重要新闻提示 四部门：到2027年底，力争在全国范围内大功率充电设施超过10万台 上交所和中证指数有限公司将于7月21日发布上证科创板专精特新指数和上证专精特新指数 蓝黛科技（002765）：筹划公司控制权变更事项，股票今起停牌 今日提示 今日有1只新股上市，为科创板新股屹唐股份（688729）。 大商所纯苯期货和期权今日起上市交易。 央行今日有1310亿元7天期逆回购到期。 第十二届世界高速铁路大会7月8日至11日举办。 财经新闻 1. 国家发展改革委网站7月7日消息，国家发展改革委办公厅、国家能源局综合司、工业和信息化部办公 厅、交通运输部办公厅日前印发《关于促进大功率充电设施科学规划建设的通知》，其中明确，到2027 年底，力争在全国范围内大功率充电设施超过10万台，服务品质和技术应用实现迭代升级。 3. 7月7日，国家外汇管理局发布数据显示，截至6月末，我国外汇储备规模为33174亿美元，较5月末上 升322亿美元，升幅为0.98%。同日，国家外汇管理局发布的数据显示，6月末，我国黄金储备为7390万 盎司，环比增加7万盎司。 4. 7月7日，上交所发布公告称，上交所和中证指数有限公司将于7月21日发 ...

国外 1. 小摩：非农或重新点燃美国经济增长担忧，并加大美联储降息压力 美元交投稳定，因投资者在关键的美国非农就业报告出炉前按兵不动。经济学家预计，6月就业人口增 加11万人，低于5月的13.9万人，失业率预计将从4.2%上升至4.3%。摩根大通在一份报告中表示，这可 能会让对经济增长的担忧"重新成为人们关注的焦点"，并加大美联储加快降息时间表的压力。然而，他 表示，与就业相比，通胀离目标更远，因此美联储应在降息问题上保持谨慎立场。 2. 瑞银：特朗普对越南的20%关税处于预期范围的低端 瑞银经济学家William Deng在一份研究报告中说，美国对越南商品征收的20%关税处于预期范围的低 端。越南允许美国商品免税进入该国的决定"在很大程度上是意料之中的"，因为美国产品在技术和能源 等领域的更多准入应该有利于越南的经济增长。该贸易协议的细节对于确定对越南的经济影响至关重 要，尤其是对转运货物的影响，转运货物将面临40%的关税。今后一个关键的观察点是，是否有进一步 向美国和国际资本开放金融市场的细节。 3. 星展银行：美越贸易协议降低风险，但缺乏细节 星展银行高级经济学家Chua Han Teng说，美越贸易协 ...

越南政府称，计划于八月与俄罗斯政府签署协议，建设该国第一座核电站。 ...

摘要：核电在清洁性、稳定性等多方面优势突出，我国能源分布不均，发展核电意义重大。在政策、技 术、市场等多重因素推动下，核电行业景气度有望持续上行，迎来建设投产高峰。 1.核电在清洁性、稳定性、利用小时数等方面优势明显 从清洁性来看，核电在发电过程中不产生温室气体，对环境的影响相对较小；与化石燃料相比，核电的 碳排放量极低，有助于减少对环境的污染。从稳定性来看，核电的发电量稳定，可以提供可靠的电力供 应。核电机组的年发电利用小时数常年保持在 7000 小时以上，位居所有电源之首。而相较于风能、太 阳能等可再生能源，核电的发电量受天气、地区等外部因素的影响较小。 从我国能源分布上看，我国一次能源集中在北方和西部，而经济发达、人口稠密的沿海地区却缺乏常规 能源。因此加快发展核电，构造"北煤、西水、东南核"的国家能源新格局，不仅有利于优化能源结构， 缓解运输压力，而且能够提高能源效率和电网运行的安全可靠性，对于我国能源安全具有重要的战略意 义。 根据 2025 年全国能源工作会议，目前我国核电在运在建规模升至世界第一。国家能源局党组书记、局 长王宏志于 2024 年 12月称，2024 年我国江苏徐圩等 5 个项目的 ...

