——持续巩固全球能源市场的稳定性，扩大能源生产国与消费国之间的对话。支持保障开放、公平竞 争、非歧视和自由的能源市场。 ——持续加强中国国家核安全局与俄罗斯联邦环境、工业与核监督局在核安全监管领域的合作。 根据新华社发布的中俄总理第三十次定期会晤联合公报，双方高度评价中俄能源合作取得的丰硕成果， 将进一步挖掘能源合作潜力，持续巩固全面能源合作伙伴关系，巩固深化全方位、宽领域、深层次的能 源合作格局，共同维护国家、地区和全球能源安全，推动保障所有人获得可负担、可靠且可持续的现代 能源，推动公正、均衡的全球能源转型。为此，双方商定： ——支持两国企业深化石油、天然气、煤炭、电力等能源领域合作，持续推进能源基础设施互联互通， 共同保障跨境能源通道安全稳定运行。 ——加强可再生能源、低碳能源、氢能、储能等新兴领域与碳捕集、碳利用和碳封存体系方面的合作。 ——继续推进田湾核电站和徐大堡核电站建设项目，确保按时完成建设并投入运行。在此基础上深化和 平利用核能领域合作，逐步推进热核聚变、快堆和闭式核燃料循环领域合作，基于互利共赢和利益均衡 原则，探讨通过"一揽子"方式开展核燃料循环前端和新核电项目建设合作。 应中华人民共和 ...

【中德能源对决炸场！钍堆狂飙2兆瓦VS德国核爆自废武功】 当甘肃荒漠的钍熔盐堆亮起2兆瓦蓝光时，德国贡德雷明根核电站的冷却塔正轰然倒塌——这场跨越八千公里的能源对决，用最残酷的方式撕开了全球能源 格局的真相。 中国钍熔盐堆：荒漠里的核能革命 在甘肃武威，代号TMSR-LF1的钍基熔盐反应堆正以2兆瓦功率稳定运行。这不是普通核反应堆——它用液态熔盐同时充当冷却剂和燃料载体，工作温度高 达700℃。更震撼的是，中国钍储量占全球30%，超过100万吨，足够支撑万年发电需求。 这个"人造太阳"有多神奇？传统铀反应堆每公斤燃料只能产生相当于1500吨煤的能量，而钍熔盐堆的能量密度是铀的200倍。更颠覆的是它的安全性——熔 盐在650℃就会固化成固体陶瓷，根本不会发生福岛式的熔堆事故。 但这不是终点。中国正在推进60兆瓦热功率的新堆建设，一旦成功，核动力航母、深海潜艇将不再是科幻。要知道，中国铀资源仅占全球4%，每年需从俄 罗斯进口数万吨铀矿。而钍熔盐堆的突破，相当于在沙漠里挖出了永不枯竭的能源井。 德国核爆：民粹主义绑架下的自毁长城 就在中国核能突破的同时，德国却亲手炸毁了贡德雷明根核电站。这座曾供应全国5%电力的巨无 ...

Energy Cooperation - Both countries highly value the achievements in energy cooperation and aim to further explore potential in this area, reinforcing a comprehensive energy partnership to ensure national, regional, and global energy security [1][34] - Agreement to support deepening cooperation in oil, natural gas, coal, and electricity sectors, while enhancing energy infrastructure connectivity and ensuring the safe and stable operation of cross-border energy channels [34] - Commitment to strengthen collaboration in renewable energy, low-carbon energy, hydrogen, energy storage, and carbon capture, utilization, and storage systems [34][35] Nuclear Energy - Continued progress on the Tianwan and Xudabao nuclear power plant projects, ensuring timely completion and operation, while deepening peaceful nuclear energy cooperation [35] - Exploration of cooperation in advanced nuclear technologies such as thermonuclear fusion, fast reactors, and closed nuclear fuel cycle [35][36] Trade and Investment - Both countries will work to improve trade structure and explore growth points in e-commerce, agricultural products, and intermediate goods, while promoting cross-border e-commerce [10][11] - Support for the 2026 investment cooperation framework to enhance investment quality and efficiency across various sectors including machinery, automotive, forestry, and digital economy [30][31] Financial Cooperation - Continued progress in local currency settlement and practical cooperation in banking and capital markets to support economic stability [32] - Emphasis on enhancing cooperation in insurance and reinsurance sectors to promote trade and tourism [32] Climate Change and Environmental Cooperation - Commitment to strengthen communication and collaboration on climate change within various multilateral frameworks, focusing on the implementation of the Paris Agreement [4][55] - Joint efforts to ensure that measures taken to address climate change do not become unjust discrimination in international trade [55] Cultural and Human Exchange - Expansion of bilateral educational exchanges and high-quality inter-university cooperation, including support for Chinese language education in Russia and Russian language education in China [37] - Continued collaboration in cultural events, including arts performances and cultural festivals, to deepen mutual understanding [37][41] Regional Cooperation - Support for local and border region cooperation in trade, investment, and cultural exchanges, enhancing the legal framework for cooperation [42][43] - Promotion of cross-border e-commerce and service trade development to tap into local trade potential [43]

