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行研精选丨全国一体化算力网加快构建;核电核准节奏加速
第一财经· 2025-04-29 12:20
2025.04. 29 导读 : 全国一体化算力网加快构建;核电核准节奏加速;解锁【第一财经智享会员】实时解读市场动态,把握投资 先机。 【第一财经智享会员专属】 【 今 日 速 读 】 精选行业研报,助您捕捉行业风口 【精选快读】 1、全国一体化算力网加快构建,机构看好相关产业链高速增长 1、全国一体化算力网加快构建,机构看好相关产业链高速增长 2、核电核准节奏加速,产业发展高景气延续 我国算力资源布局进一步优化,全国一体化算力网加快构建。 最 新 数 据 显 示 , 截 至 今 年 一 季 度 , 我 国 " 东 数 西 算 " 八 大 枢 纽 节 点 算 力 总 规 模 达 到 每 秒 2 1 5 . 5 百 亿 亿 次 浮 点 运 算 , 其 中,智能算力规模占枢纽节点算力总规模的8 0 . 8 %;枢纽节点间2 0毫秒时延圈已基本实现,用户体验进一步提升;试 点开通9条"公共传输通道",为中小企业、科研机构提供弹性网络服务,有助于生产经营和研发创新。算力作为支撑 人工智能发展的核心生产力,呈现出稳中有进的发展态势。 在2 8日举行的第八届数字中国建设峰会"数算一体 驱动未来"交流活动上,国家数据局相 ...
江苏神通(002438):业绩符合预期 核电订单高增长
Xin Lang Cai Jing· 2025-04-29 02:43
Core Insights - The company reported a revenue of 2.143 billion yuan for 2024, a year-on-year increase of 0.48%, and a net profit attributable to shareholders of 295 million yuan, up 9.68%, meeting expectations [1] Revenue and Profit Analysis - The nuclear power sector saw a revenue increase of 7.06% year-on-year, with a gross margin of 36.75%, down 3.09 percentage points [2] - The metallurgy sector experienced a revenue growth of 13.38% year-on-year, with a gross margin of 29.12%, down 2.27 percentage points [2] - The energy services sector benefited from a rise in demand for contract energy management, with revenue increasing by 63.06% year-on-year and a gross margin of 35.86%, up 0.45 percentage points [2] - The energy sector faced a revenue decline of 38.18% year-on-year, but the gross margin improved by 5.06 percentage points to 16.97% [2] Order and Product Structure - The company secured new orders worth 2.521 billion yuan in 2024, a decrease of 13.55% year-on-year [2] - Metallurgy orders amounted to 409 million yuan, down 9.31% year-on-year, while energy orders were 193 million yuan, down 8.53% year-on-year [2] - Nuclear power orders reached 1.102 billion yuan, a significant increase of 37.24% year-on-year, accounting for 43.7% of new orders, up 16.2 percentage points [2] Research and Development - The company increased its R&D expenditure, with an R&D expense ratio of 4.71% in 2024, up 0.28 percentage points year-on-year [3] - The company is positioned to benefit from the rising domestic production rate of nuclear power valves and has a comprehensive product range in hydrogen energy [3] - Long-term investments in the semiconductor equipment sector are aimed at providing critical components for the semiconductor and photovoltaic industries [3] Future Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 2.392 billion yuan, 2.592 billion yuan, and 2.743 billion yuan, representing year-on-year growth rates of 11.59%, 8.36%, and 5.83% respectively [4] - Net profit forecasts for the same years are 325 million yuan, 365 million yuan, and 406 million yuan, with growth rates of 10.15%, 12.31%, and 11.26% respectively [4] - Earnings per share (EPS) are projected to be 0.64 yuan, 0.72 yuan, and 0.80 yuan for 2025, 2026, and 2027 respectively [4]
【A股收评】三大指数调整,PEEK材料概念逆势走强!
Sou Hu Cai Jing· 2025-04-28 07:57
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]
冲上热搜,直线拉升!
Sou Hu Cai Jing· 2025-04-28 03:42
【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 ...
