关于技术与产品应用方面，投资者询问公司技术和产品在军工领域应用情况，以及smr小堆技术在国内 是否领先或独家，公司未明确回应。 在此次业绩说明会上，投资者提出诸多问题，公司一一进行回复。 在建项目相关，公司表示在建项目情况可关注定期报告，其主要目的是提高生产制造能力、优化生产工 艺。 业绩方面，对于2025年中报亏损原因，公司称管理层将通过强化预算管控、开拓市场、催收账款等稳定 经营。对于股价连续阴跌，公司表示股价波动受多种因素影响，管理层重视并致力于做好经营管理提升 内在价值。 订单与财务方面，公司按约定回收和支付货款，及时发放员工薪资。上半年营业总收入3.38亿元，公司 称反映了上半年生产经营情况，后续需关注披露信息。对于三季度能否盈利、未来三年业绩预估、今年 业绩能否正增长等问题，公司均表示请关注定期报告。公司目前在手订单相对充足，各订单按生产计划 推进。三季度末合同负债科目金额大幅增加原因，因三季度业绩未披露暂未回应。 市场拓展方面，公司凭借先进材料制造技术可为水电行业提供多种产品，并积极开展水电项目市场开 拓，对于是否参与雅砻江水电项目，回应类似。 股东相关，持股证明材料指持有公司股票的股东账户截图 ...

Group 1 - The company is actively focusing on strategic layout and technological development in the nuclear energy sector [1] - The company has mastered advanced nuclear power technologies such as AP1000 and CAP1000 [1] - AP1000 is a third-generation nuclear power technology developed by Westinghouse Electric Company based on AP600 [1] Group 2 - CAP1000 is a third-generation passive pressurized water reactor technology with independent intellectual property rights, developed by China through the absorption and innovation of AP1000 technology [1] - The Shandong Haiyang Nuclear Power Project, controlled by the company, plans to construct six 1 million kilowatt nuclear power units [1] - Units 1 and 2 will adopt the AP1000 technology route, while units 3 to 6 will utilize the domestically designed and manufactured CAP1000 technology [1]

以下文章来源于能见派 ，作者刘丽丽 能见派 . 提升能源未来能见度，发掘商业机会，这里是能见派。欢迎分享观点。 中国核电机组运营质量高于其他国家 《财之道》：福岛核事故后，中国核电发展经历了怎样的变迁，目前建设情况如何？ 文 | 《财之道 》栏目 刘丽丽 从 2007年赴国家核电出任首任董事长，到执掌 中电投与国家核电重组而成 的 国家电投集 团，再到成为为行业鼓与呼的专家，中国核能行业协会专家委员会战略咨询专家、国家电投 集团原董事长王炳华，参与和推动了中国核电从二代技术到三代技术、与世界核电强国从跟 跑到并跑，再到争取领跑的历史性跨越。 今年是 中国 核工业创建 70周年 。 回忆起引进三代核电技术 AP1000，牵头实施示范国 产三代核电技术CAP1000/1400等对行业发展产生重大影响的事件， 王炳华感慨： " 老 一辈的核工业人，有的干了一辈子核工业，干了一辈子核电站，没有亲手建设一个核电站， 更谈不上运行核电站。因为 那个 年代建设一台核电机组 很 困难 。 现在 国家有了方方面 面的能力，一年 核准 10台8台 核电机组。 年轻人在一个核电站工作时间不长， 就 到另外 一个核电站 。 无论是设 ...

今日（9月12日），国家发改委、国家能源局印发《新型储能规模化建设专项行动方案（2025—2027 年）》。其中提出，到2027年，全国新型储能装机规模达到1.8亿千瓦以上，带动项目直接投资约2500 亿元。 与此同时，工信部、市场监管总局、国家能源局印发《电力装备行业稳增长工作方案（2025-2026 年）》。其中提到，加快推进陆上大型风电光伏基地，推动海上风电规范有序建设。积极推进风电和光 伏发电分布式开发、水风光一体化开发。稳步推进核电开发，积极安全有序推动一批沿海核电项目核准 建设。 储能、光伏、核电、风电等领域，迎来大消息！ A股市场上，相关概念股集体异动。截至记者发稿，德明利、科华数据、太原重工、润建股份、嘉泽新 能等10多只个股涨停。 其中提到，加快推进陆上大型风电光伏基地，推动海上风电规范有序建设，积极推进风电和光伏发电分 布式开发、水风光一体化开发。积极稳妥推动重大水电建设，积极有序开发建设抽水蓄能。稳步推进核 电开发，积极安全有序推动一批沿海核电项目核准建设。推进智能微电网建设和电源电网侧储能应用， 提高电网对清洁能源接纳、配置和调控能力。 强化电力装备行业自律，营造良性竞争环境。研究制定 ...

