党的二十届四中全会审议通过《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》，擘 画了中国未来五年的发展蓝图，作出建设能源强国的战略部署。中央经济工作会议强调要制定能源强国 建设规划纲要。2026年全国能源工作会议提出推进能源强国建设的目标任务。建设能源强国是社会主义 现代化强国建设对能源领域的新要求，为能源领域发展指明了方向、明确了目标，对于推动能源行业高 质量发展具有重要指导意义。 一、加快建设能源强国意义重大、正当其时 2014年，习近平总书记高瞻远瞩、审时度势，创造性提出"四个革命、一个合作"能源安全新战略，为我 国能源发展提供了根本遵循和行动指南。十余年来，在这一战略指引下，我国能源行业实现了跨越式发 展，自主保障能力显著增强，绿色低碳转型成效举世瞩目，科技创新成果丰硕，体制机制改革不断深 化，国际合作全面拓展，有力支撑中国式现代化迈出坚实步伐。当前，全球能源格局深刻重塑，地缘政 治、气候治理、科技和产业变革交织，能源领域竞争加剧。我国经济社会发展与"双碳"战略目标叠加， 对统筹能源安全保障与绿色低碳转型提出更高要求。"十五五"规划建议作出建设能源强国的战略部署， 明确了新时代能源事业的战 ...

格隆汇2月23日｜据英国金融时报，美国浓缩铀燃料的最大供应商之一发出警告，由于需求快速增长和 俄罗斯进口禁令，供应即将出现短缺。Centrus Energy首席执行官阿米尔·韦克斯勒表示，该公司正加紧 在其位于俄亥俄州的工厂扩建浓缩铀产能，以满足23亿美元的浓缩铀积压订单。但他表示，美国几座核 电站的重启以及为提高发电量而对反应堆进行的升级改造，将给少数几家西方浓缩铀供应商带来压 力。"我认为市场目前很紧张，而且这种紧张状态还会持续下去，直到大量新产能投入使用，而这大概 要等到未来十年了。" ...

Core Viewpoint - The nuclear power sector is gaining renewed attention from policymakers and capital markets due to its zero carbon emissions, high energy density, and stable output, with natural uranium's strategic importance becoming increasingly prominent in this context [2] Company Overview - China Uranium Corporation (stock code: 001280) holds a dominant position in the domestic natural uranium sector and has a leading global resource management capability, making it a key player in the natural uranium industry [2][3] - The company focuses on the mining, sales, and international trade of natural uranium while also expanding the comprehensive utilization of radioactive co-mined mineral resources [3] Financial Performance - In 2024, the company achieved a revenue of 17.28 billion yuan, a year-on-year increase of 16.7%, with a net profit attributable to shareholders of 1.46 billion yuan, up 15.6% [3] - Natural uranium sales contributed 83.6% of the company's gross profit, with the breakdown of natural uranium business including self-produced sales, purchased uranium sales, and international trade [3] Resource Advantage - The company possesses 17 mining rights for uranium or uranium-molybdenum mines in China, effectively monopolizing domestic natural uranium production [4] - In 2024, the domestic uranium production was approximately 1,700 tons of metal uranium, predominantly led by the company [4] - The company operates the Rossing uranium mine in Namibia, which has a design capacity of 4,500 tons of U₃O₈ per year, contributing approximately 280 million yuan to net profit in 2024 [4] Strategic Initiatives - The company successfully raised 4.36 billion yuan through its IPO, with significant investments directed towards natural uranium capacity expansion and the comprehensive utilization of co-mined resources [5] - The implementation of these projects is expected to enhance the efficiency and scale of uranium resource development, reducing reliance on purchased uranium [5] Market Dynamics - The natural uranium market is undergoing a fundamental shift in supply and demand, with global nuclear power construction accelerating [7] - The price of uranium has entered a new upward cycle, with spot prices exceeding $100 per pound and stabilizing around $86 per pound [7] Governance and Stability - The company has a robust governance structure backed by strong state-owned enterprise platforms, with a stable shareholding structure [8] - Long-term supply relationships with key clients ensure operational certainty and risk resilience [8] Future Outlook - With capacity release, resource efficiency improvements, and the expansion of co-mined business, the company is positioned to enhance profitability and market share while ensuring national energy security [9]

