方营业部 | | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | | 2025-11-19 | 002438 | 江苏神通 | 12.78 | 75.00 | 958.50 国投证券股份有限 | | 中航证券有限公司 | | | | | | | | 公司合肥创新大道 | 杭州莫干山路证券 | | | | | | | | 证券营业部 | 营业部 | 11月19日，江苏神通大宗交易成交75万股，成交额958.5万元，占当日总成交额的7.35%，成交价12.78 元，较市场收盘价13.91元折价8.12%。 ...

Group 1: Company Overview and Market Position - The company has a strong market presence in the nuclear valve sector, with over 150,000 nuclear valves installed and a market share exceeding 90% for key products like butterfly and ball valves [3] - The company has invested significantly in the development of specialized valves for various sectors, including nuclear power, coal chemical, and LNG, with promising results expected to enter the market soon [4] Group 2: Product Development and Technology - The company is actively developing new nuclear-grade products, focusing on advanced technologies for third and fourth generation nuclear reactors, ensuring compliance with increasing performance requirements [6] - The gross margin for nuclear valves in fourth generation reactors is comparable to that of third generation reactors, showing no significant difference [7] Group 3: Operational Insights - The revenue recognition for nuclear valve business occurs in batches, typically over a 2-3 year period following order confirmation and production scheduling [8] - Although nuclear valves are designed for a 60-year lifespan, preventive maintenance and part replacements are necessary due to environmental factors affecting certain components [10] Group 4: International Expansion - The company is pursuing international market opportunities, establishing an international trade department and a professional team to enhance export capabilities, particularly in oil refining and gas extraction sectors [9]