Investment Rating - The investment rating for the company is "Buy" and it is maintained [12]. Core Insights - The company specializes in the design and manufacturing of large industrial modules, primarily applied in the chemical industry, and has extended its services to oil and gas, mining, water treatment, and nuclear power engineering [4][7]. - The company has secured a significant order for the construction and installation of modular components for the Ningde Phase II project, marking its first collaboration with China General Nuclear Power Group [9]. - The nuclear power sector is expected to experience accelerated growth, with the company poised to benefit from its technological capabilities and shareholder background [8][9]. Summary by Relevant Sections Company Overview - The company, established in 2006, has evolved from manufacturing cold boxes and small modules to providing a full range of engineering services, including design, procurement, modularization, and construction [22][30]. - The company has a stable shareholder structure, with significant ownership by China Nuclear Industry Second Construction Company, which may contribute to more nuclear orders [31]. Business Performance - In 2023, the company achieved a revenue of 3.242 billion yuan, a year-on-year increase of 88.39%, with a net profit of 190 million yuan, up 38.73% [33][34]. - The company has signed multiple large contracts since 2022, with a total expected value exceeding 4 billion yuan [37][38]. Market Position and Competitive Advantage - The company has established long-term partnerships with major international clients, including BASF and Honeywell, which enhances its market reputation and client retention [27]. - The modular construction approach offers significant advantages over traditional methods, including reduced construction time and costs, improved quality, and lower safety risks [53][56]. Future Outlook - The company is expanding its production capacity through a new facility in Nantong, which is expected to enhance its ability to meet growing demand in the oil and gas and nuclear sectors [10]. - The nuclear power sector is projected to grow significantly, with an average utilization of 7,683 hours for nuclear units in 2024, indicating strong policy support for nuclear energy development [8][64].

Investment Rating - The investment rating for the construction and decoration industry is "Positive" (maintained) [4] Core Views - Infrastructure investment is experiencing a short-term bottoming out, with cumulative year-on-year growth turning negative for the first time since 2004. In 2025, narrow infrastructure (excluding electricity) completed 18.08 trillion yuan, down 2.20% year-on-year, while broad infrastructure totaled 24.50 trillion yuan, down 1.48% year-on-year. December saw significant declines, with narrow and broad infrastructure down 12.22% and 15.95% year-on-year, respectively. Despite this, major strategic projects are expected to continue, and infrastructure investment is anticipated to stabilize and recover gradually [5][12][22]. Summary by Sections Infrastructure Investment - In 2025, narrow infrastructure investment completed 18.08 trillion yuan, down 2.20% year-on-year, while broad infrastructure totaled 24.50 trillion yuan, down 1.48% year-on-year. December saw a year-on-year decline of 12.22% for narrow infrastructure and 15.95% for broad infrastructure, with significant drops in water conservancy and public facilities management [5][12]. New Orders - New orders in 2025 showed a pattern of stability among central enterprises, with China State Construction, China Railway, China Electric Power, and China Energy achieving new orders of 4.15 trillion yuan, 2.75 trillion yuan, 1.33 trillion yuan, and 1.45 trillion yuan, respectively. Local state-owned enterprises exhibited more significant differentiation, with Shanghai Construction, Shaanxi Construction, and Pudong Construction seeing declines of 35%, 25%, and 23% year-on-year, while Sichuan Road and Bridge saw a substantial increase of 47% year-on-year [6][17]. Market Performance - The construction and decoration index rose by 1.88% during the week, with chemical engineering, steel structure, and international engineering leading the gains at 10.70%, 7.71%, and 4.49%, respectively. A total of 123 stocks in the construction sector rose, with the top five performers being Huawi Design (+51.92%), Zhite New Materials (+49.21%), and others [8][28]. Company Dynamics - Several companies reported significant changes in their financial performance for 2025. For instance, China Metallurgical Group expects a net profit decline of 76.28% to 80.73% due to ongoing losses in the real estate sector and substantial asset impairment provisions. In contrast, companies like Xinjiang Jiaojian anticipate a net profit increase of 50.14% to 125.22% [24][25].

