Group 1 - The company has successfully developed and delivered ultra-pure stainless steel TP316H and TP316L forged bars for nuclear engineering applications, which meet high technical requirements and performance indicators [1] - These high-end products are being utilized in some domestic third and fourth generation nuclear engineering projects [1] - Recently, the company has also developed and successfully delivered special alloy materials for the "BEST" fusion experimental reactor to downstream customers [1]

Core Viewpoint - Liaoning Province is actively engaging with major state-owned enterprises to enhance investment and cooperation, aiming for mutual benefits and contributions to national development [1] Group 1: Strategic Engagement - Liaoning Province held working meetings with China National Nuclear Corporation, China North Industries Group Corporation, and China National Petroleum Corporation [1] - Key officials from both the provincial government and the central enterprises participated in these discussions, indicating a high-level commitment to collaboration [1] Group 2: Investment and Cooperation Goals - The provincial leadership expressed a desire for central enterprises to prioritize Liaoning in their strategic planning and to innovate cooperation models [1] - There is a focus on accelerating the construction of key cooperative projects and increasing investment in Liaoning, particularly in alignment with the national "14th Five-Year Plan" [1] Group 3: Economic Development and Support - The provincial government aims to create a first-class business environment to match the needs of enterprises, ensuring timely and efficient service support [1] - The goal is to facilitate high-quality development for central enterprises while promoting the growth of supporting industries and expanding cooperation in technology innovation and emerging sectors [1]

Core Insights - The nuclear energy sector is experiencing significant growth, with many countries committing to increase nuclear capacity by 2050, positioning nuclear power as vital for decarbonization and energy security [1][12] - Oklo, a nuclear energy start-up, is gaining investor interest due to its innovative compact, fast-spectrum reactor design and potential for substantial growth in the energy market [3][15] Industry Overview - The global electricity production is expected to rise by over 78% by 2050, driven by electrification across various sectors, creating a substantial market opportunity for nuclear energy [4] - Next-generation technologies, such as small modular reactors (SMRs), are essential for expanding nuclear infrastructure, promising faster and safer deployment [2] Company Analysis - Oklo's Aurora powerhouses are designed for high-demand applications, particularly in artificial intelligence and data centers, with initial electricity production capacities of 15 MWe and 75 MWe, with future expansions planned [5] - The company operates on a build, own, and operate model, focusing on selling electricity and heat through long-term power purchase agreements (PPAs) to ensure recurring revenue [6] - Oklo has a customer pipeline of over 14 gigawatts (GW) in potential capacity, indicating strong interest from sectors like data centers and defense [7] Technological Advantages - Oklo's technology addresses nuclear waste challenges by recycling spent fuel, which retains over 95% of its initial energy potential, equating to approximately 1.2 trillion barrels of oil equivalent in the U.S. [8] - The company is developing a commercial fuel recycling facility, targeted for deployment by the early 2030s, which will enhance its supply chain and cost efficiency [11] Market Potential - The International Energy Agency projects that under current policies, total SMR capacity could reach 40 GW by 2050, with potential growth to 120 GW with supportive policies [13] - A hypothetical investment of $10,000 in Oklo, assuming a 25% annual return over 20 years, could yield a future value of $867,000, highlighting the potential for significant returns [14] Current Challenges - Oklo is in the early stages of its business lifecycle, facing financial losses until its powerhouses become operational, with the first expected to be online by late 2027 or early 2028 [9] - The company requires a domestic supply chain for high-assay low-enriched uranium (HALEU), which is currently not available at scale, impacting future deployment [11] - Despite recent stock performance, Oklo's rapid increase of 1,927% over the past year suggests limited upside potential, making it a high-risk investment for new buyers [15]

