【纠错】 【责任编辑:张樵苏】 新华社音视频部制作 2026年1月1日，经过168小时满功率连续运行考核，中核集团漳州核电2号机组正式投入商业运行， 标志着漳州核电一期工程全面建成投产。 记者：郭圻 ...

那么，社保基金会的定增认购价对二级市场投资者意味着什么？对此，业内人士分析认为，上市公司股 价在社保基金会认购价附近止跌反弹的现象，体现了"国家队"资金的锚定效应。社保基金会作为长期资 金、耐心资本的代表，其重仓参与的价格通常被市场视为一个价值的重要参考点。不过，行业基本面和 系统性风险变化也至关重要，不排除在行业和系统性风险下股价跌破社保基金会定增认购价的可能。但 从长期投资角度看，社保基金会定增认购价确实提供了一个重要参考。 全文请见：电力板块走弱，两大千亿巨头股价再次逼近社保基金会定增认购价，将再现神奇支撑？ 近期，中国核电（601985）和国投电力（600886）的股价正再次逼近一个关键点位。最近两年，社保基 金会以战略投资者身份，以8.31元/股和12.72元/股的价格分别重仓投入120亿元和70亿元参与这两家公 司的定向增发。截至2025年12月30日收盘，中国核电和国投电力的股价分别报收8.67元和13.10元，已逼 近社保基金会的定增认购价。 ...

每经记者｜闫峰峰 每经编辑｜吴永久 近期，伴随着电力板块的整体调整，中国核电和国投电力这两只千亿巨头的股价再度逼近全国社会保障 基金理事会（以下简称社保基金会）的定增认购价，而此前该两只个股在社保基金会的定增认购价附近 均显现出韧性和支撑。每经资本眼专栏记者发现，在A股历史上有电力巨头在社保基金会定增认购价附 近获得显著支撑的案例，不过也有跌破定增认购价的案例，但最终收复了社保基金会的认购价。那么， 近期的调整是否意味着中国核电和国投电力的抄底机会来临？ 中国核电、国投电力股价下探，社保基金会认购价附近显韧性 中国核电和国投电力的股价正再次逼近一个关键点位。最近两年，社保基金会以战略投资者身份，以 8.31元/股和12.72元/股的价格分别重仓投入120亿元和70亿元参与这两家公司的定向增发。 而国投电力在2025年9月22日最低跌至13元，距社保基金会的定增认购价12.72元仅有2.15%的空间。不 过国投电力在当日止跌，并随后展开了1个多月的上涨行情。 国电电力和国信证券的案例启示：社保基金会认购价或是市场重要锚 定点 实际上，上市公司股价在社保基金会定增认购价附近获得支撑的情况，在其他个股上已有发生。 ...

Core Insights - The total equity financing scale in A-shares for 2025 is projected to exceed 1 trillion yuan, with the Yangtze River Delta, Pearl River Delta, and Bohai Rim regions leading the way, and both Beijing and Shanghai surpassing 100 billion yuan in financing [1] Financing Overview - The total equity financing across various regions reached 1.08 trillion yuan, with initial public offerings (IPOs) amounting to 131.77 billion yuan, additional financing at 887.73 billion yuan, and convertible bond financing at 63.13 billion yuan. This represents a significant increase compared to 2024, which saw only 290.47 billion yuan in total equity financing [4] - Beijing and Shanghai are the top two regions for equity financing, with totals of 458.51 billion yuan and 172.79 billion yuan, respectively. Guangdong and Jiangsu follow with 98.41 billion yuan and 79.24 billion yuan [4] Regional Highlights - In Beijing, the equity financing scale reached 458.51 billion yuan, with state-owned banks contributing nearly 90% of the incremental capital. Major state-owned banks announced plans to issue stocks to raise core tier-one capital, with a total of 400 billion yuan raised from three banks [4] - Notable IPOs in Beijing include the "first domestic GPU stock" Moer Circuit, which raised 8 billion yuan, and chip giant Cambricon, which raised 3.985 billion yuan through additional financing [5] Policy Impact - Jiangsu, Guangdong, and Zhejiang accounted for nearly 60% of the total IPOs, with 28, 20, and 17 companies respectively. This is attributed to targeted financing policies that support manufacturing and innovation [6] - Jiangsu's new policies focus on supporting manufacturing enterprises, while Guangdong's financing scale is close to 1 trillion yuan, with significant contributions from IPOs and additional financing [6] - Zhejiang has maintained a strong IPO presence for six consecutive years, with a focus on nurturing high-quality enterprises through various support measures [7]

