Core Points - The Zhejiang San'ao Nuclear Power Project's Unit 3 has officially commenced construction with the first concrete pour for the nuclear island, marking a significant milestone for the project [1][3] - This project is notable as it is the first nuclear power project in China with private capital participation [1] - The overall construction of the project is progressing smoothly, with Unit 1 having completed pre-fuel safety inspections and entering the fuel loading preparation phase, while Unit 2 is in the hot testing preparation stage [1] Project Details - The concrete pour for Unit 3 involves approximately 8,820 cubic meters of concrete and is expected to last for 57 hours [3] - The project team has implemented several advanced technologies and innovative construction processes, including modular retaining walls and post-application methods for the foundation pit [3] - The modular retaining wall, which is a first for the "Hualong One" reactor design, measures about 62 meters in length and has been designed for efficient site utilization, saving approximately 800,000 RMB in costs and reducing the construction period by about 10 days compared to traditional methods [3] Technical Specifications - Unit 3 is expected to generate an annual electricity output of 1 million kilowatt-hours, sufficient to meet the annual electricity needs of approximately 1 million people [1]

Core Viewpoint - The successful completion of the first concrete pouring for the nuclear island of the Shandong Zhaoyuan Nuclear Power Project marks the full launch of the project's first phase, which is a key initiative for China General Nuclear Power Group (CGN) to integrate into Shandong's energy development plan and promote green and low-carbon transformation in the region [1][2]. Group 1: Project Overview - The Zhaoyuan Nuclear Power Project is located in Yantai, Shandong, and is CGN's tenth nuclear power base in the country, with plans to build six "Hualong One" nuclear reactors [1]. - Once all units are operational, the project is expected to generate an annual electricity output of 50 billion kilowatt-hours, sufficient to meet the annual electricity needs of approximately 5 million people, while reducing standard coal consumption by about 15.27 million tons and CO2 emissions by approximately 46.2 million tons [1]. Group 2: Technological Innovations - The project features a high-level natural ventilation cooling tower, standing at 203 meters with a water collection area of 16,800 square meters, which is the first application of secondary circulation cooling technology in the "Hualong One" reactor [2]. - This cooling tower design allows for the direct cooling source to shift from the sea to the atmosphere, significantly reducing water head and energy consumption while ensuring cooling water is recycled [2]. - In extreme conditions, the cooling tower can maintain continuous operation of the reactor for at least 2 hours without external water supply, providing a buffer for safe shutdown [2]. Group 3: Comprehensive Utilization of Nuclear Energy - The project is actively planning for the comprehensive utilization of nuclear energy, integrating into the clean heating network of the Jiaodong Peninsula in Shandong Province [3]. - Each reactor can provide up to 1,000 tons of steam per hour for heating, covering an area of over 15 million square meters, which includes Zhaoyuan and surrounding counties [3]. - Future expansions will include industrial steam supply, nuclear hydrogen production, and seawater desalination, contributing to regional green and low-carbon development [3].

Core Viewpoint - The achievement of 100% localization of spare parts for the Haiyang Nuclear Power Units 1 and 2 marks a significant step towards the self-sufficiency of China's nuclear energy industry, enhancing the high-quality development of the sector [2]. Group 1: Localization Achievements - The Haiyang Nuclear Power project has completed the localization of key components and materials, transitioning from technology introduction to independent innovation over eight years [2]. - The main pump frequency converter, a critical device for the third-generation passive nuclear power units, has been successfully localized, which previously relied heavily on imports [4]. - The localization of the frequency converter has prevented four instances of unplanned shutdowns, demonstrating its technical performance meets international advanced levels [4]. Group 2: Collaborative Innovation - Shandong Nuclear Power has established an integrated collaboration mechanism involving production, education, research, and application, exemplified by the development of the ultrasonic flow meter for main water supply [6]. - The successful development of the nuclear-grade flow meter has overcome numerous technical challenges and is recognized as a domestic innovation with international leadership [6]. - Partnerships with various institutions have led to the design and manufacturing of core components, fostering an open and collaborative innovation ecosystem [6]. Group 3: Systematic Advancement - Over the past eight years, Shandong Nuclear Power has conducted 60 review and appraisal meetings, resulting in the localization of over 100 spare parts projects [8]. - The company has established a positive development path from "single-point breakthroughs" to "systematic verification" and "scale application," significantly reducing the impact of international supply chain fluctuations [9]. - The achievement of 100% localization of spare parts reflects not only technical capabilities but also an overall enhancement of the collaborative and self-controlled capabilities of the industry [9].

