Market Overview - On April 25, 2025, A-shares showed mixed performance with the Shanghai Composite Index down 0.07% at 3295.06 points, while the ChiNext Index rose 0.59% to 1947.19 points. The total trading volume in the Shanghai and Shenzhen markets was 111.35 billion yuan, an increase of 4.5 billion yuan from the previous trading day [1] - Hong Kong stocks experienced fluctuations, with the Hang Seng Index closing up 0.32% at 21980.74 points, and the total trading volume reaching 208.036 billion HKD. For the week, the Hang Seng Index rose 2.74% [1] - In the U.S. market, major indices closed higher, with the S&P 500 up 0.74% at 5525.21 points and the Nasdaq Composite Index up 1.26% at 17382.94 points [1] New Stock Offerings - On April 28, 2025, a new stock, Zerun New Energy, will be available for subscription at an issue price of 33.06 yuan per share, with a price-to-earnings ratio of 17.57. The company specializes in integrated solutions for photovoltaic component junction boxes and is also developing auxiliary power battery boxes for electric vehicles [3] Important News - On April 27, 2025, the Ministry of Commerce and five other departments announced a reduction in the threshold for departure tax refunds, allowing foreign travelers to apply for refunds on purchases of 200 yuan or more. The cash refund limit has been raised to 20,000 yuan, enhancing payment service options for travelers [4] - In the first quarter of 2025, profits of large-scale industrial enterprises in China totaled 1509.36 billion yuan, a year-on-year increase of 0.8%. State-owned enterprises saw a profit decline of 1.4%, while foreign and Hong Kong-Macau-Taiwan invested enterprises experienced a profit increase of 2.8% [4] Theme Opportunities - On April 27, 2025, the State Council approved the first batch of nuclear power projects for 2025, including 10 new units across five projects, which is expected to drive over 200 billion yuan in investment. This marks the continuation of a regular approval pace for nuclear projects, with all new projects utilizing domestically developed third-generation nuclear technology [4]

Core Viewpoint - The State Council of China has approved several nuclear power projects, marking the first approvals for domestic nuclear power projects in 2025, which includes a total of 10 new reactor units across five projects [1] Group 1: Project Approvals - The approved projects include: - Guangxi Fangchenggang Nuclear Power Phase III (Units 5 and 6) - Guangdong Taishan Nuclear Power Phase II (Units 3 and 4) - Zhejiang Sanmen Nuclear Power Phase III (Units 5 and 6) - Shandong Haiyang Nuclear Power Phase III (Units 5 and 6) - Fujian Xiapu Nuclear Power Phase I (Units 1 and 2) This totals five projects and ten new reactor units [1] - Since 2022, China has consistently approved 10 or more nuclear reactor units each year, maintaining a normalized approval pace [1] Group 2: Investment Implications - The new projects will utilize domestically developed third-generation nuclear technology, including eight units of the Hualong One reactor design [1] - The estimated total investment for the newly approved reactor units exceeds 200 billion yuan, with each domestically produced third-generation nuclear reactor unit requiring approximately 200 million yuan in investment [1]