电投产融：金融资产置出，“电投核能”拟借壳上市

Investment Rating - The industry rating is "Outperform" (maintained) [6] Core Views - Dian Tou Chan Rong plans to acquire a controlling stake in Dian Tou Nuclear Energy through a share issuance, while divesting its controlling stake in Dian Tou Capital Holdings [1] - Dian Tou Nuclear Energy is the nuclear power investment and operation management platform of State Power Investment Corporation, with 8 operational nuclear power units (9.21 GW) and 6 under construction (8.06 GW) [3] - If the asset restructuring is completed, Dian Tou Chan Rong will become the nuclear power operation asset integration platform of State Power Investment Corporation, focusing on the energy sector [5] Industry Overview - Dian Tou Chan Rong operates in both energy and finance sectors, with energy contributing 53.09% of total revenue (14.70 billion CNY) and finance contributing 20.86% (5.77 billion CNY) in H1 2024 [2] - Dian Tou Capital Holdings manages financial assets including Bai Rui Trust, Dian Tou Brokerage, and Xian Rong Futures, with Bai Rui Trust's energy finance business reaching 159 billion CNY by H1 2024 [4] Investment Recommendation - If the asset restructuring is successful, Dian Tou Chan Rong will divest its financial assets and focus on the energy sector, making it a key player in State Power Investment Corporation's nuclear power operations [5]