Investment Rating - The report maintains a "Buy" rating for the industry, indicating an expected investment return exceeding 15% over the next 6-12 months compared to the market benchmark index [5][8]. Core Insights - The approval of 10 new nuclear power units marks a significant step in China's nuclear energy development, with a total of 28 new projects approved over the past seven years [2][5]. - The nuclear power equipment market is projected to see annual demand surpassing 87 billion yuan during the 14th Five-Year Plan period, with investments in nuclear island equipment expected to exceed 40 billion yuan in a single year [3]. - Breakthroughs in controllable nuclear fusion are being reported, with significant advancements in experimental devices, indicating a robust future for fusion energy projects in China [4][5]. Summary by Sections Nuclear Power Project Approvals - The recent approval includes five nuclear power projects, totaling 10 units, with a mix of different reactor types, including eight "Hualong One" units and two CAP1000 units [2]. Market Demand and Investment Projections - The investment scale for nuclear power equipment is expected to grow from 25.7 billion yuan in 2023 to a peak of 87.5 billion yuan by 2028, reflecting a compound annual growth rate (CAGR) of 26.91% [3]. Controllable Nuclear Fusion Developments - Recent achievements in nuclear fusion technology include successful high-temperature plasma operations and the construction of new experimental devices, with plans for a demonstration reactor in the future [4]. Investment Recommendations - The report suggests focusing on companies involved in nuclear island and conventional island equipment supply, as well as those engaged in controllable nuclear fusion projects, highlighting specific companies such as Harbin Electric, Dongfang Electric, and Shanghai Electric [5].

点 击 蓝 字 关 注 我 们 本文全文共 3412 字，阅读全文约 11 分钟 关于征求《乘用车车载能源消耗量监测技术要求》推荐性国家标准意见的函 | 序号 | 标准名称 | 征求意见稿 | 征求意见稿编制说明 | 发表意见 | | --- | --- | --- | --- | --- | | GB/T 19753-2021 | 轻型混合动力电动汽车能量消耗量试验方法 《第1号修改单》 | | | | | 20250591-T-339 | 乘用车车载能源消耗量监测技术要求 | | | | 4月21日，全国汽车标准化技术委员会汽车节能分技术委员会：关于征求《乘用车车载能源消耗量监 测技术要求》推荐性国家标准意见的函。 函告称，由全国汽车标准化技术委员会汽车节能分技术委员会组织起草的《乘用车车载能源消耗量技 术要求》推荐性国家标准已形成征求意见稿，现提交公示，广泛征求意见。征求意见截止日期：2025年6 月20日。 《乘用车车载能源消耗量技术要求》（征求意见稿）的主要内容除前言外包括：范围、规范性引用文 件、术语和定义、总体要求、数据监测与存储、数据验证试验、生产一致性，共七章，以及附录A（规范 性）监测和存 ...

- The report tracks the performance of various industry-themed funds, with the new energy theme fund performing the best this week, showing a return of 2.76%[2][32] - The report includes the construction of a complete REITs series index to reflect the REITs market performance comprehensively, providing indices for different underlying assets and project types[44][45] - The report highlights the significant inflow of funds into commodity ETFs, particularly gold ETFs, with a net inflow of over 100 billion yuan this week[2][48] - The report mentions the high-frequency estimation of active equity fund positions, showing a decrease of 0.31 percentage points compared to the previous week[3][60] - The report tracks the issuance of green bonds, noting that 15 new green bonds were issued this week, with a total issuance scale of 33.6 billion yuan[3][66] - The report provides a detailed breakdown of the performance of different types of ESG funds, with active equity ESG funds showing a median net value change of 2.14% this week[3][76] - The report includes a list of the top-performing active equity funds, with the best-performing fund being Yongying Advanced Manufacturing Select A, which had a weekly net value change of 13.25%[35][36] - The report tracks the performance of passive index funds, with the best-performing fund being the Hong Kong Stock Connect Innovative Drug ETF, which had a weekly net value change of 10.77%[37][38] - The report tracks the performance of pure bond funds, with the best-performing fund being Zhongyin Securities Huiyu One-Year Fixed Open, which had a weekly net value change of 0.75%[39][41] - The report tracks the performance of mixed bond funds, with the best-performing fund being Jinying Yuanfeng A, which had a weekly net value change of 2.71%[42][43] - The report tracks the performance of REITs funds, noting that the REITs comprehensive index fell by 3.12% this week[44][45] - The report provides a detailed breakdown of the net inflows and outflows of different types of domestic stock ETFs, with the largest net inflow being into the Gold Fund ETF, which had a net inflow of 3.611 billion yuan this week[48][58] - The report provides a detailed breakdown of the net inflows and outflows of different types of domestic stock ETFs, with the largest net outflow being from the China Securities A500 ETF Fund, which had a net outflow of 1.574 billion yuan this week[48][59]

