Core Insights - The State Council has approved the construction of 10 new nuclear power units, marking the first approval of domestic nuclear projects in 2025, which is expected to drive over 200 billion yuan in investment [1] Investment and Economic Impact - The approved projects include the Zhejiang Sanmen Phase III project and will utilize domestically developed third-generation nuclear technology, specifically featuring 8 units of the Hualong One design [1] - Each new third-generation nuclear unit is estimated to require an investment of approximately 20 billion yuan, leading to a total investment exceeding 200 billion yuan for the newly approved units [1] Safety and Regulatory Measures - The meeting emphasized the necessity of ensuring safety in nuclear power development, mandating that construction and operational responsibilities be firmly held by participating and owning units [1] - It was highlighted that nuclear power units must be built and operated according to the highest global safety standards, with a focus on enhancing safety supervision capabilities [1]

2025年国内核电项目审批首次开闸。据新闻联播4月27日消息，当天召开的国务院常务会议决定核准浙 江三门三期工程等核电项目。记者从业内多方了解到，此次在国常会上获批的新项目分别是广西防城港 核电三期（5、6号机组），广东台山核电二期（3、4号机组），浙江三门核电三期（5、6号机组），山 东海阳核电三期（5、6号机组），福建霞浦核电一期（1、2号机组），共计5个工程、10台新机组。至 此，2022年以来，我国已连续四年每年核准10台及以上核电机组，保持了常态化审批节奏。记者获悉， 以上新项目均采用自主三代核电技术，其中包含8台华龙一号机组。核电工程历来是扩大有效投资的重 要拉动力，以单台国产百万千瓦三代核电机组约200亿元的投资力度估算，此次新核准机组的投资总额 超过2000亿元。 (智通财经) ...

智通财经4月27日电，国家能源局副局长何洋27日在2025春季核能可持续发展国际论坛上表示，中国将 进一步加大关键技术研发投入，提高材料、燃料、软件、工艺等方面创新能力和水平，完善核电科技创 新体系，推动小型堆、四代堆等新一代技术研发示范，积极培育核电高质量发展的创新驱动力。要抓住 当前核电发展的重要机遇期，在确保安全的前提下，积极有序推进沿海核电建设，科学合理确定核电站 布局，保持平稳建设节奏。加快推进先进核电技术试验示范，积极推动核能供暖和综合利用，做好厂址 资源保护，形成"建设一批、储备一批、保护一批、示范一批"的发展格局。 国家能源局：中国将进一步加大核电关键技术研发投入 ...

二是以高水平安全保障了高质量发展。我国始终坚持安全第一、质量第一的方针，30多年来一直保持良 好的核安全记录，从未发生二级及以上核安全事件，未对公众和环境造成任何不良影响，连续9年 WANO（世界核电运营者协会）综合指数评分全球第一，核电安全在控受控。 三是核电技术不断创新。我国核电技术和产业已经率先完成从二代向三代的转型升级。"华龙一号""国 和一号"2个自主三代核电技术首堆项目均已全面建成投运；全球首个四代核电技术高温气冷堆商业示范 工程于2023年12月正式投入商业运行；全球首个陆上一体化小型堆商业示范工程正在抓紧建设，预计 2026年投产；核能供暖供汽等综合利用示范、核能与石化耦合示范等项目也在加快推进。 发展核电是我国能源安全战略的重要组成部分，是能源绿色低碳转型的重要举措，是建设新型能源体系 及新型电力系统的重要内容。 "下一步，我们将为保障能源电力安全和推动实现'双碳'目标发挥更加积极的作用。"何洋说，要抓住当 前核电发展的重要机遇期，在确保安全的前提下，积极有序推进沿海核电建设，科学合理确定核电站布 局，保持平稳建设节奏。加快推进先进核电技术试验示范，推动核能供暖和综合利用，做好厂址资源保 护 ...

