Core Viewpoint - The company, Baose Co., Ltd. (300402.SZ), has clarified its involvement in the thorium molten salt reactor projects following inquiries from investors and discussions on various internet platforms, stating that it only participated in a specific contract related to the project and has no involvement in other related projects [1] Group 1: Company Involvement - In 2011, the Chinese Academy of Sciences initiated a strategic project on "Future Advanced Nuclear Fission Energy - Thorium Molten Salt Reactor Nuclear Energy System," with the Shanghai Institute of Applied Physics responsible for the project [1] - The company undertook the contract for the main container equipment of the "Thorium Molten Salt Reactor Comprehensive Simulation Experiment Platform Project" (TMSR-SF0) in 2017, which was delivered in 2018, with a total contract value of 2.5585 million yuan [1] - The company has not undertaken any other equipment contracts related to the "2MWt Liquid Fuel Thorium Molten Salt Experimental Reactor" (TMSR-LF1) project [1]

Core Viewpoint - The company, Baose Co., Ltd. (300402.SZ), has clarified its involvement in the thorium molten salt reactor projects following inquiries from investors and media speculation, stating that it only participated in a specific contract related to a simulation platform project and has no involvement in the larger experimental reactor project [2]. Summary by Relevant Sections - **Company Involvement** - In 2011, the Chinese Academy of Sciences initiated a strategic project on thorium molten salt reactor systems, with the Shanghai Institute of Applied Physics responsible for it [2]. - The company was contracted in 2017 for the processing of equipment related to the "Thorium Molten Salt Reactor Comprehensive Simulation Experiment Platform Project" and delivered the equipment in 2018, with a total contract value of 2.5585 million yuan [2]. - The company has not undertaken any other equipment contracts related to the thorium molten salt reactor projects [2]. - **Project Details** - The thorium molten salt reactor simulation platform project includes the TMSR-SF0, which serves as a pre-research device for the 2MWt liquid fuel thorium molten salt experimental reactor (TMSR-LF1) [2]. - The company has clarified that it is not involved in the TMSR-LF1 project, which has been the subject of media reports [2].

Core Viewpoint - The recent breakthroughs in nuclear energy technology in China, specifically in thorium fuel and high-temperature superconductors, are expected to accelerate the industrialization of the nuclear energy sector, benefiting companies like Yongding Co., Ltd. [1][2] Group 1: Nuclear Energy Breakthroughs - China's 2 MW liquid fuel thorium molten salt experimental reactor successfully completed its first thorium-uranium fuel conversion, making it the only molten salt reactor globally to achieve this milestone [1] - A research institute in China has overcome technical bottlenecks in the second-generation high-temperature superconducting metal-based tape for controlled nuclear fusion [1][2] Group 2: Yongding Co., Ltd. Performance - Yongding Co., Ltd. reported a revenue of 3.63 billion yuan for the first three quarters of 2025, a year-on-year increase of 22.13%, and a net profit of 329 million yuan, a significant increase of 474.3% [2] - The substantial growth in net profit was primarily driven by investment income, with 317 million yuan from equity method investments, mainly from real estate disposals, accounting for 96.35% of the net profit [5] Group 3: Business Challenges - In Q3 2025, Yongding Co., Ltd. experienced a net profit decline of 59.35% year-on-year, indicating pressure on core business segments [6] - The company's power engineering segment faced challenges due to contract changes in the Bangladesh national grid project, leading to a decrease in gross margin [8] - The gross margin for the power engineering segment was only 9.55% in the first half of 2025, down 12.39 percentage points year-on-year, significantly impacting overall profitability [8] Group 4: Strategic Focus on Advanced Technologies - Yongding Co., Ltd. is strategically positioning itself in high-temperature superconductors and optical communication, which are seen as future growth areas [9][20] - The company controls a key player in high-temperature superconductors, which are essential for controlled nuclear fusion, with a market potential projected to reach 4.9 billion yuan by 2030, growing at a compound annual growth rate of 59% from 2024 to 2030 [18] - In optical communication, Yongding Co., Ltd. has established a complete industry chain, enhancing its profit margins through vertical integration, with the gross margin for this segment increasing from 13.34% in 2023 to 19.50% in the first half of 2025 [22][23] Group 5: Future Outlook - Despite current challenges, Yongding Co., Ltd. is positioned for potential value re-evaluation as research achievements in superconductors and optical communication begin to materialize [24]

