Core Viewpoint - The implementation of the "Merger and Acquisition Six Policies" has accelerated the development of new productivity in Shenzhen-listed companies, with a total of 767 disclosed mergers and acquisitions amounting to 294 billion yuan since the policy's introduction [1]. Group 1: Mergers and Acquisitions Overview - A total of 767 mergers and acquisitions have been disclosed, with a combined value of 294 billion yuan, including 89 major asset restructurings valued at 114.9 billion yuan [1]. - Recent restructuring cases show characteristics such as accelerated industry integration, promotion of transformation and upgrading, and strengthening supply chains [2]. Group 2: Industry Integration - Central state-owned enterprises are leading in asset integration, with 16 representative cases, such as Electric Power Investment Corporation's acquisition of 100% of Electric Power Nuclear Energy, facilitating the integration of nuclear power assets [3]. - The market has seen an increase in transactions, with 58 deals, including BGI's acquisition of a leading EDA company, enhancing its EDA solution capabilities [3]. - Longyang Electronics plans to acquire 100% of Deyou New Materials, expanding its product offerings in functional coating composite materials [3]. Group 3: Cross-Industry Mergers - Some companies are pursuing cross-industry mergers for transformation and upgrading, particularly in the semiconductor and high-end equipment sectors, with 16 such deals [4]. - Yanggu Huatai plans to acquire 100% of Bomi Technology, focusing on polyimide materials for semiconductor packaging [4]. - Jinhui Electric intends to acquire 100% of Haideli, expanding into high-pressure fluid equipment for aerospace and hydrogen energy applications [4]. Group 4: Target Asset Selection - IPO candidates are a significant source of merger targets, with 23 restructuring cases involving companies that have applied for IPOs [5]. - Zhongke Technology plans to acquire 98.88% of Zhongke Xiyi, enhancing its competitiveness in the equipment manufacturing sector [5]. - Chunhui Intelligent Control intends to acquire 61.29% of Chunhui Instruments, broadening its business scope in temperature sensing technology [5]. Group 5: Innovative Payment Methods - Innovative payment methods for restructuring transactions have emerged, including the use of targeted convertible bonds [6]. - Fulede plans to acquire a leading copper-clad ceramic substrate manufacturer using shares and convertible bonds, integrating quality semiconductor resources [6]. - Lingyi Zhizao intends to acquire 66.46% of Jiangsu Keda using convertible bonds and cash, deepening its automotive industry presence [6]. Group 6: Future Outlook - Industry experts believe that the combination of policy guidance, capital empowerment, and industrial upgrading will enhance the competitiveness of Shenzhen-listed companies in the global market [6].

Summary of Conference Call Records Company and Industry Involved - **Kunlun Wanwei Technology Co., Ltd.** (昆仑万维) - **China Nuclear Technology Co., Ltd.** (中核科技) - **Zhonggang Tianyuan Co., Ltd.** (中钢天源) Key Points and Arguments Kunlun Wanwei Technology Co., Ltd. 1. **AI Commercialization Progress**: The company has made significant progress in AI commercialization, with monthly revenue from AI social applications exceeding $1 million, making it one of the fastest-growing Chinese AI applications overseas. As of March 2025, the annual recurring revenue (ARR) from AI music reached approximately $12 million, and the DramaWave platform's ARR reached $120 million, accelerating the AI commercialization process [1][2][3]. 2. **Upcoming Product Launch**: The company plans to launch the world's first productivity scenario general-purpose Agent platform, Skywork.ai, in mid-May 2025. This product focuses on high-frequency usage scenarios and consists of five expert-level AI agents optimized for various content types, supported by a research module comparable to OpenAI's quality [3]. 3. **DramaWave Performance**: As of the end of Q1, DramaWave generated approximately $10 million in monthly revenue, with a cumulative download exceeding 30 million and over 10 million monthly active users, positioning it among the top five in the industry and leading the Chinese short drama export sector [4]. China Nuclear Technology Co., Ltd. 1. **C14 Domestic Production**: The Qinshan Nuclear Power Plant has begun producing C14 isotopes commercially, reducing reliance on imports. This development is expected to enhance the company's profit margins, particularly for its products used in breath test diagnostics for Helicobacter pylori infections [5][7]. 2. **Nuclear Power Orders**: The company currently holds nearly $3 billion in nuclear power orders, distributed across several projects, including Jiangsu Xuwei Nuclear Energy Heating Power Plant and Fuzhou Nuclear Power projects. The nuclear power industry is entering a new development phase, benefiting from favorable policies [8]. 3. **Capacity Expansion**: The company has completed the first two phases of its nuclear capacity expansion, which allows for the production of valves for eight nuclear units simultaneously. The third phase, expected to be completed by the end of 2025, will increase this capacity to ten units [9]. Zhonggang Tianyuan Co., Ltd. 1. **Market Share in Manganese Tetroxide**: The company has achieved a 50% market share in battery-grade manganese tetroxide, with production capacity increasing from 5,000 tons to 35,000 tons since 2013. The product's performance and stability have contributed to its market acceptance [10]. 2. **Special Graphite Materials**: The company is involved in national-level key technology projects related to special graphite materials, with plans to undertake additional projects in 2024, which will inform its industrial development strategy [11]. 3. **NdFeB Demand Growth**: The company has a production capacity of 2,000 tons for NdFeB raw materials, covering the entire process from smelting to surface treatment. The demand for NdFeB products is increasing due to growth in the automotive and robotics sectors [12]. Other Important Content - The conference call records emphasize the importance of AI and nuclear technology advancements in driving future growth for the respective companies. The focus on domestic production capabilities and market leadership in specific sectors highlights strategic initiatives aimed at enhancing profitability and market presence [5][8][10].