Core Viewpoint - The A-share market is experiencing significant investment interest in the controllable nuclear fusion sector, with the Wind nuclear fusion index rising by 20.5% at its peak in January and currently up by 15.92%, with monthly trading volume exceeding 780 billion yuan [1][2]. Industry Developments - Several companies, including Zhongji HuanKe, Antai Technology, Tiangong International, and Xuguang Electronics, have disclosed their involvement in controllable nuclear fusion, while others have clarified their limited business scale to manage market expectations [2][13]. - The compact fusion energy experimental device (BEST) in Hefei has made significant progress, with key components successfully delivered, and it is expected to be completed by 2027, potentially becoming the first device to achieve fusion power generation [4][15]. - The controllable nuclear fusion industry is advancing rapidly in China, with a notable increase in commercialization efforts since 2022, and a significant number of startups emerging in the past five years, attracting around $6.5 billion in investments [6][16]. Market Performance - As of January 23, 2026, many nuclear fusion concept stocks have seen substantial gains, with companies like Zinc Industry Co., Yuguang Gold Lead, and Western Materials hitting their daily price limits [2][14]. - The stock prices of companies involved in nuclear fusion have shown significant increases, with Zhongji HuanKe's stock rising by 18.31% since the beginning of January [18]. Regulatory Environment - The implementation of the Atomic Energy Law on January 15, 2023, encourages and supports controllable nuclear fusion, providing a foundational framework for the industry's development [5][16]. Company Initiatives - Companies like Antai Technology and Tiangong International are actively participating in nuclear fusion projects, with Antai signing agreements for advanced filter projects and Tiangong achieving breakthroughs in neutron shielding materials [19][20]. - Star Ring Fusion announced a record-breaking 1 billion yuan A-round financing, with plans to complete engineering validation by 2028 and start construction of a commercial demonstration reactor by around 2032 [17][18].

Core Viewpoint - The announcement details the election of Yin Weiping as the Chairman of China Nuclear Engineering Construction Corporation (CNEC) and the subsequent adjustments to the board's specialized committees [1][2]. Group 1: Election of Chairman - On January 22, 2026, CNEC held its sixth meeting of the fifth board of directors, where the proposal to elect Yin Weiping as the Chairman was approved [2][4]. - Yin Weiping's term as Chairman will last until the end of the current board's term [2][3]. Group 2: Adjustments to Board Committees - Following the change in Chairman, adjustments were made to the members of the Strategic and Investment Committee and the Nomination Committee [3]. - The new composition of the Strategic and Investment Committee includes Yin Weiping (Convener), Dai Xiong Biao, Chen Xue Ying, Zhang Lu, and Wu Wan Liang [3]. - The Nomination Committee now consists of Yin Weiping (Convener), Wu Wan Liang, and Chen Li [3]. Group 3: Background of Yin Weiping - Yin Weiping, born in 1970, is a senior engineer and a member of the Communist Party, with extensive experience in various roles within the nuclear industry [5].

Group 1 - The first extraordinary general meeting of shareholders for China Nuclear Engineering Corporation was held on January 22, 2026, in Shanghai [2] - The meeting was convened by the board of directors and chaired by Director Dai Xiong Biao, with all procedures complying with relevant laws and regulations [2][6] - There were no rejected resolutions during the meeting, and the voting process was conducted in accordance with the company’s articles of association [2][4] Group 2 - The sixth meeting of the fifth board of directors was also held on January 22, 2026, with all eight directors present [8] - The meeting resulted in the unanimous election of Yin Wei Ping as the chairman of the board, with all votes in favor and none against [9] - The board committees were adjusted following the chairman's election, with Yin Wei Ping appointed as the convener of both the Strategy and Investment Committee and the Nomination Committee [12]

Group 1 - The company elected Yin Weiping as the chairman of the fifth board of directors, with a term starting from the date of the board's approval until the end of the current board's term [1][5][6] - The board meeting was held on January 22, 2026, with all 8 directors present, and the election of the chairman was unanimously approved with 8 votes in favor [4][6] - The company adjusted the members of the Strategic and Investment Committee and the Nomination Committee following the change in the chairman, with Yin Weiping as the convener of both committees [2]