核电审批开闸!10台核电新机组获核准,绿色电力ETF(159625)冲击3连涨
Sou Hu Cai Jing· 2025-04-28 02:42
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]
4月28日早餐 | 人工智能获顶层催化;核电进入建设高峰期
Xuan Gu Bao· 2025-04-28 00:02
大家早上壕! 先看海外要闻: 上周五,美股盘中特朗普提及关税后,标普、纳指一度回吐过半涨幅、道指曾跌超百点。最终道指涨0.05%,标普500指数涨0.74%,纳斯达克涨 1.26%。 英伟达收涨超4%,特斯拉大涨近10%、一周涨18%,谷歌盘初涨超4%后回吐多数涨幅。中概指数止步三连涨,但全周涨超7%。 美债收益率连日下行。美元反弹,一个多月来首次周度上涨。 黄金回落超1%、全周转跌,对等关税宣布以来首次周度下跌。原油两日反弹,但美油一周跌超2%。 知名分析师:苹果将销美iPhone全搬到印度组装不切实际。 美国农业部:中国取消了1.2万吨美国猪肉订单,较前一周大幅减少72%。中国近期仅采购了1800吨大豆,远低于截至4月10日当周的采购量7.3万 吨。 国内重大事件汇总: 1、中共中央政治局4月25日下午就加强人工智能发展和监管进行第二十次集体学习。(新华社) 12、2025年国内核电项目审批首次开闸:国常会核准10台新机组,拉动超2000亿投资。我国首个核电工业操作系统发布,将在华龙一号新机组全 面应用。国家原子能机构:正组织编制全口径核技术应用产业中长期发展规划。国家核安全局局长董保同:我国核电已进入大 ...
晚报 | 4月28日主题前瞻
Xuan Gu Bao· 2025-04-27 14:33
Group 1: Duty-Free Policy - The Ministry of Commerce and five other departments have announced a notification to optimize the departure tax refund policy, lowering the refund threshold and enhancing the supply of refundable goods [1] - The long-term sales volume of departure tax refunds in China is expected to reach 109 billion yuan, driven by policy relaxation, technological penetration, and consumption upgrades [1] - By 2030, the market size for departure tax refunds may exceed 1 trillion yuan, forming a multi-tiered structure led by Hainan Free Trade Port and supported by first-tier cities [1] Group 2: Nuclear Power Development - The State Council has approved five nuclear power projects, including ten new units, marking the first approval of domestic nuclear power projects since 2025 [2] - The total investment for the newly approved nuclear units is estimated to exceed 200 billion yuan, with each unit requiring approximately 20 billion yuan [2] - China's nuclear power development strategy has shifted to "actively and safely develop," with a significant increase in the number of approved units expected in 2024 [2] Group 3: Intelligent Agents - The International Telecommunication Union has released a new international standard for intelligent agents based on large-scale pre-trained models, led by the China Academy of Information and Communications Technology [3] - The market for AI agents is projected to grow from 5.1 billion USD in 2024 to 47.1 billion USD by 2030, with a compound annual growth rate of 44.8% [3] - AI agents are becoming a key driver of transformation across various industries, enhancing efficiency and expanding human capabilities [3] Group 4: Virtual Power Plants - The Ministry of Transport and nine other departments have issued guidelines to promote the integration of transportation and energy, encouraging the development of virtual power plants [4] - Virtual power plants can effectively aggregate distributed energy resources and enhance power supply capabilities while promoting renewable energy consumption [4] - The rise of distributed energy resources necessitates the development of virtual power plants to facilitate grid regulation and market transactions [4] Group 5: AI in Government Affairs - The Central Political Bureau has emphasized the need for breakthroughs in AI development and regulation, focusing on foundational research and core technologies [5] - Shenzhen has successfully deployed an AI government assistant, improving overall work efficiency by over 20% across 240 real-world scenarios [5] - The AI-enabled government information system market is expected to grow rapidly, with significant potential for efficiency improvements and cost reductions [5]
中国广核(003816):2024年报点评:电量平稳增长,预计成长空间充足
Huachuang Securities· 2025-03-28 15:25
Investment Rating - The report maintains a "Recommendation" rating for China General Nuclear Power Corporation (CGN) [1][9] Core Views - The company is expected to have sufficient growth potential in the long term, supported by stable power generation and a strong project pipeline [9] - Revenue for Q4 2024 reached 24.534 billion, a year-on-year increase of 8.05%, while total revenue for 2024 was 86.804 billion, up 5.16% year-on-year [1] - The net profit attributable to shareholders for Q4 2024 was 0.830 billion, a decrease of 18.98% year-on-year, with a total net profit of 10.814 billion for 2024, reflecting a growth of 0.83% [1] Summary by Sections Revenue and Profitability - In 2024, the total installed capacity of the company was 31.798 GW, with total power generation of approximately 242.181 billion kWh, a year-on-year increase of 6.08% [2] - The