Core Viewpoint - The construction of China's first "Hualong One" nuclear power plant using cooling towers has officially commenced with the successful pouring of the first concrete for the nuclear island, marking the full start of the Shandong Zhaoyuan nuclear power base [1][4]. Group 1: Project Details - The nuclear island at the Zhaoyuan site covers an area of over 2,000 square meters, equivalent to five basketball courts, and the pouring of 8,823 cubic meters of concrete took approximately 55 hours, executed at six points in a single pour [4]. - The "Hualong One" project utilizes a high-level natural ventilation cooling tower for the conventional island system's cooling, replacing seawater with atmospheric air as the direct cooling source, which significantly reduces water resource usage [6]. Group 2: Environmental Impact - Upon completion, the six "Hualong One" units at the Zhaoyuan nuclear project will have a total installed capacity of approximately 7.2 million kilowatts, capable of meeting the annual electricity needs of 5 million people [10]. - The project is expected to generate 50 billion kilowatt-hours of clean electricity annually, reducing standard coal consumption by about 15.27 million tons and cutting carbon dioxide emissions by approximately 46.2 million tons, equivalent to reforesting over 110,000 hectares [10].

格隆汇11月18日｜近日，中国广核集团发布自主研发的"新一代智能工控系统产品集（iNICS）"，涵盖4 大类20项产品，包括新型DCS实体、DCS虚拟体、新型研制工具及服务平台，推动核电控制由"自动控 制型"单点设备向"智能服务型"开放生态演进。作为在"和睦系统"基础上推出的全新核电仪控产品，该 系统深度融合数字孪生与人工智能技术，构建起具备"感知-分析-决策-执行"全流程闭环的核电"数智大 脑"，实现100%国产化，并具备故障预警、智能监盘、辅助决策等多项高级智能化功能，推动核电站运 行向"安全、稳定、少人值守"的智能模式转型，这意味着我国核电仪控系统在数智化领域实现引领性突 破。"和睦系统"是中广核自主研发的我国首个核级数字化仪控系统（DCS），2010年发布以来，已广泛 应用于包括"华龙一号"、高温气冷堆在内的33台核电机组，覆盖二代、三代及四代核电技术路线。 ...

Core Viewpoint - China General Nuclear Power Corporation (CGN) announced that its subsidiary, Shandong Zhaoyuan Nuclear Power Co., Ltd., will commence the construction of Zhaoyuan Unit 1 on November 18, 2025, marking the start of the civil construction phase [1] Group 1 - Zhaoyuan Unit 1 will utilize the Hualong One nuclear power technology [1] - The installed capacity of a single unit is 1,214 MW [1]

Group 1 - The company is actively expanding its overseas market while developing its domestic market [1] - The company has achieved some business presence in the European Union [1] - Specific financial data regarding the company's overseas operations will be provided in official announcements [1]

Core Points - The nuclear power sector is experiencing significant positive developments, particularly with the construction of the first "Hualong One" nuclear power plant in Shandong, marking a major milestone for the industry [2][7] - The Shanghai nuclear power industry aims to achieve a total output of 520 billion yuan by 2025 and 1 trillion yuan by 2030, focusing on advanced technologies and equipment manufacturing [7] - The fusion energy sector is also seeing substantial investment, with recent procurement projects exceeding 20 billion yuan, indicating a growing interest and funding in this area [8] Group 1: Nuclear Power Developments - The successful pouring of the first concrete for the "Hualong One" nuclear power plant signifies the full launch of the construction at the Zhaoyuan nuclear power base [2][7] - The Zhaoyuan project plans to build six "Hualong One" reactors with a total capacity of approximately 7.2 million kilowatts, enough to meet the annual electricity needs of 5 million people [7] Group 2: Economic Projections - By 2025, the Shanghai nuclear power industry is projected to reach an output of 520 billion yuan, with a target of 1 trillion yuan by the end of the 14th Five-Year Plan [7] - The focus will be on batch construction of third-generation nuclear power plants, enhancing economic efficiency, and advancing fourth-generation demonstration projects [7] Group 3: Fusion Energy Investments - Recent procurement announcements in the fusion energy sector include a project worth over 20 billion yuan from Fusion New Energy (Anhui) Co., indicating a robust investment climate [8] - Additional procurement projects from the Hefei Institute of Physical Science total over 1.3 billion yuan, covering various platforms related to tritium safety and extraction [8]

Core Viewpoint - The nuclear power sector is experiencing significant positive developments, driven by major projects and investments, indicating a strong growth trajectory for the industry. Group 1: Major Developments - The first concrete pour for the nuclear island of the "Hualong One" nuclear power plant at the CGN Zhaoyuan Nuclear Power Station marks the full commencement of construction, with a total planned capacity of approximately 7.2 million kilowatts, sufficient to meet the annual electricity needs of 5 million people [6][7]. - The Shanghai nuclear power industry aims to achieve a total output of 520 billion yuan by 2025 and targets 1 trillion yuan by the end of the 14th Five-Year Plan, focusing on third-generation nuclear power construction and advanced technology development [6][7]. Group 2: Investment Opportunities - The recent procurement project by Fusion New Energy (Anhui) Co., Ltd. has a total value exceeding 2 billion yuan, highlighting the growing investment in the fusion energy sector [7]. - The China Academy of Sciences' Hefei Institute of Physical Science has announced procurement projects with a total budget exceeding 1.3 billion yuan, indicating robust funding for fusion-related technologies [7]. Group 3: Market Reactions - The stock of Alloy Investment saw a rapid increase, hitting the daily limit within two minutes, with a maximum order exceeding 350 million yuan, reflecting strong market confidence in the nuclear sector [3][6].