中国广核集团有限公司总经理庞松涛表示，该项目是中广核积极融入山东能源发展规划、梯次打造核风 光储一体化清洁能源产业集群的关键项目，将持续助力山东能源绿色低碳转型和经济社会高质量发展。 据了解，项目全部机组建成后，预计年发电量达500亿千瓦时，可满足约500万人口的年生产生活用电需 求，等效每年减少标准煤消耗约1527万吨、减排二氧化碳约4620万吨。 日前，中国证券报记者来到山东烟台招远市张星镇，实地见证了我国首个配置冷却塔的"华龙一号"核电 机组——中广核山东招远核电项目1号机组顺利完成核岛第一罐混凝土浇筑，这标志着该项目一期工程 建设全面启动。 中广核山东招远核电项目1号机组建设现场 公司供图 给"华龙一号"装上"空调" 作为中广核在全国布局的第十个核电基地，招远核电项目规划建设6台"华龙一号"机组。其最引人注目 的创新，在于首次为"华龙一号"配置了冷却塔。 "项目冷却塔建造采用哈蒙Ⅲ型冷却塔筒壁电动爬模、'123'机械化立体施工和环基人字柱筒壁与塔芯结 构'双主线'同步施工等技术，在保障安全的前提下提升施工效能。"中国能建安徽电建二公司董事长陈 建明表示，将充分发挥在高位收水冷却塔建设领域的技术和经验优 ...

Group 1: Market Overview - US stock indices fell for two consecutive days, with the S&P 500 down 0.83%, Dow Jones down 1.07%, and Nasdaq down 1.21%, marking a one-month low [1] - The chip index dropped over 2% for four consecutive days, with Nvidia falling nearly 3% to a one-month low, while Amazon led the tech giants with a drop of over 4% [2] - US Treasury bonds rose but experienced a pullback during the session, while the US dollar index halted its two-day rise [3] Group 2: Cryptocurrency and Commodities - Cryptocurrencies rebounded after Bitcoin briefly fell below $90,000, recovering nearly 5% [4] - Gold prices fell below $4,000 for the first time in over a week, with futures dropping nearly 2% before recovering [5] - Oil prices rebounded to a one-week high, with US crude oil rising nearly 2% [5] Group 3: AI and Technology Developments - Google's AI model Gemini 3 Pro received the highest score in model rankings, being touted as the best for programming and intelligent coding, launched across search, apps, and developer platforms [5] - Microsoft and Nvidia formed a strategic partnership with investments of $50 billion and $100 billion respectively, while Anthropic committed to purchasing $30 billion in Azure computing power, raising its valuation to $350 billion [5] Group 4: Domestic Policy and Industry Initiatives - The Ministry of Industry and Information Technology issued guidelines for building high-standard digital parks, aiming to establish around 200 parks by 2027 [6] - Tianjin's financial office released a plan to develop an international leasing innovation demonstration zone, targeting an asset total of 2.8 trillion yuan by the end of 2030 [6] - Beijing introduced 12 financial measures to support consumption, encouraging financial institutions to participate in promotional activities [6] Group 5: Investment Strategies and Market Trends - Minsheng Securities noted that the market is in a weak phase with no clear direction, suggesting that while risk asset valuations are expected to recover, two factors remain unpriced: the Federal Reserve's slow interest rate cuts and high Japanese bond yields affecting global liquidity [7] - The report recommends focusing on technology growth sectors, core cyclical dividend assets, and sectors experiencing recovery such as pharmaceuticals, military, and automotive [7] Group 6: Sector Highlights - In the AI sector, Quark App integrated with Qianwen dialogue assistant, enhancing user interaction and information retrieval capabilities [8] - UBTECH announced plans to ramp up production of industrial humanoid robots, targeting an annual capacity of 5,000 units by 2026 and 10,000 units by 2027 [8] - The first concrete pour for the "Hualong One" nuclear power plant in Shandong marked the start of construction, utilizing a cooling tower to reduce water resource usage [9] Group 7: Corporate Announcements and Transactions - Tianyi Ma plans to acquire 98.56% of Xingyun Kaiwu for 1.189 billion yuan, focusing on IoT hardware and SaaS solutions [13] - Siling Co. intends to purchase 24.34% of Yinqiu Technology for 392 million yuan, specializing in precision bearings [14] - Various companies are engaging in strategic partnerships and acquisitions to enhance their market positions and expand their operational capabilities [16]

