【环球时报驻韩国特派记者 莽九晨 环球时报特约记者 于文】韩国总统李在明25日访问白宫，与美国总统特朗普举行会谈。这是他上任后首次访美。舆论普 遍认为，美韩关税协议细节和美韩同盟"现代化"是双方会谈的主要议题。李在明在飞往美国的专机上对记者表示，关于韩美同盟"现代化"，美方提出提升驻 韩美军"战略灵活性"的意见，韩方对此难以同意。《日本时报》称，所谓提升"战略灵活性"，即让驻韩美军在对抗中国方面发挥更大的作用。李在明的表态 显示，他反对将驻韩美军的重点转向中国。美国媒体25日则聚焦韩国的造船实力。《华盛顿邮报》称，李在明带着一份肯定会让特朗普满意的礼物抵达白宫 ——韩国的造船实力，韩国对特朗普的承诺是："让美国造船业再次伟大"。 李在明：难道可以与中国断绝关系吗？ 韩联社称，根据白宫公布的日程安排，特朗普和李在明将于美国东部时间25日中午12时15分（北京时间26日凌晨）在白宫举行会谈，时长定为30分钟左右， 全程向白宫记者团公开。之后，两人将以闭门形式举行午餐会。美方未安排两位领导人会后举行联合记者会。 但就在两人会谈前的几个小时，特朗普25日一早在社交平台发文称，韩国"似乎正在发生清洗或革命"，"美国不能 ...

另据俄"库尔斯克新闻"网站24日报道，库尔斯克核电站当天凌晨发生变压器装置起火，起火的装置 与核电站主反应堆不相连。 核电站新闻部门表示，目前，爆炸引发的火灾已被扑灭。3号机组正在运行，4号机组正进行定期维 护，1号、2号机组处于无发电运行状态。 新华社莫斯科8月24日电 据俄罗斯媒体24日援引库尔斯克核电站新闻部门消息报道，俄防空部队当 天凌晨在该核电站附近击落一架乌克兰作战无人机，无人机在坠落时爆炸，造成核电站一台辅助变压器 起火损坏。 俄新社援引核电站新闻部门消息报道说，事件造成核电站3号机组减载50%。目前，核电站和邻近 地区辐射水平未发生变化，暂无人员伤亡。 ...

俄新社援引核电站新闻部门消息报道说，事件造成核电站3号机组减载50%。目前，核电站和邻近地区 辐射水平未发生变化，暂无人员伤亡。 核电站新闻部门表示，目前，爆炸引发的火灾已被扑灭。3号机组正在运行，4号机组正进行定期维护， 1号、2号机组处于无发电运行状态。 另据俄"库尔斯克新闻"网站24日报道，库尔斯克核电站当天凌晨发生变压器装置起火，起火的装置与核 电站主反应堆不相连。 新华社莫斯科8月24日电据俄罗斯媒体24日援引库尔斯克核电站新闻部门消息报道，俄防空部队当天凌 晨在该核电站附近击落一架乌克兰作战无人机，无人机在坠落时爆炸，造成核电站一台辅助变压器起火 损坏。 （文章来源：新华社） ...

俄罗斯国家原子能集团电力公司21日表示，新沃罗涅日核电站7号机组暂时断开与电网的连接。公告强 调，不存在任何安全隐患。 （文章来源：央视新闻） ...

Investment Rating - The industry rating is "Outperform the Market," indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [12]. Core Insights - The report highlights a significant advancement in China's nuclear energy strategy with the completion of the preliminary design of the CFR1000, the first fourth-generation commercial fast reactor, which is crucial for energy security and sustainable development [3]. - Nuclear power is emphasized as a key player in promoting green energy transition due to its high efficiency, safety, and minimal land use, with annual utilization hours exceeding 7000, making it the cleanest energy source [5]. - The report outlines a collaborative effort involving various stakeholders, including government officials and experts, to enhance the fast reactor industry and its technology development [4]. Company Summaries - **Jia Dian Co., Ltd.**: Focuses on helium fans, the only power equipment for the fourth-generation high-temperature gas-cooled reactor, and leads in nuclear pump products [5]. - **Guoguang Electric**: Supplies critical components for the ITER project, enhancing its position in the nuclear energy sector [5]. - **Lanshi Heavy Industry**: Engages in the entire nuclear energy supply chain, from upstream nuclear fuel systems to downstream spent fuel processing [5]. - **Kexin Electromechanical**: Produces high-temperature gas-cooled reactor products and has developed domestic alternatives for new fuel transport containers [5]. - **Hailu Heavy Industry**: Provides services for various reactor types, including third and fourth-generation reactors and fusion reactors [5]. - **Jiangsu Shentong**: Secured over 90% of orders for nuclear-grade butterfly and ball valves in new nuclear power projects [5]. - **Xianheng International**: Supplies products for the operation and maintenance of nuclear power facilities [5].