证券研究报告·行业跟踪周报·建筑材料 建筑材料行业跟踪周报 以稳为主，科技加内需仍是主线 2025 年 04 月 28 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 证券分析师 黄诗涛 执业证书：S0600521120004 huangshitao@dwzq.com.cn 证券分析师 房大磊 执业证书：S0600522100001 fangdl@dwzq.com.cn 证券分析师 石峰源 执业证书：S0600521120001 shify@dwzq.com.cn 行业走势 -23% -19% -15% -11% -7% -3% 1% 5% 9% 13% 17% 2024/4/29 2024/8/27 2024/12/25 2025/4/24 建筑材料 沪深300 相关研究 《期待 25 年 Q3 家装迎来明显加速》 2025-04-20 《继续看好内需消费地产链》 2025-04-13 东吴证券研究所 1 / 21 请务必阅读正文之后的免责声明部分 ◼ 本周（2025.4.21–2025.4.25，下同）：本周建筑材料板块（SW）涨跌幅 0.22%，同期沪深 300、万得 ...

证券研究报告·行业跟踪周报·建筑材料 建筑材料行业跟踪周报 以稳为主，科技加内需仍是主线 2025 年 04 月 28 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 证券分析师 黄诗涛 执业证书：S0600521120004 huangshitao@dwzq.com.cn 证券分析师 房大磊 执业证书：S0600522100001 fangdl@dwzq.com.cn 证券分析师 石峰源 执业证书：S0600521120001 shify@dwzq.com.cn 行业走势 -23% -19% -15% -11% -7% -3% 1% 5% 9% 13% 17% 2024/4/29 2024/8/27 2024/12/25 2025/4/24 建筑材料 沪深300 相关研究 《期待 25 年 Q3 家装迎来明显加速》 2025-04-20 《继续看好内需消费地产链》 2025-04-13 东吴证券研究所 1 / 21 请务必阅读正文之后的免责声明部分 ◼ 本周（2025.4.21–2025.4.25，下同）：本周建筑材料板块（SW）涨跌幅 0.22%，同期沪深 300、万得 ...

Core Viewpoint - The establishment of the carbon sink project in Liancheng County represents a significant step towards achieving carbon neutrality and enhancing the local forestry economy, transforming ecological resources into economic benefits [1][2]. Group 1: Project Overview - The carbon sink project is the first of its kind in Fujian Province, developed under the newly published "Fujian Carbon Neutral Forest Recognition and Measurement Monitoring Methods (Trial)" [1]. - The project covers an area of 19,955 acres across nine towns and 36 units, with an estimated carbon sink capacity of 325,000 tons [1]. - The project aims to support national carbon neutrality goals and provide carbon sink products for voluntary emission reductions [1]. Group 2: Economic Benefits - The revenue-sharing model of the project allows farmers to receive 80% of the profits, while the state-owned forestry company retains 20% after deducting costs [2]. - The project also enables village collectives to receive a share of the carbon sink revenue, promoting benefits for farmers, village collectives, state-owned enterprises, and state-owned forest farms [2]. - The issuance of forestry carbon tickets enhances the liquidity and value of carbon sink products, encouraging farmer participation and supporting the development of new ecological products [2]. Group 3: Environmental Impact - Liancheng County boasts a forest coverage rate of 81.49%, ranking first in Longyan City and among the top in the province [3][4]. - The county has completed afforestation of 71,800 acres and improved 115,000 acres of pine forests since 2021, contributing to ecological enhancement and landscape beautification [4]. - The county plans to invest 600 million yuan in the "14th Five-Year Plan" to develop carbon sink projects on 1.2 million acres, potentially adding 18 million tons of carbon sink capacity [5]. Group 4: Infrastructure and Support - A dedicated working group has been established to facilitate the project, ensuring collaboration among various departments and providing technical support for project design and monitoring [4]. - The county has implemented a comprehensive approach to increase forest resources and enhance ecological benefits, aligning with the philosophy that "green mountains and clear waters are as valuable as mountains of gold and silver" [4].

今年1月14日，丹东市发布了《丹东市"十四五"海上风电项目竞争性配置公告》，吸引了5家符合要求的 单位报名申请。经专家评审，最终确定华电集团、国家电投、中国电建为项目开发业主单位，分别开发 200万千瓦、100万千瓦和50万千瓦建设规模，确保了项目资源的优化配置。这3个海上风电项目总投资 约320亿元，全容量并网后，年发电量可达100亿千瓦时，每年可等效节约标准煤318万吨，减少二氧化 碳排放826万吨。目前，各开发业主单位正在开展用地、用海、通航等开工前期各项工作，力争年内开 工建设。 与此同时，光伏也在有序发展。目前，丹东市已建成辽宁安宇电力光伏电站、国润麦隆光伏电站、通威 光伏电站、华能丹东电厂光伏电站等项目，总装机容量（含分布式光伏）62.47万千瓦。截至2024年 底，全市电力总装机421.56万千瓦，其中清洁能源装机259.86万千瓦，占全市电力总装机的61.6%。 聚焦项目建设 加快培育产业集群 中国发展网讯 记者施文郁报道 "3个海上风电项目总投资约320亿元，加快推动风电装备制造重大项目， 打造具有全国影响力的海上风电母港……"丹东市发展改革委相关负责人振奋地介绍。 近年来，丹东市深入贯彻" ...

