Core Insights - On November 14, a total of 3,741 stocks in the A-share market received financing funds, with 395 stocks having a buying amount exceeding 100 million yuan [1] - The top three stocks by financing buying amount were Yangguang Electric Power, Zhaoyi Innovation, and SMIC, with amounts of 1.695 billion yuan, 1.485 billion yuan, and 1.425 billion yuan respectively [1] - Three stocks had financing buying amounts accounting for over 30% of the total transaction amount, namely Jindalai, Luyang Energy Saving, and Jiangsu Shentong, with proportions of 37.29%, 36.57%, and 31.28% respectively [1] - Thirteen stocks had a net financing buying amount exceeding 100 million yuan, with WuXi AppTec, XianDao Intelligent, and SMIC leading at 207 million yuan, 202 million yuan, and 186 million yuan respectively [1]

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 - Jiangsu Shentong's stock price increased by 0.42% on November 11, with a trading volume of 160 million yuan [1] - The company reported a financing buy-in of 26.57 million yuan and a financing repayment of 31.05 million yuan on the same day, resulting in a net financing outflow of 4.48 million yuan [1] - As of November 11, the total margin balance for Jiangsu Shentong was 624 million yuan, accounting for 8.55% of its market capitalization, indicating a high level of financing activity [1] Financing and Margin Data - On November 11, Jiangsu Shentong had a financing buy-in of 26.57 million yuan, with a current financing balance of 624 million yuan, which is above the 90th percentile of the past year [1] - There were no short sales or repayments on that day, with a short balance of 0 shares, also indicating a high level of inactivity in short selling [1] Company Performance - As of November 10, Jiangsu Shentong had 28,800 shareholders, an increase of 2.42% from the previous period, while the average number of circulating shares per person decreased by 2.36% to 16,256 shares [2] - For the period from January to September 2025, Jiangsu Shentong achieved a revenue of 1.638 billion yuan, a year-on-year increase of 0.22%, and a net profit attributable to shareholders of 234 million yuan, reflecting a growth of 2.86% [2] Dividend and Shareholder Information - Since its A-share listing, Jiangsu Shentong has distributed a total of 369 million yuan in dividends, with 195 million yuan distributed in the last three years [3] - As of September 30, 2025, Hong Kong Central Clearing Limited was the third-largest circulating shareholder, holding 10.4045 million shares, an increase of 6.5399 million shares from the previous period [3]

Meeting Overview - The second extraordinary general meeting of shareholders for Jiangsu Shentong Valve Co., Ltd. was announced, confirming no new, rejected, or changed proposals during the meeting [1] - The meeting was held on November 11, 2025, at 14:00, with both on-site and online voting options available [2][3] Attendance and Voting - A total of 186 shareholders and authorized representatives attended the meeting, representing 15,291.4398 million shares, which is 30.1287% of the total share capital [4] - Out of the attendees, 8 participated in the on-site meeting, representing 5,355.6468 million shares (10.5522% of total shares), while 178 participated via online voting, representing 9,935.7930 million shares (19.5765% of total shares) [6][7] - Among the attendees, 177 were small and medium-sized shareholders, representing 1,875.4749 million shares (3.6952% of total shares) [8] Proposal Review and Voting Results - The meeting reviewed and voted on several proposals, including the appointment of the auditing firm for 2025, which received 99.9008% approval from the voting shareholders [9] - The proposal for expected daily related transactions for 2026 was also approved, with specific sub-proposals receiving high approval rates, such as 99.5351% for transactions with Tianshi Group and 99.8398% for transactions with Shentong New Energy [10][11] Legal Compliance - The meeting was witnessed by lawyers from Shanghai Tongli Law Firm, confirming that the meeting's procedures complied with relevant laws and regulations, and the voting results were deemed valid [12]

上海市通力律师事务所 关于江苏神通阀门股份有限公司 2025 年第二次临时股东会的法律意见书 致: 江苏神通阀门股份有限公司 上海市通力律师事务所(以下简称"本所")接受江苏神通阀门股份有限公司(以下简称 "公司")的委托, 指派本所陈鹏律师、骆沙舟律师(以下简称"本所律师")根据《中华人民 共和国公司法》《中华人民共和国证券法》《上市公司股东会规则》等法律法规和规范性 文件(以下统称"法律法规")及《江苏神通阀门股份有限公司章程》(以下简称"公司章程") 的规定就公司 2025 年第二次临时股东会(以下简称"本次股东会")相关事宜出具法律意见。 本所律师已经对公司提供的与本次股东会有关的法律文件及其他文件、资料予以了核 查、验证。在进行核查验证过程中, 公司已向本所保证, 公司提供予本所之文件中的所有签 署、盖章及印章都是真实的, 所有作为正本提交给本所的文件都是真实、准确、完整和有效 的, 且文件材料为副本或复印件的, 其与原件一致和相符。 在本法律意见书中, 本所仅对本次股东会召集和召开的程序、出席本次股东会人员资格 和召集人资格及表决程序、表决结果是否符合法律法规和公司章程的规定发表意见, 并不对 本 ...