证券代码：000777 证券简称：中核科技 公告编号：2025-034 中核苏阀科技实业股份有限公司 第二十九次股东大会（2024 年年会）决议公告 本公司及董事会全体成员保证公告信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或者重大遗漏。 特别提示： 1.本次股东大会未出现否决议案的情形； 2.本次股东大会未涉及变更前次股东大会决议。 一、会议召开和出席情况： 1.召开时间： （1）现场会议时间：2025 年 5 月 9 日（星期五） 15:00 （2）网络投票时间：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 5 月 9 日交易日 9:15～9:25、9:30～11:30 和 13:00～15:00；通过深圳证券交易所互联 网投票系统投票的时间为 2025 年 5 月 9 日 9:15 至 2025 年 5 月 9 日 15:00 期间的任意时间。 2.现场会议召开地点：苏州市珠江路 501 号公司 108 会议室 3.召开方式：采用现场投票和网络投票相结合的方式 4.会议召集人：公司董事会 本次会议以现场投票与网络投票相结合的方式召开。出席本次会议的股东及代表共计 315 ...

中核科技股东大会 法律意见书 国浩律师（南京）事务所关于 中核苏阀科技实业股份有限公司 2024 年年度股东大会的法律意见书 致：中核苏阀科技实业股份有限公司 根据《中华人民共和国公司法》、《中华人民共和国证券法》等法律、法规、 规范性文件以及《中核苏阀科技实业股份有限公司章程》（以下简称"《章程》"） 的规定，国浩律师（南京）事务所（以下简称"本所"）接受中核苏阀科技实业 股份有限公司（以下简称"公司"或"中核科技"）的委托，委派本所律师出席 中核科技 2024 年年度股东大会（以下简称"本次股东大会"），就本次股东大 会的召集、召开程序、出席会议人员资格、召集会议人员的资格、会议表决程序 和结果进行见证并对其合法有效性等事项出具法律意见。 在本法律意见书中，本所律师仅对本次股东大会的召集和召开程序、出席会 议人员的资格、召集人资格、会议表决程序和表决结果是否符合法律、法规以及 公司《章程》的规定发表意见，并不对本次股东大会所审议的议案内容以及该等 议案所表述的事实或数据的真实性、准确性和完整性发表意见。公司已向本所律 师确认及承诺，公司提交给本所律师的资料（包括但不限于有关人员的身份证明、 股票账户卡、授 ...

Group 1: Financial Performance - In 2024, the company's nuclear power revenue reached 840 million, a significant increase of 35% year-on-year [2] - The gross profit margin for 2023 was 30.4%, while it fluctuated to 24.2% in 2024, indicating substantial variability [2] - The company currently holds nearly 3 billion in nuclear power orders, with a steady approval pace for new projects [2][3] Group 2: Production Capacity and Expansion - The company’s nuclear power production capacity can currently support the production of valves for 8 reactor units, with an expected increase to 10 units after the completion of the third phase of expansion by the end of 2025 [3] - The company has completed the first two phases of its nuclear power capacity expansion, enhancing various testing and processing equipment [3] Group 3: Market Strategy and Product Development - The company is actively developing new products in response to market changes, including large-diameter control valves and ultra-high-pressure valves [4] - The company has a strong focus on the oil and chemical sector, adapting to market pressures by optimizing production processes and seeking international partnerships [4][5] Group 4: Export and International Business - In 2024, the company achieved 147 million in direct export revenue, marking an 84% increase, primarily from API standard valves sold to regions including the Middle East, Europe, and Southeast Asia [6] - The company has a history of significant orders in the coal chemical sector, with ongoing participation in various projects [5][6] Group 5: Corporate Governance and Future Planning - The company emphasizes value management and has established a comprehensive system for market value management, focusing on enhancing intrinsic value [7] - Future strategic planning includes strengthening the valve business and exploring capital operations to achieve industry breakthroughs [7]