Core Viewpoint - Jiangsu Shentong is actively engaged in the research and supply of valves required for nuclear power projects, focusing on advanced technologies in nuclear energy applications [1] Group 1 - The company has been closely following advancements in nuclear energy technology for many years [1] - Jiangsu Shentong is participating in the construction of nuclear power projects in friendly countries [1] - The company has initiated the research and technical reserve of various valve products needed for thorium-based molten salt reactors [1]

巴克莱认为，铀市场供应端高度集中，哈萨克斯坦占全球产量近40%，俄罗斯控制约40%加工产能，地缘政治风险显著；需求端受核能超级周期推动， 预计2040年全球铀需求将增长124%至3.91亿磅。铀供应难以快速响应，最早2032年将现供应赤字。 全球核能复兴浪潮正将铀推至多年牛市的起点。 11月4日，巴克莱在最新研报中称，铀市场正迎来结构性供需失衡，地缘政治风险与核能超级周期的双重推动下，多年铀牛市的条件已经成熟。当前的 市场格局呈现出两大核心特征： 极度集中的供应端和需求激增的需求端 ，这两者共同指向了 一个多年的铀牛市 。 研报称， 铀供应的地理集中度创造了显著的地缘政治风险。 仅哈萨克斯坦就占据全球铀产量的近40%，而俄罗斯控制约40%的铀加工和浓缩产能。这 种供应链集中度在地缘政治紧张局势加剧的背景下，正迫使各国重新审视铀供应安全。 同时， 需求端的增长动力来自核能超级周期的全面启动。 世界核协会预测，全球铀需求将从2024年的1.75亿磅激增至2040年的3.91亿磅，增幅达 124%。美国核能重启、中国核电扩张以及小型模块化反应堆的兴起，共同构成了这一需求增长的核心驱动力。 巴克莱强调，市场定价已开始 ...

Core Viewpoint - Jiangsu Shentong (002438.SZ) has been actively involved in the research and supply of valves required for nuclear power projects, focusing on advanced nuclear energy applications and thorium-based molten salt reactor technology [1] Group 1 - The company has been closely following advancements in nuclear energy technology for many years [1] - Jiangsu Shentong is participating in the construction of nuclear power projects in friendly countries [1] - The company has initiated the research and technical preparation of various valve products needed for thorium-based molten salt reactors [1]

全球核能复兴浪潮正将铀推至多年牛市的起点。 11月4日，据追风交易台消息，巴克莱在最新研报中称，铀市场正迎来结构性供需失衡，地缘政治风险与核能超级周期的双重推动下，多年铀牛市的条 件已经成熟。当前的市场格局呈现出两大核心特征：极度集中的供应端和需求激增的需求端，这两者共同指向了一个多年的铀牛市。 研报称，铀供应的地理集中度创造了显著的地缘政治风险。仅哈萨克斯坦就占据全球铀产量的近40%，而俄罗斯控制约40%的铀加工和浓缩产能。这种 供应链集中度在地缘政治紧张局势加剧的背景下，正迫使各国重新审视铀供应安全。 同时，需求端的增长动力来自核能超级周期的全面启动。世界核协会预测，全球铀需求将从2024年的1.75亿磅激增至2040年的3.91亿磅，增幅达124%。 美国核能重启、中国核电扩张以及小型模块化反应堆的兴起，共同构成了这一需求增长的核心驱动力。 巴克莱强调，市场定价已开始反映这一趋势。全球铀指数今年迄今上涨60%，显著跑赢全球股指的19%涨幅。美国相关铀企业表现尤为突出，Cameco 上涨108%，Centrus Energy飙升487%，显示投资者对供应链重构机遇的高度认可。 高度集中的供应格局：地缘政治 ...