Core Viewpoint - The establishment of the world's first operational thorium-based molten salt reactor in Gansu, China, marks a significant advancement in nuclear energy technology, enabling the diversification of nuclear fuel from uranium to thorium [6][10]. Group 1: Technology Overview - The thorium-based molten salt reactor operates using thorium as fuel and high-temperature molten salt as a coolant, representing a fourth-generation advanced nuclear energy system [5]. - This technology allows for a sustainable "thorium-uranium fuel cycle," where thorium-232 absorbs neutrons and transforms into uranium-233, releasing substantial energy with reduced nuclear waste [9][10]. - The reactor's output temperature ranges from 650°C to 700°C, with a thermal-to-electric conversion efficiency of 40% to 60% [9]. Group 2: Advantages and Integration - Thorium is a naturally occurring, less radioactive metal, which can be efficiently converted into usable nuclear fuel, addressing China's reliance on imported uranium [5][9]. - The molten salt reactor can be integrated with renewable energy sources such as solar and wind, creating a low-carbon composite energy system [5][9]. Group 3: Domestic Development and Supply Chain - The overall domestic production rate of the molten salt reactor exceeds 90%, with all key equipment being 100% domestically produced, ensuring a self-sufficient supply chain [10]. - Significant advancements have been made in the development of critical materials, such as high-temperature nickel-based alloys and nuclear graphite, which are essential for reactor safety and longevity [10]. Group 4: Historical Context and Future Prospects - The project has a historical background dating back to the 1971 "728" project, which initially aimed to develop molten salt reactors but was shelved due to technological limitations at the time [11]. - The current experimental reactor is the first step in a planned three-phase development, with future goals including a 30 MW research reactor and a 100 MW demonstration reactor for efficient power generation [15].

Group 1 - The company is actively involved in the research and supply of valves required for the nuclear power industry, particularly focusing on advanced technologies in nuclear energy applications [2] - The company has initiated the development and technical reserve of various valve products needed for thorium-based molten salt reactors [2]

Core Insights - The "15th Five-Year Plan" is a critical roadmap for China's socio-economic development from 2026 to 2030, focusing on high-quality growth and strategic deployment towards modernization by 2035 [3][5]. Group 1: Economic Performance and Goals - During the "14th Five-Year Plan," China's GDP grew at an average rate of 5.5%, reaching 134 trillion RMB, with per capita GDP increasing from $10,632 in 2020 to $13,445 in 2024 [5]. - The "15th Five-Year Plan" aims for significant milestones, including a 70% urbanization rate by 2028, achieving carbon peak by 2030, and a 90% penetration rate for AI applications [3][5]. Group 2: Development Priorities - The plan outlines five main development lines: infrastructure, technology, finance, consumption, and livelihood [4]. - Infrastructure development will focus on major projects like the Sichuan-Tibet Railway and the national water network, which are expected to stabilize the economy [8]. - Technology will shift from factor-driven to innovation-driven growth, emphasizing high-end manufacturing, AI, and energy reform [9][10]. Group 3: Financial Sector - The financial sector is deemed essential for national competitiveness, with a focus on building a robust financial system characterized by strong institutions and regulatory frameworks [10][11]. Group 4: Consumption and Livelihood - The plan addresses insufficient domestic demand, proposing measures to increase household income and reduce consumption burdens, aiming for a consumption rate of 39.9% by 2024 [14][15]. - It emphasizes the importance of public investment in education, healthcare, and social security to stimulate consumption [17][18]. Group 5: Social Policies - The "15th Five-Year Plan" will tackle challenges in public service equality, income stability, and aging population issues, with a focus on health and education [21][22]. - It aims to enhance the quality of life through initiatives in healthcare, childcare, and social welfare, including the introduction of a national childcare subsidy [88][90]. Group 6: Market and Global Integration - The plan emphasizes the establishment of a unified national market to eliminate local protectionism and market fragmentation, which is crucial for enhancing internal stability [40][66]. - It encourages global integration through the "China + N" strategy, promoting international collaboration and investment [72]. Group 7: Key Signals for the Future - The plan reiterates the importance of economic construction, aiming for per capita GDP to reach the level of a moderately developed country by 2035 [74]. - It highlights the commitment to common prosperity, with specific targets for income distribution and social welfare improvements [76][78]. - The focus on "anti-involution" aims to streamline competition and improve industry standards, particularly in emerging sectors like renewable energy and technology [87].