央广网北京2月21日消息（记者王泽华）据中央广播电视总台中国之声《新闻和报纸摘要》报道， 这几天，海南昌江核电基地的工作人员正在持续推进"玲龙一号"热态性能试验，验证各系统在高温、高 压情况下运行的可靠性和安全性。 自"玲龙一号"全球首堆开工以来，已有来自90多个国家和地区、1000多人前来参观。宋丹戎介 绍，"玲龙一号"已成为世界了解中国核能发展的重要窗口，已与近10个国家签署了小堆合作的意向性协 议。 宋丹戎：我国正在能源科技领域坚持原始创新、突破关键核心技术，在小堆这条赛道上，中国的技 术标准制定话语权显著提升，燃料和关键设备自主化已经走在国际前列。 党的二十届四中全会提出，"加快建设新型能源体系，积极稳妥推进和实现碳达峰，加快形成绿色 生产生活方式"。魏智刚表示，期待通过"玲龙一号"的推广应用，助力我国"双碳"目标的达成，以先进 反应堆技术的示范效应，推动世界核能的发展。 魏智刚："玲龙一号"的推广应用可以大大减少我国化石能源消耗、促进节能减排，对海南自贸港和 海南生态文明示范区建设提供绿色能源保障具有重要意义。我们将持续推进堆型迭代，拓展核能综合利 用与国际开放合作的空间，让"玲龙一号"为全球能源发 ...

Summary of Solstice Advanced Materials FY Conference Call Company Overview - **Company**: Solstice Advanced Materials (NasdaqGS:SOLS) - **Date of Conference**: February 19, 2026 Key Highlights Financial Performance - **Q4 Earnings**: Achieved 8% top-line growth, driven by strong secular trends [7] - **Business Segments**: - Nuclear business: Double-digit growth - Refrigerants and thermal management: Double-digit growth - Electronics: Double-digit growth - **EBITDA Guidance for 2026**: Mid-single-digit growth expected [7] Nuclear Business - **Unique Position**: Only nuclear conversion site in the U.S. with a total of 4 sites globally [11] - **Product**: Produces uranium hexafluoride (UF6) from mined uranium ore [11] - **Market Demand**: Anticipated 400% growth in nuclear energy over the next 25 years, with 75 new reactors under construction and another 100 announced [11][12] - **Expansion Plans**: 20% debottlenecking planned for 2026, with the site sold out through 2030 [15][16] Refrigerants Business - **Growth Drivers**: Transition to hydrofluoroolefins (HFOs) due to regulatory mandates, with significant demand in HVAC and automotive sectors [29][32] - **Market Position**: Strong intellectual property (IP) position and co-development of HFO technology [29] - **Financial Performance**: Double-digit growth in Q4 and 2025, with expectations for margin expansion as aftermarket business kicks in [29][41] Electronics Business - **Market Demand**: 19% growth in Q4, driven by semiconductor demand and advanced packaging [66] - **Manufacturing Expansion**: Doubling the manufacturing site for sputtering targets to meet demand [68] - **Unique Offering**: Only U.S. manufacturer of copper-manganese sputtering targets, crucial for leading-edge semiconductor nodes [64] Data Centers - **Growth Opportunity**: Significant demand for cooling solutions in data centers, with Solstice positioned to provide refrigerants and thermal management solutions [49][55] - **Technological Edge**: Focus on next-generation cooling technologies, including immersion cooling [57] Capital Allocation and Strategy - **Balance Sheet**: Healthy balance sheet with low leverage, allowing for flexibility in capital deployment [73][76] - **R&D Investment**: Increased spending on R&D to drive innovation and develop next-generation solutions [76][101] - **Dividend Announcement**: First dividend announced, indicating a balance between reinvestment and shareholder returns [104] Global Economic Outlook - **Market Conditions**: Stable outlook for construction and building materials, with potential tailwinds if interest rates decrease [82][84] - **Sector Performance**: Robust growth expected in electronics, refrigerants, and nuclear sectors, while cyclical areas remain stable [92] Strategic Positioning Post-Spin - **Operational Flexibility**: Ability to deploy capital quickly and respond to growth opportunities post-spin from Honeywell [120][122] - **Focus on Innovation**: Emphasis on co-innovation with customers to ensure alignment with market needs [116][118] Defense Sector - **Market Demand**: Increased global defense spending, with Solstice's next-generation technology positioned for military applications [126][129] - **Capacity Expansion**: Plans to expand capacity to meet anticipated demand in the defense sector [131] Conclusion Solstice Advanced Materials is well-positioned for growth across multiple sectors, including nuclear, refrigerants, electronics, and defense. The company is leveraging its unique market position, strong financial health, and commitment to innovation to capitalize on emerging opportunities in a rapidly evolving market landscape.

