Core Viewpoint - Shanghai Electric (02727) experienced a significant stock increase, rising over 9% at one point and closing up 5.08% at HKD 4.76, with a trading volume of HKD 261 million [1] Group 1: Technological Advancements - The 2-megawatt liquid fuel thorium-based molten salt experimental reactor, led by the Shanghai Institute of Applied Physics under the Chinese Academy of Sciences, has successfully achieved thorium-uranium fuel conversion [1] - This reactor is the first in the world to obtain operational experimental data for thorium in a molten salt reactor, proving the technical feasibility of utilizing thorium resources in molten salt reactor nuclear energy systems [1] Group 2: Company Positioning - Shanghai Electric's annual report highlights the company's core competitiveness in energy equipment, including its involvement in thorium-based molten salt reactors and high-temperature gas-cooled reactors, covering all existing nuclear power technology routes in China [1] - The company maintains the highest market share in the domestic nuclear island main equipment sector, reinforcing its leading position in the industry [1]

Core Viewpoint - The significant stock price increase of Hailu Engineering is attributed to substantial growth in nuclear power and renewable energy businesses, improved financial performance, and enhanced corporate governance [1] Financial Performance - Hailu Engineering's nuclear power revenue increased by 891.35% year-on-year, while renewable energy business grew by 96.77%, becoming a new growth engine [1] - The company's net profit attributable to shareholders for Q3 2025 reached 320 million yuan, reflecting a year-on-year growth of 32.67% [1] Corporate Governance - The company has recently revised over 30 governance policies, eliminated the supervisory board structure, strengthened the audit committee's role, and established special meetings for independent directors, enhancing governance transparency and market confidence [1] Market Trends - The nuclear power and renewable energy sectors have gained market attention, with related stocks experiencing capital inflows and positive performance, contributing to a sector-wide effect [1] - Technical indicators suggest potential further interest from technical investors if certain thresholds are met [1]

据美国缅因大学官网10月30日报道，经过两年研发与测试，该校科研团队研制出一种新 型微芯片传感器，能够耐受下一代核反应堆堆芯的强辐射与极端高温环境。 目前，核电约占美国总发电量的20%，其安全运行离不开各类传感器实时监测。传感器 负责采集温度、反应堆功率、中子通量及管壁应变等重要参数。 新型传感器系统的核心是一种基于纳米技术的微芯片，不仅能在反应堆最严苛的环境中 稳定工作，还能实时传输运行数据，有助于工程师更快发现故障、降低维护成本。 随着新一代高温反应堆（包括微反应堆技术）的研发推进，同等核燃料可产出更多能 量，因为更高温度能带来更优的热效率。然而，现有商用传感器难以承受这类反应堆500℃ —1000℃的工作高温。此项技术突破正好填补了这一空白。 除了耐高温，研究团队还将传感器置于强核辐射环境中进行测试。测试期间，传感器持 续稳定运行，未出现明显性能衰减。 目前，团队正致力于提升传感器的耐辐射强度，并计划开展更长时间的测试。未来还将 开发无需电池、完全依靠无线信号供电与传输的无线传感技术，并模拟反应堆在更高辐射水 平下长期运行的真实场景。 【责任编辑：王少晨 】 研究团队表示，这是首款能在800℃高温反应堆 ...

我国大力建设核电站，还悄然成为世界第一，究竟是为了什么？是为了那部分电费，还是为了环保？ 美利坚自身那个被寄以厚望的三代核电项目，历经十年仍未完备，而我国的核电产业链，从铀矿开采到 核废料处理，统统达成100%国产化！你的制裁对我来讲没有效用，再看看他们自身，想要构建新反应 堆，还得从法兰西进口关键部件，可人家却推迟交货两年。 如何化解这一局面？硬碰硬？太蠢了我们的祖先有智慧：从根源解决问题，你用石油来要挟世界？好那 我就从根本解决，让你的"油"无处可用！我们的"杀手锏"乃是核电！ 莫以为官方新闻里的数字无足轻重，"在运和在建核电机组总装机容量达1，13亿千瓦，位居世界第 一"，此数字换一种表述便是：我们在削弱石油霸权方面的力量，已然是全球最为强大且突出的！ 一台百万千瓦的核电机组，一年产出的电，等同于200万吨标准煤，要是我们的核电装机量再翻倍，每 年能节省几多进口石油？越发厉害的是，满大街行驶的新能源汽车，要是充的电统统来自核电，那不就 把马路上的"石油需求"直接转化为"电力需求"了吗？我们这般慢慢把石油美元的活路给截断！ 我们在自用的同时还进行打包出口，巴基斯坦的"华龙一号"核电站三年内发电约230亿度 ...

