深圳商报•读创客户端记者 张妍 通讯员 朱丹 在第54个世界环境日来临之际，中广核"核铸未来"清洁能源科普市集日前走进澳门沙梨头坊众学校过沉 浸式互动体验、趣味实验展示和专业科普讲解，向师生们传递核能安全知识与绿色发展理念，全校500 多名师生参与体验，这也是核能等清洁能源科普活动首次走入澳门。 据了解，此次活动由台山核电合营有限公司（简称"台山核电"）负责，经澳门教育及青年发展局组织协 调，首次将核能科普教育引进澳门学校，是中国广核集团充分利用地理优势，建立粤港澳大湾区常态化 公众沟通交流机制的新突破，亦是画好内地与港澳交流合作"同心圆"的良好实践。 中广核在澳门沙梨头坊众学校开展清洁能源科普讲座 当日，清洁能源科普讲座在学校礼堂开展。台山核电培训部老师王凯润，深入浅出地介绍了清洁能源在 应对气候变化中的重要作用、核能发电原理以及我国自主知识产权三代核电技术"华龙一号"等内容。互 动环节，学生们积极举手抢答，现场气氛热烈。 活动现场，学生们操作体验清洁能源互动体验装置 一连两日，学生们分批参与清洁能源科普展览体验。沉浸式清洁能源互动展具融合核电、光伏、风能等 多元技术，通过物理模拟、模型拼搭等创新形式，构建 ...

Group 1 - Shanghai Xuhui is leveraging artificial intelligence to enhance the green low-carbon industry and explore more efficient carbon reduction pathways [1] - The Shanghai Nuclear Engineering Institute has developed the first dedicated large model in nuclear power design, named "Zhihui Xing," which can quickly and accurately identify potential errors in design documents [1] - The "Zhihui Xing" model addresses challenges in the nuclear power industry, such as reliance on experienced engineers and the complexity of design documents, promoting intelligent transformation [1] Group 2 - Zeekr Energy introduced the world's first smart charging solution that combines valet parking assistance with automatic charging, enhancing the user experience [1] - The establishment of the Zeekr Intelligent R&D Center in Xuhui aims to integrate AI with emerging technologies for rapid iteration of new energy vehicles [2] Group 3 - Xuhui's construction sector has a high carbon emission ratio, making it crucial to enhance the "green" and "new" aspects of urban buildings [3] - The China Energy Construction Shanghai Headquarters project is a new zero-carbon landmark, utilizing digital twin and AI technologies, and features near-zero energy consumption and zero-carbon building designs [3] - Upon completion, the project will achieve a load adjustment ratio of over 38%, an annual energy-saving rate of 60.85%, and a reduction of approximately 2,625 tons of carbon emissions annually [3] - The Xuhui District Development and Reform Commission emphasizes that AI will empower the green low-carbon industry to innovate and thrive while optimizing the business environment [3]

1 证券代码：000777 证券简称：中核科技 中核苏阀科技实业股份有限公司 2025 年 6 月 6 日投资者关系活动记录表 编号：2025-002 | 投资者关系 | ☑特定对象调研 □分析师会议 | | --- | --- | | 活动类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 （请文字说明其他活动内容） | | | 中金证券、中信证券、方正证券、广发证券、信达资 | | 活动参与 | 产、国元证券、国联民生证券、长江证券、山西证券、 | | | 国联基金、上海证券报、大成基金、上海九方云、云 | | | 南能投资本等机构及个人投资者 | | 时间 | 2025 年 6 月 6 日 14:00-15:30 | | 地点 | 南京华山饭店 | | 形式 | ☑现场 □网上 □电话会议 | | 上市公司接 | 王剑锋 中核工程总会计师 | | | 范 黎 北京核工程研究设计院副院长 | | 待人员姓名 | 束 轶 中核工程资本运营部主任 | | | 马 瀛 中核科技董事长 | | | 龙云飞 中核科技董事、副总经理（主持工作） | | ...