Core Viewpoint - The recent policies from the National Development and Reform Commission and the National Energy Administration aim to significantly boost the new energy storage sector, targeting an installed capacity of over 180 million kilowatts by 2027, with direct investment of approximately 250 billion yuan [1][2][4]. Group 1: New Energy Storage - The "New Energy Storage Scale Construction Special Action Plan (2025-2027)" aims for market-oriented development and technological innovation, establishing a diverse energy storage system to support green energy transition [2][3]. - The plan emphasizes the construction of new energy storage in desert and remote areas, promoting the integration of energy storage with renewable energy sources to enhance grid stability [2][3]. - By mid-2023, the installed capacity of new energy storage reached 94.91 million kilowatts, reflecting a growth of approximately 29% compared to the end of 2024 [7]. Group 2: Power Equipment Industry - The "Power Equipment Industry Steady Growth Work Plan (2025-2026)" indicates a positive growth outlook for the power equipment sector, with traditional equipment revenue expected to grow at around 6% annually [4][5]. - The plan includes accelerating the development of large-scale onshore wind and solar bases, promoting offshore wind power, and advancing nuclear power projects [4][5]. - The focus is on enhancing the manufacturing capabilities of power equipment and ensuring a stable supply of renewable energy equipment [4][5]. Group 3: Market Reactions - Following the announcement of these policies, stocks related to energy storage, nuclear power, and photovoltaics saw significant increases, with over ten stocks hitting the daily limit [1][6]. - The demand for energy storage systems has surged, with a reported 47.2 GWh of bidding capacity in August, marking a year-on-year increase of 2158% [7]. - The wind power sector is also experiencing growth, with expectations of increased profitability and project deliveries in the latter half of 2025 [8]. Group 4: Nuclear Power - Nuclear power is highlighted as a crucial component for green energy transition, with its operational efficiency and minimal emissions making it a preferred energy source [9]. - The focus on nuclear energy is expected to expand beyond electricity generation to applications such as seawater desalination and hydrogen production [9].

Core Insights - The State Council has announced a work plan to promote stable growth in the electric power equipment industry, specifically focusing on the approval and construction of coastal nuclear power projects [1] - Nuclear power concept stocks have seen an average price increase of 35.11% year-to-date, with some stocks doubling in value [1] - Shanghai Electric has recorded the highest price increase among nuclear power stocks, with a year-to-date rise of 147.62% [1] Company Performance - The following nuclear power concept stocks have been highlighted for their performance and social security fund holdings: - Shun'an Environment (盾安环境): Total market value of 13.638 billion, year-to-date increase of 18.41%, social security fund holding of 4.26% [2] - Jiuli Special Materials (久立特材): Total market value of 22.709 billion, year-to-date increase of 3.27%, social security fund holding of 3.35% [2] - Jiadian Co., Ltd. (佳电股份): Total market value of 8.236 billion, year-to-date increase of 6.02%, social security fund holding of 3.30% [2] - Western Superconducting Technologies (西部超导): Total market value of 39.357 billion, year-to-date increase of 43.40%, social security fund holding of 3.17% [2] - Other notable stocks include Libat (利柏特), Yongxing Materials (永兴材料), Jiangsu Shentong (江苏神通), and Western Materials (西部材料) with varying performance metrics [2]

Core Viewpoint - The development of China's nuclear power industry has made significant strides, transitioning from second-generation to third-generation technology, and is now positioned to lead globally in nuclear energy [2][3][10]. Group 1: Historical Context and Current Status - The year 2023 marks the 70th anniversary of China's nuclear industry, highlighting the evolution from importing technology to developing indigenous capabilities [2]. - Following the Fukushima incident, China initiated comprehensive safety checks and has since entered a new phase of "active, safe, and orderly development" in nuclear power [3]. - As of August 2023, China operates 58 nuclear reactors with a total capacity of 61.01 million kW, and has 31 reactors under construction with a capacity of 37.25 million kW [3][4]. Group 2: Safety and Performance - China's nuclear power plants have maintained an excellent safety record, with over 600 years of safe operation and no incidents rated INES 2 or above [3][4]. - Among the 54 reactors meeting WANO's performance criteria, 38 achieved a perfect score of 100, representing 43.18% of the world's total perfect-rated reactors [4]. Group 3: Technological Advancements - The "Hualong One" reactor, which has complete independent intellectual property rights, is undergoing upgrades to enhance safety systems and reduce construction costs [5]. - Small Modular Reactors (SMRs) are being developed by multiple organizations, with 12 different technologies in various stages of progress [8][9]. Group 4: Environmental Impact - In 2024, nuclear energy is projected to generate 444.7 billion kWh, accounting for 4.72% of total energy production, effectively reducing CO2 emissions by 334 million tons [6]. - The lifecycle carbon footprint of nuclear energy is the lowest among major energy sources, with a carbon footprint factor of only 6.5 gCO₂/kWh [6]. Group 5: Economic Value and Applications - The construction of a nuclear power plant can generate significant economic value, with a projected cash flow of approximately 600 billion yuan over its operational lifespan [11]. - Nuclear energy is diversifying into heating, industrial steam supply, and seawater desalination, with successful projects already in operation [12][13]. Group 6: Future Prospects - The nuclear technology sector is expected to grow rapidly, with the domestic isotope supply industry projected to reach an output value of 890 billion yuan by 2024, growing at a compound annual growth rate of 15.6% [14]. - The development of nuclear fusion is seen as a promising future energy source, with ongoing research and investment from both government and private sectors [15][16].