Summary of Key Points from the Conference Call Industry Overview - The focus is on the energy sector, particularly on companies with no revenue that are experiencing inflated valuations due to speculation related to artificial intelligence (AI) [5][18]. Core Insights and Arguments - There is a significant concern that the real excess in market valuations is occurring within energy stocks rather than technology stocks, which are often profitable [4][5]. - A group of non-revenue-generating energy companies has collectively reached a market capitalization exceeding $45 billion, driven by expectations that tech companies will eventually purchase power from them [5][6]. - Oklo, a nuclear startup backed by OpenAI's CEO Sam Altman, has seen its shares rise approximately eightfold this year, resulting in a market cap of around $26 billion, making it the largest U.S. public company with no revenue in the past 12 months [6][7]. - Analysts predict that Oklo will not generate substantial revenue until 2028, as it is still in the development phase of small modular nuclear reactors [7][18]. - Another zero-revenue company, Fermi, debuted with a valuation of roughly $19 billion, making it one of the largest no-revenue companies at IPO, alongside Rivian and Corvis [8][9]. - Fermi plans to build 11 gigawatts of power capacity but has only secured equipment for 5% of this goal and lacks binding customer contracts [10][12]. Additional Important Points - Companies developing smaller "micro-modular" nuclear reactors are also seeing high valuations despite not generating revenue, with Nano Nuclear Energy valued at over $2 billion and Terra Innovatum exceeding $1 billion [13]. - Some companies, like NuScale Power and Plug Power, generate revenue but are not expected to turn a profit for several years, with projections indicating profitability may not occur until 2030 [15]. - The speculative nature of investments in energy companies is partly due to the high valuations of profit-generating firms, which have seen significant stock price increases [16]. - There is a historical precedent for zero or minimal revenue companies failing to deliver on their promises, as seen with electric vehicle startups that went public in 2020 [17]. - If the AI bubble bursts, energy companies without revenue are likely to experience the most significant declines, as they lack financial buffers [18].

Core Insights - The conference on controlled nuclear fusion held in Chengdu gathered nearly 2000 participants from over 60 countries, highlighting the global enthusiasm and commitment towards the commercialization of fusion energy [1][2] Group 1: International Cooperation - The establishment of the first International Atomic Energy Agency (IAEA) Fusion Research and Training Collaboration Center in China signifies a consensus among multiple countries on the importance of international collaboration in the fusion energy sector [2] - Representatives from various countries expressed a strong desire for cooperation and technology exchange, emphasizing the need for diverse collaboration models to share insights on technology and regulation [4] Group 2: Technological Advancements - The fusion energy sector is currently transitioning from scientific research to engineering practice, marking a critical phase in its development [2] - The global fusion energy research has entered a new stage characterized by parallel development and rapid iteration, with scientists and engineers collaborating to envision future energy solutions [4] Group 3: Industry Development - The achievements in the ITER project, particularly the first wall project led by a prominent scientist, demonstrate the significant technological advancements and the development of related industries over the past decades [2] - The "China Circulation No. 3" project, which successfully achieved its first discharge in December 2020, reflects the ongoing commitment and emotional investment of the younger generation in advancing fusion energy [2]

Core Insights - The development of fusion energy is progressing towards a new stage, with multiple pathways and rapid iterations being explored globally [4][5] - Achieving controlled nuclear fusion is considered one of the most complex energy systems conceived by humanity, requiring extreme conditions that are difficult to replicate on Earth [3][5] Industry Developments - The main technological routes for fusion energy are magnetic confinement and inertial confinement, with devices like Tokamaks and stellarators being key to magnetic confinement [5] - The International Thermonuclear Experimental Reactor (ITER) is the largest global fusion research project, aiming to demonstrate the feasibility of magnetic confinement fusion by 2040 to 2050 [5] China's Role - China has significantly enhanced its international standing in fusion energy, establishing a research and training collaboration center in Chengdu under the International Atomic Energy Agency [7] - The country has made notable advancements in controlled nuclear fusion technology, including achieving temperatures exceeding 100 million degrees Celsius in its "Chinese Circulation No. 3" project [8] - China is committed to international collaboration in advancing sustainable energy innovation and aims to contribute to a cleaner and more sustainable world [8]

