Group 1: Market Performance - The three major indices experienced adjustments, with the Shanghai Composite Index down 0.2%, Shenzhen Component Index down 0.62%, and ChiNext down 0.65% [2] - Over 1,100 stocks rose in the two markets, with a total trading volume of approximately 1.06 trillion yuan [2] Group 2: Key Sectors and Stocks - PEEK materials saw significant gains, with New Han New Materials (301076.SZ) rising over 12% and Zhongxin Fluorine Materials (002915.SZ) up over 5% [2] - The gaming sector performed strongly, with Sheng Tian Network (300494.SZ) increasing over 9% and other companies like Youzu Network (002174.SZ) and Perfect World (002624.SZ) also rising [2] - Nuclear power concept stocks performed well, with Huayin Power (600744.SH) and Tianwo Technology (002564.SZ) both rising 10% [3] Group 3: Regulatory Developments - The National Press and Publication Administration approved 118 domestic online games in April 2025, with a total of 510 game licenses issued so far this year [2][3] - The approval of 10 new nuclear power units marks the first domestic nuclear power project approval in 2025, with an estimated total investment of around 200 billion yuan [3] Group 4: Sector Weakness - Real estate, beverage manufacturing, and white goods sectors faced significant declines, with companies like Shilianhang (002285.SZ) dropping nearly 10% [4] - The automotive and battery supply chain also weakened, with major players like BYD (002594.SZ) and CATL (300750.SZ) experiencing declines [4]

Group 1: Charging Infrastructure Development - The National Energy Administration (NEA) is formulating policies to encourage the construction and renovation of high-power charging facilities, focusing on highway service areas for immediate charging scenarios [1][3] - As of March 2025, the number of charging infrastructure in China is expected to reach 13.749 million units, a year-on-year increase of 47.6%, including 3.9 million public charging facilities and 9.849 million private ones [1][2] - By the end of 2024, the number of new energy vehicles (NEVs) in China is projected to reach 31.4 million, accounting for 8.90% of the total vehicle population, with 11.25 million new registrations in 2024, representing a 51.49% increase from 2023 [2] Group 2: Coverage and Accessibility - Nationwide, all provinces except Tibet and Qinghai have achieved the goal of "county-level full coverage" for charging stations, with a county-level coverage rate of 97.31% [2] - Thirteen provinces have achieved "town-level full coverage" for charging piles, with a township charging facility coverage rate of 76.91% [2] Group 3: Upcoming Initiatives and Safety Measures - The NEA plans to enhance the charging network and service capabilities, promote pilot demonstrations, and improve the quality of charging infrastructure to better meet the needs of NEV users [3] - In preparation for the upcoming "May Day" holiday, the NEA is guiding local authorities to update old charging facilities and increase temporary charging equipment, ensuring orderly and safe charging services during the holiday [3] Group 4: Nuclear Power Development - The State Council has approved several nuclear power projects, including the Zhejiang Sanmen Phase III and others, with a total operational and approved nuclear power capacity exceeding 120 million kilowatts [5][6] - In 2024, the national nuclear power generation is expected to reach 450.9 billion kilowatt-hours, a year-on-year increase of 3.7%, accounting for 4.5% of the total national power generation [5] Group 5: Safety and Technological Advancements in Nuclear Power - The NEA emphasizes the importance of nuclear safety culture and adherence to the highest global safety standards in the construction and operation of nuclear power units [6] - There is a strong focus on supporting the research and development of advanced nuclear technologies, including small modular reactors and nuclear fusion, to optimize energy structure and address climate change [6]

1.基荷重要性提升，核电基荷地位愈发突出 电网正在呈现基荷短缺状态。从电源结构来看，由于新增电源中光伏、风电占主要部分，因此总电源装 机中风电、光伏为主的新能源比例正在逐步提升，火电、核电为代表的基荷电源占比正在逐渐下降。 核电是基荷能源，具有持续稳定电力供应的能力，可以有效缓解新能源波动对电网的冲击。核电与风光 等新能源互为补充、协同发展，可以有效支撑大规模新能源上网消纳，在构建以新能源为主体的新型电 力系统中发挥更大的作用。与风电、水电、太阳能等清洁能源相比，核电受到气候环境的制约和影响较 小，能够全天候满功率运行，对于电网更加友好，因此替代火电作为基荷电源最理想的便是核电。 近年，全球多个国家正在积极推动核电未来发展，重视核电在未来电力中的供应占比，核电在欧洲、美 国、日韩等发达地区和国家或已成为重点部署的电力种类。以英国和韩国为例，均部署核电占比提升相 关战略，英国目标在电力结构中所占的份额将从 15%提高到 25%，韩国在《长期电力供需基本计划 (2022—2036 年)》计划至 2036 年核电在总发电量占比增至 34.6%，成为最大电力来源。 摘要：核电具备"清洁、高效、稳定、相对可控"等属性， ...