Core Insights - The A-share market is experiencing significant investment interest in the controllable nuclear fusion sector, with the nuclear fusion index rising by 12.91% so far in January 2026, and monthly trading volume approaching 780 billion yuan [1] - Several companies, including Zhongji HuanKe and Antai Technology, are actively involved in the nuclear fusion business, while others are clarifying their limited involvement to manage market expectations [1] Industry Developments - The nuclear fusion industry in China has entered a rapid development phase, with significant progress reported in the compact fusion energy experimental device (BEST) located in Hefei, expected to be completed by 2027 [2] - The fundamental principle of controllable nuclear fusion mimics the sun's energy production, requiring extreme conditions to sustain the fusion reaction safely [2] - The implementation of controllable nuclear fusion typically involves magnetic confinement methods, with abundant and easily obtainable raw materials like deuterium from seawater [2] Market Participation - A-share market participants are focusing on the upstream, midstream, and downstream sectors of the Tokamak equipment supply chain, including superconducting materials and power plant operations [3] - The implementation of the "Atomic Energy Law" in China on January 15, 2026, supports the development of controlled thermonuclear fusion, laying a foundation for the emerging industry [3] Investment Trends - Over the past five years, approximately 6.5 billion USD has been invested in the commercialization of fusion energy, with around 70% of companies expecting to achieve their first commercial demonstration by 2035 [4] - Star Ring Fusion recently completed a record 1 billion yuan Series A financing, with plans to start commercial demonstration pile construction by around 2032 [5] - Companies like Zhongji HuanKe are exploring partnerships in the nuclear fusion sector, investing 30 million yuan in Star Ring Fusion while leveraging their expertise in high-tech fields [5] Corporate Activities - Antai Technology has engaged in significant projects related to nuclear fusion, including a partnership with the Hefei Comprehensive National Science Center for advanced filter development [6] - Tian Gong International has made breakthroughs in new materials for nuclear fusion devices, while Western Superconducting is involved in producing superconducting materials for international fusion projects [6]

Core Viewpoint - The company announced the election of Yin Weiping as the chairman of the board, effective from January 22, 2026, following the sixth meeting of the fifth board of directors [1] Group 1: Board Election - The fifth board of directors elected Yin Weiping as the chairman, with his term lasting until the end of the current board's tenure [1] - Yin Weiping has also been appointed as the secretary of the party committee of China Nuclear Engineering [1] Group 2: Committee Adjustments - Due to the change in the chairman, adjustments were made to the members of the Strategic and Investment Committee and the Nomination Committee [1] - The Strategic and Investment Committee will now be led by Yin Weiping, with members including Dai Xiongbao, Chen Xueying, Zhang Lu, and Wu Wanliang [1] - The Nomination Committee will also be chaired by Yin Weiping, with members Wu Wanliang and Chen Li [1]

证券代码：601611 证券简称：中国核建 公告编号：2026-010 中国核工业建设股份有限公司 关于选举董事长、调整董事会专门委员会委员的公告 中国核工业建设股份有限公司（以下简称"公司"）于2026年1月22日召开第 五届董事会第六次会议，审议通过了《关于选举董事长的议案》，现将有关情况 公告如下： 一、选举董事长有关情况 根据《公司章程》规定，公司董事会选举尹卫平董事担任第五届董事会董事 长，任期自董事会审议通过之日起至第五届董事会任期届满之日止。 尹卫平董事简历详见公司于2026年1月7日披露的《中国核建关于董事长、法 定代表人离任及提名董事的公告》（公告编号：2026-002）。 二、调整董事会专门委员会委员有关情况 根据《公司章程》规定，因公司董事长变更，对董事会战略与投资委员会、 提名委员会成员进行调整，调整后的情况如下： 1.战略与投资委员会：尹卫平（召集人）、戴雄彪、陈学营、张路、吴万良； 2.提名委员会：尹卫平（召集人）、吴万良、陈力。 特此公告。 中国核工业建设股份有限公司董事会 2026年1月23日 公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其 ...

北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 电话：010-88004488/66090088 传真：010-66090016 邮编：100005 北京国枫律师事务所 关于中国核工业建设股份有限公司 2026 年第一次临时股东会的 法律意见书 国枫律股字[2026]A0020 号 致：中国核工业建设股份有限公司（贵公司） 3．本所及经办律师依据《证券法》《证券法律业务管理办法》《证券法律业务执业 规则》等规定及本法律意见书出具日以前已经发生或者存在的事实，严格履行了法定职 责，遵循了勤勉尽责和诚实信用原则，进行了充分的核查验证，保证本法律意见所认定 的事实真实、准确、完整，所发表的结论性意见合法、准确，不存在虚假记载、误导性 陈述或者重大遗漏，并承担相应法律责任； 4．本法律意见书仅供贵公司本次会议之目的使用，不得用作任何其他用途。本所 律师同意将本法律意见书随贵公司本次会议决议一起予以公告。 本所律师根据《公司法》《证券法》《股东会规则》《证券法律业务管理办法》《证 券法律业务执业规则》等相关法律、行政法规、规章、规范性文件的要求，按照律师行 业公认的业务标准、道德规范和勤勉尽责精神，对贵公司 ...