他表示，我国核电已进入大规模建设高峰期，已颁发建造许可证的机组31台，核准待建机组13台，未来 还将有新的机组核准，在建规模高于世界其他国家的在建规模总和，世所未有、史所未有。今天建造的 高质量，就是明天运行的核安全。如何在核电大规模建设高峰期确保建造高质量，是必须答好的时代考 题。 董保同强调了四个关键点。他表示，要落实营运单位的主体责任，其中最核心是营运单位的主体责任。 当前这是重点，也是难点；要加快推进核电标准化设计，尽快固化华龙、国和等主力堆型设计，以标准 化设计和批量化建设带动核电建设提质增效、安全性可靠性持续提升；核电产业链供应链一定要有效运 转质量保证体系，要以核电设备设计、制造、安装、无损检验每个环节的高质量，确保整个核电项目的 高质量；要着力强化高素质人才培养。 "核电大规模建设，人力资源不足是突出短板。"董保同表示，相关集团、单位要加大资源投入，实实在 在强化队伍建设，尤其要加快焊接、无损检验等关键岗位人员培养，在核电批量化建设中打造一批高素 质的核电建设核心队伍。（刘丽丽） 4月27日消息，在今天举行的中国核能行业协会2025春季核能可持续发展国际论坛上，生态环境部副部 长、国家核安全局 ...

今天(4月27日)，中国核能行业协会发布《中国核能发展报告2025》蓝皮书。蓝皮书显示，截至目前， 我国在运、在建和核准建设的核电机组共102台、装机容量达到1.13亿千瓦，核电总体规模首次跃居世 界第一。目前，我国在建核电机组共28台，总装机容量达到3365万千瓦，在建机组装机容量连续18年保 持世界第一；我国商运核电机组达到58台，总装机容量达6096万千瓦。(央视新闻) ...

Core Insights - Zhejiang Fuhua Holdings (浙富控股) reported a revenue of 20.912 billion yuan for 2024, marking a year-on-year increase of 10.35%, while net profit decreased by 5.25% to 971 million yuan [1] - The company plans to distribute a cash dividend of 0.5 yuan per 10 shares (tax included) [1] - The company maintains a leading position in hazardous waste resource utilization and clean energy equipment sectors, benefiting from technological advancements and favorable policies [1] Revenue Breakdown - Clean energy equipment business generated 1.055 billion yuan in revenue, up 20.35% year-on-year [1] - Hazardous waste disposal and resource utilization products achieved 19.788 billion yuan in revenue, an increase of 9.92% year-on-year [1] R&D Investment - Zhejiang Fuhua Holdings invested 940 million yuan in R&D, reflecting a growth of 17.49% [1] - The company holds a total of 355 patents in its business areas, including 276 utility model patents and 79 invention patents [1] Subsidiary Performance - Shunlian Environmental Protection Group, a wholly-owned subsidiary, reported a revenue of 19.798 billion yuan and a net profit of 894 million yuan [2] - The subsidiary efficiently recovered 181,500 tons of copper, 482,970 grams of gold, and 10,770 kilograms of silver during the reporting period [2] Equipment Business - Zhejiang Fuhua Holdings' subsidiary, Zhejiang Fuhua Hydropower, secured new hydropower orders totaling 2.1 billion yuan [2] - The nuclear power equipment business, through Huadu Company, signed new orders worth 420 million yuan [2] - The company made significant progress in developing the 600MW fourth-generation commercial fast reactor liquid metal nuclear pump, with successful trial operation of the prototype [2][3]