Core Viewpoint - The approval of 10 new nuclear power units in China marks a significant shift from "importing and digesting" technology to "independent output," showcasing the advancement of domestic nuclear technology [3][4]. Group 1: Nuclear Power Project Approvals - The recent approval includes 10 nuclear power units across five projects, with significant participation from major state-owned enterprises such as China National Nuclear Corporation and China General Nuclear Power Group [3]. - The approved units consist of 8 "Hualong One" reactors and 2 CAP1000 reactors, indicating a strong emphasis on domestically developed technology [3][4]. - The approval process for nuclear projects has accelerated, with 31 units approved from 2022 to 2024, of which 20 are based on "Hualong One" technology [3]. Group 2: Investment and Economic Impact - The total investment for the newly approved nuclear units is estimated to reach approximately 200 billion yuan, with equipment investment accounting for over 40% of this total [5]. - The nuclear power sector is expected to drive significant investment, with the construction of these units benefiting established players in the supply chain due to high barriers for new entrants [5]. Group 3: International Trends and Domestic Position - The global consensus on the revival of nuclear energy is reflected in commitments made by 31 countries to triple nuclear capacity by 2050 [7]. - China's nuclear power capacity has surpassed that of traditional nuclear power leaders like Russia, France, and the United States, with a total operational capacity of 113 million kilowatts [7]. - The rapid pace of nuclear project approvals positions China as a leader in nuclear energy development, with a total of 112 units either operational or under approval [7]. Group 4: Contribution to Energy Supply - Nuclear power has become a crucial baseload power source in China's eastern coastal regions, contributing nearly 5% of the national electricity generation despite only accounting for less than 2% of installed capacity [8].

证券研究报告：电力设备 | 公司点评报告 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 10.64 | | --- | --- | | 总股本/流通股本（亿股）6.95 | / 5.87 | | 总市值/流通市值（亿元）74 | / 62 | | 52 周内最高/最低价 | 14.12 / 8.80 | | 资产负债率(%) | 63.1% | | 市盈率 | 24.74 | | 第一大股东 | 哈尔滨电气集团有限公 | | 司 | | 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:虞洁攀 SAC 登记编号:S1340523050002 Email:yujiepan@cnpsec.com 佳电股份(000922) 电机业务略有承压，核电业务同比高增 l 投资要点 事件：公司披露 2024 年年报和 2025 年一季报。 2024 年，公司实现营收 48.99 亿元，同比-7.92%；实现归母净利 润 2.56 亿元，同比-35.78%；实现扣非归母净利润 2.27 亿元，同比- 28.68 ...

Core Viewpoint - The report indicates that while the electric motor business of the company faced some pressure, the nuclear power business showed significant growth, leading to an overall "buy" rating for the stock [1]. Group 1: Financial Performance - In 2024, the company achieved revenue of 4.899 billion yuan, a year-on-year decrease of 7.92%, and a net profit attributable to shareholders of 256 million yuan, down 35.78% year-on-year [1]. - For Q1 2025, the company reported revenue of 1.156 billion yuan, a slight increase of 0.25% year-on-year, but a net profit attributable to shareholders of 55 million yuan, down 40.75% year-on-year [1]. - The electric motor business generated revenue of 3.901 billion yuan in 2024, a decline of 13.77% year-on-year, with a gross margin of 17.94%, down 6.11 percentage points [1]. Group 2: Nuclear Power Business - The nuclear power business generated revenue of 869 million yuan in 2024, an increase of 26.67% year-on-year, with a gross margin of 37.90%, up 17.51 percentage points [2]. - The company's subsidiary, Harbin Electric Power Equipment Co., Ltd., reported revenue of 1.557 billion yuan, a year-on-year increase of 19%, and a net profit of 155 million yuan, up 76% year-on-year [2]. - The nuclear power industry is entering an accelerated development phase, with the approval of 11 nuclear power units in China in 2024, benefiting the company's growth [2]. Group 3: Profit Forecast and Valuation - The company is expected to achieve revenues of 5.039 billion yuan, 5.497 billion yuan, and 6.190 billion yuan for 2025, 2026, and 2027, respectively, representing year-on-year growth of 2.85%, 9.10%, and 12.61% [3]. - The forecasted net profits for the same years are 370 million yuan, 402 million yuan, and 501 million yuan, with year-on-year growth rates of 44.36%, 8.56%, and 24.70% [3]. - The corresponding price-to-earnings ratios are projected to be 19.98, 18.40, and 14.76 for 2025, 2026, and 2027, respectively, maintaining a "buy" rating [3].

