Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 33.76 CNY for the next six months, indicating an expected price increase of over 15% compared to the market benchmark [4][6]. Core Insights - The company, Longda Co., Ltd., specializes in high-temperature alloy materials and is expected to benefit from the growing demand for AI-related electricity usage. The company has expanded its business from copper-based alloys to nickel-based and high-temperature alloys, with applications in various industries including aerospace, energy, oil and gas, and automotive [1][4]. - The aerospace sector shows strong growth potential, with increasing demand for high-temperature alloys in both military and civil aviation markets. The automotive turbocharger market in China is also expanding, leading to higher usage of high-temperature alloys [2]. - The company has a diverse customer base in the gas turbine sector, including major players like GE and Siemens. It is actively expanding its production capacity, particularly in Malaysia, which is expected to significantly enhance its profitability and customer support capabilities [3][4]. Financial Summary - The projected revenue for the company from 2025 to 2027 is 17.3 billion CNY, 21.9 billion CNY, and 28.0 billion CNY, respectively. The net profit attributable to the parent company is expected to be 1.06 billion CNY, 1.67 billion CNY, and 2.38 billion CNY for the same period [4][5]. - The company anticipates a revenue growth rate of 24.33% in 2025, 26.30% in 2026, and 28.15% in 2027, with net profit growth rates of 59.92%, 57.62%, and 42.61% for the respective years [5][11].

12月11日电网ETF（561380）早盘拉升涨超1.3%，午间开始回落，收跌1.0%。 无论是股票ETF/LOF基金，都是属于较高预期风险和预期收益的证券投资基金品种，其预期收益及预期风 险水平高于混合型基金、债券型基金和货币市场基金。 基金资产投资于科创板和创业板股票，会面临因投资标的、市场制度以及交易规则等差异带来的特有风 险，提请投资者注意。 板块/基金短期涨跌幅列示仅作为文章分析观点之辅助材料，仅供参考，不构成对基金业绩的保证。 文中提及个股短期业绩仅供参考，不构成股票推荐，也不构成对基金业绩的预测和保证。 以上观点仅供参考，不构成投资建议或承诺。如需购买相关基金产品，请您关注投资者适当性管理相关规 定、提前做好风险测评，并根据您自身的风险承受能力购买与之相匹配的风险等级的基金产品。基金有风险， 投资需谨慎。 资料来源：Wind 消息面上，浙江特高压交流环网工程获得发改委批复，计划2029年建成投运，总投资约293亿元。国内特高 压线路建设不断推进，今年以来已有2条特高压直流线路与3条特高压交流线路获批。特高压线路是指电压等级 在交流1000千伏及以上、直流±800千伏及以上的输电工程，具有输送容量 ...

◆ 曾精确预测2008年次贷危机的"大空头"迈克尔·伯里今年第二次做空英伟达。11月3日披露的持仓报告 显示，其旗下基金第三季度约80%仓位用于集中做空英伟达和Palantir，名义价值逾10亿美元。在做空报 告发布后的四个交易日内，英伟达市值累计蒸发约4551亿美元（约合人民币3.24万亿元）。然而，数据 显示，市场对做空英伟达的兴趣正在下降。"大空头"这次的预言会准吗？ ◆ 美联邦政府"停摆"进入第39天，美股"周五惊魂"，走出V型反转，但八大AI公司市值一周蒸发8000亿 美元；比特币价格本周一度失守10万美元，一个月大跌18%；土耳其以"种族灭绝罪"向内塔尼亚胡发布 拘捕令；锁定万亿美元薪酬包，马斯克划16项业务重点；黄仁勋：中国将在AI竞赛中击败美国；AI用 电需求"爆表" ，科技巨头疯狂"抢电"。 "大空头"押上八成资产做空AI， 今年第二次"狙击"英伟达， "次贷危机预言家"会成功吗？ 在华尔街，"大空头"一词特指迈克尔·伯里（Michael Burry）。他曾精准预测2008年次贷危机，2015年电 影《大空头》也以他为原型。 11月3日，迈克尔·伯里旗下对冲基金Scion Asset Man ...