Group 1: Employment and Economic Data - The upcoming ADP employment report on November 5 is expected to show significant slowdown in the job market, with recent ADP data being negative for two consecutive months, providing key evidence for the Federal Reserve's future rate cut path [10] - The official non-farm payroll data, originally scheduled for November 7, may be delayed due to government shutdown, with market expectations predicting only about 50,000 jobs added in October and an unemployment rate potentially rising to 4.4% [10] Group 2: Monetary Policy and Federal Reserve - Federal Reserve officials are showing increasing divergence regarding monetary policy, with some advocating for continued rate cuts in December due to risks of a slowing job market, while others express concerns about the implications of further cuts [9] - Federal Reserve Governor Waller suggests that despite the government shutdown risks, the Fed should continue to rely on data to guide monetary policy, indicating a preference for further rate cuts [9] Group 3: Tax Policy on Gold - The announcement from the Ministry of Finance and the State Taxation Administration on November 1 clarifies tax policies related to gold, maintaining tax incentives for exchange-traded gold while imposing VAT on non-exchange transactions [3] - The announcement specifies that standard gold used for investment purposes will have VAT refunded immediately, while non-investment gold will be exempt from VAT [3] Group 4: Nuclear Energy Developments - A significant breakthrough in nuclear energy was reported on November 1, with China achieving thorium-uranium fuel conversion based on molten salt reactors, marking a technological feasibility for utilizing thorium resources [5] - This development is seen as a critical opportunity for China to reduce reliance on uranium and leverage its abundant thorium reserves, with the A-share nuclear power sector showing strong performance, with nearly 30 related stocks rising over 100% this year [5] Group 5: Public Fund Management - The China Securities Regulatory Commission released a draft guideline on performance benchmarks for public funds, aiming to enhance stability in investment behavior and clarify product investment styles [4] - The guidelines focus on improving internal controls and external regulatory requirements across the entire fund management process [4]

其中会议指出，要着力深化重点领域改革，带动高水平对外开放，提升商品市场开放水平，优化服务市场准入规则，完善要素市场开放监管制度。要 主动对接国际高标准经贸规则，积极扩大自主开放，稳步扩大规则、规制、管理、标准等制度型开放。要注重发挥自由贸易试验区、自由贸易港等高 能级开放平台优势，探索形成更多可复制可推广的改革成果，持续提升制度型开放效能。 01 证监会、中基协，重磅发布！公募重要文件出炉 10月31日，证监会发布了《公开募集证券投资基金业绩比较基准指引（征求意见稿）》，基金业协会同步发布了《公开募集证券投资基金业绩比较基 准操作细则（征求意见稿）》，向社会公开征求意见。两份征求意见稿以增强公募投资行为稳定性、明晰产品投资风格、提升投资者获得感为目标， 从基金管理人内部明确业绩比较基准设定、变更、披露规范，完善内部控制机制方面；到外部加强托管、销售、评价等方面，全链条、多维度地完善 业绩比较基准的监管要求。 国务院总理李强10月31日主持召开国务院常务会议，研究深化重点领域改革扩大制度型开放工作，部署加快场景培育和开放推动新场景大规模应用有 关举措，审议通过《森林草原防灭火条例（草案）》。 国常会：研究深化重 ...