证券研究报告：电力设备 | 公司点评报告 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 10.64 | | --- | --- | | 总股本/流通股本（亿股）6.95 | / 5.87 | | 总市值/流通市值（亿元）74 | / 62 | | 52 周内最高/最低价 | 14.12 / 8.80 | | 资产负债率(%) | 63.1% | | 市盈率 | 24.74 | | 第一大股东 | 哈尔滨电气集团有限公 | | 司 | | 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:虞洁攀 SAC 登记编号:S1340523050002 Email:yujiepan@cnpsec.com 公司电机主业 2024 年受行业影响略有承压。2024 年，公司电机 业务收入39.01亿元，同比-13.77%，毛利率17.94%，同比-6.11pcts， 2024 年中小型电机行业企业面临需求与订单不足，材料价格波动且 高位运行、产品销售价格不涨与下降等困难，行业企业竞争加剧。 核电业务 2024 ...

【导读】冲上热搜，京东直线拉升 中国基金报记者 安曼 4月28日早盘，A股、港股集体调整。 截至发稿，A股三大主要指数跌幅收窄。 | 上证指数 | 深证成指 | 北证50 | | --- | --- | --- | | 3291.85 | 9877.97 | 1295.41 | | -3.21 -0.10% -39.08 -0.39% | | -4.78 -0.37% | | 科创50 | 创业板指 | 万得全A | | 1002.65 | 1936.57 | 4934.95 | | -1.92 -0.19% -10.61 -0.54% | | -21.21 -0.43% | 盘面上，PEEK材料指数低开高走，目前领涨全市场；电力、银行指数持续走高，带动上证指数快速"回血"。下跌方面，前期高位的消费概念股领跌，因 政策预期落空，地产股集体走弱，拉低指数。 同一天，京东方面表示，将进一步加大全职骑手的招聘力度，在首批开放全职骑手招募的130多个城市，除五险一金外，再为全职骑手提供保底收入和职 业发展通道，并且随着业务发展，招募城市范围还将进一步扩大。 临近上午10点，港股小米、京东直线拉升，带动恒生科技指数翻红 ...

Group 1 - The State Council approved five nuclear power projects, including the Zhejiang Sanmen Phase III, with a total of 10 new nuclear power units, estimating an investment of over 200 billion yuan per unit and a total investment exceeding 200 billion yuan [1] - This marks the fourth consecutive year of approving more than 10 units annually, indicating a normalization of nuclear power project approvals in China [1] - The focus on nuclear safety has intensified with the approval of numerous projects, emphasizing the need for strict adherence to global safety standards [1] Group 2 - Huashengchang's DT-9501 radiation detection device can detect four types of radiation and has advanced sensitivity levels, making it suitable for various applications, including nuclear power plants [2] - The DT-9501 device has received calibration certification and can measure radiation dose rates from 0.01μSv/h to 1000μSv/h, with a cumulative dose value range from 0.001μSv to 9999μSv [2] - The device is applicable in high-sensitivity environments, such as pharmaceutical factories, laboratories, and emergency rescue stations, and can store 4000 data sets while providing timely alerts in hazardous conditions [3] Group 3 - China leads the world in the number of nuclear units under construction and installed capacity, with 28 units under construction by the end of 2024, accounting for 43% of the global total [3] - The installed capacity of nuclear power in China is projected to reach 110 million kilowatts by 2030, making it the only country with over 100 operational units [3] - The investment in nuclear power construction in China has seen a year-on-year increase of 55%, reaching 146.9 billion yuan [3]

Group 1 - The core viewpoint highlights the significant growth in the Green Power ETF, with a trading volume of 5.68% and a transaction value of 21.79 million yuan, indicating strong liquidity [3] - The Green Power ETF has seen a scale increase of 38.63 million yuan and a share increase of 30.40 million shares since the beginning of the month, reflecting substantial growth [3] - Over the past 18 trading days, the Green Power ETF has attracted a total of 36.26 million yuan in inflows, showcasing its appeal to investors [3] Group 2 - The valuation of the Green Power ETF, tracking the National Green Power Index, has a latest price-to-earnings ratio (PE-TTM) of 18.28, which is at a historical low, being below 88.56% of the time over the past three years [3] - As of March 31, 2025, the top ten weighted stocks in the National Green Power Index include major companies such as Yangtze Power, China Nuclear Power, and Three Gorges Energy, collectively accounting for 57.21% of the index [3] Group 3 - The State Council's recent meeting approved several nuclear power projects, including the Zhejiang Sanmen Phase III and others, totaling five projects and ten new units, indicating a strong governmental push for nuclear energy [3] - Huafu Securities emphasizes the unmatched advantages of nuclear power in addressing global climate change and energy security, expressing optimism for companies with leading positions or key component production capabilities in the nuclear sector [4]