(本文来自第一财经) 据报道，日本财务省周五表示，将划拨7.18万亿日元（约合459亿美元），通过日本国际协力银行 （JBIC）提供低息贷款和担保，部分资金将用于支持今年美日两国达成的5500亿美元对美投资计划。 这笔资金是财务省2026财年（自2026年4月开始）投融资计划的一部分。该计划还包括对核电厂的融资 以及对日本电网的投资。 ...

新京报贝壳财经讯（记者朱玥怡）12月3日，A股铀业第一股N中国铀（001280.SZ）（"中国铀业"）上 市首日收于67.99元/股，涨280.04%。 "随着我国核电的快速发展，天然铀资源需求大幅提升，作为天然铀主要生产商和供应商的中国铀业， 迎来了重大发展机遇。"中国铀业在招股书中如是表述。 2019年，曾经停滞六年的中国核电审批重启。政策顶层设计明确了核电地位，其中，党的二十大报告提 出，积极安全有序发展核电。《"十四五"现代能源体系规划》提出，在确保安全的前提下，积极有序推 动沿海核电项目建设，合理布局新增沿海核电项目，到2025年，核电运行装机容量达到7000万千瓦左 右。 校对 穆祥桐 目前，中核集团通过中核铀业、旭核基金、中国核电、中国原子能、核化冶院、中核大地合计间接控制 中国铀业79.48%的股份，为中国铀业实际控制人。中国铀业另外三名股东惠核投资、国新投资、航天 投资系2021年完成引入的战略投资者，背后分别为国家产业基金、中国国新以及中国航天，均为"国家 队"。 就募集资金用途，中国铀业计划将其中21.84亿元用于天然铀产能项目，6.93亿元用于放射性共伴生矿产 资源综合利用项目，12. ...

Core Viewpoint - The company, as the main entity of the China National Nuclear Corporation's natural uranium mining and metallurgy sector, is expected to benefit from the accelerated development of nuclear power in China [2] Group 1: Company Overview - The issuance price is set at 17.89 yuan [2] - The total market capitalization is 32.56 billion yuan [2] - The issuance price-to-earnings ratio is 27.06 [2] Group 2: Business Highlights - The company is positioned to leverage its core business in natural uranium mining and metallurgy, which aligns with the growth of nuclear power in China [2] - The business scope is expanding to include various radioactive materials such as rare earths, molybdenum, lithium, and vanadium, in addition to its existing focus on uranium and related minerals [2]

股票简称：中国铀业 股票代码：001280 中国铀业股份有限公司 China National Uranium Co., Ltd. （北京市通州区九棵树 145 号 26 幢 1 层） 首次公开发行股票并在主板上市 之上市公告书 保荐人（主承销商） （住所：北京市朝阳区安立路 66 号 4 号楼） 联席主承销商 （住所：广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座） 二〇二五年十二月 特别提示 中国铀业股份有限公司（以下简称"公司"、"本公司"、"发行人"、"中国铀业"） 股票将于 2025 年 12 月 3 日在深圳证券交易所主板上市。 本公司提醒投资者应充分了解股票市场风险及本公司披露的风险因素，在新股上市 初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 如无特别说明，本上市公告书中的简称或名词的释义与《中国铀业股份有限公司首 次公开发行股票并在主板上市招股说明书》（以下简称"招股说明书"）中的相同。如本 上市公告书中部分合计数与各单项数据之和在尾数上存在差异，这些差异是四舍五入所 致。 1 第一节 重要声明与提示 一、重要声明及提示 本公司及全体董事、高级管理人员保证上市公告书的真实性 ...