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" [5] Core Viewpoints - The report highlights the significant growth in renewable energy installations, with a year-on-year increase of 47.7% in the first three quarters of 2025, accounting for approximately 84.4% of new installations [3][45] - The National Development and Reform Commission is promoting the clustering of computing power facilities in regions rich in green electricity, emphasizing energy efficiency and resource conservation [3][44] - The report suggests a positive outlook for various sectors within the public utilities and environmental protection industries, driven by favorable policies and market conditions [12][48] Summary by Sections Market Information Tracking - In November 2025, the average transaction price for electricity in Jiangsu was 355.95 RMB/MWh, down 8.96% from the benchmark price, while in Guangdong, the price was 372 RMB/MWh, down 4.86% [30][31] - The average price of thermal coal in the Bohai Rim region was reported at 685 RMB/ton, reflecting a slight increase [32] - The price of natural gas futures in the Netherlands was 32 EUR/TWh, showing a decrease of 1.84% [34] Industry Dynamics - The National Energy Administration reported that the total installed capacity of renewable energy reached 2.198 billion kW by the end of September 2025, with significant contributions from hydropower, wind, and solar energy [3][45] - The report discusses the government's goal to establish 100 national-level zero-carbon parks by the end of the 14th Five-Year Plan, focusing on carbon emission control and the promotion of clean energy [48][49] Investment Portfolio and Recommendations - The report recommends focusing on companies with strong coal price elasticity in the thermal power sector, such as Huaneng International and Huadian International [12] - In the renewable energy sector, it suggests monitoring companies involved in independent energy storage and virtual power plants, highlighting the growth potential in these areas [12] - The report also emphasizes the importance of companies engaged in clean energy non-electric utilization, particularly those with a first-mover advantage in hydrogen and ammonia production [13]

Core Viewpoint - Green development is a crucial component of the new development philosophy and a distinctive feature of Chinese modernization, with significant progress expected in building a beautiful China during the 14th Five-Year Plan period [1] Group 1: Green Transformation in Industries - The steel industry in Tangshan, Hebei, is undergoing a green transformation, with new low-carbon products achieving over 30% carbon reduction and 100% recycling of scrap steel [2][3] - A total of 6,430 national green factories and 491 green industrial parks have been established, indicating a more complete green manufacturing system [3] - The agricultural sector is adopting green and efficient practices, with significant improvements in the recycling rates of agricultural waste, such as 85% for agricultural film and 88% for straw utilization by 2024 [3] Group 2: Environmental Improvements - The average concentration of PM2.5 in key cities has decreased by 56% since the 18th National Congress, and the proportion of surface water with good quality has reached 90.4% [7] - Forest coverage in China has increased to 25.09%, marking a 2% rise since 2020, making China the fastest-growing country in terms of greening [7] - The ecological environment in regions like Yangshuo, Guangxi, has improved significantly, with electric bamboo rafts enhancing tourist experiences while protecting local water quality [5][6] Group 3: Economic and Ecological Synergy - Outdoor sports in Dali, Yunnan, are being promoted as a means to connect ecological preservation with economic growth, demonstrating the economic value of a good ecological environment [8] - Various regions are exploring ecological compensation mechanisms, with over 20 provinces establishing cross-province ecological protection compensation systems [8][9] - The new development suggestions emphasize the need for a diversified ecological compensation mechanism and the establishment of green development highlands [9]

Group 1 - The State Council, led by Premier Li Qiang, is focusing on deepening reforms in key areas and expanding institutional openness, aiming to enhance the level of market openness and optimize service market access rules [2] - The China Securities Regulatory Commission (CSRC) and the Asset Management Association of China (AMAC) have released important draft guidelines to enhance the stability of public fund investment behavior and clarify product investment styles [3] - The Ministry of Finance and the State Taxation Administration announced tax policies regarding gold transactions, including exemptions from value-added tax for certain transactions involving standard gold [4] Group 2 - A significant breakthrough in the nuclear energy sector was reported, with China achieving the conversion of thorium-uranium nuclear fuel based on molten salt reactors, which could lead to industrial applications of thorium-based molten salt reactors [5] - The high-end equipment manufacturing sector has seen major advancements, including the acceptance of the world's largest skin-stretching machine, marking a significant step in domestic production capabilities in aviation and high-speed rail [6] - The latest holdings of the "national team" in ETFs show a substantial increase in average returns, with an average gain of over 20% in the third quarter [7] Group 3 - The U.S. Treasury Secretary indicated that a U.S.-China trade agreement may be signed soon, with both countries expressing a willingness to enhance economic cooperation [8] - Major U.S. stock indices closed higher, with the Nasdaq achieving a seven-month consecutive increase, driven by significant gains in tech stocks like Amazon [9] - Upcoming economic data releases include October import and export figures, as well as CPI and PPI data, which are expected to provide insights into economic trends [10] Group 4 - The eighth China International Import Expo is scheduled to take place from November 5 to 10, showcasing China's commitment to opening up its market [11] - The CSRC has approved IPO registrations for two companies, indicating ongoing activity in the capital markets [12] - A total of 36 companies will have their restricted shares unlocked this week, with a total market value of approximately 205.46 billion yuan [15][16]