Core Viewpoint - The year 2025 marks a significant milestone for Hainan Free Trade Port as it officially initiates full island closure, representing a new phase in reform and opening-up efforts in China [11][15]. Group 1: Key Developments - The full island closure of Hainan Free Trade Port is set to officially start on December 18, 2025, marking a major step in China's high-level opening-up strategy [15]. - Hainan's tourism industry is projected to welcome over 1.06 million visitors in 2025, with total spending expected to exceed 224.98 billion yuan, reflecting a year-on-year growth of 10.3% [22][23]. - The first passenger flight under the seventh freedom rights, connecting Sanya to Prague, commenced on December 21, 2025, enhancing Hainan's status as an international aviation hub [21]. Group 2: Policy and Strategic Initiatives - The Hainan Provincial Committee has outlined the "15th Five-Year Plan," emphasizing the need for high-standard construction of the Free Trade Port and the implementation of innovative policies [16]. - A new policy for duty-free shopping on the island was implemented on November 1, 2025, expanding the range of duty-free goods and allowing residents to purchase items without limits when leaving the island [24]. - The "Million Talents to Hainan" initiative aims to attract an additional 1 million talents over five years, with 1.03 million already recruited by the end of November 2025, ahead of schedule [25]. Group 3: Infrastructure and Project Progress - The Hainan commercial space launch site successfully completed its first launch from the newly established launch pad, demonstrating the site's dual-launch capability [17]. - Significant progress has been made on major projects, including the completion of the "Deep Sea No. 1" gas field and the establishment of a digital power grid, enhancing energy distribution capabilities across the island [18]. - The opening of the Yangpu Port expressway, a dual eight-lane highway, was officially inaugurated on December 30, 2025, improving transportation infrastructure [19].

Policy Developments - China and France will enhance cooperation in nuclear research, technology applications, and fusion technology, as evidenced by the signing of the 15th cooperation protocol on December 4, 2023[5] - The National Energy Administration of China aims to steadily increase the share of nuclear energy in energy consumption, with 67 out of 112 approved nuclear units (60%) utilizing third-generation or higher technology[5] Industry Dynamics - A breakthrough in superconducting magnet technology was achieved, with a central magnetic field strength of 16.5 Tesla and an inner diameter of 150mm, indicating significant potential for commercial applications in controlled nuclear fusion[6] - The "Xuanlong-50U" device successfully implemented an intelligent control system for plasma shape using reinforcement learning, enhancing precision in plasma control and aligning with national energy strategies[6] - The CRAFT facility passed its first performance test, marking progress in the development of key systems for fusion reactors[6] Investment and Financing - No specific investment or financing events were reported in this period[9] Risk Factors - Potential risks include underperformance of industrial policies and technological breakthroughs not meeting expectations[10]

Group 1 - The core viewpoint of the article emphasizes the high energy release from nuclear fusion, particularly the deuterium-tritium reaction, which is currently the mainstream approach due to its efficiency and lower fuel demand [3][12] - Deuterium-tritium fusion releases energy equivalent to 11.2 tons of standard coal per gram, which is about four times the energy released from one gram of uranium-235 fission [3][12] - The advantages of deuterium-tritium fusion include abundant fuel availability, high technical feasibility, and significant energy gain potential, making it a viable path for achieving net energy gain and commercial power generation [3][12] Group 2 - Global electricity demand driven by data centers is projected to double from approximately 415 TWh to about 945 TWh by 2030, with a growth rate of around 15% per year, significantly outpacing other sectors [4][13] - Controlled nuclear fusion is seen as an ideal energy solution amidst rising electricity demand and carbon neutrality goals, with advancements in technology moving towards stable and economical operation [4][13] - Major projects like EAST and ITER are progressing towards achieving long-term stable operation and energy gain targets, with domestic and international companies actively pursuing fusion power generation [4][13] Group 3 - The value of midstream equipment manufacturing in the tokamak device sector is significant, with over 50% of the value chain attributed to midstream components such as vacuum chambers and superconducting magnets [5][14] - In the ITER project, the magnet system accounts for the highest value share at 28%, while other components like vacuum chamber internals and heating systems also contribute significantly [5][14] - The DEMO demonstration project is expected to shift focus towards high-temperature superconducting technology, further enhancing the value of midstream manufacturing [5][14] Group 4 - Domestic capital expenditure in the nuclear fusion sector is expected to exceed 95 billion yuan over the next five years, benefiting local companies involved in key projects [6][15] - Major projects like CFETR are estimated to require around 100 billion yuan in investment, with significant contributions from domestic enterprises in both upstream materials and midstream equipment manufacturing [6][15] - Companies such as Western Superconducting, Antai Technology, and China Nuclear Power are positioned to benefit from the ongoing advancements and investments in the nuclear fusion industry [6][15]