Group 1 - The core announcement from CATL's Super Technology Day includes the launch of three new battery products: sodium-ion passenger vehicle battery, Xiaoyao dual-core battery, and the second-generation Shenxing supercharging battery, along with a sodium-ion 24V heavy truck battery [2][3] - The Xiaoyao dual-core battery is described as a continuation of the AB battery technology introduced in 2020, allowing for the integration of two different battery chemistries within a single battery pack, enhancing performance and safety [3][4] - CATL's chairman emphasized that the dual-core to multi-core innovation will extend beyond passenger vehicles to electric buses, heavy trucks, aircraft, ships, and industrial applications, accelerating the industrialization of new energy across various scenarios [4] Group 2 - The sodium-ion battery technology has reached significant breakthroughs, addressing previous limitations in energy density, lifespan, safety, and cycling, thus facilitating the arrival of the multi-core era [5] - The first sodium-ion product, the sodium-ion 24V heavy truck battery, is set to begin mass production in June 2023, while the sodium-ion power battery will be launched in December 2023 [5] - The second-generation Shenxing supercharging battery can achieve over 520 kilometers of range with just 5 minutes of charging and has improved low-temperature performance, enhancing charging efficiency by 100% compared to current industry standards [5] Group 3 - CATL maintains a dominant position in the power battery sector, holding a market share of 37.9% as of the end of 2024, and has reported a revenue of 84.7 billion yuan and a net profit of 13.96 billion yuan for Q1 2025, reflecting a year-on-year growth of 32.9% [6] - The company is actively exploring a "second growth curve" in areas such as battery swapping, energy storage, and international markets to counteract the slowing growth in its core battery business [6][7] - In the energy storage sector, CATL achieved a sales volume of 93 GWh in 2024, with a market share of 36.5%, and its energy storage systems generated revenue of 57.29 billion yuan, surpassing power batteries as the primary profit contributor [8] Group 4 - CATL has signed a framework agreement with Sinopec to build a nationwide battery swapping network, aiming to establish at least 500 swapping stations by 2025, with a long-term goal of expanding to 10,000 stations [7] - The company is also pursuing international expansion through a secondary listing in Hong Kong, aiming to raise approximately 50 billion yuan to support overseas capacity expansion and international business development [8]

（ 1）本周电解钴价格 24.00 万元 /吨，环比 +0% 。 本周 电解钴和钴粉比值 0.94 ，环比 +0% ； 电解钴 和硫酸钴价格比值为 4.87 ，环比 +0 % 。（ 2）碳纤维本周价格 83.8 元 /千克 ，环比 +0% 。 毛利 -18.31 元 /千克 。 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 军工新材料： 价格持平 新能源车新材料：氧化镨钕价格下跌 （ 1 ）本周 Li2O 5% 锂精矿 中国到岸价 已达到 732 美元 /吨，环比 +0 % 。（ 2 ）本周电碳、工碳和电 池级氢氧化锂价格分别为 7.22 、 7.06 和 6.89 万元 /吨，环比 -1.4% 、 -0.80% 和 -0.4% 。电碳与工碳价差 为 2024年 11月以 ...

Core Viewpoint - The company's 2024 performance is below expectations, with revenue of 1.84 billion and net profit of 230 million, reflecting a modest year-on-year growth of 1.86% and 3.29% respectively, primarily due to capacity constraints and delayed project deliveries [1] Financial Performance - In Q4 2024, the company achieved revenue of 820 million, a year-on-year increase of 18.17%, and net profit of 110 million, up 23.84%, indicating a recovery in business during the second half of the year [1] - The revenue breakdown includes oil and petrochemical at 480 million, nuclear engineering valves at 840 million, other valves at 470 million, and forgings at 40 million, with respective year-on-year changes of -20.62%, +35.50%, -11.44%, and +1.60% [1] - The gross margin for the oil and petrochemical business improved significantly, with a year-on-year increase of 8.93% in H1 2024 and an overall annual increase of 3.59 percentage points [1] Regional Sales Performance - Revenue in the North China region surged by 108.06% year-on-year, while the East China region saw a decline of 26.29%, indicating the effectiveness of regional sales strategy adjustments [2] Growth Drivers - The nuclear power business is entering a strategic development phase, with nuclear engineering valve revenue reaching 839 million in 2024, a 35.50% increase, accounting for 45.50% of total revenue [3] - The company has a significant technological advantage in the nuclear valve sector, with key products meeting or exceeding import standards, leading to a steady increase in market share [3] - The approval of 11 new nuclear units in 2024 is expected to drive demand for nuclear valves, supported by a robust order backlog [3] Profit Forecast and Valuation - Due to slight capacity constraints in 2024 and a production cycle of 1-2 years for nuclear products, revenue and net profit forecasts for 2025 have been reduced by 2.9% and 12.5% to 2.05 billion and 260 million respectively [4] - The target price has been adjusted down by 9.2% to 18.7, with a projected increase of 14.8% from the current price [4]