Summary of China Nuclear Power Conference Call Company and Industry Overview - **Company**: China Nuclear Power - **Industry**: Nuclear Power and Renewable Energy in China Key Points and Arguments 1. **Q3 2025 Financial Performance**: - Revenue reached 20.7 billion yuan, a year-on-year increase of 5.7% [1] - Net profit attributable to shareholders was 2.34 billion yuan, a year-on-year decline of over 10% [1] - Market reaction indicated that performance was slightly below expectations, primarily due to settlement issues and the performance of renewable energy [1][2] 2. **Electricity Generation**: - Total electricity generated in the first three quarters was 174 billion kWh, a 15.2% increase year-on-year [4] - Nuclear power generation accounted for 141.2 billion kWh, up 11.44% year-on-year [4] - Renewable energy generation was 32.8 billion kWh, a significant increase of 34.82% [4] 3. **Revenue and Profit Breakdown**: - Total revenue for the first three quarters was 61.6 billion yuan, an 8.16% increase year-on-year [4] - Net profit attributable to shareholders was 8 billion yuan, down 10.42% year-on-year [4] - Average electricity price was approximately 0.3867 yuan per kWh, a decrease of 0.0246 yuan per kWh compared to the previous year [4] 4. **Cost Increases**: - Increased operating costs included a rise in nuclear fuel costs by 949 million yuan and depreciation costs by 813 million yuan [5] - Tax expenses increased due to higher profits from specific nuclear projects, leading to a rise in overall tax liabilities [5] 5. **Renewable Energy Challenges**: - Renewable energy projects faced significant profit declines, with net profit down 67.96% year-on-year, primarily due to new policies limiting electricity sales and profit margins [5][6] - The reduction in tax incentives for existing projects also contributed to the profit decline [6] 6. **Market Dynamics**: - Market-based electricity transactions accounted for over 1 billion kWh, representing about 71% of total sales [7] - Market prices for nuclear power decreased slightly, with specific provinces maintaining stable pricing due to regulatory frameworks [7][8] 7. **Future Projects and Capacity**: - The company has 26 operational units with a total capacity of 25 million kW and 19 units under construction with a capacity of 21.86 million kW [9] - New projects are expected to come online in the next 5-6 years, with the first unit expected to be operational by the end of the year [9] 8. **Impact of Tax Policy Changes**: - Recent adjustments to VAT policies are expected to have a manageable impact on operational units but will affect new projects starting from 2025 [10][12] - The overall effect on net profit is estimated to be around 400 million yuan due to these changes [11] 9. **Market Outlook and Strategic Measures**: - The company anticipates a gradual increase in market-based electricity sales, with a focus on maintaining profitability despite market pressures [18][19] - Strategies include cost reduction, efficiency improvements, and exploring new revenue streams through green energy initiatives [39][40] 10. **Investor Engagement**: - The call included a Q&A session where analysts raised concerns about tax rates, market electricity prices, and future renewable energy capacity [16][23][29] - Management provided insights into operational strategies and market conditions, emphasizing a proactive approach to navigating challenges [18][37] Additional Important Information - The company is actively monitoring regulatory changes and market conditions to adapt its strategies accordingly [12][39] - There is a focus on enhancing operational efficiency through digitalization and standardization initiatives [40] - The management remains optimistic about the long-term value of nuclear assets despite short-term fluctuations in performance [1][2]