Core Viewpoint - The article discusses the potential of extracting uranium from seawater, highlighting China's progress in achieving the first phase of its "three-step" goal for seawater uranium extraction, which is crucial for energy security and sustainability [1][4]. Group 1: Seawater Uranium Extraction Potential - Seawater contains an estimated 4.5 billion tons of uranium, which is 1,000 times more than traditional land-based uranium resources, but the extraction process is complex due to the low concentration of uranium (3.3 mg per ton of seawater) [1]. - The "three-step" goal for seawater uranium extraction includes achieving kilogram-level extraction by 2025, establishing a ton-level demonstration project by 2035, and achieving continuous production by 2050 [1]. Group 2: Global Context and Importance - The global nuclear power landscape is expanding, with approximately 440 nuclear reactors in operation and at least 70 under construction, indicating a significant increase in nuclear capacity by 2050 [2]. - As a leading country in nuclear energy development, China's ability to economically extract uranium from seawater could enhance resource autonomy and long-term security for nuclear energy [3]. Group 3: Challenges and Collaborative Efforts - The current stage of seawater uranium extraction research is still in the engineering development phase, facing challenges such as cost, efficiency, and environmental adaptability [4]. - The establishment of the seawater uranium extraction technology innovation alliance, which includes various stakeholders from nuclear enterprises to research institutions, aims to overcome these challenges through collaborative innovation [4].

彭博社2月12日爆出消息，一份俄罗斯内部备忘录在高层传阅，核心想法是重返美元结算体系。这份文 件是今年起草的，列出七个合作领域，条件是跟美国达成更广的经济伙伴关系，还得先结束乌克兰冲 突。俄罗斯想用这个换取制裁松绑和市场准入，备忘录里特别提到能源交易可能重新用美元。 这份备忘录不是正式提案，只是克里姆林宫内部的思路梳理。俄罗斯过去几年大力去美元化，减持美 债，囤黄金，跟中国和印度推本币结算。现在突然松口，表面看是政策大转弯，其实是现实压力下的调 整。美元在全球能源市场还是最顺手的工具，俄罗斯想多卖油气，就得考虑怎么让交易更流畅。 俄罗斯经济这些年被制裁咬得很紧。外汇储备里黄金占比高，人民币排第二，但实际操作中，很多渠道 还是卡着。备忘录提出联合开发天然气、离岸石油，还有锂铜镍铂这些矿产，明显是想拉美国公司进来 分一杯羹。俄罗斯手里这些资源多，美国那边也缺，双方各取所需。 克里姆林宫发言人第二天回应，说这是缓和立场的信号，美国企业确实想回去做生意。话说得客气，但 潜台词很清楚：俄罗斯需要更大外汇池子，减少波动。去美元化喊了这么久，现在又想部分回来，说明 单一路径走不通。 对人民币来说，中俄贸易量大，本币结算比例 ...

转自：扬子晚报 去年5月，特朗普签署了4项行政命令，旨在加速核能行业发展。 来源：环球时报 据环球时报消息，据报道，美国军方首次通过空运方式运送微型核反应堆。当地时间2月15日，三架C- 17运输机将美国核技术初创公司Valar Atomics的试验反应堆Ward 250的未装载燃料组件，从加州马奇空 军预备役基地运抵犹他州希尔空军基地，之后计划运往实验室进行测试和评估。 空运开始几分钟前，美国"战争部"在社交媒体上也发文预告，将"空运下一代核反应堆"，并称此举是遵 循美国总统特朗普推广核能的命令。 ...

