Group 1: Global Uranium Production and Demand - Nuclear power plants are crucial for global electricity supply, with uranium mines being the primary raw material, especially for populous countries like China, India, and the US [1] - The US, as the world's largest nuclear power producer, faces a structural crisis with a domestic uranium production of only 317 tons in 2024, while its actual consumption reaches 19,000 tons, leading to a 98% reliance on imports [4] - India's reported uranium production of 400 tons is contradicted by its low ore grade and outdated extraction technology, resulting in an effective supply of only about 240 tons [10][11] Group 2: Challenges in the US Uranium Industry - The US uranium industry has been weakened by historical government disinvestment, leading to a significant decline in domestic production capacity and reliance on foreign sources, including 27% of enriched uranium from Russia [4][6] - Environmental and regulatory challenges hinder the revival of uranium mining projects in the US, with local disputes and ecological concerns delaying operations [8] - The average age of uranium workers in the US is 57, indicating a critical shortage of skilled labor and a lack of sustained policy support for the industry [8] Group 3: India's Uranium Mining Issues - India's uranium mining operations face severe environmental health crises, with groundwater uranium levels exceeding safe limits and inadequate waste management practices [13][15] - The lack of transparency in resource assessment and the influence of local corruption have led to skepticism regarding India's reported uranium reserves [13][15] - Despite regulatory frameworks, the intertwining of local interests and mining companies has resulted in increased ecological costs associated with higher uranium production [15] Group 4: China's Advancements in Uranium Production - China has significantly increased its uranium production to over 1,800 tons annually, accounting for 7% of global output, driven by advancements in in-situ leaching technology [17][19] - The successful application of proprietary leaching technology has transformed previously unviable uranium deposits into strategic resources, enhancing production efficiency and environmental sustainability [19][21] - China's diversified global supply chain includes significant uranium imports from Kazakhstan, which have increased from 18% in 2019 to 37% in 2024, reflecting a shift away from reliance on Russia [24] Group 5: Future Outlook for Uranium Resources - The strategic importance of uranium resources is likened to "black gold" in the oil era, with predictions of a doubling in global uranium demand by 2040 [26] - Long-term investment in technological innovation and commitment to green development are essential for achieving energy security in a zero-carbon future [26]

| 证券研究报告| 行业研究丨深度报告丨公用事业 歧路无喧, 电启新程- 公用事业行业 2025 年 度中期投资策略 请阅读最后评级说明和重要声明 丨证券研究报告丨 %% %% %% %% research.95579.com 报告要点 [Table_Summary] 当前电力行业迎来新起点：1）火电：电改的持续深化推进或将催化火电板块的估值锚切换，聚 焦下半年将迎来的电价博弈，目前来看 2025 年现货电价并不脆弱且无需以现货电价外推至年 度长协；若下半年因电价担忧边际映射造成火电股价承压，广东火电或迎来布局良机。2）绿电： 在 136 号文出台后迈入需求主导新周期，同时部分省份风电现货电价的陆续触底以及绿电绿证 供需压力缓解，电价矛盾进入缓和通道，同时风能资源将从历史低位显著修复，重视绿电左侧 布局机遇。3）水核：以夏普比率的视角来审视，板块中最被低配的水核资产，无疑是最符合公 募新规导向的，在当前的低利率环境中长期稳定回报的水核资产稀缺性将日益凸显。 分析师及联系人 [Table_Author] 张韦华 司旗 宋尚骞 SAC：S0490517080003 SAC：S0490520120001 SAC：S ...

截至午间收盘，在银行股持续发力下，上证指数维持红盘，上涨0.21%，深证成指跌 0.32%，创业板指数跌0.58%。 | 行情 | 资金净流入 | 涨跌分布 | | --- | --- | --- | | 上证指数 | 深证成指 | 北证50 | | 3451.69 | 10431.98 | 1450.28 | | +7.27 +0.21% -33.14 -0.32% +3.10 +0.21% | | | | 科创50 | 创业板指 | 万得全A | | 995.06 | 2140.47 | 5308.68 | | -8.36 -0.83% -12.55 -0.58% | | -6.19 -0.12% | 全市场超3400只个股下跌，个股跌多涨少。沪深两市成交额持续放量，半日成交额达9606亿 元，较上个交易日放量463亿元。 盘面上，银行股反弹，光刻机概念股盘中拉升；两部门发布《支持创新药高质量发展的若干 措施》，创新药概念股走强，贵州百灵、塞力医疗涨停；7月全国多地将迎来用电高峰，电力 股普涨，华电辽能、华银电力涨停；军工股局部活跃，中船应急直线拉涨停。 下跌方面，多元金融、跨境支付、固态电池等板块跌幅居 ...

