Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within six months [9][15]. Core Views - The traditional cable business is expected to see marginal improvement, while the battery business is anticipated to recover from losses. The company is actively expanding its AI business [3]. - In 2024, the company reported revenue of 26.09 billion yuan, a year-on-year increase of 6.7%, but a net loss of 320 million yuan, a significant decline of 199.5% year-on-year. The fourth quarter of 2024 showed revenue of 7.87 billion yuan, with a quarter-on-quarter increase of 11.3% and a year-on-year increase of 14.5% [3][4]. - The company is benefiting from the increasing demand for reliable power systems, particularly in the nuclear power sector, as confirmed by the approval of five nuclear power projects in April 2025 [5]. Summary by Sections Company Overview - Latest closing price: 4.55 yuan - Total market capitalization: 10.1 billion yuan - Total shares outstanding: 2.219 billion shares - Debt-to-asset ratio: 78.6% [2]. Financial Performance - In Q1 2025, the company reported revenue of 4.87 billion yuan, a year-on-year increase of 1.3%, and a net profit of 50 million yuan, a year-on-year increase of 84.6% [3]. - The gross margin and net margin for Q1 2025 were 10.7% and 0.9%, respectively, with slight changes compared to the previous year [4]. Business Segments - The smart cable network business generated revenue of 22.703 billion yuan in 2024, a year-on-year increase of 6.0%, but the net profit decreased by 70.1% due to rising copper prices and intense competition [5]. - The smart battery segment saw revenue of 1.65 billion yuan in 2024, a year-on-year increase of 180.5%, but incurred a net loss of 690 million yuan [6]. - The smart airport business achieved revenue of 1.66 billion yuan in 2024, a year-on-year increase of 35.7%, with a net profit of 120 million yuan [8]. Earnings Forecast - The company forecasts revenues of 29.74 billion yuan, 33.90 billion yuan, and 38.36 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 590 million yuan, 820 million yuan, and 1.17 billion yuan [9][11].

Group 1 - The core viewpoint of the news is that Jiangsu Shentong's gross margin fluctuations in 2024 are attributed to varying product structures across quarters, with a normal gross margin of 36.75% for nuclear power [1] - The nuclear power units approved in 2024 are expected to be delivered gradually from 2026 to 2027 [1] - The delivery cycle for valve products in metallurgy and energy chemical sectors is 3-6 months, while the execution cycle for energy-saving technology service contracts is 6-8 years [1] Group 2 - The "Valve Butler" business has been launched with multiple steel users and is being promoted to other large steel enterprises [1] - The main revenue source for Ruifan Energy Saving comes from the coal gas power generation project of Handan Steel [1] - The company plans to complete the bidding for valve equipment for ten new units by the end of 2025 to the first quarter of 2026, with deliveries occurring in batches over the next 2-3 years [1] Group 3 - The company supplies various nuclear-grade valves, and the market competition is described as healthy [1] - The equity transfer aims to integrate industry resources to support the future development of Shentong Semiconductor [1] - The company emphasizes that the safe and efficient development of nuclear power aligns with China's established energy strategy, with a growing demand for clean energy leading to continued investment in R&D for high-quality nuclear power valve products [1]