Group 1 - The core viewpoint of the article highlights the significant improvement in the nuclear power industry, with the State Council approving five nuclear power projects and ten units in 2025, marking the fourth consecutive year of approving ten or more units annually [1] - From January to April 2025, the completed investment in nuclear power reached 36.256 billion yuan, a year-on-year increase of 36.64%, significantly outpacing the 1.6% growth in power source investment, indicating a new boom cycle in nuclear power construction [1] - The third-generation nuclear power units are expected to enter a peak construction phase, with modular construction technology showing promising prospects for shortening construction periods and improving efficiency [1] Group 2 - In the construction and decoration sector, the cement shipment rate has continuously rebounded to 47.8%, reflecting an acceleration in physical construction work [1] - The article suggests focusing on investment opportunities in key industries such as infrastructure in central and western regions, nuclear power, and coal chemical industries, while also monitoring improvements in orders from central state-owned enterprises and the subsequent realization of physical work [1] - The Infrastructure ETF (code: 159619) tracks the CSI Infrastructure Index (code: 930608), which selects listed companies involved in infrastructure construction from the A-share market, covering industries such as construction, building materials, and engineering machinery [1]

证券研究报告 | 2025 年 06 月 06 日 晨会集萃 制作：产品中心 重点推荐 《策略|知往鉴今系列——大类资产复盘笔记（202505）》 1、大类资产总览：A 股震荡修复，中债回升，商品回落。1）A 股：5 月 主要宽基指数多数收涨，风格方面金融、消费领涨，环保、医药生物行业 领涨。2）债券：5 月长短端收益率分化，长端利率上行，短端利率下行， 期限利差走阔。3）商品：5 月商品多数收涨，黄金冲高回落，原油走牛。 4）海外权益：全球股指普遍收涨，美股三大指数中纳指领涨，亚太股指 多数大涨。5）美债：5 月美国 20 年期国债"发飞"，10 年期利率一度升 至 4.5%以上，期限利差小幅收窄，中美利差走阔。2、A 股：降准降息落 地，景气回升需继续验证。1）基本面：一季度数据开局良好，但 4 月基 本面表现偏弱。2）宏观流动性：社融继续回暖，5 月 7 日央行行长宣布 下调政策利率 0.1 个百分点，降低存款准备金率 0.5 个百分点，降准降息 落地，DR007 月均值 5 月报 1.60%，较 4 月均值下行 13BP，货币继续边 际转松。3）微观资金：5 月南下资金探底回升，获利了结后再度进场， ...

当 Meta 6月3日高调宣布核电采购协议时，市场看到了一个残酷的现实：美国电力基础设施正被AI需求 推向极限，而现有的94座核反应堆根本无法满足这场能源饥荒。 AI浪潮下，数据中心需求正在迅速颠覆电网系统，科技公司争相获取电力来运行AI系统。这暴露了与 能源行业的根本性错配——后者通常需要数年甚至数十年来规划和建设新发电厂。 "未来几年根本不会有足够的电力让科技行业满意，"突破研究所核能创新项目主管Adam Stein直言不 讳： Alam指出，目前发生的是AI的第一波浪潮。2020年代初开发的算法现在正在部署，目标是测试和完善 模型的思考和解决问题能力。这一过程可能持续到2030年至2035年，需要大量能源。更多核电可能会出 现，但要等到"第一波浪潮的尾声"。 美国电力需求预计，到本十年末需求将在某些地区飙升15%，数据中心是关键驱动因素。仅德克萨斯州 就表示，需要相当于30座传统核反应堆的容量来满足AI不断增长的需求，这将轻易超出电网承载能 力。 伊利诺伊大学厄巴纳-香槟分校核能、等离子体和放射工程助理教授Syed Bahauddin Alam警告： "AI的加速发展正将我们的能源基础设施推向极限。" ...

Industry Overview - The nuclear power sector in China is experiencing a significant upturn, with investment completion amounting to 36.256 billion, reflecting a year-on-year growth of 36.64% as of April 27, 2025 [1] - A total of 31 nuclear power units have been approved from 2023 to 2025, with 102 units in operation, under construction, or approved for construction, totaling an installed capacity of 113 million kilowatts [1] Modular Construction Technology - The majority of recently approved units utilize third-generation nuclear technology, specifically the "Guohe No. 1" (CAP1000) and "Hualong No. 1" (HPR1000) models [2] - Modular construction techniques can reduce the construction period of nuclear power plants from 50 months to 36 months, enhancing standardization and quality while minimizing accidents [2] - The modular construction market for new nuclear units is projected to reach approximately 86.4 billion from 2025 to 2030, with an annual opening scale of around 6 units before 2030 [2] Company Developments - The company is expanding its nuclear module production capacity through a new investment project, which will enhance its manufacturing and transportation capabilities [3] - The new production base covers an area of 487,800 square meters and is strategically located near a seaport, improving logistics efficiency [3] - The company recently secured a contract worth 226 million (including tax) for the construction and installation of modules for the Ningde Phase II project, marking the first application of modular technology in the "Hualong No. 1" nuclear power plant [3] Financial Projections - The company is expected to see a net profit attributable to shareholders of 230 million, 250 million, and 290 million for the years 2025 to 2027, with corresponding price-to-earnings ratios of 20, 19, and 16 [4] - The investment project is anticipated to further enhance the company's nuclear module production capabilities, despite some pressure on orders [4]