Core Insights - The commercialization of "ultimate energy" is no longer a science fiction concept but is entering a critical phase of industrialization with narrowing windows and diverging paths [2][9] - The global competition in fusion energy is transitioning from laboratory research to engineering practice and commercial application [2][3] Investment Landscape - The global fusion industry has experienced explosive growth, with total investments rising from $1.9 billion in 2021 to $9.7 billion, including an additional $2.6 billion in 2024 alone [1] - Nearly 40 countries are advancing fusion plans, with over 160 fusion devices either operational, under construction, or planned [3][4] Technological Developments - Three main technological routes for achieving controllable nuclear fusion are currently being pursued: magnetic confinement fusion, inertial confinement fusion, and magnetic inertial confinement fusion [3] - Significant milestones include the successful installation of the 400-ton, 18-meter diameter Dewar base for the BEST device in China, aiming for the first global fusion energy demonstration by 2030, ahead of the ITER project by over a decade [3][4] China's Unique Path - China is adopting a unique approach that balances ambition with pragmatism, focusing on a "three-in-one" ecosystem that integrates continuous innovation, resource integration, and rapid iteration [6][8] - The Chinese government has included fusion energy in its 14th Five-Year Plan, providing a clear direction and long-term expectations for the industry [6][7] Collaborative Ecosystem - A collaborative innovation ecosystem is being established in China, involving government, industry, academia, and finance to tackle common technological challenges [8] - The establishment of the China Fusion Energy Company, with a registered capital of 15 billion yuan, aims to lead large-scale experiments and material research [7] Challenges Ahead - The commercialization of controllable nuclear fusion faces significant challenges, including fundamental bottlenecks in core materials, extreme engineering integration challenges, and an immature industrial ecosystem [10][11] - Key hurdles include the need for advanced materials that can withstand extreme conditions, the integration of complex engineering systems, and the establishment of a robust regulatory framework [10][12]

Macro Overview - December overseas growth data exceeded expectations, with the US Federal Reserve lowering interest rates and starting balance sheet expansion, while the Bank of Japan signaled intervention in the yen [2][3] - Economic data showed a rebound in the service sector PMI for the US and Europe, while manufacturing continued to weaken [2] - The US November CPI cooled more than expected, primarily due to government shutdown impacts [2] Fixed Income Market - The bond market experienced significant adjustments, with the 30-year treasury yield rising nearly 4 basis points, and shorter maturities increasing by 2-3 basis points [3] - The market saw no significant new negative news, indicating that the adjustments were driven by trading factors and medium-term concerns [3] M&A Notes - The interbank market association announced optimization of the M&A note mechanism, enhancing fund usage flexibility and improving information disclosure [4] - As of December 26, 2025, 11 M&A notes were issued in December, totaling 11.8 billion yuan, with active participation from several state-owned and local enterprises [4] Liquidity Tracking - The public market saw a net injection of 155.2 billion yuan last week, with overall liquidity remaining balanced and slightly loose [5] - The average DR007 remained stable at 1.45%, while R007 increased by 1 basis point to 1.52% [5] Commodity Prices - The industrial sector showed a slight recovery in production rates, with black and colored metals prices continuing to recover, supported by inventory reduction [6] - The construction sector saw a slight narrowing in supply-demand declines, with a focus on future funding and project implementation [6] Utility and Environmental Sector - The industrial heating market in China is projected to reach 490.8 billion yuan, with a significant portion of heating consumption coming from residential and industrial sectors [9] - The potential for increased clean heating adoption is expected to support the growth of the industrial heating market, with power generation companies benefiting from this trend [9] Company Insights - Bailong Chuangyuan is positioned as a leader in functional sugars, with a target price of 28.00 yuan, reflecting a strong growth outlook driven by health trends and technological advantages [10] - Huanxu Electronics is expanding its production capacity for optical modules in Vietnam, aiming to enhance its position in the AI hardware market [12]

Investment Rating - The report maintains a "Buy" rating for Funiu Co., Ltd. and China Nuclear Power [9] Core Insights - The industrial heating market in China is projected to reach a scale of 490.8 billion yuan (~25 million tons of steam) by 2024, with industrial heating demand accounting for 75% of total heat consumption [1][3] - China's per capita heating consumption is significantly lower than the global average, indicating potential for growth in heating intensity as clean energy heating ratios increase [2][20] - The report forecasts that by 2030, power generation units such as coal, nuclear, waste incineration, and biomass will contribute an additional 225.9 billion yuan to the industrial heating market [4] Summary by Sections Heating Market Overview - In 2023, China's residential heating consumption reached 570.3 PJ, ranking first among major economies, but per capita heating is only 4.0 GJ/person, which is 67% lower than the global average of 12.22 GJ/person [2][17][20] - The disparity in heating intensity is attributed to China's vast territory and diverse climate zones, along with a fragmented heating model in southern regions [21] Industrial Heating Demand - Industrial heating accounted for 75% of China's total heat consumption in 2022, with the manufacturing sector being the largest consumer [44] - The report highlights that industrial heating is a continuous demand, primarily using steam, and is less seasonal compared to residential heating [43] Economic Analysis - The report indicates that the economic viability of industrial steam (cogeneration) is significantly better than pure electricity generation, enhancing profitability for power companies [3][44] - The cost of heating is linked to coal prices, with a projected increase in profitability for coal, nuclear, and waste incineration power plants due to additional heating services [3][4] Future Trends - By 2030, it is estimated that coal, nuclear, waste incineration, and biomass will supply 5.4, 0.7, 3.1, and 2.1 million tons of industrial steam respectively, contributing to a total market size of 225.9 billion yuan [4] - The report suggests that future power generation units will increasingly be equipped with heating capabilities, reflecting a shift in market dynamics [4]