Core Viewpoint - China's nuclear power sector is advancing with the commencement of construction for the Zhaoyuan Unit 1, which is the first "Hualong One" nuclear power plant to utilize cooling towers, marking a significant milestone for China General Nuclear Power Corporation (CGN) [1][3][4]. Group 1: Project Development - The Zhaoyuan Unit 1 will begin construction with the first concrete pour scheduled for November 18, 2025, entering the civil construction phase [1][2]. - The Zhaoyuan nuclear project plans to build a total of six "Hualong One" nuclear units, with an estimated total investment of approximately 120 billion yuan, capable of meeting the annual electricity needs of 5 million people once completed [1][3]. Group 2: Financial Performance - For the first three quarters of 2025, CGN reported a revenue of 59.723 billion yuan, a decrease of 4.09% year-on-year, and a net profit attributable to shareholders of 8.576 billion yuan, down 14.14% year-on-year [1][7]. - The decline in revenue and net profit is attributed to the overall market conditions in the electricity sector, with increased market transactions and a decrease in market prices [7]. Group 3: Operational Metrics - As of June 30, 2025, CGN managed 28 operational nuclear units and 20 under construction, representing 44.46% of the total operational and under-construction nuclear capacity in China [4]. - CGN's total electricity generation for the first half of 2025 was approximately 113.36 billion kilowatt-hours, accounting for 49.27% of the national total [5]. Group 4: Research and Development - CGN has consistently increased its R&D investment, with expenditures rising from 1.753 billion yuan in 2021 to 2.443 billion yuan in 2024 [8]. - The "Hualong One" technology is based on over 30 years of experience in nuclear power design, construction, and operation in China, showcasing the company's commitment to innovation and safety [8]. Group 5: Safety and Technology - CGN is advancing safety management through a "Five Modernizations" approach, focusing on modularization, mechanization, automation, digitalization, and inherent safety [8]. - The company recently unveiled a new generation of digital control systems for nuclear power plants, integrating technologies such as digital twins and artificial intelligence to enhance operational safety and intelligence [9].

Market Strategy - The A-share market is experiencing adjustments, while the AI application sector remains active against the trend [7][10] - The overall A-share market saw the Wind All A Index drop by 0.93%, closing at 6288.11 points, with the Shanghai Composite Index down 0.81% at 3939.81 points [7][10] - The hard technology sector, represented by the Sci-Tech 50 Index, increased by 0.29%, indicating a preference for this sector amidst broader market declines [7][10] Industry Dynamics - In October 2025, the national industrial feed production reached 29.07 million tons, marking a year-on-year increase of 3.6% [27] - The new national standard for subway vehicle general technical conditions emphasizes safety performance, requiring higher standards for emergency situations and smart technology integration [29] - The first concrete pour for the nuclear island of the CGN Zhaoyuan Nuclear Power Unit 1 was successfully completed, marking the start of construction for this significant energy project [31] Company Tracking - Huitai Medical (688617.SH) received a medical device registration certificate for polyvinyl alcohol embolization microspheres, intended for the treatment of malignant tumors [38] - Jianghua Microelectronics (603078.SH) has completed provincial-level filing for a project to produce 37,000 tons of ultra-pure wet electronic chemicals, with a total investment of approximately 256.79 million yuan [40] - Baillie Tianheng (688506.SH) announced that its dual-target ADC (iza-bren) for recurrent or metastatic esophageal squamous cell carcinoma achieved primary endpoints in a Phase III clinical trial [42]