1、本次股东会召开期间没有增加、否决或变更议案情况发生； 证券代码：002438 证券简称：江苏神通 公告编号：2025-064 江苏神通阀门股份有限公司 2025 年第二次临时股东会决议公告 本公司及董事会全体成员保证公告内容真实、准确和完整，并对公告中的虚 假记载、误导性陈述或重大遗漏承担责任。 重要提示： 2、本次股东会采取现场投票与网络投票相结合的方式召开。 一、会议召开情况 1、会议通知情况：公司董事会于 2025 年 10 月 27 日在《证券时报》《上海 证券报》及巨潮资讯网 http://www.cninfo.com.cn 上刊登了《江苏神通阀门股 份有限公司关于召开 2025 年第二次临时股东会的通知》； 2、会议召开时间： （1）现场会议召开时间：2025年11月11日（星期二）下午14:00。 （2）网络投票时间为：2025年11月11日（星期二）。 其中，通过深圳证券交易所交易系统进行网络投票的具体时间为：2025 年 11 月 11 日上午 9:15～9:25，9:30～11:30，下午 13:00～15:00；通过深圳证券 交易所互联网投票系统投票的具体时间为：2025 年 11 ...

Investment Rating - The industry rating is "Outperform the Market" indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [14]. Core Insights - The global nuclear energy sector is experiencing a revival, with significant interest in small modular reactors (SMRs) as a key solution for meeting the growing energy demands of artificial intelligence [4][5]. - China National Nuclear Corporation (CNNC) showcased its full industry chain capabilities at the 2025 World Nuclear Energy Exhibition (WNE), highlighting technologies such as "Hualong One" and "Linglong One," which have attracted global attention [3]. - The collaboration between CNNC and international partners, including Electricité de France, emphasizes the importance of SMR technology in promoting diversified applications of nuclear energy [4]. Summary by Sections Industry Overview - The report discusses the advancements in nuclear energy, particularly focusing on the development and application of small modular reactors (SMRs) [4][5]. - The exhibition highlighted CNNC's progress in small reactor construction, which has garnered interest from global corporate executives and institutional representatives [3]. Key Companies to Watch - **Jingye Intelligent**: Collaborating with Zhejiang University to establish a joint R&D center for micro-reactor/SMR technology, showing significant growth potential in the context of global AI demand and energy transition [6]. - **Jia Electric**: The main helium fan is the only power device for the primary loop of fourth-generation high-temperature gas-cooled reactors, with its subsidiary leading in nuclear pump products [6]. - **Guoguang Electric**: Key components for the ITER project, focusing on filter and cladding systems [6]. - **Lanshi Heavy Industry**: Covers upstream nuclear fuel systems, midstream nuclear power plant equipment, and downstream spent fuel processing [6]. - **Kexin Electromechanical**: Manufacturing high-temperature gas-cooled reactor products, with new fuel transport containers replacing imports [6]. - **Hailu Heavy Industry**: Services various reactor types, including third and fourth-generation reactors and thermonuclear fusion reactors (ITER) [6]. - **Jiangsu Shentong**: Secured over 90% of orders for nuclear-grade butterfly valves and ball valves for new nuclear power projects in China [6].

Core Viewpoint - The company emphasizes the importance of expanding export scale and pursuing internationalization as key strategies for enhancing its scale and promoting technological advancement [1] Company Strategy - The company has established an international trade department and assembled a team of experienced professionals to facilitate its international business expansion [1] - The company is actively engaging in external licensing and certification processes, which are progressing as planned [1] Market Focus - Future export efforts will concentrate on core areas such as petroleum refining and oil and gas extraction to achieve long-term development goals [1]

Core Viewpoint - Jiangsu Shentong announced on November 6 that the company typically executes contracts based on a reasonable production schedule after orders become effective, with production instructions issued only after the production plan is approved by the owner [1] Group 1 - The company confirms revenue from nuclear valve business in batches according to actual delivery progress, with each order's revenue recognition cycle usually spanning 2-3 years [1] - Deliveries are generally made in batches in the second and third years following order receipt [1]

Core Viewpoint - Jiangsu Shentong (002438) emphasizes the importance of preventive maintenance for nuclear power valves despite their designed lifespan of 60 years, highlighting the need for regular inspections due to environmental factors [1] Group 1 - The company states that nuclear power valves are designed for a 60-year lifespan [1] - It is noted that this lifespan does not imply that no parts need to be replaced during this period [1] - Specific mention is made of seawater system valves, which are subject to erosion from sediment and corrosion from chloride ions in seawater, necessitating preventive maintenance [1]