我国大力建设核电站，还悄然成为世界第一，究竟是为了什么？是为了那部分电费，还是为了环保？ 美利坚自身那个被寄以厚望的三代核电项目，历经十年仍未完备，而我国的核电产业链，从铀矿开采到 核废料处理，统统达成100%国产化！你的制裁对我来讲没有效用，再看看他们自身，想要构建新反应 堆，还得从法兰西进口关键部件，可人家却推迟交货两年。 如何化解这一局面？硬碰硬？太蠢了我们的祖先有智慧：从根源解决问题，你用石油来要挟世界？好那 我就从根本解决，让你的"油"无处可用！我们的"杀手锏"乃是核电！ 莫以为官方新闻里的数字无足轻重，"在运和在建核电机组总装机容量达1，13亿千瓦，位居世界第 一"，此数字换一种表述便是：我们在削弱石油霸权方面的力量，已然是全球最为强大且突出的！ 一台百万千瓦的核电机组，一年产出的电，等同于200万吨标准煤，要是我们的核电装机量再翻倍，每 年能节省几多进口石油？越发厉害的是，满大街行驶的新能源汽车，要是充的电统统来自核电，那不就 把马路上的"石油需求"直接转化为"电力需求"了吗？我们这般慢慢把石油美元的活路给截断！ 我们在自用的同时还进行打包出口，巴基斯坦的"华龙一号"核电站三年内发电约230亿度 ...

Investment Rating - The report maintains a "Buy" rating for China General Nuclear Power Corporation (003816) [2] Core Views - The company reported a revenue of 59.72 billion yuan for the first three quarters of 2025, a year-on-year decrease of 4.09%, with a net profit attributable to shareholders of 8.58 billion yuan, down 14.14% year-on-year [7] - The company's operational performance is under pressure due to a decrease in electricity prices, despite an increase in power generation [7] - The company has a significant number of nuclear power units under construction, which provides strong growth potential in the long term [7] - The cancellation of the variable cost compensation mechanism in Guangdong province in 2026 is expected to positively impact the company's electricity prices [7] - The financial performance is expected to improve due to reduced financial costs from convertible bond issuance [7] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 85.69 billion yuan, with a net profit of 10.17 billion yuan, reflecting a year-on-year decrease of 5.9% [6] - The company’s gross margin is projected to be 32.4% in 2025, with a return on equity (ROE) of 8.6% [6] - The earnings per share (EPS) is expected to be 0.20 yuan in 2025, with a price-to-earnings (PE) ratio of 20 [6]

Group 1 - The core viewpoint of the articles highlights a significant increase in nuclear power stocks in Hong Kong, driven by positive forecasts for global nuclear power generation in 2024, which is expected to reach a nearly ten-year high [1] - The National Energy Administration's Director of Nuclear Power, Zeng Yachuan, stated that multiple international authoritative organizations have raised their nuclear energy development expectations for four consecutive years, predicting that by 2050, global nuclear power installed capacity will exceed 900 million kilowatts, achieving a doubling growth [1] - China, as one of the few countries with a complete nuclear power industrial system, plays an indispensable role in this growth, currently operating 59 nuclear power units with a total installed capacity of 62.48 million kilowatts, and has 53 units approved for construction with a capacity of 62.93 million kilowatts, bringing the total installed capacity to over 125 million kilowatts, maintaining the world's leading position [1] Group 2 - The stock performance of major nuclear power companies in Hong Kong shows notable increases, with China General Nuclear Power Group rising by 4% to 3.180, China General Nuclear New Energy up by 3.5% to 2.930, China National Nuclear Corporation increasing by 2.11% to 5.820, and China General Nuclear Mining slightly up by 0.28% to 3.590 [2]

Group 1: Company Overview - The company specializes in the manufacturing and sales of industrial waste heat boilers, large and special material pressure vessels, and nuclear safety equipment [1] - It also provides environmental comprehensive governance services for solid waste and wastewater treatment and recycling [1] - The company operates photovoltaic power plants [1] Group 2: Nuclear Power Business - The company has been manufacturing nuclear power equipment since 1998, completing several domestic and international first-piece manufacturing tasks over 20 years [2] - Key nuclear safety equipment includes various cooling systems and storage tanks, contributing to domestic nuclear power construction [2] - The fourth-generation nuclear power equipment project disclosed at the beginning of the year is progressing smoothly, expected to alleviate current capacity bottlenecks and enhance production capabilities [2] Group 3: Production and Operational Status - The production and operational status from 2025 to date is in line with expectations, with all projects progressing normally [2] Group 4: Future Strategic Planning - The company plans to deepen its core business while increasing technological innovation and management efforts [2] - Focus will be on enhancing management and cost control, optimizing resource allocation to improve profitability and market competitiveness [2]