Investment Rating - The investment rating for China General Nuclear Power Corporation (1164 HK) is maintained at "Buy" with a target price of HKD 3.01 [5]. Core Views - The report highlights an expected improvement in international trade contracts starting from the second half of 2025, driven by high-priced order deliveries and adjustments in signing strategies [3][10]. - The global natural uranium market is projected to remain tight, with a significant supply-demand gap anticipated by 2030, supporting a bullish outlook for uranium prices [10]. - The company's international trade business experienced a loss in the first half of 2025 due to one-time impacts, but profitability recovery is expected in the second half as high-priced contracts are delivered [3][10]. Summary by Sections Profit Forecast and Valuation - The company is expected to recover from a loss of HKD 0.68 billion in the first half of 2025, with projected net profits of HKD 3.48 billion, HKD 10.39 billion, and HKD 11.23 billion for 2025-2027, representing year-on-year growth of +1.84%, +198.42%, and +8.04% respectively [3]. - The estimated EPS for the same period is projected to be HKD 0.05, HKD 0.14, and HKD 0.15 [3]. - The target valuation for 2026 is set at 21.5x PE, with a target price of HKD 3.01 based on comparable company analysis [3]. Industry Trends - The global natural uranium market is expected to maintain a tight supply-demand balance, with a projected shortfall of 6,000 tons by 2030 and 31,000 tons by 2035 [10]. - The demand for nuclear power is anticipated to remain high, driven by China's nuclear approvals and the U.S. plans for new nuclear plants, alongside increasing electricity needs from AI [10]. - The report notes a resurgence in the spot uranium market since May, with long-term contract prices showing signs of increase, reflecting market expectations for future supply-demand gaps [10]. Company Trends - The international trade business's losses in the first half of 2025 were primarily due to price fluctuations in contracts and inventory cost accounting methods [10]. - The company has adjusted its signing strategy to shorten delivery cycles and mitigate risks associated with price volatility [10]. - The average selling price of contracts signed but not yet delivered is projected at USD 80.8 per pound, significantly higher than the average cost of inventory, indicating potential for profit growth [10].

Summary of Conference Call on Copper Market Dynamics Industry Overview - The conference call focuses on the copper industry, particularly the demand and pricing dynamics influenced by various factors including AI electricity consumption and macroeconomic conditions [1][3][9]. Key Points and Arguments 1. **Increased Demand from U.S. Power Equipment** U.S. electricity equipment demand for copper grew by 4% year-on-year in the first half of the year, significantly exceeding the average growth rate of 1-2% over the past decade, driven by increased AI electricity usage and manufacturing reshoring [1][3]. 2. **Impact of U.S. Market on Global Copper Demand** The U.S. accounts for 10% of global copper demand, with actual consumption reaching 2.7 million tons. The growth in U.S. electricity copper demand contributes approximately 1-1.5 percentage points to global demand growth annually [1][4]. 3. **Shift from Financial to Commodity Pricing** Financial attributes previously dominated copper pricing, but following the implementation of tariffs, net long positions of investment funds decreased. Despite this, LME and COMEX showed strong performance, indicating a shift towards commodity attributes taking over pricing power [1][5]. 4. **Limited Impact of Interest Rate Cuts on Copper Prices** Expectations of interest rate cuts are not expected to significantly affect copper prices unless a substantial economic recession occurs. Current supply-demand dynamics suggest stable prices in the absence of drastic changes [1][6]. 5. **Low Inventory Levels and Supply Disruptions** The copper market is currently experiencing low inventory levels across the supply chain, following a period of high upstream inventories. This low inventory state, combined with supply disruptions, has led to a stable pricing environment [1][7]. 6. **Future Price Projections** In the upcoming quarters, two main catalysts are expected to drive copper prices up: the seasonal demand during "Golden September and Silver October" and macroeconomic recovery post-interest rate cuts. Prices could potentially reach around $11,000 per ton [1][8]. 7. **Misjudgment of AI Electricity Demand** The market has underestimated the impact of AI electricity demand on copper consumption. Many view the demand as merely stockpiling, while the actual consumption driven by AI is substantial [2][9]. Additional Important Insights - The overall demand for copper in 2025 is characterized as strong, with significant contributions from the electrical wire and transformer sectors in both China and the U.S. [3]. - The potential for copper-related stocks to double in value is highlighted, with expected earnings per share growth of 40% and production increases of 10-20% [8]. This summary encapsulates the critical insights from the conference call, emphasizing the evolving dynamics of the copper market influenced by technological advancements and macroeconomic factors.