Group 1 - The core point of the news is the significant increase in the price of Guangke Convertible Bonds, which rose by 30.0% to 130.0 CNY per bond, with a trading volume of 154 million CNY and a conversion premium rate of 26.55% [1] - Guangke Convertible Bonds have a credit rating of "AAA" and a maturity of 6 years, with specific interest rates for each year ranging from 0.2% to 2.0% [1] - The conversion price for the bonds is set at 3.67 CNY, with the conversion period starting on January 15, 2026 [1] Group 2 - China General Nuclear Power Corporation (CGN) is the controlling shareholder of China General Nuclear Power Co., Ltd., which was established on March 25, 2014, and listed on the Hong Kong Stock Exchange on December 10, 2014, and on the Shenzhen Stock Exchange on August 26, 2019 [2] - CGN's primary business includes the construction, operation, and management of nuclear power plants, as well as the sale of electricity generated from these plants [2] - For the first quarter of 2025, CGN reported a revenue of 20.0281 billion CNY, a year-on-year increase of 4.41%, while the net profit attributable to shareholders was 3.0256 billion CNY, a year-on-year decrease of 16.07% [2] - As of March 2025, CGN's shareholder concentration is very dispersed, with the top ten shareholders holding a combined 91.15% of shares, and the average holding amount per shareholder being 745,500 CNY [2]

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **public utility industry**, particularly the **thermal power sector** and its dynamics in the context of coal prices and electricity pricing strategies [1][2][3]. Core Insights and Arguments - **Coal Price Impact**: A significant drop in coal prices has not led to a notable increase in thermal power valuations, as the market is primarily pricing based on future profit recovery [1][2]. - **Electricity Pricing Reform**: Starting in 2026, the recovery of fixed costs in coal-fired capacity pricing will be no less than 50%, which is expected to reduce the cyclicality of thermal power [1][3]. - **Dividend Attractiveness**: Leading companies like Huaneng International have attractive dividend yields, exceeding 6.5%, which is appealing to investors [1][3]. - **Investment Environment**: The competition in the thermal power sector is categorized into emerging and classical paradigms, with the latter showing a clearer window for investment from March to July [1][4]. - **Profitability Concerns**: The profitability of thermal power is influenced by fluctuations in coal and electricity prices, with market confusion regarding electricity pricing limiting profit expectations [1][6][7]. Additional Important Content - **Valuation and Profitability**: The thermal power sector has opportunities, but systemic valuation expansion remains uncertain. The market has not shown significant valuation increases despite initial expectations during the 14th Five-Year Plan [2][3]. - **Green Energy Transition**: The green energy sector is in a reversal phase, with policies like Document 136 alleviating concerns over long-term project returns, signaling a recovery in the fundamental outlook [2][18]. - **Regional Pricing Dynamics**: In Guangdong, coal prices fell by 20%, but electricity prices remained stable, indicating a complex relationship between coal and electricity pricing [13][16]. - **Long-term Investment Value**: The thermal power industry shows long-term investment potential, with companies experiencing significant revenue growth compared to broader market indices [9][30]. - **Green Certificate Market**: The green certificate market has faced supply-demand imbalances, but recent policy changes are expected to stabilize the market and improve transaction volumes [21][22]. Conclusion - The public utility sector, particularly thermal power, is navigating a complex landscape influenced by coal prices, regulatory reforms, and market dynamics. Investors are advised to focus on companies with strong dividend yields and favorable positioning in the evolving energy landscape. The green energy sector is also poised for recovery, presenting potential investment opportunities.

Core Insights - The external power supply to the Zaporizhzhia Nuclear Power Plant has been restored after a power outage lasting 3.5 hours, indicating a temporary resolution to the immediate issue [1] - Despite the restoration of power, Ukraine's nuclear safety remains extremely fragile, highlighting ongoing concerns regarding the stability and security of nuclear facilities in the region [1] Industry Implications - The incident underscores the vulnerabilities in Ukraine's nuclear infrastructure, which could have broader implications for energy security and regulatory oversight in the nuclear sector [1] - Continuous monitoring and improvements in safety protocols may be necessary to mitigate risks associated with power outages and ensure the integrity of nuclear operations in Ukraine [1]

Core Viewpoint - The International Atomic Energy Agency (IAEA) has indicated that the team at the Zaporizhzhia Nuclear Power Plant in Ukraine has been informed that issues related to cooling water supply and off-site power must be fully resolved before any reactor can be restarted [1] Group 1 - The IAEA emphasizes the necessity of addressing cooling water supply issues [1] - The IAEA highlights the importance of resolving off-site power problems [1] - The restart of any reactor at the Zaporizhzhia Nuclear Power Plant is contingent upon the resolution of these critical issues [1]

Group 1 - Russia urges Israel to immediately cease airstrikes on the Bushehr nuclear power plant [1] - The Bushehr nuclear power plant has Russian experts working on-site [1]