2.截至本公告披露之日，除《中核苏阀科技实业股份有限公司发行股份购买 资产并募集配套资金暨关联交易预案》披露的风险因素外，公司尚未发现可能导 致本次交易中止、取消或者对本次交易方案作出实质性变更的相关事项，本次交 易工作正在有序进行中。 一、本次交易的基本情况 股票代码: 000777 公司简称：中核科技 公告编号:2025-035 中核苏阀科技实业股份有限公司 关于发行股份购买资产并募集配套资金暨关联交易 的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 重要提示： 1.中核苏阀科技实业股份有限公司（以下简称"公司"）于 2025 年 1 月 14 日公告的《中核苏阀科技实业股份有限公司发行股份购买资产并募集配套资金暨 关联交易预案》"重大事项提示"及"重大风险提示"中，详细披露了公司拟发 行股份购买资产并募集配套资金（以下简称"本次交易"）可能存在的风险因素 及尚需履行的其他程序，敬请广大投资者注意投资风险。 本次交易的整体方案由发行股份购买资产和募集配套资金两部分组成。本次 交易公司拟通过发行股份方式，购买中国核电工程有限公司、国华军民融合产业 ...

国防军工行业点评 ➢ 投资建议：我们认为，核能作为我国新型战略能源，具有长期成长价值，核 聚变重点项目的持续推进和 SMR 供电项目论证或将加速行业发展。建议关注： 可控核聚变：【真空室与结构件】国光电气、安泰科技、旭光电子、国力股 份、合锻智能、兰石重装、国机重装；【超导】西部超导、精达股份（上海超导）、 联创光电、永鼎股份；【热交换系统】东方电气；【电源系统】弘讯科技（EEI）； 【特种金属】西部材料（天力复合） 模块化反应堆：【总体/运营】中国核电；中国广核；【工程/零部件制造】中 国核建；佳电股份；中密控股；景业智能；应流股份；江苏神通；中核科技；【特 种金属】久立特材；中洲特材；图南股份。 ➢ 风险提示：可控核聚变相关研发进度不及预期；核能政策变化等。 推荐 维持评级 [Table_Author] 分析师 尹会伟 执业证书： S0100521120005 邮箱： yinhuiwei@mszq.com 分析师 孔厚融 执业证书： S0100524020001 邮箱： konghourong@mszq.com 分析师 冯鑫 执业证书： S0100524090003 相关研究 可控核聚变进入发展关键期；S ...

Group 1 - The People's Bank of China, the China Securities Regulatory Commission, and other departments will hold a press conference on May 7 to discuss a package of financial policies aimed at stabilizing the market and expectations [1] - The Chinese Minister of Finance expressed confidence in achieving a GDP growth target of around 5% by 2025, highlighting China's contribution to global economic growth [2] - The Chinese Foreign Ministry announced that China and the European Parliament have agreed to fully lift restrictions on mutual exchanges, aiming to enhance dialogue and cooperation [3] Group 2 - The onshore RMB appreciated significantly, reaching its highest level since November of the previous year, with expectations for future fluctuations between 7.10 and 7.20 [4] - Domestic gold jewelry prices have risen back to the 1,000 RMB mark, influenced by geopolitical risks, the US dollar exchange rate, and central bank gold purchases [5] - Reports indicate that Apple's AI is expected to launch in mainland China with support from Alibaba and Baidu, with Baidu's model serving as the core engine [6] Group 3 - US stock indices opened lower, with major tech stocks experiencing declines, including Tesla and Nvidia [7] - Six governors from northeastern US states are seeking to strengthen economic ties with Canada to counteract aggressive trade policies from the previous administration [8] - Former President Trump is hosting two cryptocurrency fundraising events, raising concerns about his family's ties to the crypto industry [9] Group 4 - Friedrich Merz, the candidate for Chancellor from the German CDU party, failed to secure a majority in the first round of voting, marking a historic event in post-WWII Germany [10] - A Chinese research team has launched a fourth-generation quantum computing measurement and control system, indicating advancements in the quantum computing industry [11] - Alibaba's Tongyi Qianwen model has topped a global open-source model evaluation ranking [12] Group 5 - Huayi Brothers plans to acquire a 60% stake in San Aifu for 4.09 billion RMB to expand its business in the fluorine chemical sector [18] - The sales of new energy vehicles by Seres reached 31,488 units in April, reflecting a year-on-year growth of 12.99% [18] - Neuralink's brain-machine interface device has received breakthrough medical device certification from the FDA [17]