Market Overview - The A-share market showed mixed performance with the Shanghai Composite Index up by 0.21%, while the Shenzhen Component and ChiNext Index fell by 0.32% and 0.58% respectively, as of midday trading [1] - Total market turnover reached 981.3 billion yuan, an increase of 48.7 billion yuan compared to the previous day, with over 3,400 stocks declining [1] Sector Performance - The semiconductor industry chain saw a collective rise, with photolithography machines and advanced packaging leading the gains. Notable stocks included Kai Mei Te Qi (涨停) and Xu Guang Electronics (涨停) [1] - The power sector experienced an initial surge, with Huadian Liaoning Energy (涨停) and Huayin Power (涨停) hitting the upper limit [1] - The innovative drug sector was active, with Guizhou Bailin (涨停) and Seli Medical (涨停) also reaching the upper limit [1] - The banking sector rebounded collectively, with Shanghai Pudong Development Bank and China Construction Bank reaching historical highs [1] - The diversified financial sector faced adjustments, with Hongye Futures (跌停) and other stocks like Nanhua Futures and Yong'an Futures showing significant declines [1] - Digital currency concept stocks continued to decline, with Jingbeifang (跌停) and other stocks like Jida Zhengyuan and Youbuxun experiencing drops [1] Notable Stocks and Trends - Chengbang Co., Ltd. achieved a four-day consecutive limit-up [2] - Jihua Group and several other stocks recorded three consecutive limit-ups [3] - The "specialized, refined, and new" sector saw 11 stocks hitting the upper limit, with Jihua Group and Xuedilong as representatives [4] - The chip concept sector had 10 stocks hitting the upper limit, with Chengbang Co., Ltd. and Xuedilong leading [5] - The military industry sector also had 10 stocks hitting the upper limit, with Jihua Group and Sichuan Chuangxin Electronics as key representatives [6] IPO Activity - Multiple "unicorn" and "little giant" companies have had their IPO applications accepted by the Shanghai Stock Exchange, including Moer Thread and Muxi Co., Ltd. Moer Thread aims to raise 8 billion yuan for GPU development, while Muxi Co., Ltd. plans to raise 3.904 billion yuan for AI-related GPU products [8] - The Shanghai Stock Exchange has accepted 30 IPO applications this year, with over 70% from the Sci-Tech Innovation Board, promoting a positive cycle between technology, capital, and industry [8] Policy Support for Innovative Drugs - The National Healthcare Security Administration and the National Health Commission issued measures to support the high-quality development of innovative drugs, encouraging commercial health insurance to expand investment in innovative drugs [9]

文 | 吉木萨尔县融媒体中心 相关阅读 3GW/12.8GWh！海博思创/远景科技/星辰新能/中电储能等参与！内蒙古鄂尔多斯储能电站项目开工 宁夏最大构网型！祥核云储200MW/400MWh光储充一体化共享储能电站开工 600MW/2400MWh！新疆两大储能项目同日开工 项目采用先进磷酸铁锂储能技术，集成变流升压系统与能量管理系统，具备独立参与电网调频调 峰、电力市场交易及容量补偿能力，可实现削峰填谷、负荷跟踪等多重功能。作为EPC+运维全 周期管理项目，水电十六局将提供20年全周期服务。 该项目开工标志着我国新型储能产业发展迈入新阶段。项目建成后，年调峰能力达21.6亿千瓦 时，相当于1.2亿平方米森林年固碳量，可有效缓解乌兰察布新能源基地弃风弃光压力，提升电 网稳定性。还将增加内蒙古电网灵活性调节资源，助力自治区实现2025年新能源装机占比超 50% 的目标，为华北电网安全稳定运行筑牢支撑。同时，通过大规模应用先进电化学储能技 术，项目为构建以新能源为主体的新型电力系统提供具有重要示范意义的"内蒙古方案"，对推动 全国储能产业技术升级与规模化发展具有深远影响。 6月26日，内蒙古乌兰察布市察右中旗100 ...

美股市场在6月30日迎来上半年最后一个交易日，三大指数集体收涨。道琼斯工业平均指数上涨275.50 点，涨幅0.63%，收于44094.77点。纳斯达克综合指数上涨96.27点，涨幅0.47%，收于20369.73点。标准 普尔500指数上涨31.88点，涨幅0.52%，收于6204.95点。纳指与标普500指数均创下历史收盘新高。 美国国债收益率回落，10年期利率跌4.5个基点至4.24%，两年期利率跌1.6个基点至3.73%。亚特兰大联 储主席博斯蒂克表示，他仍然认为今年将降息一次，2026年将三次降息。 纳斯达克中国金龙指数下跌0.4%，网易上涨1.4%，百度下跌0.4%，阿里巴巴下跌0.6%，京东下跌 1.3%。国际油价下跌，WTI原油近月合约跌0.63%，报65.11美元/桶，布伦特原油近月合约跌0.24%，报 67.61美元/桶。随着美元走弱，国际金价企稳反弹，纽约商品交易所7月交割的COMEX黄金期货涨 0.63%，报3294.90美元/盎司，二季度累计上涨5.50%。 本文源自：金融界 谷歌股价下跌1.1%，公司签署了200兆瓦清洁聚变电力的承购协议。其他明星科技股表现分化，Meta上 涨0. ...