total grid-connected power was about 227.284 billion kWh, also up 6.13% year-on-year [2] - The increase in costs, particularly in nuclear fuel, fixed asset depreciation, and provisions for spent fuel disposal, negatively impacted performance, with costs rising by 13.12%, 11.59%, and 17.43% respectively [2] Project Development - As of August 19, 2024, five nuclear power projects, including the Zhaoyuan Phase I and Lufeng Phase I projects, were approved, marking a significant step in project reserves [3] - The Huizhou Unit 1 is in the commissioning phase and is expected to be operational by 2025, while Cangnan Unit 1 and Huizhou Unit 2 are in equipment installation and commissioning stages, expected to be operational by 2026 [3] - By the end of 2024, the company had eight nuclear power units under construction with a total capacity of 9,738 MW, a year-on-year increase of 62.08% [3] Financial Projections - The financial forecast for 2024A to 2027E shows total revenue increasing from 86.804 billion in 2024 to 106.097 billion in 2027, with corresponding growth rates of 5.2%, 4.2%, 7.7%, and 8.9% [4] - The net profit attributable to shareholders is projected to grow from 10.814 billion in 2024 to 12.175 billion in 2027, with growth rates of 0.8%, 0.4%, 4.8%, and 7.0% respectively [4] - The target price is set at 4.3 yuan, with an expected upside of approximately 18% from the current price of 3.64 yuan [4][9]
能源金属行业周报:缅甸佤邦锡矿正式筹备复产,后续需关注其复产时点-2025-03-03
HUAXI Securities· 2025-03-03 15:47
Investment Rating - The industry rating is "Recommended" [4] Core Views - The lithium carbonate inventory has increased, and domestic lithium prices have decreased, indicating a potential for continued price fluctuations in the future [15][40] - The nickel market is experiencing upward price trends due to increased mining quotas in Indonesia, although demand remains weak [3][6] - Cobalt prices have surged due to supply tightening expectations following the Democratic Republic of Congo's announcement to suspend cobalt exports for four months [7] - The rare earth market is showing signs of supply constraints, with prices for praseodymium and neodymium oxides rising [9][16] - Tin prices have decreased, but the resumption of mining in Wa State, Myanmar, is a key factor to monitor [10][16] - Antimony prices have increased due to tight raw material supplies, with a strong bullish sentiment among traders [11][17] - Uranium prices are supported by ongoing supply tightness and geopolitical factors affecting the market [14][17] Summary by Sections Lithium Industry Update - Domestic lithium carbonate prices have decreased, with industrial-grade prices averaging 73,000 CNY/ton, down 2.01% from the previous week [40] - Inventory levels have increased, with total lithium carbonate inventory reaching 115,500 tons [40] - Supply is expected to grow rapidly in March, but demand may not keep pace, leading to potential oversupply [40] Nickel Industry Update - LME nickel prices increased to 15,460 USD/ton, up 1.05% from the previous week [3] - Indonesia's nickel mining quota for 2025 has been raised to 29.85 million wet tons, which may lead to increased global nickel supply [6] Cobalt Industry Update - Cobalt prices have risen significantly, with electrolytic cobalt reaching 185,000 CNY/ton, up 13.15% [7] - Supply remains tight, and demand from the new energy sector is still present, although overall demand is sluggish [7] Rare Earth Industry Update - Prices for praseodymium and neodymium oxides have increased, with supply constraints expected to persist [9][16] - The market sentiment is positive, with expectations of stable demand from sectors like new energy and robotics [9][16] Tin Industry Update - Tin prices have decreased, with LME tin settling at 31,350 USD/ton, down 6.28% [10] - The resumption of mining in Myanmar is uncertain, and the market is closely monitoring this situation [10][16] Antimony Industry Update - Antimony prices have increased due to tight raw material supplies, with 2 low bismuth antimony ingots priced at 155,000-157,000 CNY/ton [11][17] - The market is experiencing a bullish sentiment, with traders reluctant to sell [11][17] Uranium Industry Update - Uranium prices are at a near 15-year high, supported by ongoing supply tightness and geopolitical factors [14][17] - The market outlook remains optimistic due to structural shortages in supply [14][17]