Core Viewpoint - The article highlights the advancements and applications of smart valve systems in various sectors, particularly in smart water management, energy, and environmental protection, showcasing significant improvements in efficiency and sustainability. Group 1: Smart Water Management - Far East Valve Group has introduced a remote-controlled smart pressure regulating valve with IoT technology, achieving an 18% reduction in leakage rates during the renovation of old pipelines [1] - Shanghai Qizhong Valve has deployed over 2000 IoT valves in the Shenzhen Maozhou River governance project, resulting in a fault response time of 15 minutes and a pipeline leakage rate of less than 5% [3] - The Southeast Asia smart city project features a remote control system that covers the entire lifecycle of the water supply network, leading to a 30% reduction in energy consumption [4] - Crown Dragon Valve has implemented edge computing technology in smart water management, enhancing response speed to water level changes by five times with a latency of less than 50ms [5] Group 2: Energy and Industrial Applications - Suzhou Neway Valve has developed a 28-inch underwater ball valve for deep-sea oil and gas applications, certified by DNV, with a cost reduction of 40% compared to imported products [6] - LNG ship valves equipped with edge computing technology optimize the low-temperature operation cycle, achieving a global coverage rate of 40% for new LNG ships [7] - China Nuclear Su Valve Technology has established an intelligent processing workshop for forged steel valve bodies, utilizing industrial robots and 5G technology, achieving over 90% localization rate for nuclear-grade valves and a 20% reduction in labor costs [8] - Jiangsu Shentong Valve has integrated an AI fault diagnosis module in the metallurgical blast furnace gas recovery system, improving energy efficiency by 25% [9] Group 3: Environmental and New Energy Innovations - DI Intelligent Control Technology has applied AI health monitoring technology in the smart pipeline network of Beijing's sub-center, achieving a 98% accuracy rate in early warnings and a 90% reduction in burst pipe incidents [10] - In the Xiong'an New Area underground pipeline corridor project, adaptive pressure regulating valves achieve dynamic pressure balance in the pipeline network [11] - Shandong Oubiao has developed a worm gear self-locking control module that allows for millimeter-level adjustment of gate positions, saving over 100,000 yuan in cable costs for solar power supply systems [12] Group 4: Cross-Industry Innovations - The oil and chemical industry has achieved a 45% coverage rate of IoT technology, with corrosion-resistant smart valves supporting the lifecycle modeling of chemical parks [14] - Sanhua Holdings Group has integrated a temperature-pressure dual feedback mechanism in the smart valve for lithium battery cooling systems, resulting in a 35% reduction in failure rates in energy storage projects [14] - Key technological trends include edge computing and digital twin models enhancing response speed and predictive accuracy, green energy adaptation promoting carbon neutrality in water facilities, and the integration of blockchain and AIoT for data security and operational transparency [14]

【中信证券新材料】行业跟踪点评：关注自主可控同时有明显增量的核聚变&核电、半导体及机器人材料 （2025/5/6） 关税影响暂时趋于缓和，但中期展望贸易形势仍旧较为复杂，我们看好以内需为主导，景气度长期向上的可控 核聚变、核电、军工等标的，同时建议关注机器人材料在政策引导下的板块回暖，以及半导体相关材料和零部件 自主可控和国产替代的持续演绎。 可控核聚变：5月1日BEST项目工程总装工作正式 【中信证券新材料】行业跟踪点评：关注自主可控同时有明显增量的核聚变&核电、半导体及机器人材料 （2025/5/6） 核聚变关键零部件在国内均有成熟供应体系，受外部冲击较小，作为新基建可拉动产业链需求释放。 建议关注国光电气、合锻智能、永鼎股份等。 核电：中越、中马联合声明提及核电合作，我们判断核电出口预期加强，有望进一步打开市场空间，建议关注 大西洋、中核科技、中密控股等。 人形机器人：板块回调较早且幅度较深，政策驱动下反弹趋势更为确定，建议关注南山智尚、同益中、福莱新 材、聚杰微纤。 半导体：美国特朗普政府可能最快于本周公布针对半导体加征关税的细节，市场预估税率可能高达25%～ 100%，国内将加快科技自立自强步伐，国 ...