Core Viewpoint - The carbon neutrality ETF (159790) is showing strong performance and growth, benefiting from the national "3060" carbon peak and carbon neutrality goals, with significant potential in the renewable energy and environmental protection sectors [3][5]. Performance Summary - As of April 28, 2025, the carbon neutrality ETF has increased by 0.56%, with notable gains in constituent stocks such as Sunshine Power (7.17%) and Goldwind Technology (6.56%) [3]. - Over the past week, the carbon neutrality ETF has accumulated a rise of 1.72%, ranking it in the top 20% among comparable funds [3]. - The ETF's trading volume reached 13.52 million yuan, with a turnover rate of 0.69% [3]. - The ETF's average daily trading volume over the past year is 29.50 million yuan, the highest among comparable funds [3]. Fund Size and Share Growth - The carbon neutrality ETF has seen a significant increase in size, growing by 13.29 million yuan over the past week, making it the largest carbon neutrality-themed ETF in the market [3]. - The ETF's shares have increased by 83 million over the past six months, indicating strong investor interest [3]. Return and Risk Metrics - The carbon neutrality ETF has achieved a net value increase of 0.23% over the past year, with a maximum monthly return of 20.08% since inception [4]. - The ETF has outperformed its benchmark with an annualized excess return of 2.37%, ranking in the top 40% among comparable funds [4]. - The ETF has a relatively low drawdown risk, with a year-to-date relative drawdown of 0.08% [4]. Fee Structure and Tracking Accuracy - The management fee for the carbon neutrality ETF is 0.50%, and the custody fee is 0.10% [4]. - The ETF has the highest tracking accuracy among comparable funds, with a tracking error of 0.033% over the past six months [4]. Valuation Insights - The underlying index, the CSI Mainland Low-Carbon Economy Theme Index, is currently valued at a historical low, with a price-to-book ratio (PB) of 2.27, which is below the index level for over 91.35% of the past year, indicating strong valuation attractiveness [4]. Top Holdings Overview - As of March 31, 2025, the top ten weighted stocks in the CSI Mainland Low-Carbon Economy Theme Index account for 61.81% of the index, including major players like Yangtze Power and CATL [5].

4月28日午间涨停分析 智通财经4月28日电，今日午盘全市场共32股涨停，连板股总数9只，18股封板未遂，封板率为64%（不含ST股、退市股）。焦点股方面，天元股份跌停，步 步高跌超8%，市场连板高度降低至4连板的东贝集团。 | 股票名称 | 板数 | 涨跌幅 | 涨停时间 | 上涨逻辑 | | --- | --- | --- | --- | --- | | 华银电力 600744 | 3天3板 | 9.91% | 09:25 | 电力+业 | | 鸿博股份 002229 | 2天2板 | 9.97% | 09:25 | 算力+业 | | 金麒麟 | 首板 | 10.01% | 09:25 | 业绩 | | 603586 | | | | | | 三夫户外 | 首板 | 10.03% | 09:30 | 业绩 | | 002780 | | | | | | 金财互联 | 首板 | 9.96% | 09:31 | 业绩 | | 002530 | | | | | | 狮头股份 | 首板 | 10.03% | 09:35 | 业绩 | | 四川金顶 | 首板 | 10.00% | 09:46 | 业绩 | | --- ...

Group 1 - The core viewpoint of the article highlights that Junda Co., a leading global photovoltaic battery manufacturer, has initiated its IPO process in Hong Kong, marking a significant step in its globalization strategy amidst a restructuring of the energy market and capital valuations in the renewable sector [1][10] - The trend of renewable energy companies going public in Hong Kong has surged in 2024, with over 20 companies, including industry leaders like CATL and JA Solar, participating in this wave due to favorable policies and a recovering market [2][3] - Junda Co. aims to raise funds primarily for establishing a 5GW photovoltaic battery production base in Oman, capitalizing on the region's shift towards renewable energy and its strategic geographical position [3][4] Group 2 - In Q1 2025, Junda Co. reported a net profit of -1.06 billion yuan, but showed significant quarter-on-quarter growth in both net profit and net profit excluding non-recurring items, indicating a potential turning point in profitability driven by overseas market expansion and technological innovation [6][7] - The company's overseas market revenue share increased dramatically from 23.85% in 2024 to 58% in Q1 2025, reflecting successful market penetration in regions like Asia, Europe, and Latin America [6][8] - Junda Co. has achieved a high mass production conversion efficiency of over 26.0% for its N-type batteries, with ongoing technological advancements enhancing product competitiveness and cost efficiency [8][10] Group 3 - The company's IPO in Hong Kong represents a paradigm shift in China's renewable energy sector, transitioning from "capacity output" to a model integrating technology, capital, and geopolitical influence [10] - The combination of N-type battery efficiency breakthroughs and the Middle East's energy transition presents a unique opportunity for Junda Co. to reshape the global photovoltaic value chain [10]