Summary of Curtiss-Wright FY Conference Call - September 11, 2025 Company Overview - **Curtiss-Wright** is a 95-year-old engineering and manufacturing company with over 50% of its business in defense [4][5] - The company specializes in highly engineered systems for critical applications, particularly in defense, commercial aerospace, industrial, and nuclear power [4][9] Industry Insights Defense Sector - The **U.S. Department of Defense** budget for fiscal year 2026 is expected to increase by over 20%, which is anticipated to positively impact Curtiss-Wright's defense business [3] - The company has historically outpaced the growth of the defense budget, focusing on shipbuilding and defense electronics [5][6] - Curtiss-Wright is involved in over 400 platforms and 3,000 programs internationally, positioning itself well for growth as defense budgets increase [6][7] - The company is also focusing on aftermarket services, which are crucial for the U.S. fleet [6] Commercial Aerospace - The FAA's mandate for 25-hour cockpit voice recorders is expected to drive growth in the commercial aerospace segment, with retrofitting opportunities for existing fleets [22][23] - Curtiss-Wright has partnered with Honeywell to provide these recorders, with certification expected for Airbus platforms in the first half of 2026 [23][24] Nuclear Power - The company sees significant growth potential in the **commercial nuclear power** sector, particularly due to recent executive orders supporting domestic production and life extensions of existing plants [30][31] - Curtiss-Wright is heavily involved in the aftermarket, which currently accounts for 90% of its nuclear revenues [31] - The company anticipates its first AP-1000 order in 2026, with a focus on opportunities in Eastern Europe, particularly Poland and Bulgaria [34][35] Small Modular Reactors (SMRs) - Curtiss-Wright is actively pursuing opportunities in the SMR market, having established a partnership with Rolls-Royce [42][44] - The company aims to be a significant supplier across various SMR projects, with potential revenues projected to be substantial if the market takes off [45][46] Financial Performance and Strategy - The defense electronics business is experiencing strong growth, with margins approaching 30% [19][20] - The company has a robust cash flow generation strategy, with a focus on share buybacks and potential acquisitions [49][50] - Curtiss-Wright is committed to maintaining a strong balance sheet, with a current debt to EBITDA ratio of about 1.3 times [51] Key Growth Areas - **Subsea Pumps**: The company has delivered its first subsea pump to Shell, with expectations of significant orders in the coming years, projecting $250 million by the end of the decade and $500 million by the middle of the next decade [54][55] - **International Sales**: There is a growing interest in foreign military sales, with a projected 20% growth in 2025, indicating a shift above historical norms [15][16] Conclusion - Curtiss-Wright is well-positioned for growth across multiple sectors, particularly in defense, commercial aerospace, and nuclear power, with a strong focus on innovation and strategic partnerships [12][18][30]

Group 1: National Policy and Company Strategy - The national government supports the safe and orderly development of nuclear power, with plans to advance major projects such as coastal nuclear power by March 13, 2025 [2] - The company is actively preparing for project approvals, aiming to meet the necessary conditions for more nuclear power projects [2] Group 2: Market Performance and Financial Metrics - In the first half of 2025, the average market price of electricity decreased compared to the same period last year, primarily due to declines in the Guangdong and Guangxi regions [2] - The company experienced a reduction in maintenance days, totaling approximately 414 days, which is a decrease of 109 days year-on-year, attributed to different maintenance types and the application of new technologies [2] - The company achieved a VAT refund of approximately 500 million yuan in the first half of 2025, which represents a decline compared to the previous year [2] Group 3: Financial Health and Taxation - As of June 30, 2025, the company's debt-to-asset ratio was 60.2%, an increase of 0.9 percentage points from the beginning of the year, with expectations of further increases as construction projects progress [3] - The increase in income tax expenses in the first half of 2025 was due to the expiration of tax incentives for certain units and adjustments in VAT refund tax management, which will have a relatively small impact moving forward [3]

Core Viewpoint - China General Nuclear Power Corporation (CGN) is focused on ensuring the safe and stable operation of its existing nuclear power units and the high-quality construction of its ongoing projects, contributing to the new energy system in China [1] Financial Performance - In the first half of 2025, the company achieved an on-grid electricity generation of 113.60 billion kilowatt-hours [1] - The company reported a revenue of RMB 39.167 billion [1] - The net profit attributable to the parent company was RMB 5.952 billion [1] Business Focus - The company does not currently engage in smart grid business as a nuclear power enterprise [1] - CGN emphasizes its commitment to the safety and stability of its operational units and the quality of its construction projects [1]