对电网板块可以更积极些 20250630 摘要 特高压项目加速，直流线路核准开工，预计全年核准开工 3-4 条，带动 换流阀招标金额达 120 亿，同比翻倍。高压 IGBT 技术瓶颈缓解，国电 南瑞将逐步使用自研技术，交流特高压百万伏 GIS 需求量预计超 80 间 隔，同比增长 40%。 国网年终调增 200 亿固定资产投资至 7,000 亿，同比增长近 12%，主 要投向配网，包括老旧设备更新改造和数字化投资，配网整体投资增速 接近 10%。区域联采打破壁垒，头部企业市占率提升，如三星医疗、许 继电气、东方电子等。 配网投资需求体现在老旧设备更新、城中村及二三线城市可靠性提升、 县域电网薄弱环节改造、农村电网自动化智能化建设等方面，包括智能 融合终端、分布式四可关口表安装，以及 AI 技术应用。 区域联采初期虽有降价，但不可持续。变压器价格平均降幅约 10%，一 二次融合环网箱与柱上断路器降幅 20%-30%。毛利率下降至影响产品 质量与安全稳定性的临界点，预计价格将趋于稳定。 Q&A 近期电网板块有哪些重要动态？ 近期电网板块有两个重要动态。首先是直流特高压项目的核准启动，标志着今 年直流特高压建设的开 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 整体观点： 1、风电：风电整机售价趋于稳定、机组大型化及零部件降本将推动整机环节26年盈利持续改善。136号文 重塑新能源装机逻辑，因风电出力曲线较优，风电开发及电站销售有望回暖。短期内6月风电招标及2季度 业绩或将承压，我们认为市场已逐步消化以上问题，后续相关指标改善的预期正逐步形成。 风险提示： 新能源政策风险；出口贸易政策风险；电网投资不及预期；新技术发展不及预期风险；原材料 价格波动风险。 发布日期： 2025-06-29 免责声明 本订阅号是光大证券股份有限公司研究所（以下简称"光大证券研究所"）依法设立、独立运营的官方唯一订阅号。其他任 何以光大证券研究所名义注册的、或含有"光大证券研究"、与光大证券研究所品牌名称 ...

智通财经6月30日电，谷歌签署200兆瓦清洁聚变电力的承购协议。 ...

Core Viewpoint - The completion of three key renewable energy projects by State Grid Inner Mongolia Electric Power Construction Management marks the successful establishment of a transmission channel for the 1 million kilowatt wind-storage base in Inner Mongolia, which will deliver 3.6 billion kilowatt-hours of renewable energy annually to East China, significantly reducing coal consumption and carbon emissions [1][3][11]. Group 1: Project Overview - The three completed projects include the 500 kV new energy gathering and transformation project at Taohomu, the 500 kV line project connecting Tongliao and Xingan, and the 220 kV outgoing project from the 1 million kilowatt wind-storage base in Keyou Zhongqi [3][9]. - The total investment for these projects is 1.69 billion yuan, involving the construction of one new 500 kV substation, 338.96 kilometers of 500 kV lines, and 116.9 kilometers of 220 kV lines, enhancing the capacity for renewable energy integration [3][5]. Group 2: Construction Efficiency - State Grid Inner Mongolia Electric Power has implemented a collaborative approach to ensure timely project operation, establishing a "point-to-point" communication mechanism to quickly resolve issues and facilitate continuous construction [5][7]. - The construction of the Taohomu 500 kV project achieved remarkable efficiency, completing feasibility studies in 39 days and obtaining approval in just 10 working days [5][7]. Group 3: Integration into National Grid - The projects are designed to connect the 1 million kilowatt wind-storage base to the national grid, optimizing electricity distribution across the country and enhancing the economic advantages of resource-rich areas [11][13]. - The integration into the national grid will facilitate the optimal allocation of electricity resources nationwide, ensuring stable power supply while promoting the green transformation of economically disadvantaged regions [11][13]. Group 4: Environmental Impact - The renewable energy projects are expected to save over 1.2 million tons of standard coal and reduce nitrogen oxides and carbon dioxide emissions by approximately 3.2 million tons annually [1][3]. - The cumulative external power transmission from the completed ultra-high voltage projects has exceeded 730 billion kilowatt-hours, equivalent to the annual electricity consumption of 280 million households, contributing to significant carbon emission reductions [3][11].