Core Viewpoint - The controlled nuclear fusion sector experienced a significant surge at the beginning of trading, with notable stocks such as Lanston Heavy Industry and Hailu Heavy Industry hitting the daily limit up, while companies like China Nuclear Technology, Yongding Co., and Zhongzhou Special Materials also saw increases [1] Group 1: Company Performance - Lanston Heavy Industry reached the daily limit up during the trading session [1] - Hailu Heavy Industry also achieved a daily limit up, indicating strong investor interest [1] - China Nuclear Technology, Yongding Co., and Zhongzhou Special Materials followed suit with notable gains, reflecting a positive trend in the sector [1]

Financial Data and Key Metrics Changes - Third quarter revenue was $866 million, up 29% year-over-year, with organic revenue growth of 12% excluding acquisitions [12][14] - Adjusted EBITDA increased by 19% year-over-year to $151 million, driven by strong performance in commercial operations [12][14] - Adjusted earnings per share rose by 20% to $1, supported by robust operating performance [12] - Free cash flow for the quarter was $95 million, with an anticipated full-year free cash flow of approximately $285 million [13][16] Business Line Data and Key Metrics Changes - Government operations revenue increased by 10%, with adjusted EBITDA up 1%, driven by naval propulsion and special materials [14] - Commercial operations revenue grew by 122%, with organic revenue growth of 38%, primarily due to the Kinectrics acquisition and strong performance in commercial nuclear power and medical isotopes [14][15] - Adjusted EBITDA in commercial operations was $36 million, up 163%, resulting in an adjusted EBITDA margin of 14.2% [15] Market Data and Key Metrics Changes - The total backlog reached $7.4 billion, up 23% from the previous quarter and 119% year-over-year, driven by large multi-year national security contracts [3][4] - The company is experiencing unprecedented demand in nuclear solutions across government and commercial sectors, particularly in defense fuels and medical isotopes [3][19] Company Strategy and Development Direction - The company is focused on operational excellence and leveraging artificial intelligence and advanced manufacturing to improve productivity and margins [4][20] - Strategic investments are being made in special materials and advanced nuclear technologies, with significant contracts awarded for uranium enrichment and high purity depleted uranium [8][9] - The company aims to exceed medium-term financial targets and anticipates record financial results in 2026 [4][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in entering 2026 from a position of financial strength, with a robust backlog and good visibility into future demand [4][18] - The company highlighted the importance of decarbonization and electrification trends as tailwinds for growth in nuclear solutions [19] - Management acknowledged potential risks, including government shutdowns and timing of commercial nuclear opportunities, but remains optimistic about future growth [66] Other Important Information - The company is transitioning to manage the Strategic Petroleum Reserve contract and is in the preferred bidder period for Canadian Nuclear Laboratories [5] - The Kinectrics acquisition is performing well, with significant growth opportunities identified in transmission and distribution, offshore wind cable testing, and nuclear utility support [32][33] Q&A Session Summary Question: Did the company book any revenue on the two new contracts in the quarter? - The contribution from the new contracts was very modest, with seasonality affecting the fourth quarter revenue expectations [24] Question: What is the approach for the Janus program? - The company intends to compete for the Janus program, typically not owning and operating reactors but finding the right partners [27] Question: What are the key takeaways from the Kinectrics acquisition? - Kinectrics is outperforming expectations, particularly in transmission and distribution, and is well-suited for life extension programs [32][33] Question: What are the main risks to achieving the 2026 outlook? - Risks include potential delays in commercial nuclear opportunities and the impact of an extended government shutdown [66]

偏滤器-连接可控核聚变和商业发电的桥梁 20251103 摘要 第四代核反应堆利用快中子辐照铀 238 废料生成钚 239，聚变堆则以氘 为燃料，被视为解决长期能源问题的方案。国内发展路线包括中科院的 合肥方案（EAST、BESIII、CFETR）和中核集团的环流系列，目标均 在本世纪中叶建成商用聚变堆。 面向等离子体部件（PFCs）是聚变堆核心，负责能量转换和氚增殖。包 层是重要组成部分，通过一、二回路系统加热水产生蒸汽发电，并需增 殖氚以确保持续供应。偏滤器则用于导出聚变反应副产物氦，承受极高 热负荷。 国际上主要有惯性约束、磁约束和磁惯性约束三种可控核聚变方式。氘 氚反应因所需温度较低（1 亿度）而常见。氚的增殖通过中子轰击锂-6 实现，并利用中子倍增剂（如铍）提高效率。高能中子还可将铀-238 转 化为钚-239。 聚变裂变混合堆的包层分为屏蔽包层和增值包层，分别用于屏蔽辐射和 增殖氚。增值包层包含锂、铍等功能性颗粒，高能中子辐照可将铀-238 转化为钚-239，对核电生产至关重要。偏滤器利用磁场偏转高能氦，其 材料选择对承受高热负荷至关重要。 Q&A 可控核聚变的背景和我国核能的发展战略是什么？ 我 ...