News Focus - The Ministry of Industry and Information Technology (MIIT) has announced a list of 34 enterprises and 30 products (technologies) to be included in the "National Industrial Power Demand Side Management Typical Cases (2025)" [2] - The MIIT has also publicized the list of members for the Green Low-Carbon Standardization Technical Committee to gather public opinions [2] Domestic News - The first "Hualong One" nuclear power unit with a cooling tower has commenced construction, expected to generate 50 billion kWh annually, meeting the electricity needs of approximately 5 million people and reducing coal consumption by about 15.27 million tons and CO2 emissions by around 46.2 million tons [2] - During the 14th Five-Year Plan period, Shanxi Province is set to establish over 80 provincial-level energy technology innovation platforms with an R&D investment of approximately 5 billion yuan [2] - The Xinjiang oilfield has injected over 2 million tons of CO2 in its carbon capture and storage project, marking significant progress in promoting green and low-carbon development [3] - The Tarim Oilfield's first gas storage facility has begun gas extraction, supplying about 60,000 cubic meters of natural gas per hour to the southern Xinjiang pipeline [3] - The Daqin Railway has maintained a high coal transportation volume, exceeding 1.2 million tons daily, with a total coal transport of 21.17 million tons in November [3] International News - Two nuclear power plants in Ukraine have been operating at reduced capacity for ten days due to damage to a substation from military attacks, highlighting the importance of reliable external power for nuclear safety [4] Company News - China National Petroleum Corporation (CNPC) has established a new company focused on electricity, aiming to integrate internal power generation and consumption resources to build a comprehensive energy supply system centered on the electricity value chain [5] - The Gansu Electric Power Investment Zhangye Power Plant has officially commenced operation of its newly expanded 2×1000 MW coal-fired units, contributing to the clean energy base in the Hexi Corridor [5]

● 本报记者刘丽靓 日前，中国证券报记者来到山东烟台招远市张星镇，实地见证了我国首个配置冷却塔的"华龙一号"核电 机组——中广核山东招远核电项目1号机组顺利完成核岛第一罐混凝土浇筑，这标志着该项目一期工程 建设全面启动。 中国广核集团有限公司总经理庞松涛表示，该项目是中广核积极融入山东能源发展规划、梯次打造核风 光储一体化清洁能源产业集群的关键项目，将持续助力山东能源绿色低碳转型和经济社会高质量发展。 据了解，项目全部机组建成后，预计年发电量达500亿千瓦时，可满足约500万人口的年生产生活用电需 求，等效每年减少标准煤消耗约1527万吨、减排二氧化碳约4620万吨。 给"华龙一号"装上"空调" 在山东烟台招远市张星镇一处依山傍海的工地上，起重机舒展长臂，混凝土泵车轰鸣作响，核岛基座在 晨曦中初现轮廓。 作为中广核在全国布局的第十个核电基地，招远核电项目规划建设6台"华龙一号"机组。其最引人注目 的创新，在于首次为"华龙一号"配置了冷却塔。 "项目最显著的特点是配置了高达203米、淋水面积为16800平方米的高位收水自然通风冷却塔，首次将 二次循环冷却技术应用到了'华龙一号'机组上。"山东招远核电有限公司执行 ...

Core Insights - The Shandong Zhaoyuan Nuclear Power Project's Unit 1 has successfully completed the first concrete pouring for the nuclear island, marking the full launch of the project's first phase [1] - The project aims to support Shandong's green and low-carbon energy transition and high-quality economic development, with an expected annual power generation of 50 billion kWh, sufficient to meet the electricity needs of approximately 5 million people [1] - The innovative cooling system, featuring a 203-meter high natural ventilation cooling tower, represents a significant advancement in nuclear power technology, utilizing atmospheric heat instead of seawater for cooling [2] Project Overview - The Zhaoyuan Nuclear Power Project is the tenth nuclear power base established by China General Nuclear Power Group (CGN) in the country, planning to build six "Hualong One" units [1] - The project will significantly reduce coal consumption by approximately 15.27 million tons and cut carbon dioxide emissions by about 46.2 million tons annually [1] Cooling Technology - The project introduces a high-level water collection natural ventilation cooling tower, which allows for the direct cooling source to shift from the sea to the atmosphere, enhancing cooling efficiency and reducing energy consumption [2] - The cooling system includes both natural and mechanical cooling technologies, ensuring continuous operation of the unit for at least 2 hours without external water supply and providing cooling for the reactor for at least 30 days under emergency conditions [2] Construction and Digitalization - Advanced construction techniques such as electric climbing molds and mechanized construction methods are being employed to enhance safety and efficiency in building the cooling tower [3] - The project incorporates digital technologies for real-time monitoring and quality assurance, including automated welding and modular construction processes, marking a shift towards intelligent construction in the nuclear sector [3] Comprehensive Utilization of Nuclear Energy - The project is also focused on the comprehensive utilization of nuclear energy, contributing to clean heating initiatives in Shandong Province, with each unit capable of providing up to 1,000 tons of steam per hour for heating [4] - Future plans include expanding applications for industrial steam, hydrogen production, and seawater desalination, further promoting regional green and low-carbon development [4]