Core Viewpoint - Morgan Stanley identifies Small Modular Reactors (SMR) as a key solution to meet the surging electricity demand from AI and data centers, highlighting their advantages in compact design and modular deployment [1][3]. SMR Technology Advantages and Market Positioning - SMR redefines nuclear energy applications through five core features: small design for flexible deployment, modular construction to reduce costs, capability for both grid-connected and off-grid installations, a fuel cycle lasting up to 30 years, and built-in passive cooling mechanisms [4][5]. - The primary developers of SMR are concentrated in the US, Canada, and Europe, with water-cooled reactors currently dominating the market [5]. - SMR's unique value lies in meeting diverse energy needs, including high-temperature gas-cooled reactors suitable for hydrogen production and industrial applications [5]. Main Technical Routes and Development Progress - SMR technology is categorized into five concepts based on coolant type: water-cooled, molten salt, gas-cooled, heat pipe, and metal-cooled [6][9]. - The light water reactor (LWR) is the most mature technology, with NuScale's designs being the only ones to receive standard design approval from the NRC [6][19]. - Kairos Power has obtained construction permits for its fourth-generation SMR, aiming for operational status by 2027 [20]. Regulatory Environment and Deployment Timeline - The regulatory process for US nuclear plants involves multiple stages of approval from the NRC, with recent reforms aimed at expediting this process [18]. - The Trump administration's regulatory reforms have significantly accelerated the approval timeline, with a target of 18 months for review [18]. Market Opportunities from Data Center Electricity Demand - Major cloud service providers like Amazon and Google are expected to support SMR projects to meet their clean energy needs, with Google already partnering with Kairos Power [22]. - The Department of Energy has included sodium-cooled fast reactors, high-temperature reactors, and molten salt reactors in its 2030 deployment watch list [22]. Commercialization Challenges - The competitive landscape due to multiple technical routes may hinder any single technology from reaching commercial scale [23]. - Supply chain readiness is uneven, with limited availability of HALEU fuel posing significant challenges for advanced SMR concepts [23]. - Economic feasibility remains to be validated, as initial costs and economies of scale are critical tests for SMR projects [23].

Core Viewpoint - China National Nuclear Corporation (中国同辐) signed a Memorandum of Understanding with the Brazilian National Nuclear Energy Commission (巴西国家核能委员会) to enhance cooperation in the field of isotope procurement, aiming to improve the development and application of isotope products [1] Group 1: Partnership and Cooperation - The agreement focuses on long-term collaboration in isotope product supply, quality management, and information exchange [1] - This partnership is expected to support the development of Brazil's nuclear technology applications and the radioactive pharmaceuticals industry [1] Group 2: Strategic Expansion - China National Nuclear Corporation aims to leverage this signing as an opportunity to expand its international cooperation footprint [1] - The company plans to promote its technology, products, and services internationally, contributing to the peaceful use of nuclear technology and public health initiatives [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 本公司董事會欣然宣佈，近日，在成都舉行的IAEA第30屆聚變能國際大會中國 邊會上，中國同輻與巴西國家核能委員會(CNEN)簽署了《同位素採購領域合作諒 解備忘錄》。雙方將圍繞同位素產品供應、質量管理、信息交流等方面建立長期合 作機制，共同提升同位素產品的研發與應用能力，助力巴西核技術應用及放射性 藥物產業發展。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1763） 自願性公告 中國同輻與巴西國家核能委員會簽署合作諒解備忘錄 本公告乃中國同輻股份有限公司（「中國同輻」或「本公司」）自願發出以使股東及潛 在投資者知悉本公司之最新業務進展。 作為中國同位素與放射性藥物領域的骨幹企業，中國同輻將以此次簽約為契機， 積極拓展國際合作佈局，推動技術、產品和服務「走出去」，為促進和平利用核技 術和公共健康事業作出貢獻。 承董事會命 中國同輻股份有限公司 董事長 肖亞飛 中國，北京，2025年10月17 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 CHINA ISOTOPE & RADIATION CORPORATION 中國同輻股份有限公司 本公告乃中國同輻股份有限公司（「中國同輻」或「本公司」）自願發出以使股東及潛 在投資者知悉本公司之最新業務進展。 本公司董事會欣然宣佈，近日，中國同輻附屬公司成都中核高通同位素股份有限 公司「中核高通」正式發佈了基於第四代「MOF」材料的同位素分離新技術——「吸 附捕手」，為高端核醫療和可控核聚變領域注入新動能，開闢了產業化發展新前 景。 「吸附捕手」技術創新性引入了2025年諾貝爾化學獎聚焦的第四代「MOF」材料， 突破傳統同位素分離技術的固有框架，在分子尺度上實現分離材料的「定制化設 計」。「吸附捕手」技術展現出「高純度、高效率、低成本、低能耗」的顯著優勢， 應用面廣泛，覆蓋核醫療、核聚變、重水堆、生物醫學研究等多個面向國民經濟 主戰場的關鍵領域，將為我國構建「自主可控、安全穩定」的同位素供應鏈提供核 ...