Core Viewpoint - The Shandong Zhaoyuan Nuclear Power Project by China General Nuclear Power Group (CGN) has officially commenced with the successful completion of the first concrete pouring for the nuclear island of Unit 1, marking the full launch of the project's first phase [1] Group 1: Project Overview - The Shandong Zhaoyuan Nuclear Power Project is located in Zhangxing Town, Zhaoyuan City, Yantai, and is CGN's tenth nuclear power base in China, planning to build six units using the domestically developed third-generation nuclear technology "Hualong One" [1] - The first phase includes Units 1 and 2, each with a capacity of 1214 megawatts [1] - Upon completion of all six units, 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: Comprehensive Utilization of Nuclear Energy - The project is actively planning for comprehensive utilization of nuclear energy, integrating into the clean heating network of the Jiaodong Peninsula in Shandong Province [2] - The nuclear heating system is designed to provide up to 1000 tons of steam per hour per unit, covering a heating area of over 15 million square meters, including Zhaoyuan City and surrounding counties [2] - Future expansions will include industrial steam, nuclear hydrogen production, and seawater desalination, contributing to regional green and low-carbon development [2] Group 3: Innovative Construction Techniques - The construction team is implementing a "one machine, one strategy" approach, planning 36 advanced construction technology solutions to enhance construction quality and efficiency [3] - Digital applications such as smart construction sites, digital sandboxes, and wireless temperature monitoring are being utilized for real-time monitoring and quality management [3] - The project employs an integrated intelligent template processing system for automated and intelligent production, significantly improving construction efficiency and quality [3] Group 4: Strategic Importance - This project is a key initiative for CGN to integrate into Shandong's energy development plan and to build a clean energy industry cluster that combines nuclear, wind, and storage [3] - It aims to support Shandong's green and low-carbon transition and contribute to high-quality economic and social development [3]

Group 1: Public Utilities and Environmental Protection Industry - The energy transition is ongoing, with clean energy and environmental protection exhibiting both growth and utility attributes [7][8] - The unified electricity market is accelerating, promoting high-quality development of renewable energy [7] - The coal power sector is transitioning to a regulatory power source, with coal prices expected to support long-term contract prices in 2026 [8] - Green electricity pricing uncertainties are diminishing, indicating a potential bottoming out for the green electricity sector [8] - Hydropower is experiencing improved cash flow and performance, supported by low costs and a balanced supply-demand trend [9] - Nuclear power is facing market price pressures but is expected to rebound, with new nuclear projects gaining momentum [10] - The natural gas market remains relatively loose, with domestic supply increasing and global prices potentially declining [10] - Green methanol is emerging as a significant growth area due to policies promoting renewable energy consumption [11] - The environmental protection sector is entering a mature phase, with improved cash flow and investment opportunities in public utility-like projects [11][12] Group 2: Agriculture, Forestry, Animal Husbandry, and Fishery - The livestock sector is expected to experience a significant turnaround, with beef and milk prices projected to rise [13][16] - The domestic and international markets are likely to see synchronized price increases for beef and milk due to supply adjustments [13] - The pig and poultry farming sectors are shifting focus from cyclical trends to cash flow generation, with leading companies expected to benefit [14] - The pet industry is identified as a high-quality growth sector, with domestic brands gaining traction [15][18] - Agricultural commodity prices are stabilizing, with corn and soybean markets showing signs of support [16][17] Group 3: Machinery Industry - The machinery industry is poised for growth driven by AI infrastructure and humanoid robots, with a focus on engineering machinery and market share-boosting leaders [19][20] - Emerging markets and export growth are key drivers, particularly in AI infrastructure and robotics [19] - Investment opportunities are identified in sectors with significant import substitution potential, such as scientific instruments and semiconductor components [20] - The nuclear power sector is highlighted for its growth potential, with a positive outlook on nuclear energy development [22] Group 4: Food and Beverage Industry - The food and beverage sector is recovering, with a notable increase in consumer demand and improvements in the supply chain [26][27] - The alcoholic beverage segment is in a bottoming phase, with opportunities for quality companies to gain market share [26] - Dairy and beverage sectors are expected to see stable demand recovery, with leading companies positioned for growth [26][27] - The snack food market is highlighted for its growth potential, particularly in niche segments like konjac snacks [26]

Core Insights - The company has over 20 years of experience in the nuclear power sector and has obtained Class II and III manufacturing licenses for civilian nuclear applications [1] - The company provides pressure vessels and heat exchangers to multiple nuclear power plants across the country [1] - In 2025, the company plans to upgrade and build a dedicated nuclear power workshop at the Chongxian manufacturing base and establish a joint venture, Hangzhou Xizi Nuclear Technology Co., Ltd., to expand its nuclear power business [1] - The company aims to actively engage with domestic controllable nuclear fusion experimental projects to seize opportunities within the related industrial chain [1]

证券日报网讯 11月17日晚间，中国广核发布公告称，中国广核电力股份有限公司（以下简称"公司"） 的子公司山东招远核电有限公司的招远1号机组即将于2025年11月18日进行核反应堆主厂房第一罐混凝 土浇筑（FCD），即招远1号机组将于该日开始全面建设，进入土建施工阶段。 （文章来源：证券日报） ...