Market Overview - US stock indices experienced declines, with the Dow Jones down 1.23%, Nasdaq down 2.1%, and S&P 500 down 1.39% [1] - Bitcoin-related stocks surged, with Coinbase up over 16%, Strategy up over 8.8%, and Robinhood up over 6% [1] Economic Indicators - The US Consumer Price Index (CPI) for January rose 2.4% year-on-year, a decrease of 0.3 percentage points from the previous month, indicating a potential easing of inflation [1][4] - The core CPI, excluding volatile food and energy prices, increased by 0.3% month-on-month, slightly above December's 0.2% [4] Cryptocurrency and Commodities - Bitcoin rebounded significantly, rising over 4% to $68,927.36, while Ethereum increased by over 5.4% to $2,053.51 [3] - Spot gold rose by 2.45% to $5,043.08, and silver increased by 2.83% to $77.37 per ounce, driven by ongoing demand for safe-haven assets [3] Corporate Developments - Amazon-backed nuclear company X-Energy Reactor Co. received US regulatory approval to produce uranium fuel for advanced reactors, marking the first such license in over 50 years [8] - SpaceX plans to adopt a dual-class share structure for its upcoming IPO to maintain control for CEO Elon Musk, with a potential fundraising of up to $50 billion [9] - Nvidia's leased data center completed a $3.8 billion bond issuance, reflecting strong demand for AI infrastructure financing [10] Legal and Regulatory News - The US Supreme Court is set to announce its opinion on Trump's tariff case on February 20, which could impact significant tariff policies [5] - The FTC is intensifying its antitrust investigation into Microsoft, focusing on its cloud and AI business practices [12]

Market Overview - US stock indices experienced declines, with the Dow Jones down 1.23%, Nasdaq down 2.1%, and S&P 500 down 1.39% [1] - The January Consumer Price Index (CPI) showed a year-on-year increase of 2.4%, down 0.3 percentage points from the previous month, indicating a potential easing of inflation concerns [1][3] - Bitcoin-related stocks saw significant gains, with Coinbase up over 16% and other related companies also experiencing increases [1] European Market - The German DAX30 index rose by 78.91 points (0.32%), while the UK FTSE 100 increased by 39.01 points (0.38%) [2] - The French CAC40 index fell by 28.82 points (0.35%), and the Spanish IBEX35 dropped by 236.58 points (1.32%) [2] Commodities - Gold prices increased by 2.45% to $5043.08, and silver prices rose by 2.83% to $77.37 per ounce, driven by ongoing demand for safe-haven assets [2] - WTI crude oil futures settled at $62.89 per barrel, while Brent crude oil futures closed at $67.75 per barrel, both showing slight increases [2] Macroeconomic Insights - The January CPI rose by 0.2% month-on-month, slightly below expectations, while core CPI increased by 0.3% [3] - Economists suggest that the stabilization of the labor market may lead the Federal Reserve to maintain interest rates for a period [3] Regulatory Developments - The US Supreme Court is set to release opinions on the Trump tariff case on February 20, which could significantly impact the current tariff policies [4] - The Federal Reserve is expected to appoint Randall Guynn as the new Director of Regulatory Affairs, marking a significant personnel change [5] Industry News - The US Department of Commerce is preliminarily supporting a 133% anti-dumping duty on palladium imports from Russia, with a final decision expected later this year [6] - Amazon-backed X-Energy Reactor Co. received federal approval to produce uranium fuel for advanced reactors, marking a significant development in the nuclear energy sector [7] Company-Specific Developments - SpaceX is considering a dual-class share structure for its upcoming IPO, which would enhance CEO Elon Musk's control over the company [8] - Nvidia's leased data center successfully issued $3.8 billion in bonds, reflecting strong demand for AI infrastructure financing [9] - Apple and Google lost a court challenge regarding US patent review policies, which could affect their ability to contest patent validity [10][11] - The FTC is intensifying its antitrust investigation into Microsoft, focusing on its cloud and AI business practices [11]