Core Viewpoint - The article discusses the emergence of exoskeleton robots as a revolutionary aid for activities like mountain climbing, enhancing human capabilities while reducing physical strain [2][14]. Group 1: Exoskeleton Technology and Experience - During the 2025 May Day holiday, tourists at Mount Tai and Enshi Grand Canyon can rent exoskeleton robots for climbing, reducing leg strain by over 30% [2]. - User experiences highlight significant benefits, with one 60-year-old tourist noting a 50% reduction in knee pressure, and average climbing times decreasing by 40% with a 90% satisfaction rate among users [3]. Group 2: Technical Insights - The exoskeletons utilize biomimetic design and AI algorithms to understand human movement, with sensors capturing motion intentions and processing data in 0.1 seconds [3]. - The drive system features a brushless motor and harmonic reducer, providing a torque output of 40 N·m, effectively acting as an "invisible engine" for the legs [4]. - Weighing only 1.8 kg, the carbon fiber frame allows for a long battery life of up to 5 hours, making it lighter than a bottle of water [5]. Group 3: Commercialization and Market Potential - Shenzhen Kenwei Technology's VICX series is expected to sell over 100,000 units in 2025, while the "Qiyuan TR1" exoskeleton sold out in 15 seconds at a price of 2,500 yuan [6]. - Key technological advancements include a 60% cost reduction in metal components through 3D printing, modular designs for various applications, and solid-state battery technology extending usage to 8 hours [6]. Group 4: Market Opportunities - The global market for rehabilitation exoskeletons is growing at a 32% annual rate, with only 1% of 45 million spinal injury patients currently using such devices [7]. - In industrial settings, exoskeletons like EksoVest reduce shoulder fatigue by 80% and improve bolt installation efficiency by 30% [8]. - The industrial exoskeleton market is projected to reach $3.5 billion by 2030, with a compound annual growth rate of 38% [9]. Group 5: Aging Population and Economic Impact - With over 310 million people aged 60 and above in China, including 40 million with partial disabilities, exoskeletons are being developed to assist in mobility for the elderly [10]. - The market for elderly care exoskeletons in China is expected to exceed 20 billion yuan by 2030 [10]. Group 6: Challenges and Future Outlook - Current challenges include battery life limitations, with existing lithium batteries supporting only 4-6 hours of use, and the need for improved human-machine collaboration [11]. - Policy support is accelerating development, with the Chinese government prioritizing rehabilitation exoskeletons and reducing approval times for new products [12]. - Future innovations may include flexible exoskeletons that act like a second skin and AI-driven rehabilitation systems [13]. Group 7: Market Projections - The global exoskeleton market is projected to reach 68 billion yuan by 2030, marking the beginning of a significant technological revolution [14].

Investment Rating - Maintain "Buy" rating for the industry [10] Core Viewpoints - The report highlights a mixed performance across various sectors within the public utility and environmental protection industry, with coal prices declining and water supply improving, reshaping the defensive value of water and coal [3] - The overall electricity consumption growth slowed down due to a warm winter and high base effects from the previous year, impacting thermal power generation negatively [4][29] - The renewable energy sector faces profit pressure due to declining utilization rates and electricity prices, despite significant installed capacity growth [4][52] - Hydropower benefits from improved water supply and reservoir management, leading to increased revenue and profit in early 2025 [5][7] - The environmental sector shows stable performance in water and solid waste operations, with a recovery in water profitability in early 2025 [5][6] Summary by Sections 1. Overview of 2024 Reports and 2025 Q1 - The electricity industry saw a 6.7% growth in consumption in 2024, driven by structural optimization and rising demand for new energy sources [16] - The environmental sector experienced a revenue decline of 2.7% and a net profit drop of 31% in 2024, with operational efficiency improvements in existing assets [16] 2. Sector Performance from 2024 to Q1 2025 2.1 Thermal Power - Thermal power generation faced pressure from electricity prices and demand, but benefited from lower coal prices, leading to a net profit increase of 6.5% in Q1 2025 [4][36][37] 2.2 Renewable Energy - The renewable energy sector's profit was under pressure due to declining utilization rates and electricity prices, despite a 15.7% increase in wind power generation in 2024 [4][52] 2.3 Hydropower - Hydropower generation increased by 11.7% in 2024, with a significant profit increase in Q1 2025 due to improved water supply [5][7] 2.4 Environmental Protection - The environmental sector showed stable performance in water and solid waste operations, with a recovery in profitability in early 2025 [5][6] 3. Key Companies in the Sector - Focus on leading companies in thermal power, hydropower, and nuclear power, such as Huadian International, Yangtze Power, and China Nuclear Power, respectively [8]

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 ...

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]

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]

【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 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]

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 ...