Group 1 - China's thorium molten salt reactor successfully achieved thorium-uranium conversion, leading to a surge in related concept stocks [1] - The 2 MW thorium-based molten salt experimental reactor, led by the Shanghai Institute of Applied Physics, is the only operational reactor globally that has successfully integrated thorium fuel [1] - The reactor's overall domestic production rate exceeds 90%, with all key core equipment being domestically produced, ensuring a fully controllable supply chain [1] Group 2 - Several A-share listed companies are involved in thorium molten salt reactor projects and have responded regarding their participation [2] - Baose Co., Ltd. announced it had undertaken a contract for the thorium molten salt reactor simulation platform project, with a total contract amount of 2.5585 million yuan, but did not participate in the 2 MW thorium molten salt experimental reactor project [2] - Haili Heavy Industry confirmed its involvement in the thorium molten salt experimental reactor project, having successfully passed the acceptance of a safety device for the reactor [2][3] Group 3 - Jiangsu Shentong has been actively developing valves required for the thorium molten salt reactor and is keeping pace with advancements in nuclear energy applications [3] - Zhongmi Holdings reported that its cooling salt circulation pump sealing products have been applied in the Gansu thorium molten salt nuclear reactor project [3] - Electric Power Investment Corporation is restructuring its assets to focus on high-quality nuclear power assets but has not yet engaged in thorium molten salt reactor-related business [3]

Core Viewpoint - The thorium molten salt concept has gained market attention, leading to significant stock price increases for related companies, with several listed firms responding to inquiries regarding their involvement in thorium molten salt projects [1][2][3]. Group 1: Company Involvement - Haili Heavy Industry (002255) has participated in the thorium molten salt experimental reactor project, successfully passing the acceptance of the safety device for the 2MWt liquid fuel thorium molten salt experimental reactor (TMSR-LF1) by experts from the Shanghai Institute of Applied Physics [1]. - Baose Co., Ltd. (300402) undertook the "Thorium Molten Salt Reactor Comprehensive Simulation Experiment Platform Project" in 2017, delivering the main container equipment for the scaled-down simulation device (TMSR-SF0) in 2018, with a total contract value of 2.5585 million yuan. The company is not involved in the TMSR-LF1 project [1]. - Jiangsu Shentong (002438) has initiated research and technical reserves for various valve products required for thorium molten salt reactors [3]. - Zhongmi Holdings (300470) has applied its cooling salt circulation pump sealing products in the Gansu thorium molten salt nuclear reactor project, with sealing requirements similar to those of pressurized water reactors [3]. Group 2: Current Status of Other Companies - Electric Power Investment and Financing (000958) has not yet engaged in any thorium molten salt reactor-related business [2].

Core Viewpoint - The company is involved in the thorium-based molten salt experimental reactor project, with successful acceptance of a safety device by experts from the Shanghai Institute of Applied Physics, Chinese Academy of Sciences [1] Group 1 - The company has participated in the thorium-based molten salt experimental reactor project [1] - The 2MWt liquid fuel thorium-based molten salt experimental reactor (TMSR-LF1) safety device has passed acceptance [1] - The acceptance was conducted by an expert group from the Shanghai Institute of Applied Physics [1]

Core Viewpoint - The A-share market opened lower on November 4, with the ChiNext New Energy ETF (Hua Xia, 159368) experiencing fluctuations and a maximum decline of 1.86%. However, it later showed a slight recovery, indicating resilience in the sector despite broader market challenges [1]. Group 1: Market Performance - The ChiNext New Energy ETF (Hua Xia, 159368) recorded a trading volume exceeding 21.97 million, making it the top performer among similar products [1]. - Key holdings such as Di'er Laser, Yonggui Electric, and Yingjie Electric saw gains of over 1% [1]. Group 2: Technological Breakthroughs - A significant milestone was achieved with the successful operation of a 2 MW liquid fuel thorium-based molten salt experimental reactor, marking the first instance of thorium fuel conversion in an international context. This reactor is currently the only one in the world to have achieved thorium fuel utilization, demonstrating the technical feasibility of using thorium resources in molten salt reactor systems [1]. - This breakthrough is expected to bolster China's nuclear technology and support the development of a low-carbon composite energy system, aiding in the acceleration of the "dual carbon" goals [1]. Group 3: Industry Outlook - Huafu Securities highlighted multiple favorable factors in the new energy sector, closely linked to core assets. The photovoltaic sector is benefiting from the "14th Five-Year Plan," which outlines a strategic framework for high-quality industry development, pushing for a transition from manufacturing to technological innovation [2]. - The breakthrough in thorium-based molten salt reactor technology adds long-term momentum, with its unique features allowing for waterless cooling and inland deployment, which can complement solar and wind energy to stabilize the grid [2]. - The ChiNext New Energy ETF (Hua Xia, 159368) is the largest ETF tracking the ChiNext New Energy Index, with a scale of 829 million as of October 31, 2025, and a daily average trading volume of 90.05 million over the past month. It has a storage capacity of 51% and solid-state battery content of 30%, aligning with current market trends [2].