公司报告 | 公司专题研究 利柏特（605167） 证券研究报告 核电景气度加速上行，模块化建造市场前景广阔 核电景气度加速上行，投资完成额保持高速增长 核电景气度加速上行，2025M1-4 我国核电投资完成额 362.56 亿，累计同 比增长 36.64%，截至 2025 年 4 月 27 日，2023-2025 年累计核准 31 台核 电机组，中国在运、在建和核准建设的核电机组共 102 台、装机容量达到 1.13 亿千瓦，中国在建核电机组共 28 台，总装机容量达到 3365 万千瓦， 核电建设迎来新一轮景气周期。 三代核电站采用模块化设计施工技术，模块化建造市场空间广阔 近三年核准的机组大部分以第三代核电技术为主，国内典型的三代核电两 种机型是"国和一号"（CAP1000）和"华龙一号"（HPR1000），第三 代核电站采用的是现代化的模块设计技术，施工过程中引入大模块概念， 模块化建造技术可以使核电厂的建造周期从 50 个月压缩至 36 个月（从第 一罐混凝土至装料），同时便于核电机组建造的标准化、批量化，提升质 量减少事故发生。参考廉江核电项目，整个模块化施工规划占比达 64.2%， 目前国内三代 ...

Group 1 - TAE Technologies has completed a new funding round of $150 million, with investments from Google, Chevron, and New Enterprise, bringing total funding to approximately $1.8 billion, making it one of the leading fusion companies globally [1][3] - The company has made significant advancements in reactor technology, shifting from a method that relied on launching two plasma spheres to a more efficient approach that uses particle beams for plasma formation, heating, and stabilization [3] - TAE's reactor can currently generate plasma temperatures of up to 70 million degrees Celsius, with plans to increase this to 1 billion degrees Celsius for commercial applications, indicating ongoing exploration in the clean energy sector [4] Group 2 - TAE has a long-standing collaboration with Google, utilizing machine learning to optimize fusion device parameters, significantly reducing the time and number of experiments needed for optimization [3] - The introduction of artificial intelligence has decreased the optimization time from approximately two months and 1,000 experiments to just a few hours, showcasing the impact of technology on research efficiency [3]

Group 1: Employment Data and Economic Outlook - The ADP employment data for May showed an increase of 37,000 jobs, the smallest growth since March 2023, significantly below the expected 110,000 jobs, indicating a potential cooling in the labor market and economic uncertainty [1][2] - The decline in employment growth has led to a decrease in confidence in the US dollar, resulting in a drop in the dollar index [2] Group 2: US Treasury Actions - The US Treasury conducted a record $10 billion buyback of old bonds to inject liquidity into the market, which is seen as a "light QE" measure amid rising bond yields and market volatility [1][2] - The Treasury plans to issue $65 billion in new bonds, reducing the scale of previous issuances, indicating a strategic adjustment in debt management [2] Group 3: CrowdStrike Financial Performance - CrowdStrike reported Q1 revenue of $1.1 billion, a nearly 20% year-over-year increase, but incurred a net loss of $110 million compared to a profit of $42.8 million in the same period last year [3][4] - The company expects Q2 adjusted earnings per share of $0.82 to $0.84, but revenue guidance of up to $1.15 billion is below expectations, causing a nearly 5.8% drop in stock price [3] Group 4: SpaceX Revenue Projections - Elon Musk projected SpaceX's revenue for this year to exceed $15.5 billion, with $1.1 billion coming from NASA, and indicated that next year's revenue could surpass NASA's budget [5][6] - The revenue growth is attributed to increased rocket launch services and Starlink business, with expectations of 170 launches this year compared to 134 last year [6] Group 5: Nuclear Power Sector Growth - US nuclear stocks have surged, with companies like Energy Fuels seeing over 17% gains recently, driven by major tech firms entering nuclear power agreements [7][8] - The nuclear sector is expected to enter a decade-long growth cycle, with structural shortages in the global uranium market anticipated [7] Group 6: Coking Coal Market Dynamics - Coking coal futures saw a strong increase of over 7%, but analysts suggest that prices may still face downward pressure due to supply-demand imbalances [9][10] - Domestic coking coal production increased by 6% year-over-year in the first four months, while demand remains weak, leading to concerns about oversupply [9]