Core Viewpoint - Harbin Electric (01133) has seen a significant stock price increase of over 325% year-to-date, with a recent rise of 5.2% to HKD 9.71, driven by strong financial performance and positive market sentiment towards nuclear power and the company's order execution capabilities [1][2]. Financial Performance - The company reported total revenue of approximately CNY 22.696 billion, representing a year-on-year growth of 31.49% [1]. - Net profit attributable to the parent company was about CNY 1.051 billion, showing a substantial year-on-year increase of 101.06% [1]. Market Outlook - UBS forecasts an average annual growth rate of 25% for gross profit from nuclear equipment in China between 2025 and 2028, with each new small modular reactor (SMR) potentially contributing around CNY 620 million in revenue for Harbin Electric [1]. - The market's confidence in the nuclear power outlook and the company's order execution capabilities suggests potential for further re-rating [1]. Business Segments - Coal Power: The company has a robust order book with improved order quality compared to the previous cycle, which is expected to enhance profits [2]. - Hydropower: Orders from pumped storage projects are entering execution phases, and new capacity is being released, with large hydropower projects benefiting from increased demand due to the Yarlung Tsangpo River hydropower project [2]. - Nuclear Power: The approval rate for nuclear projects has increased from about 5 units per year (2019-2021) to approximately 10 units per year (2022-2025), with related orders gradually entering execution phases [2]. - Modern Manufacturing Services: New policies emphasize improving operational efficiency of existing coal power units, which may drive growth in related business areas [2].

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, primarily due to accounting standards affecting trade business, while mining production remains stable [1][2]. Group 1: Financial Performance - In the first half of 2025, the company achieved a revenue of 1.709 billion HKD, a year-on-year decrease of 58% [1]. - The net profit attributable to shareholders was -68 million HKD, reflecting a year-on-year decline of 160% [1]. - The trade segment incurred a loss of 262 million HKD due to the impact of accounting practices and market price fluctuations [2]. Group 2: Uranium Market Dynamics - Natural uranium prices showed a steady fluctuation in the first half of 2025, with spot prices ranging between 60-80 USD per pound, averaging 78.50 USD per pound by the end of June, a 4% increase from the beginning of the year [1]. - Long-term contract prices remained stable at 80.00 USD per pound, supporting existing uranium mine production increases and restarts [1]. - Global uranium production is expected to grow by 13% year-on-year in 2024, reaching approximately 61,600 tons, but supply challenges are anticipated post-2028 due to long project lead times and resource depletion [1]. Group 3: Sales and Contracts - The company signed new contracts for 1,910 tons of natural uranium, with 53% of sales coming from Europe, 30% from Asia, and 17% from North America [2]. - The total delivery of natural uranium reached 812 tons, generating sales revenue of 1.23 million USD (approximately 9.55 million HKD) [2]. - As of June 30, 2025, the company held 1,569 tons of natural uranium with a weighted average cost of 68.77 USD per pound, and had 4,564 tons of signed but undelivered contracts at an average price of 80.52 USD per pound [2]. Group 4: Mining Operations - The company's mining operations demonstrated strong performance, achieving an equity production of 650 tons of standard uranium in the first half of 2025 [3]. - All invested mines exceeded 100% completion rates in the second quarter of 2025, indicating robust production capacity and effective cost control [3]. - New sales framework agreements for 2026-2028 reflect confidence in the uranium market, with a pricing mechanism of "30% fixed price + 70% spot price," enhancing revenue elasticity to uranium price fluctuations [3].