Group 1: Financial Performance - In 2024, the company achieved total operating revenue of 113.54 billion yuan, a year-on-year increase of 3.80% [1] - The net profit attributable to shareholders was 2.064 billion yuan, a slight increase of 0.07% year-on-year, while the non-recurring net profit rose by 12.11% to 1.915 billion yuan [1] - For Q1 2025, total operating revenue was 29.549 billion yuan, up 1.77% year-on-year, but net profit decreased by 1.01% to 551 million yuan [1][2] Group 2: Order Growth and Market Expansion - The company reported steady growth in new contracts, with Q4 2024 new contracts amounting to 55.633 billion yuan, a year-on-year increase of 1.3% [2] - In Q1 2025, new contracts reached 54.175 billion yuan, showing a significant year-on-year increase of 30.68% [2] - The company successfully entered new sectors such as offshore wind power, energy storage, and pumped storage, enhancing both quantity and quality of orders [2] Group 3: Profitability and Cost Management - The overall gross profit margin for the year was 11.72%, an increase of 0.37 percentage points, while the expense ratio rose slightly to 7.12% [3] - The net profit margin for the year was 1.82%, a decrease of 0.07 percentage points, with the non-recurring net profit margin improving by 0.13 percentage points to 1.69% [3] - In Q1 2025, the gross profit margin was 8.94%, up 0.41 percentage points, but the net profit margin decreased to 1.87% [3] Group 4: Cash Flow and Financial Health - The company experienced a net cash outflow from operating activities of 3.34 billion yuan in 2024, primarily due to increased payments to downstream [4] - The cash collection ratio for 2024 was 82.77%, down 3.57 percentage points year-on-year [4] - In Q1 2025, the net cash outflow was 10.195 billion yuan, with a cash collection ratio of 76.34%, which improved by 7.04 percentage points [4] Group 5: Nuclear Power Sector Outlook - The company has received approval for more than 10 nuclear units for four consecutive years, indicating a robust nuclear construction market [5] - In April 2024, five nuclear projects were approved, totaling 10 units, with an estimated investment exceeding 200 billion yuan [5] - The long-term outlook for the nuclear power sector is positive, with expectations of high margins and low impairments driving company performance [5]

5月7日，由中建电力承建的华能石岛湾核电厂扩建一期项目现场，7台混凝土泵车在2号机组核岛反应堆 筏基旁列阵排开，600余名建设者穿梭在足球场大小的作业面，2号机组核岛反应堆第一罐混凝土浇筑 （FCD）顺利开工，预计一次性连续浇筑混凝土总量达8500立方米。 作为山东省重大建设项目，位于山东威海荣成市的石岛湾核电整体规划建设4台百万千瓦级核电机组， 中建二局承建一期工程1#、2#机组核岛土建及BOP工程施工工程。全面建成后年发电量达200亿千瓦 时，每年可减少二氧化碳年排放量约1500万吨，环保效益相当于种植约3.6万公顷森林。 如何在确保质量的前提下，进一步提升工作效能？据项目总工程师李强介绍，为提高钢筋绑扎效率，项 目团队对筏基钢筋支架进行全面优化，通过BIM技术三维模拟筏基正交区与环形区的钢筋层位关系，预 先规避钢筋支架与其他构件的空间冲突。针对钢衬里模块施工，项目团队创新采用地上拼装钢平台体 系。该平台大幅简化了基础处理工艺，且采用模块化可拆卸设计，构件可进行快速拆解与充足，可有效 降低前期准备难度，提高构建重复使用率。 "在核电建设中，任何细微偏差都可能造成不可逆的影响，我们要竭尽全力做到最好。"李强 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a revenue of 663 million yuan in Q1 2025, a year-on-year increase of 0.03%, and a net profit attributable to shareholders of 92 million yuan, up 1.65% year-on-year. The gross margin and net margin improved to 36.83% and 12.89%, respectively, reflecting a significant enhancement in profitability [1] - The company benefits from the rising demand in the "two machines" industry, with contract liabilities exceeding 1.2 billion yuan, indicating strong revenue growth potential for 2025. The domestic orders are expected to increase due to accelerated localization efforts in gas turbines and aviation engines [2] - The approval of nuclear power projects is expected to boost the company's revenue from nuclear main pump castings, with strategic partnerships and contracts already in place for multiple nuclear projects [3] Summary by Sections Performance Review - In Q1 2025, the company achieved a revenue of 663 million yuan and a net profit of 92 million yuan, with improved profitability metrics [1] Operational Analysis - The company signed long-term agreements with major clients in the "two machines" sector, leading to a significant increase in contract liabilities, which grew over 100% year-on-year to 1.76 billion yuan. This positions the company for accelerated revenue growth in 2025 [2] - The domestic market for gas turbines is expanding, with successful certification of domestically developed aircraft engines, indicating a positive trend for future orders [2] Nuclear Power Sector - The approval of five nuclear power projects is expected to enhance demand for the company's nuclear pump products, with existing contracts already in place for significant deliveries [3] Profit Forecast and Valuation - Projected revenues for 2025-2027 are 3.2 billion, 3.9 billion, and 5 billion yuan, with net profits of 450 million, 630 million, and 890 million yuan, respectively. The corresponding price-to-earnings ratios are 30, 22, and 15 [4]